S&P Eligible Assets definition

S&P Eligible Assets means the following:

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S&P Eligible Assets means the sum of S&P Seasoned Eligible Assets and S&P Unseasoned Eligible Assets.

S&P Eligible Assets means assets of the Fund set forth in the guidelines provided by S&P, as may be amended from time to time by S&P, as eligible for inclusion in calculating the Discounted Value of the Fund’s assets in connection with S&P’s ratings of shares of MuniPreferred.

Examples of S&P Eligible Assets in a sentence

Within five Business Days of such Date of Original Issue, the Trust shall cause the Independent Accountant to confirm in writing to S&P (if S&P is then rating the shares of Municipal Preferred) (i) the mathematical accuracy of the calculations reflected in such Report and (ii) that the Discounted Value of S&P Eligible Assets reflected thereon equals or exceeds the Municipal Preferred Basic Maintenance Amount reflected thereon.
For purposes of determining whether the Trust has S&P Eligible Assets with a Discounted Value that equals or exceeds the RP Basic Maintenance Amount, amounts deposited as Initial Margin and, for futures contracts only, Variation Margin shall not constitute S&P Eligible Assets and securities held in the segregated account contemplated by paragraph 12 (a) (D) above shall have the following Discount Factors.
No amounts on deposit with the Trust or broker representing Initial Margin or Variation Margin shall constitute S&P Eligible Assets.
Thereafter, the Company shall maintain cash and Deposit Security balances at least equal to the outstanding Indebtedness until the aggregate Discounted Value of the Company’s Moody’s Eligible Assets (if applicable) and S&P Eligible Assets (if applicable) (calculated in the manner as set forth in Exhibit A hereto, in each case using the Issuance Test Discount Factors) again exceeds the CP Basic Maintenance Amount.
For each series of the Company's preferred shares which is rated by S&P the Administrator shall determine, as of each Business Day and each Cure Date, the aggregate Adjusted Value of all S&P Eligible Assets on that day and whether such aggregate Adjusted Value on such date equals or exceeds the S&P Required Asset Coverage on such date.

More Definitions of S&P Eligible Assets

S&P Eligible Assets means cash or any of the Fund's portfolio securities which are corporate bonds, preferred stocks or money market instruments; provided that no portfolio securities that are corporate debt securities will not be included in the calculation of the Discounted Value of the Fund's portfolio for purposes of S&P rating of the APS unless there exist publicly available financial statements for the issuer of such security and unless such security (a) is rated CCC or higher by S&P, (b) provides for the periodic payment of interest thereon in cash, (c) does not provide for conversion or exchange into equity capital at any time over its life, (d) has been registered under the Securities Act of 1933, as amended, or has been exempted from such registration pursuant to Rule 144A under the Securities Act of 1933, as amended, (e) has not had notice given in respect thereof that any such corporate debt obligation is subject of an offer by the issuer thereof of exchange or tender for cash, securities or any other type of consideration (except that corporate debt obligations in an amount not exceeding 10% of the value of the Fund's portfolio at any time shall not be subject to the provisions of this clause (e)) and (f) has a remaining term to maturity of less than 30 years.

S&P Eligible Assets means either:

S&P Eligible Assets means: (1) cash (excluding any cash irrevocably deposited by the Fund for the payment of any liabilities within the meaning of RP Basic Maintenance Amount), (2) Receivables for Municipal Bonds Sold, (3) S&P Hedging Transactions; (4) Municipal Zero Coupon Bonds rated at least BBB by S&P, (5) swaps, including total return swaps, interest rate swaps, currency swaps and credit default swaps, and (6) Municipal Bonds (including Inverse Floater as defined below) owned by the Fund that (A) is interest bearing and pays interest at least semi-annually; (B) is payable with respect to principal and interest in U.S. Dollars; (C) is not subject to a covered call or put option written by the Fund; (D) except for Inverse Floaters, is not part of a private placement of Municipal Bonds; and (E) except for Inverse Floaters, is part of an issue of Municipal Bonds with an original issue size of at least $10 million. Any Municipal Bonds that is a part of an original issue size of less than $10 million must carry a rating of at least AA by S&P or AAA by another nationally recognized statistical rating organization. Notwithstanding the foregoing limitations

S&P Eligible Assets means assets of the Fund set forth in the S&P Guidelines as “Eligible Assets” for purposes of determining maintenance of the S&P Preferred Stock Basic Maintenance Amount in connection with S&P’s rating of the APS.

S&P Eligible Assets means cash (excluding any cash irrevocably deposited by the Fund for the payment of any liabilities within the meaning of MuniPreferred Basic Maintenance Amount), Receivables for Municipal Obligations Sold or a Municipal Obligation owned by the Fund that (i) is interest bearing and pays interest at least semi-annually; (ii) is payable with respect to principal and interest in U.S. Dollars; (iii) is publicly rated BBB or higher by S&P or, if not rated by S&P but rated by Moody's, is rated at least A by Moody's; (iv) is not part of a private placement of Municipal Obligations; and (v) is part of an issue of municipal Obligations with an original issue size of at least $20 million or, if of an issue with an original issue size below $20 million (but in no event below $10 million), is issued by an issuer with a total of at least $50 million of securities outstanding. Solely for purposes of this definition, the term "Municipal Obligation" means any obligation the interest on which is exempt from regular Federal income taxation and which is issued by any of the fifty United States, the District of Columbia or any of the territories of the United States, their subdivisions, counties, cities, towns, villages, school districts and agencies (including authorities and special districts created by the states), and federally sponsored agencies such as local housing authorities. Notwithstanding the foregoing limitations:

S&P Eligible Assets means cash, Receivables for Portfolio Securities Sold or any of the Company’s Portfolio Securities; provided that Portfolio Securities that are corporate debt securities will not be included in the calculation of the Discounted Value of the Fund’s portfolio for purposes of S&P rating of the CP Notes unless there exist publicly available financial statements for the issuer of such security and unless such security (a) is rated CCC or higher by S&P, (b) provides for the periodic payment of interest thereon in cash, (c) does not provide for conversion or exchange into equity capital at any time over their respective lives, (d) has been registered under the Securities Act of 1933, as amended, (e) has not had notice given in respect thereof that any such corporate debt obligation is the subject of an offer by the issuer thereof of exchange or tender for cash, securities or any other type of consideration (except that corporate debt obligations in an amount not exceeding 10% of the value of the Company’s portfolio at any time shall not be subject to the provisions of this clause (e)) and (f) has a remaining term to maturity of less than 30 years. In addition, such portfolio debt securities must be within the following diversification requirements in order to be included in such calculation: AAA $ 100 10.0 % 50.0 % AA $ 100 10.0 % 33.3 % A $ 100 10.0 % 33.3 % BBB $ 100 5.0 % 20.0 % BB $ 100 (4) 4.0 % 12.0 % B $ 100 (4) 3.0 % 8.0 % CCC (5) $ 100 (4) 3.0 % 8.0 %

S&P Eligible Assets has the meaning specified in Section 6.3(b).