Ratings Spread means, with respect to an SRP Calculation Period, the percentage per annum set forth below opposite the highest applicable credit rating assigned to the VRDP Shares, unless the lowest applicable rating is below A3/A-, in which case the Ratings Spread shall mean the percentage per annum set forth below opposite the lowest applicable credit rating assigned to the VRDP Shares by Moody’s, Fitch or any Other Rating Agency, in each case rating the VRDP Shares at the request of the Fund, on the SRP Calculation Date for such SRP Calculation Period:
Ratings Spread means, with respect to any Rate Period for any Series of VMTP Preferred Shares, the percentage per annum set forth opposite the highest applicable credit rating assigned to such Series, unless the lowest applicable credit rating is at or below A1/A+, in which case it shall mean the percentage per annum set forth opposite the lowest applicable credit rating assigned to such Series, by either Moody’s (if Moody’s is then rating the VMTP Preferred Shares at the request of the Corporation), Fitch (if Fitch is then rating the VMTP Preferred Shares at the request of the Corporation) or Other Rating Agency (if such Other Rating Agency is then rating the VMTP Preferred Shares at the request of the Corporation) in the table below on the Rate Determination Date for such Rate Period:
Ratings Spread means, with respect to any Rate Period for any Series of VMTPPreferred Shares, the percentage per annum set forth opposite the highest applicable credit rating assigned to such Series, unless the lowest applicable credit rating is at or below A1/A+, in which case it shall mean the percentage per annum set forth opposite the lowest applicable credit rating assigned to such Series, by either Moody’s (if Moody’s is then rating the VMTP Preferred Shares at the request of the Trust), Fitch (if Fitch is then rating the VMTP Preferred Shares at the request of the Trust) or Other Rating Agency (if such Other Rating Agency is then rating the VMTP Preferred Shares at the request of the Trust) in the table below on the Rate Determination Date for such Rate Period:Moody’s/Fitch* Percentage Aa2/AA to Aaa/AAA 0.90 % Aa3 /AA- 0.95 % A1 /A+ 1.30 % A2 /A 1.55 % A3 /A- 1.70 % Baa1/BBB+ 2.05 % Baa2/BBB 2.30 % Baa3/BBB- 2.80 % Non-investment grade or 3.30 % NR * And/or the equivalent ratings of an Other Rating Agency then rating the VMTP Preferred Shares at the request of the Trust. For the avoidance of doubt, effective January 1, 2021, the definition of “Ratings Spread” shall read as follows:
Examples of Ratings Spread in a sentence
Calculation of Dividends During Special Rate Period For each SRP Calculation Period for the VRDP Shares, the dividend rate on the VRDP Shares (the “SRP Applicable Rate”) shall be calculated by the Tender and Paying Agent and shall be equal to the rate per annum that results from the sum of the (1) Base Rate and (2) Ratings Spread (the “SRP Applicable Rate Determination”).
Maximum number of RSUs that in the event of termination without cause or for good reason after a change in control under the 2019 Plan or that the Board may choose to accelerate under the 2002 Plan.
Despite the wider issues facing the construction market in summer/autumn on the price of core construction materials and sourcing and availability of products, there has been no material effect on the delivery of these sites by the main contractors.
CALCULATION OF DIVIDENDS DURING SPECIAL RATE PERIOD During the Special Rate Period, for each SRP Calculation Period for the VRDP Shares, the dividend rate on the VRDP Shares (the "SRP APPLICABLE RATE") shall be calculated by the Tender and Paying Agent and shall be equal to the rate PER ANNUM that results from the sum of the (1) Base Rate and (2) Ratings Spread (the "SRP APPLICABLE RATE DETERMINATION").
The Board of Trustees of the Fund has adopted resolutions to (a) extend the Term Redemption Date of the Series2015/12-VKQ VMTP Shares to October 10, 2023 and (b) change the Ratings Spread applicable to such VMTP Shares.
