Call Rights. The Fund may purchase a Municipal Bond issuer’s right to call all or a portion of such Municipal Bond for mandatory tender for purchase (a “Call Right”). A holder of a Call Right may exercise such right to require a mandatory tender for the purchase of related Municipal Bonds, subject to certain conditions. A Call Right that is not exercised prior to maturity of the related Municipal Bond will expire without value. The economic effect of holding both the Call Right and the related Municipal Bond is identical to holding a Municipal Bond as a non-callable security. Certain investments in such obligations may be illiquid.
Appears in 4 contracts
Samples: VRDP Shares Purchase Agreement (Bank of America Corp /De/), VRDP Shares Fee Agreement (Toronto Dominion Investments, Inc.), VRDP Shares Purchase Agreement (Bank of America Corp /De/)
Call Rights. The Fund may purchase a Municipal Bond issuer’s 's right to call all or a portion of such Municipal Bond for mandatory tender for purchase (a “"Call Right”"). A holder of a Call Right may exercise such right to require a mandatory tender for the purchase of related Municipal Bonds, subject to certain conditions. A Call Right that is not exercised prior to maturity of the related Municipal Bond will expire without value. The economic effect of holding both the Call Right and the related Municipal Bond is identical to holding a Municipal Bond as a non-callable security. Certain investments in such obligations may be illiquid.
Appears in 2 contracts
Samples: Shares Fee Agreement (Bank of America Corp /De/), VRDP Shares Purchase Agreement (Bank of America Corp /De/)
