Assertion: closed end fund | /r/HasAspect | 300% asset coverage
Facets:
value: for any "senior security"
type: OTHER
Source sentences:
text: This arrangement involves a borrowing by the fund and implicates section 18 of the Investment Company Act, which prohibits an open-end fund from issuing any “senior security,” except for a borrowing from a bank with 300% asset coverage, and generally requires a closed-end fund to have 300% asset coverage for any "senior security" that represents an indebtedness.