Common use of Authorization and Description of Shares Clause in Contracts

Authorization and Description of Shares. The Shares to be purchased by the Underwriters from the Fund have been duly authorized for issuance and sale to the Underwriters pursuant to this Agreement and, when issued and delivered by the Fund pursuant to this Agreement against payment of the consideration set forth herein, will be validly issued, fully paid and non-assessable. The Shares conform to all statements relating thereto contained in the Registration Statement, Preliminary Prospectus and the Prospectus and such description conforms to the rights set forth in the instruments defining the same; and the issuance of the Shares is not subject to the preemptive or other similar rights of any securityholder of the Fund. The Shares conform to the provisions of the Articles Supplementary and the relative rights, preferences, interests and powers of such Shares are set forth in the Articles Supplementary. The Articles Supplementary have been, or by the Closing Time will be, duly authorized and executed by the Fund in compliance with the General Corporation Law of the State of Maryland and filed by the Fund with the State of Maryland Department of Assessments and Taxation. The Articles Supplementary are, or by the Closing Time will be, in full force and effect. The certificates for the Shares are in valid and legal form.

Authorization and Description of Shares. The Shares to be purchased by the Underwriters from the Fund have been duly authorized for issuance and sale to the Underwriters pursuant to this Agreement and, when issued and delivered by the Fund pursuant to this Agreement against payment of the consideration set forth herein, will be validly issued, fully paid and non-assessable. The Shares conform to all statements relating thereto contained in the Registration Statement, Preliminary Prospectus and the Prospectus and such description conforms to the rights set forth in the instruments defining the same; and the issuance of the Shares is not subject to the preemptive or other similar rights of any securityholder of the Fund. The Shares conform to the provisions of the Articles Supplementary and the relative rights, preferences, interests and powers of such Shares are set forth in the Articles Supplementary. The Articles Supplementary have been, or by the Closing Time will be, duly authorized and executed by the Fund in compliance with the General Corporation Law of the State of Maryland and filed by the Fund with the State of Maryland Department of Assessments and Taxation. The Articles Supplementary are, or by the Closing Time will be, in full force and effect. The certificates for the Shares are in valid and legal form.Assessments