{"component": "definition", "props": {"groups": [{"size": 48, "snippet_links": [{"key": "for-purposes-of", "type": "clause", "offset": [7, 22]}, {"key": "discounted-value", "type": "definition", "offset": [39, 55]}, {"key": "eligible-asset", "type": "definition", "offset": [71, 85]}, {"key": "the-percentage", "type": "definition", "offset": [87, 101]}, {"key": "the-moody", "type": "definition", "offset": [125, 134]}, {"key": "discount-factor", "type": "clause", "offset": [137, 152]}, {"key": "the-securities", "type": "clause", "offset": [195, 209]}, {"key": "in-writing", "type": "definition", "offset": [258, 268]}], "samples": [{"hash": "6H40RNxOv42", "uri": "/contracts/6H40RNxOv42#moodys-discount-factor", "label": "Bylaws (RMR Dividend Capture Fund)", "score": 21.0, "published": true}, {"hash": "5jx1L0rzkN4", "uri": "/contracts/5jx1L0rzkN4#moodys-discount-factor", "label": "Bylaws (RMR Dividend Capture Fund)", "score": 21.0, "published": true}, {"hash": "aQgZwKtKTa2", "uri": "/contracts/aQgZwKtKTa2#moodys-discount-factor", "label": "Bylaws (RMR Real Estate Income Fund)", "score": 20.6529774127, "published": true}], "snippet": "means, for purposes of determining the Discounted Value of any Moody's Eligible Asset, the percentage determined as follows. The Moody's Discount Factor for any Moody's Eligible Asset other than the securities set forth below will be the percentage provided in writing by Moody's.", "hash": "f56f715da577fb69e5afbfa5124152d4", "id": 1}, {"size": 41, "snippet_links": [{"key": "for-purposes-of", "type": "clause", "offset": [7, 22]}, {"key": "discounted-value", "type": "definition", "offset": [39, 55]}, {"key": "the-percentage", "type": "definition", "offset": [87, 101]}, {"key": "reference-to", "type": "clause", "offset": [116, 128]}, {"key": "exposure-period", "type": "definition", "offset": [171, 186]}, {"key": "the-moody", "type": "definition", "offset": [263, 272]}, {"key": "in-accordance-with", "type": "definition", "offset": [292, 310]}, {"key": "weeks-or-less", "type": "clause", "offset": [388, 401]}, {"key": "not-rated", "type": "definition", "offset": [584, 593]}, {"key": "demand-feature", "type": "clause", "offset": [706, 720]}, {"key": "a-long", "type": "clause", "offset": [773, 779]}, {"key": "not-to-exceed", "type": "definition", "offset": [1094, 1107]}, {"key": "eligible-assets", "type": "definition", "offset": [1123, 1138]}, {"key": "notwithstanding-the-foregoing", "type": "clause", "offset": [1140, 1169]}, {"key": "in-clause", "type": "clause", "offset": [1194, 1203]}, {"key": "discount-factor", "type": "clause", "offset": [1228, 1243]}, {"key": "days-or-less", "type": "clause", "offset": [1445, 1457]}, {"key": "residual-interest", "type": "definition", "offset": [1664, 1681]}, {"key": "municipal-bonds", "type": "clause", "offset": [1682, 1697]}, {"key": "structured-notes", "type": "clause", "offset": [1702, 1718]}, {"key": "the-product", "type": "clause", "offset": [1728, 1739]}, {"key": "the-security", "type": "clause", "offset": [1803, 1815]}, {"key": "provided-that", "type": "clause", "offset": [1889, 1902]}, {"key": "the-trust", "type": "clause", "offset": [1903, 1912]}, {"key": "business-days", "type": "definition", "offset": [1998, 2011]}, {"key": "receivables-for-municipal-obligations-sold", "type": "definition", "offset": [2117, 2159]}, {"key": "similar-instruments", "type": "definition", "offset": [2185, 2204]}, {"key": "to-the-extent", "type": "clause", "offset": [2206, 2219]}, {"key": "applicable-to", "type": "clause", "offset": [2346, 2359]}, {"key": "sp-shall", "type": "definition", "offset": [2491, 2500]}, {"key": "full-rating-category", "type": "definition", "offset": [2549, 2569]}, {"key": "sp-rating", "type": "clause", "offset": [2585, 2595]}], "samples": [{"hash": "aMG56LBPoT", "uri": "/contracts/aMG56LBPoT#moodys-discount-factor", "label": "Bylaws (Pimco California Municipal Income Fund Iii)", "score": 33.1984941821, "published": true}, {"hash": "aGSqEoZs2NJ", "uri": "/contracts/aGSqEoZs2NJ#moodys-discount-factor", "label": "Bylaws (Pimco California Municipal Income Fund)", "score": 33.1984941821, "published": true}, {"hash": "51ivcWiCfnw", "uri": "/contracts/51ivcWiCfnw#moodys-discount-factor", "label": "Bylaws (Pimco Municipal Income Fund Ii)", "score": 31.1971252567, "published": true}], "snippet": "means, for purposes of determining the Discounted Value of any Moody\u2019s Eligible Asset, the percentage determined by reference to the rating on such asset and the shortest Exposure Period set forth opposite such rating that is the same length as or is longer than the Moody\u2019s Exposure Period, in accordance with the table set forth below: 7 weeks 151% 159% 166% 173% 187% 136% 148% 225% 8 weeks or less but greater than seven weeks. 154 161 168 176 190 137 149 231 9 weeks or less but greater than eight weeks 158 163 170 177 192 138 150 240 * M\u2587\u2587\u2587\u2587\u2019\u2587 rating. ** Municipal Obligations not rated by Moody\u2019s but rated BBB by S&P. *** Municipal Obligations rated MIG-1 or VMIG-1, which do not mature or have a demand feature at par exercisable in 30 days and which do not have a long-term rating. **** Municipal Obligations not rated by Moody\u2019s but rated SP-1+ by S&P, which do not mature or have a demand feature at par exercisable in 30 days and which do not have a long-term rating. ***** Municipal Obligations rated less than Baa3 or not rated by Moody\u2019s and less than BBB or not rated by S&P, not to exceed 10% of Moody\u2019s Eligible Assets. Notwithstanding the foregoing, (i) except as provided in clause (ii) below, the Moody\u2019s Discount Factor for short-term Municipal Obligations will be 115%, so long as such Municipal Obligations are rated at least MIG-1, VMIG-l or P-1 by Moody\u2019s and mature or have a demand feature at par exercisable in 30 days or less, or 125%, as long as such Municipal Obligations are rated at least A-1+/AA or SP-1+/AA by S&P and mature or have a demand feature at par exercisable in 30 days or less, (ii) the Moody\u2019s Discount Factor for residual interest municipal bonds and structured notes shall be the product of (x) the percentage determined by reference to the rating on the security underlying such residual interest municipal bond multiplied by (y) 1.25 (provided that the trust in which such residual interest municipal bond is held may be terminated within five business days), and (iii) except as provided in clause (ii) above, no Moody\u2019s Discount Factor will be applied to cash, Receivables for Municipal Obligations Sold, or futures, options and similar instruments (to the extent such securities are Moody\u2019s Eligible Assets); provided, however, that for purposes of determining the Moody\u2019s Discount Factor applicable to a Municipal Obligation, any Municipal Obligation (excluding any short-term Municipal Obligation) not rated by Moody\u2019s but rated by S&P shall be deemed to have a M\u2587\u2587\u2587\u2587\u2019\u2587 rating which is one full rating category lower than its S&P rating.", "hash": "c8ba31a64d6db91d04a94de59248f29e", "id": 2}, {"size": 33, "snippet_links": [{"key": "discount-factors", "type": "definition", "offset": [10, 26]}, {"key": "the-moody", "type": "definition", "offset": [40, 49]}, {"key": "guidelines-for-use", "type": "clause", "offset": [52, 70]}, {"key": "calculating-the", "type": "clause", "offset": [74, 89]}, {"key": "value-of-the-fund", "type": "definition", "offset": [101, 118]}, {"key": "in-connection-with", "type": "clause", "offset": [128, 146]}, {"key": "preferred-share", "type": "clause", "offset": [165, 180]}, {"key": "vrdp-shares", "type": "definition", "offset": [196, 207]}, {"key": "the-request", "type": "clause", "offset": [211, 222]}], "samples": [{"hash": "lvMpDhfOmQd", "uri": "/contracts/lvMpDhfOmQd#moodys-discount-factor", "label": "VRDP Shares Fee Agreement (Bank of America Corp /De/)", "score": 30.2265571526, "published": true}, {"hash": "kr581ctndUC", "uri": "/contracts/kr581ctndUC#moodys-discount-factor", "label": "VRDP Shares Fee Agreement (Bank of America Corp /De/)", "score": 30.2265571526, "published": true}, {"hash": "h2wq4n4l927", "uri": "/contracts/h2wq4n4l927#moodys-discount-factor", "label": "VRDP Shares Fee Agreement (Bank of America Corp /De/)", "score": 30.2265571526, "published": true}], "snippet": "means the discount factors set forth in the Moody's Guidelines for use in calculating the Discounted Value of the Fund's assets in connection with Moody's long-term preferred share ratings of the VRDP Shares at the request of the Fund.", "hash": "2c607cad6246ed1cf110dcc0070e875e", "id": 3}, {"size": 19, "snippet_links": [{"key": "discount-factors", "type": "definition", "offset": [10, 26]}, {"key": "the-moody", "type": "definition", "offset": [40, 49]}, {"key": "guidelines-for-use", "type": "clause", "offset": [52, 70]}, {"key": "calculating-the", "type": "clause", "offset": [74, 89]}, {"key": "discounted-value", "type": "definition", "offset": [90, 106]}, {"key": "the-issuer", "type": "definition", "offset": [110, 120]}, {"key": "in-connection-with", "type": "clause", "offset": [130, 148]}, {"key": "tortoise-notes", "type": "definition", "offset": [168, 182]}], "samples": [{"hash": "lfnqED0YiYK", "uri": "/contracts/lfnqED0YiYK#moodys-discount-factor", "label": "Supplemental Indenture of Trust (Tortoise Energy Infrastructure Corp)", "score": 21.0, "published": true}, {"hash": "9Ld4AMPya1c", "uri": "/contracts/9Ld4AMPya1c#moodys-discount-factor", "label": "Supplemental Indenture of Trust (Tortoise Energy Infrastructure Corp)", "score": 21.0, "published": true}, {"hash": "4p7g7cIanf7", "uri": "/contracts/4p7g7cIanf7#moodys-discount-factor", "label": "Supplemental Indenture of Trust (Tortoise Energy Infrastructure Corp)", "score": 21.0, "published": true}], "snippet": "means the discount factors set forth in the Moody\u2019s Guidelines for use in calculating the Discounted Value of the Issuer\u2019s assets in connection with Moody\u2019s ratings of Tortoise Notes.", "hash": "c9c597f4bfbc8ecdc25a88b26b923a90", "id": 4}, {"size": 12, "snippet_links": [{"key": "for-purposes-of", "type": "clause", "offset": [7, 22]}, {"key": "discounted-value", "type": "definition", "offset": [39, 55]}, {"key": "eligible-asset", "type": "definition", "offset": [71, 85]}, {"key": "the-percentage", "type": "definition", "offset": [87, 101]}], "samples": [{"hash": "1HaYMdZoN2x", "uri": "/contracts/1HaYMdZoN2x#moodys-discount-factor", "label": "Bylaws (Pimco Corporate & Income Opportunity Fund)", "score": 28.2169746749, "published": true}, {"hash": "64lIopRpcie", "uri": "https://www.sec.gov/Archives/edgar/data/1214935/000175272419032811/ex_B1_kacfbna5.htm", "label": "AllianzGI Convertible & Income Fund", "score": 17.3497604381, "published": false}, {"hash": "dnVscgjWrLC", "uri": "https://www.sec.gov/Archives/edgar/data/1214935/000119312518274154/d617539dex99b1.htm", "label": "AllianzGI Convertible & Income Fund", "score": 16.7008898015, "published": false}], "snippet": "means, for purposes of determining the Discounted Value of any Moody\u2019s Eligible Asset, the percentage determined as follows:", "hash": "496d95f419b1dd01cb8fe32a5d6488f3", "id": 5}, {"size": 12, "snippet_links": [{"key": "for-purposes-of", "type": "clause", "offset": [7, 22]}, {"key": "discounted-value", "type": "definition", "offset": [39, 55]}, {"key": "the-percentage", "type": "definition", "offset": [87, 101]}, {"key": "reference-to", "type": "clause", "offset": [116, 128]}, {"key": "exposure-period", "type": "definition", "offset": [171, 186]}, {"key": "the-moody", "type": "definition", "offset": [263, 272]}, {"key": "in-accordance-with", "type": "definition", "offset": [292, 310]}, {"key": "weeks-or-less", "type": "clause", "offset": [541, 554]}, {"key": "municipal-obligations", "type": "definition", "offset": [726, 747]}, {"key": "not-rated", "type": "definition", "offset": [748, 757]}, {"key": "s-p", "type": "definition", "offset": [786, 791]}, {"key": "demand-feature", "type": "clause", "offset": [872, 886]}, {"key": "a-long", "type": "clause", "offset": [939, 945]}, {"key": "not-to-exceed", "type": "definition", "offset": [1264, 1277]}, {"key": "eligible-assets", "type": "definition", "offset": [1293, 1308]}], "samples": [{"hash": "gBoi2VizRu1", "uri": "/contracts/gBoi2VizRu1#moodys-discount-factor", "label": "Bylaws (Pimco New York Municipal Income Fund)", "score": 18.0, "published": true}, {"hash": "fLAZHH7lv25", "uri": "/contracts/fLAZHH7lv25#moodys-discount-factor", "label": "Bylaws (Pimco California Municipal Income Fund)", "score": 18.0, "published": true}, {"hash": "bhORt9f0sPj", "uri": "/contracts/bhORt9f0sPj#moodys-discount-factor", "label": "Bylaws (Pimco Municipal Income Fund)", "score": 18.0, "published": true}], "snippet": "means, for purposes of determining the Discounted Value of any Moody's Eligible Asset, the percentage determined by reference to the rating on such asset and the shortest Exposure Period set forth opposite such rating that is the same length as or is longer than the Moody's Exposure Period, in accordance with the table set forth below: Exposure Period Aaa* Aa* A* Baa* Other** (V)MIG-1*** SP-1+**** Unrated***** --------------- ---- --- --- ---- ------- ----------- --------- ------------ 7 weeks 151% 159% 166% 173% 187% 136% 148% 225% 8 weeks or less but greater than seven weeks. 154 161 168 176 190 137 149 231 9 weeks or less but greater than eight weeks 158 163 170 177 192 138 150 240 ---------- * \u2587\u2587\u2587\u2587\u2587'\u2587 rating. ** Municipal Obligations not rated by Moody's but rated BBB by S & P. *** Municipal Obligations rated MIG-1 or VMIG-1, which do not mature or have a demand feature at par exercisable in 30 days and which do not have a long-term rating. **** Municipal Obligations not rated by Moody's but rated SP-1+ by S & P, which do not mature or have a demand feature at par exercisable in 30 days and which do not have a long-term rating. ***** Municipal Obligations rated less than Baa3 or not rated by Moody's and less than BBB or not rated by S & P, not to exceed 10% of Moody's Eligible Assets.", "hash": "35ce062770b57fb1245e8b34a0a485f7", "id": 6}, {"size": 9, "snippet_links": [{"key": "for-purposes-of", "type": "clause", "offset": [7, 22]}, {"key": "discounted-value", "type": "definition", "offset": [39, 55]}, {"key": "the-percentage", "type": "definition", "offset": [87, 101]}, {"key": "reference-to", "type": "clause", "offset": [116, 128]}, {"key": "exposure-period", "type": "definition", "offset": [171, 186]}, {"key": "the-moody", "type": "definition", "offset": [263, 272]}, {"key": "in-accordance-with", "type": "definition", "offset": [292, 310]}, {"key": "weeks-or-less", "type": "clause", "offset": [778, 791]}, {"key": "municipal-obligations", "type": "definition", "offset": [1203, 1224]}, {"key": "not-rated", "type": "definition", "offset": [1225, 1234]}, {"key": "demand-feature", "type": "clause", "offset": [1347, 1361]}, {"key": "a-long", "type": "clause", "offset": [1414, 1420]}, {"key": "not-to-exceed", "type": "definition", "offset": [1735, 1748]}, {"key": "eligible-assets", "type": "definition", "offset": [1764, 1779]}, {"key": "notwithstanding-the-foregoing", "type": "clause", "offset": [1781, 1810]}, {"key": "in-clause", "type": "clause", "offset": [1835, 1844]}, {"key": "discount-factor", "type": "clause", "offset": [1869, 1884]}], "samples": [{"hash": "90BQGskMHTc", "uri": "/contracts/90BQGskMHTc#moodys-discount-factor", "label": "Bylaws (Pimco Municipal Income Fund)", "score": 18.0, "published": true}], "snippet": "means, for purposes of determining the Discounted Value of any Moody's Eligible Asset, the percentage determined by reference to the rating on such asset and the shortest Exposure Period set forth opposite such rating that is the same length as or is longer than the Moody's Exposure Period, in accordance with the table set forth below: Exposure Period Aaa* Aa* A* Baa* Other** (V)MIG-1*** SP-1+**** Unrated***** ------------------------------ ----- ---- ---- ----- -------- ------------ ---------- ------------- ---------------------------------------------------------------------------------------------------------- 7 weeks 151% 159% 166% 173% 187% 136% 148% 225% ---------------------------------------------------------------------------------------------------------- 8 weeks or less but greater 154 161 168 176 190 137 149 231 than seven weeks. ---------------------------------------------------------------------------------------------------------- 9 weeks or less but greater 158 163 170 177 192 138 150 240 than eight weeks ---------------------------------------------------------------------------------------------------------- ____________________________________ * \u2587\u2587\u2587\u2587\u2587'\u2587 rating. ** Municipal Obligations not rated by Moody's but rated BBB by S&P. *** Municipal Obligations rated MIG-1 or VMIG-1, which do not mature or have a demand feature at par exercisable in 30 days and which do not have a long-term rating. **** Municipal Obligations not rated by Moody's but rated SP-1+ by S&P, which do not mature or have a demand feature at par exercisable in 30 days and which do not have a long-term rating. ***** Municipal Obligations rated less than Baa3 or not rated by Moody's and less than BBB or not rated by S&P, not to exceed 10% of Moody's Eligible Assets. Notwithstanding the foregoing, (i) except as provided in clause (ii) below, the Moody's Discount Factor for short-term Municipal Obligations will be 115%, so long as such Municipal Obligations are rated at least MIG-1, VMIG-l or P-1 by", "hash": "33420b05ffaa9e507f62e06085988a4a", "id": 7}, {"size": 8, "snippet_links": [{"key": "for-purposes-of", "type": "clause", "offset": [7, 22]}, {"key": "discounted-value", "type": "definition", "offset": [39, 55]}, {"key": "eligible-asset", "type": "definition", "offset": [71, 85]}, {"key": "the-percentage", "type": "definition", "offset": [87, 101]}, {"key": "reference-to", "type": "clause", "offset": [116, 128]}, {"key": "collateral-period", "type": "definition", "offset": [179, 196]}, {"key": "the-moody", "type": "definition", "offset": [273, 282]}, {"key": "exposure-period", "type": "definition", "offset": [285, 300]}, {"key": "in-accordance-with", "type": "definition", "offset": [302, 320]}, {"key": "weeks-or-less", "type": "clause", "offset": [350, 363]}, {"key": "municipal-securities", "type": "definition", "offset": [605, 625]}, {"key": "not-rated", "type": "definition", "offset": [626, 635]}, {"key": "notwithstanding-the-foregoing", "type": "clause", "offset": [669, 698]}, {"key": "discount-factor", "type": "clause", "offset": [716, 731]}, {"key": "demand-feature", "type": "clause", "offset": [891, 905]}, {"key": "days-or-less", "type": "clause", "offset": [931, 943]}], "samples": [{"hash": "eKqlbUCUcqG", "uri": "/contracts/eKqlbUCUcqG#moodys-discount-factor", "label": "Bylaws (Putnam Managed Municipal Income Trust)", "score": 32.1608487337, "published": true}, {"hash": "gLEeXWsiT0g", "uri": "/contracts/gLEeXWsiT0g#moodys-discount-factor", "label": "Bylaws (Putnam Managed Municipal Income Trust)", "score": 32.158110883, "published": true}], "snippet": "means, for purposes of determining the Discounted Value of any Moody's Eligible Asset, the percentage determined by reference to the rating on such asset and the shortest Moody's Collateral Period set forth opposite such rating that is the same length as or is longer than the Moody's Exposure Period, in accordance with the table set forth below: 7 weeks or less 151% 159% 168% 202% 229% 8 weeks or less but greater than seven weeks 154 164 173 205 235 9 weeks or less but greater than eight weeks 158 169 179 209 242 10 weeks or less but greater than nine weeks 161 175 186 213 250 * \u2587\u2587\u2587\u2587\u2587'\u2587 rating. ** Municipal Securities not rated by Moody's but rated BBB by S&P. Notwithstanding the foregoing, (i) the Moody's Discount Factor for short-term Municipal Securities will be 115%, so long as such Municipal Securities are rated at least M1G-1, VMIG-1 or P-1 by Moody's and mature or have a demand feature at par exercisable in 30 days or less and (ii) no Moody's Discount Factor will be applied to cash.", "hash": "08d79ace4cacb3abf412b09d87e03c7f", "id": 8}, {"size": 4, "snippet_links": [{"key": "for-purposes-of", "type": "clause", "offset": [6, 21]}, {"key": "discounted-value", "type": "definition", "offset": [38, 54]}, {"key": "eligible-assets", "type": "definition", "offset": [105, 120]}, {"key": "the-percentage", "type": "definition", "offset": [122, 136]}, {"key": "by-reference", "type": "clause", "offset": [148, 160]}, {"key": "in-accordance-with", "type": "definition", "offset": [199, 217]}, {"key": "applicable-moody", "type": "definition", "offset": [238, 254]}, {"key": "exposure-period", "type": "definition", "offset": [257, 272]}, {"key": "weeks-or-less", "type": "clause", "offset": [340, 353]}, {"key": "not-rated", "type": "definition", "offset": [569, 578]}, {"key": "in-addition", "type": "clause", "offset": [624, 635]}, {"key": "the-equivalent-of", "type": "definition", "offset": [719, 736]}, {"key": "by-the-adviser", "type": "clause", "offset": [751, 765]}, {"key": "provided-that", "type": "clause", "offset": [767, 780]}, {"key": "credit-rating", "type": "definition", "offset": [857, 870]}, {"key": "the-moody", "type": "definition", "offset": [950, 959]}, {"key": "equal-to", "type": "definition", "offset": [1190, 1198]}, {"key": "the-\u2587", "type": "clause", "offset": [1199, 1204]}, {"key": "notwithstanding-the-foregoing", "type": "clause", "offset": [1379, 1408]}, {"key": "discount-factor", "type": "clause", "offset": [1425, 1440]}, {"key": "receivables-for-municipal-bonds-sold", "type": "definition", "offset": [1471, 1507]}, {"key": "of-the-trust", "type": "clause", "offset": [1547, 1559]}, {"key": "valuation-date", "type": "definition", "offset": [1562, 1576]}, {"key": "applicable-to", "type": "clause", "offset": [1762, 1775]}, {"key": "the-reference-to", "type": "definition", "offset": [1815, 1831]}, {"key": "the-bond", "type": "clause", "offset": [1832, 1840]}, {"key": "inverse-floaters", "type": "definition", "offset": [1906, 1922]}, {"key": "rule-2a-7-money-market-funds", "type": "definition", "offset": [2118, 2146]}, {"key": "for-aaa", "type": "definition", "offset": [2196, 2203]}, {"key": "refunded-bonds", "type": "definition", "offset": [2249, 2263]}, {"key": "the-pre", "type": "clause", "offset": [2272, 2279]}, {"key": "book-value", "type": "clause", "offset": [2470, 2480]}, {"key": "accepted-by", "type": "definition", "offset": [2619, 2630]}, {"key": "face-value", "type": "definition", "offset": [2642, 2652]}, {"key": "adjustments-to", "type": "clause", "offset": [2663, 2677]}, {"key": "fitch-rating", "type": "definition", "offset": [2762, 2774]}, {"key": "a-\u2587", "type": "clause", "offset": [2804, 2807]}, {"key": "rated-securities", "type": "clause", "offset": [2839, 2855]}, {"key": "sp-and-fitch", "type": "clause", "offset": [2868, 2881]}, {"key": "will-be-accepted", "type": "clause", "offset": [2882, 2898]}], "samples": [{"hash": "eKqlbUCUcqG", "uri": "/contracts/eKqlbUCUcqG#moodys-discount-factor", "label": "Bylaws (Putnam Managed Municipal Income Trust)", "score": 32.1608487337, "published": true}, {"hash": "gLEeXWsiT0g", "uri": "/contracts/gLEeXWsiT0g#moodys-discount-factor", "label": "Bylaws (Putnam Managed Municipal Income Trust)", "score": 32.158110883, "published": true}], "snippet": "means for purposes of determining the Discounted Value of any Municipal Bond which constitutes a Moody's Eligible Assets, the percentage determined by reference to the rating on such Municipal Bond, in accordance with the tables (for the applicable Moody's Exposure Period) set forth below: 7 Weeks 33.8% 37.1% 39.8% 42.2% 55.6% 26.5% 0% 8 Weeks or less but greater than 7 weeks 35.1% 37.9% 40.5% 43.2% 56.7% 27.0% 0% 9 Weeks or less but greater than 8 weeks 35.9% 38.7% 41.2% 43.5% 58.3% 27.5% 0% * \u2587\u2587\u2587\u2587\u2587'\u2587 rating. ** Municipal Bonds rated Ba1 to B3 by Moody\u2019s or, if not rated by Moody\u2019s, rated BB+ to B- by S&P or Fitch. In addition, Municipal Bonds not explicitly rated by Moody\u2019s, S&P or Fitch, but rated at least the equivalent of B3 internally by the Adviser, provided that Moody\u2019s reviews and achieves sufficient comfort with the Adviser\u2019s internal credit rating processes. *** Moody\u2019s rated Municipal Bonds that have a maturity greater than the Moody's Exposure Period and Municipal Bonds not rated by Moody\u2019s but rated equivalently by S&P or Fitch that have a maturity greater than the Moody's Exposure Period. **** \u2587\u2587\u2587\u2587\u2587\u2019\u2587 rated Municipal Bonds that have a maturity less than or equal to the \u2587\u2587\u2587\u2587\u2587'\u2587 Exposure Period and Municipal Bonds not rated by \u2587\u2587\u2587\u2587\u2587\u2019\u2587 but rated equivalently by S&P or Fitch that have a maturity less than or equal to the \u2587\u2587\u2587\u2587\u2587'\u2587 Exposure Period. Notwithstanding the foregoing, (a) no \u2587\u2587\u2587\u2587\u2587'\u2587 Discount Factor will be applied to cash or to Receivables for Municipal Bonds Sold that are due within five business days of the Trust's Valuation Date; (b) the \u2587\u2587\u2587\u2587\u2587\u2019\u2587 Discount Factor for Receivables for Municipal Bonds Sold that are due within six and 30 business days of the Trust's Valuation Date will be the \u2587\u2587\u2587\u2587\u2587\u2019\u2587 Discount Factor applicable to the Municipal Bonds sold determined by the reference to the bond\u2019s rating in the above table; (c) the \u2587\u2587\u2587\u2587\u2587\u2019\u2587 Discount Factor for inverse floaters is determined by multiplying the \u2587\u2587\u2587\u2587\u2587'\u2587 Discount Factor determined by reference to the rating on the underlying Municipal Bond(s) in the table above by 1.25; (d) the \u2587\u2587\u2587\u2587\u2587\u2019\u2587 Discount Factor for Rule 2a-7 money market funds shall be 0%; and (e) the \u2587\u2587\u2587\u2587\u2587'\u2587 Discount Factor for Aaa Municipal Bonds will be used to discount pre-refunded bonds even if the pre-refunded bonds are subsequently not re-rated. \"Receivables for Municipal Bonds Sold\" for purposes of calculating \u2587\u2587\u2587\u2587\u2587'\u2587 Eligible Assets as of any Valuation Date, means the aggregate of the book value of receivables if such receivables are due within 30 business days of such Valuation Date. Ratings assigned by S&P or Fitch are generally accepted by \u2587\u2587\u2587\u2587\u2587\u2019\u2587 at face value. However, adjustments to face value may be made to particular categories of credits for which the S&P and/or Fitch rating does not seem to approximate a \u2587\u2587\u2587\u2587\u2587\u2019\u2587 rating equivalent. Split rated securities assigned by S&P and Fitch will be accepted at the lower of the two ratings.", "hash": "e10a0da09557eeb354a0d41c6f7fe869", "id": 9}, {"size": 4, "snippet_links": [{"key": "for-purposes-of", "type": "clause", "offset": [7, 22]}, {"key": "discounted-value", "type": "definition", "offset": [39, 55]}, {"key": "the-percentage", "type": "definition", "offset": [122, 136]}, {"key": "reference-to", "type": "clause", "offset": [151, 163]}, {"key": "the-moody", "type": "definition", "offset": [218, 227]}, {"key": "exposure-period", "type": "definition", "offset": [230, 245]}, {"key": "in-accordance-with", "type": "definition", "offset": [247, 265]}, {"key": "rating-category", "type": "definition", "offset": [293, 308]}, {"key": "weeks-or-less", "type": "clause", "offset": [380, 393]}, {"key": "not-rated", "type": "definition", "offset": [616, 625]}, {"key": "demand-feature", "type": "clause", "offset": [761, 775]}, {"key": "a-long", "type": "clause", "offset": [852, 858]}, {"key": "the-definition-of", "type": "definition", "offset": [891, 908]}, {"key": "eligible-assets", "type": "definition", "offset": [917, 932]}, {"key": "these-securities", "type": "definition", "offset": [934, 950]}, {"key": "purposes-of-the", "type": "clause", "offset": [1195, 1210]}, {"key": "notwithstanding-the-foregoing", "type": "clause", "offset": [1314, 1343]}, {"key": "discount-factor", "type": "clause", "offset": [1360, 1375]}, {"key": "receivables-for-municipal-bonds-sold", "type": "definition", "offset": [1894, 1930]}, {"key": "valuation-date", "type": "definition", "offset": [2034, 2048]}, {"key": "book-value", "type": "clause", "offset": [2096, 2106]}, {"key": "prior-to", "type": "clause", "offset": [2156, 2164]}, {"key": "business-days-of", "type": "clause", "offset": [2225, 2241]}, {"key": "clearing-house", "type": "clause", "offset": [2338, 2352]}, {"key": "with-respect-to", "type": "clause", "offset": [2359, 2374]}, {"key": "the-trust", "type": "clause", "offset": [2381, 2390]}, {"key": "written-authorization", "type": "clause", "offset": [2410, 2431]}, {"key": "having-a", "type": "definition", "offset": [2472, 2480]}, {"key": "debt-rating", "type": "clause", "offset": [2499, 2510]}, {"key": "relevant-moody", "type": "definition", "offset": [2597, 2611]}, {"key": "comply-with", "type": "definition", "offset": [2805, 2816]}], "samples": [{"hash": "imI98v8t0BS", "uri": "/contracts/imI98v8t0BS#moodys-discount-factor", "label": "Bylaws (Putnam Municipal Opportunities Trust)", "score": 19.0, "published": true}], "snippet": "means, for purposes of determining the Discounted Value of any Municipal Bond which constitutes a Moody's Eligible Asset, the percentage determined by reference to (a) the rating by Moody's or S&P on such Bond and (b) the Moody's Exposure Period, in accordance with the table set forth below: Rating Category Moody's Exposure Period Aaa* Aa* A* Baa* Other** VMIG-1*** SP-1+**** 7 weeks or less 151% 159% 168% 202% 229% 136% 148% 8 weeks or less but greater than 7 weeks 154 164 173 205 235 137 149 9 weeks or less but greater than 8 weeks 158 169 179 209 242 138 150 ___________ * Mood\u2587'\u2587 \u2587\u2587\u2587ing. ** Municipal Bonds not rated by Moody's but rated BBB-, BBB or BBB+ by S&P. *** Municipal Bonds rated MIG-\u2587, \u2587\u2587\u2587\u2587-\u2587 \u2587\u2587 P-1 by Moody's which do not mature or have a demand feature at par exercisable within the Moody's Exposure Period and which do not have a long-term rating. For the purpose of the definition of Moody's Eligible Assets, these securities will have an assumed rating of 'A' by Moody's. **** Municipal Bonds rated SP-1+ or A-l+ by S&P which do not mature or have a demand feature at par exercisable within the Moody's Exposure Period and which do not have a long-term rating. For the purposes of the definition of Moody's Eligible Assets, these securities will have an assumed rating of 'A' by Moody's. Notwithstanding the foregoing, (i) no Moody's Discount Factor will be applied to short-term Municipal Bonds, so long as such Municipal Bonds are rated at least MIG-\u2587, \u2587\u2587\u2587\u2587-\u2587 \u2587\u2587 P-1 by Moody's and mature or have a demand feature at par exercisable within the Moody's Exposure Period, and the Moody's Discount Factor for such Bonds will be 125% if such Bonds are not rated by Moody's but are rated A-1+ or SP-1+ or AA by S&P and mature or have a demand feature at par exercisable within the Moody's Exposure Period, and (ii) no Moody's Discount Factor will be applied to cash or to Receivables for Municipal Bonds Sold. \"Receivables for Municipal Bonds Sold,\" for purposes of calculating Moody's Eligible Assets as of any Valuation Date, means the aggregate of the following: (i) the book value of receivables for Municipal Bonds sold as of or prior to such Valuation Date if such receivables are due within five Business