More Definitions of Ratings Spread
Ratings Spread means, with respect to an SRP Calculation Period, the percentage per annum set forth below opposite the highest applicable credit rating assigned to the VRDP Shares, unless the lowest applicable rating is below A3/A-, in which case the Ratings Spread shall mean the percentage per annum set forth below opposite the lowest applicable credit rating assigned to the VRDP Shares by Xxxxx’x, Fitch or any Other Rating Agency, in each case rating the VRDP Shares at the request of the Fund, on the SRP Calculation Date for such SRP Calculation Period: Xxxxx’x/Fitch Percentage Aaa/AAA 0.95 % Aa3/AA- to Aa1/AA+ 1.20 % A3/A- to A1/A+ 2.00 % Baa3/BBB- to Baa1/BBB+ 3.00 % Non-investment grade or Unrated 4.00 %
Ratings Spread means, with respect to any Rate Period for any Series of VMTP Preferred Shares, the percentage per annum set forth opposite the highest applicable credit rating assigned to such Series, unless the lowest applicable credit rating is at or below A1/A+, in which case it shall mean the percentage per annum set forth opposite the lowest applicable credit rating assigned to such Series, by either Moody’s (if Moody’s is then rating the VMTP Preferred Shares at the request of the Trust), Fitch (if Fitch is then rating the VMTP Preferred Shares at the request of the Trust) or Other Rating Agency (if such Other Rating Agency is then rating the VMTP Preferred Shares at the request of the Trust) in the table below on the Rate Determination Date for such Rate Period:Moody’s/Fitch* Percentage Aa2/AA to Aaa/AAA 0.77 % Aa3 /AA- 0.95 % A1 /A+ 1.30 % A2 /A 1.55 % A3 /A- 1.70 % Baa1/BBB+ 2.05 % Baa2/BBB 2.30 % Baa3/BBB- 2.80 % Non-investment grade or 3.30 % NR* And/or the equivalent ratings of an Other Rating Agency then rating the VMTP Preferred Shares at the request of the Trust.(c). The Statement of Preferences of the Trust is hereby amended by deleting Section 6(b) in its entirety and replacing it with the following as of April 3, 2020: Effective Leverage Ratio. The Trust shall maintain an Effective Leverage Ratio of not greater than 45% (other than solely by reason of fluctuations in the market value of its portfolio securities), except that for the period from and including April 3, 2020 and through and including December 31, 2020, the Trust shall maintain an Effective Leverage Ratio of not greater than 50% (other than solely by reason of fluctuations in the market value of its portfolio securities). In the event that the Trust’s Effective Leverage Ratio exceeds 45% or 50%, as applicable (whether by reason of fluctuations in the market value
Ratings Spread means, with respect to an SRP Calculation Period, the percentage per annum set forth below opposite the highest applicable credit rating assigned to the VRDP Shares, unless the lowest applicable rating is below A3/A-, in which case the Ratings Spread shall mean the percentage per annum set forth below opposite the lowest applicable credit rating assigned to the VRDP Shares by Moody’s, Fitch or any Other Rating Agency, in each case rating the VRDP Shares at the request of the Fund, on the SRP Calculation Date for such SRP Calculation Period:Capitalized terms used but not defined in this Amendment to Notice of Special Rate Period shall have the meanings given to such terms in the Statement of Preferences and the Notice of Special Rate Period.
Ratings Spread means, with respect to an SRP Calculation Period, the percentage per annum set forth below opposite the highest applicable credit rating assigned to the VRDP Shares, unless the lowest applicable rating is below A3/A-, in which case the Ratings Spread shall mean the percentage per annum set forth below opposite the lowest applicable credit rating assigned to the VRDP Shares by Moody's, Fitch or any Other Rating Agency, in each case rating the VRDP Shares at the request of the Fund, on the SRP Calculation Date for such SRP Calculation Period: -------- * NOTE: Neither the Fund nor the Tender and Paying Agent shall be responsible for the selection or use of the CUSIP Numbers selected, nor is any representation made as to its correctness indicated in any notice or as printed on any VRDP Share certificate. It is included solely as a convenience to Holders of VRDP Shares.
Ratings Spread. The percentage per annum set forth opposite the highest applicable credit rating applicable assigned to the Bonds, unless the lowest applicable rating is at or below A1/A+, in which case the Ratings Spread shall be the percentage per annum set forth the lowest applicable credit rating assigned to the Bonds: Moody’s/Fitch (or equivalent from another rating agency) Percentage Aa2/AA to Aaa/AAA 1.10% Aa3/AA- 1.20% A1/A+ 2.00% A2/A 2.00% A3/A- 2.00% Baa1/BBB+ 3.00% Baa2/BBB 3.00% Baa3/BBB- 3.10% Non-investment grade or NR 4.00% Principal Amount of Bonds Deposited in the Trust: $130,100,000 Bond Interest Payment Dates: The first Business Day of each month, commencing June 1, 2012 Bond CUSIP No.: 00000X000 Bond Rating Agency(ies)and Current Rating(s): Moody’s Aa2 Fitch AAA Denomination of Bonds: $100,000 Interest Computation Basis: Actual/Actual Accrued Interest on Bonds: $23,524.93
Ratings Spread means, with respect to any Rate Period for any Series of VMTP Shares, the percentage per annum set forth opposite the applicable credit rating assigned to such Series, in the table below on the Rate Determination Date for such Rate Period: * And/or the equivalent ratings of an Other Rating Agency then rating the VMTP Shares at the request of the Fund.
Ratings Spread means, with respect to an SRP Calculation Period, the percentage per annum set forth below opposite the highest applicable credit rating assigned to the VRDP Shares, unless the lowest applicable rating is below A3/A-, in which case the Ratings Spread shall mean the percentage per annum set forth below opposite the lowest applicable credit rating assigned to the VRDP Shares by Moody’s, Fitch or any Other Rating Agency, in each case rating the VRDP Shares at the request of the Fund, on the SRP Calculation Date for such SRP Calculation Period: * NOTE: Neither the Fund nor the Tender and Paying Agent shall be responsible for the selection or use of the CUSIP Numbers selected, nor is any representation made as to its correctness indicated in any notice or as printed on any VRDP Share certificate. It is included solely as a convenience to Holders of VRDP Shares. Capitalized terms used but not defined in this Amendment to Notice of Special Rate Period shall have the meanings given to such terms in the Statement of Preferences and the Notice of Special Rate Period. [Signature Page Follows] IN WITNESS WHEREOF, I have signed this Amendment to the Notice of Special Rate Period as of the date first written above. BLACKROCK MUNIYIELD NEW JERSEY FUND, INC.By: Name: