Common use of Credit Quality Clause in Contracts

Credit Quality. As of the Effective Date, the Issuer (1) has invested at least 50% of its Managed Assets in investment grade quality municipal securities that, at the time of investment, were rated within the four highest grades (Baa or BBB or better) by at least one of the NRSROs rating such securities or were unrated but judged to be of comparable quality by the Investment Adviser; and (2) has invested up to 50% of its Managed Assets in municipal securities that at the time of investment were rated below investment grade or were unrated but judged to be of comparable quality by the Investment Adviser, provided that the Issuer has invested no more than 10% of the Issuer's Managed Assets in municipal securities that, at the time of investment, were rated below B3/B- by an NRSRO or that were unrated but judged to be of comparable quality by the Investment Adviser.

Credit Quality. As of the Effective Date, the Issuer (1i) has invested at least 5080% of its Managed Assets in investment grade quality municipal securities that, at the time of investment, were rated within the four highest grades (Baa or BBB or better) by at least one of the NRSROs rating such securities or were unrated but judged to be of comparable quality by the Investment Adviser; and (2ii) has invested up to 5020% of its Managed Assets in municipal securities that at the time of investment were rated below investment grade or were unrated but judged to be of comparable quality by the Investment Adviser, provided that the Issuer has invested no more than 10% of the Issuer's Managed Assets in municipal securities that, at the time of investment, were rated below B3/B- by an NRSRO or that were unrated but judged to be of comparable quality by the Investment Adviser.

Credit Quality. As of the Effective Date, the Issuer (1i) has invested at least 5080% of its Managed Fund Assets in investment grade quality municipal securities Municipal Securities that, at the time of investment, were rated within the four highest grades (Baa Baa3 or BBB BBB- or better) by at least one of the NRSROs rating such securities or were unrated but judged to be of comparable credit quality by the Investment Sub-Adviser; and (2ii) has invested up to 50no more than 17% of its Managed Fund Assets in municipal securities Municipal Securities that at the time of investment were rated below investment grade or were unrated but judged to be of comparable credit quality by the Investment Sub-Adviser, provided that the Issuer has invested no more less than 101% of the Issuer's Managed ’s Fund Assets in municipal securities that, at the time of investment, Municipal Securities that were rated below B3/B- by an NRSRO or that were unrated but judged to be of comparable credit quality by the Investment Adviser.

Credit Quality. As of the Effective Date, the Issuer (1) has invested at least 5080% of its Managed Assets in investment grade quality municipal securities that, at the time of investment, were rated within the four highest grades (Baa or BBB or better) by at least one of the NRSROs rating such securities or were unrated but judged to be of comparable quality by the Investment Sub Adviser; and (2) has invested up to 5020% of its Managed Assets in municipal securities that at the time of investment were rated below investment grade or were unrated but judged to be of comparable quality by the Investment Sub Adviser, provided that the Issuer has invested no more than 10% of the Issuer's ’s Managed Assets in municipal securities that, at the time of investment, were rated below B3/B- by an NRSRO or that were unrated but judged to be of comparable quality by the Investment Sub Adviser.

Credit Quality. As of the Effective Date, the Issuer (1i) has invested at least 5090% of its Managed Fund Assets in investment grade quality municipal securities Municipal Securities that, at the time of investment, were rated within the four highest grades (Baa Baa3 or BBB BBB- or better) by at least one of the NRSROs rating such securities or were unrated but judged to be of comparable credit quality by the Investment Sub-Adviser; and (2ii) has invested up to 50no more than 10% of its Managed Fund Assets in municipal securities Municipal Securities that at the time of investment were rated below investment grade or were unrated but judged to be of comparable credit quality by the Investment Sub-Adviser, provided that the Issuer has invested no more than 10% none of the Issuer's Managed Fund Assets in municipal securities Municipal Securities that, at the time of investment, were rated below B3/B- by an NRSRO or that were unrated but judged to be of comparable credit quality by the Investment Adviser.

Credit Quality. As of the Effective Date, the Issuer (1i) has invested at least 5080% of its Managed Fund Assets in investment grade quality municipal securities Municipal Securities that, at the time of investment, were rated within the four highest grades (Baa or BBB or better) by at least one of the NRSROs rating such securities or were unrated but judged to be of comparable credit quality by the Investment Adviser; and (2ii) has invested up to 50no more than 20% of its Managed Fund Assets in municipal securities Municipal Securities that at the time of investment were rated below investment grade or were unrated but judged to be of comparable credit quality by the Investment Adviser, provided that the Issuer has invested no more than 10% of the Issuer's Managed Fund Assets in municipal securities Municipal Securities that, at the time of investment, were rated below B3/B- by an NRSRO or that were unrated but judged to be of comparable credit quality by the Investment Adviser.

Credit Quality. As of the Effective Date, the The Issuer shall (1i) has invested invest at least 5080% of its Managed Fund Assets in investment grade quality municipal securities Municipal Securities that, at the time of investment, were rated within the four highest grades (Baa or BBB or better) by at least one of the NRSROs rating such securities or were unrated but judged to be of comparable credit quality by the Investment Sub-Adviser; and (2ii) has invested up to 50invest no more than 20% of its Managed Fund Assets in municipal securities Municipal Securities that at the time of investment were rated below investment grade or were unrated but judged to be of comparable credit quality by the Investment Sub-Adviser, provided that the Issuer has invested no more than 107% of the Issuer's Managed ’s Fund Assets in municipal securities Municipal Securities that, at the time of investment, were rated below B3/B- by an NRSRO or that were unrated but judged to be of comparable credit quality by the Investment Sub-Adviser.

Credit Quality. As of the Effective Date, the The Issuer shall (1i) has invested invest at least 50% of its Managed Fund Assets in investment grade quality municipal securities Municipal Securities that, at the time of investment, were rated within the four highest grades (Baa or BBB or better) by at least one of the NRSROs rating such securities or were unrated but judged to be of comparable credit quality by the Investment Sub-Adviser; and (2ii) has invested up to invest no more than 50% of its Managed Fund Assets in municipal securities Municipal Securities that at the time of investment were rated below investment grade or were unrated but judged to be of comparable credit quality by the Investment Sub-Adviser, provided that the Issuer has invested no more than 1017.5% of the Issuer's Managed ’s Fund Assets in municipal securities Municipal Securities that, at the time of investment, were rated below B3/B- by an NRSRO or that were unrated but judged to be of comparable credit quality by the Investment Sub-Adviser.

Credit Quality. As of the Effective Date, the Issuer (1i) has invested at least 5070% of its Managed Fund Assets in investment grade quality municipal securities Municipal Securities that, at the time of investment, were rated within the four highest grades (Baa Baa3 or BBB BBB- or better) by at least one of the NRSROs rating such securities or were unrated but judged to be of comparable credit quality by the Investment Sub-Adviser; and (2ii) has invested up to 50no more than 30% of its Managed Fund Assets in municipal securities Municipal Securities that at the time of investment were rated below investment grade or were unrated but judged to be of comparable credit quality by the Investment Sub-Adviser, provided that the Issuer has invested no more less than 101% of the Issuer's Managed ’s Fund Assets in municipal securities Municipal Securities that, at the time of investment, were rated below B3/B- by an NRSRO or that were unrated but judged to be of comparable credit quality by the Investment Adviser.