Days of such Valuation Date, and if the trades which generated such receivables are (x) settled through clearing house firms with respect to which the Trust has received prior written authorization from Moody's or (y) with counterparties having a Moody's long-term debt rating of at least Baa3; and (ii) the Discounted Value of Municipal Bonds sold (applying the relevant Moody's Discount Factor to such Bonds) as of or prior to such Valuation Date which generated such receivables, if such receivables are due within five Business Days of such Valuation Date but do not comply with either of conditions (x) or (y) of the preceding clause (i).", "hash": "679a0c7978d609684db76c28e9c2bcdc", "id": 10}], "next_curs": "CmMSXWoVc35sYXdpbnNpZGVyY29udHJhY3Rzcj8LEhpEZWZpbml0aW9uU25pcHBldEdyb3VwX3Y1NiIfbW9vZHlzLWRpc2NvdW50LWZhY3RvciMwMDAwMDAwYQyiAQJlbhgAIAA=", "definition": {"size": 192, "title": "Moody\u2019s Discount Factor", "snippet": "means, for purposes of determining the Discounted Value of any Moody's Eligible Asset, the percentage determined as follows. The Moody's Discount Factor for any Moody's Eligible Asset other than the securities set forth below will be the percentage provided in writing by Moody's.", "id": "moodys-discount-factor", "examples": ["For purposes of determining in clause (b) of the preceding sentence whether the Discounted Value of Moody's Eligible Assets at least equals the Municipal Preferred Basic Maintenance Amount, the Moody's Discount Factors applicable to Moody's Eligible Assets shall be determined by reference to the first Exposure Period longer than the Exposure Period then applicable to the Trust, as described in the definition of Moody's Discount Factor herein.", "For purposes of determining in clause (b) of the preceding sentence whether the Trust has maintained Moody's Municipal Preferred Asset Coverage, the Moody's Discount Factors applicable to Moody's Eligible Assets shall be determined by reference to the first Exposure Period longer than the Exposure Period then applicable to the Trust, as described in the definition of Moody's Discount Factor herein.", "The Moody's Discount Factor applied to fixed-rate pass-throughs that are not rated by Moody's and are serviced by a servicer approved by Moody's shall be determined by reference to the table in the following paragraph (relating to whole loans).", "The Moody's Discount Factor applied to collateralized mortgage obligations, planned amortization class bonds and targeted amortization class bonds shall be determined by reference to the weighted average life of the security in accordance with the table set forth below.", "The Moody's Discount Factor applied to residential mortgage pass-throughs (including private-placement mortgage pass-throughs) shall be determined by reference to the coupon paid by such security in accordance with the table set forth below.", "Discounted Value means (i) with respect to an S&P Eligible Asset, the quotient of the Market Value thereof divided by the applicable S&P Discount Factor and (ii) with respect to a Moodys Eligible Asset, the quotient of the Market Value thereof divided by the applicable Moodys Discount Factor; provided that the Discounted Value of such Eligible Asset shall never be greater than the face value of such Eligible Asset.", "Asset-backed and mortgage-backed securities: The Moody's Discount Factor applied to asset-backed securities shall be 131%.", "The Moody's Discount Factor applied to whole loans shall be determined by reference to the coupon paid by such security in accordance with the table set forth below.", "The Moody's Discount Factor applied to Rule 144A Securities for Rule 144A Securities whose terms include rights to registration under the Securities Act within one year and Rule 144A Securities which do not have registration rights within one year will be 120% and 130%, respectively, of the Moody's Discount Factor which would apply were the securities registered under the Securities Act.", "The Moody's Discount Factor applied to asset-backed securities shall be 131%."], "related": [["sp-discount-factor", "S&P Discount Factor", "S&P Discount Factor"], ["fitch-discount-factor", "Fitch Discount Factor", "Fitch Discount Factor"], ["discount-factor", "Discount Factor", "Discount Factor"], ["rating-agency-discount-factor", "Rating Agency Discount Factor", "Rating Agency Discount Factor"], ["interest-factor", "Interest Factor", "Interest Factor"]], "related_snippets": [], "updated": "2025-07-06T21:58:41+00:00"}, "json": true, "cursor": ""}}