Common use of Purpose; Incorporation by Reference of Auction Procedures and Settlement Procedures Clause in Contracts

Purpose; Incorporation by Reference of Auction Procedures and Settlement Procedures. (a) The Statement provides that the Applicable Rate per annum for each series of FundPreferred shares for each Dividend Period after the initial Dividend Period with respect to each series of FundPreferred shares shall, except under certain conditions, be equal to the rate per annum that a bank or trust company appointed by the Fund advises has resulted on the Business Day preceding the first day of such Dividend Period from implementation of the Auction Procedures for such series. Each periodic operation of the Auction Procedures is hereinafter referred to as an "Auction." The Board of Trustees has adopted a resolution appointing The Bank of New York as Auction Agent for purposes of the Auction Procedures for each series of the FundPreferred shares. The Auction Agent accepts such appointment and agrees to follow the procedures set forth in this Section 2 and the Auction Procedures for the purpose of determining the Applicable Rate for each series of FundPreferred shares for each Dividend Period thereof for which the Applicable Rate is to be determined by an Auction.

Purpose; Incorporation by Reference of Auction Procedures and Settlement Procedures. (a) The Statement provides that the Applicable Rate per annum for each series of FundPreferred shares Preferred Shares for each Dividend Period after the initial Dividend Period with respect to each series of FundPreferred shares Preferred Shares shall, except under certain conditions, be equal to the rate per annum that a bank or trust company appointed by the Fund advises has resulted on the Business Day preceding the first day of such Dividend Period from implementation of the Auction Procedures for such series. Each periodic operation of the Auction Procedures is hereinafter referred to as an "Auction." The Board of Trustees has adopted a resolution appointing The Bank of New York as Auction Agent for purposes of the Auction Procedures for each series of the FundPreferred sharesPreferred Shares. The Auction Agent accepts such appointment and agrees to follow the procedures set forth in this Section 2 and the Auction Procedures for the purpose of determining the Applicable Rate for each series of FundPreferred shares Preferred Shares for each Dividend Period thereof for which the Applicable Rate is to be determined by an Auction.

Purpose; Incorporation by Reference of Auction Procedures and Settlement Procedures. (a) The Statement provides APS Provisions provide that the Applicable Rate per annum for each series of FundPreferred shares the APS for each Subsequent Dividend Period after the initial Initial Dividend Period with respect to each series of FundPreferred shares the APS shall, except under certain conditions, be equal to the rate per annum that a bank or trust company appointed by the Fund advises has resulted on the Business Day preceding the first day of such Subsequent Dividend Period from implementation of the Auction Procedures for such seriesProcedures. Each periodic operation implementation of the Auction Procedures is hereinafter referred to as an "Auction." The Board of Trustees has adopted a resolution appointing The Bank of New York Bankers Trust Company as Auction Agent for purposes of the Auction Procedures for each series of the FundPreferred sharesAPS. The Auction Agent accepts such appointment and agrees to follow the procedures set forth in this Section 2 and the Auction Procedures for the purpose of determining the Applicable Rate for each series of FundPreferred shares the APS for each Subsequent Dividend Period thereof for which the Applicable Rate is to be determined by an Auction.

Purpose; Incorporation by Reference of Auction Procedures and Settlement Procedures. (a) The Statement provides APS Provisions provide that the Applicable Rate per annum for each series of FundPreferred shares the APS for each Subsequent Dividend Period after the initial Initial Dividend Period with respect to each series of FundPreferred shares the APS shall, except under certain conditions, be equal to the rate per annum that a bank or trust company appointed by the Fund advises has resulted on the Business Day preceding the first day of such Subsequent Dividend Period from implementation of the Auction Procedures for such seriesAPS. Each periodic operation implementation of the Auction Procedures is hereinafter referred to as an "Auction." The Board of Trustees has adopted a resolution appointing The Bank of New York Bankers Trust Company as Auction Agent for purposes of the Auction Procedures for each series of the FundPreferred sharesAPS. The Auction Agent accepts such appointment and agrees to follow the procedures set forth in this Section 2 and the Auction Procedures for the purpose of determining the Applicable Rate for each series of FundPreferred shares the APS for each Subsequent Dividend Period thereof for which the Applicable Rate is to be determined by an Auction.

Purpose; Incorporation by Reference of Auction Procedures and Settlement Procedures. (a) The Statement provides APS Provisions provide that the Applicable Rate per annum for each series of FundPreferred shares APS for each Subsequent Dividend Period after the initial Initial Dividend Period with respect to each series of FundPreferred shares APS shall, except under certain conditions, be equal to the rate per annum that a bank or trust company appointed by the Fund advises has resulted on the Business Day preceding the first day of such Subsequent Dividend Period from implementation of the Auction Procedures for such series. Each periodic operation implementation of the Auction Procedures is hereinafter referred to as an "Auction." The Board of Trustees has adopted a resolution appointing The Bank of New York Bankers Trust Company as Auction Agent for purposes of the Auction Procedures for each series of the FundPreferred sharesAPS. The Auction Agent accepts such appointment and agrees to follow the procedures set forth in this Section 2 and the Auction Procedures for the purpose of determining the Applicable Rate for each series of FundPreferred shares APS for each Subsequent Dividend Period thereof for which the Applicable Rate is to be determined by an Auction.

Purpose; Incorporation by Reference of Auction Procedures and Settlement Procedures. (a) The Statement provides that the Applicable Rate per annum for each series of FundPreferred shares Preferred Shares for each Dividend Period after the initial Dividend Period with respect to each series of FundPreferred shares Preferred Shares shall, except under certain conditions, be equal to the rate per annum that a bank or trust company appointed by the Fund advises has resulted on the Business Day preceding the first day of such Dividend Period from implementation of the Auction Procedures for such series. Each periodic operation of the Auction Procedures is hereinafter referred to as an "“Auction." ” The Board of Trustees has adopted a resolution appointing The Bank of New York as Auction Agent for purposes of the Auction Procedures for each series of the FundPreferred sharesPreferred Shares. The Auction Agent accepts such appointment and agrees to follow the procedures set forth in this Section 2 and the Auction Procedures for the purpose of determining the Applicable Rate for each series of FundPreferred shares Preferred Shares for each Dividend Period thereof for which the Applicable Rate is to be determined by an Auction.

Purpose; Incorporation by Reference of Auction Procedures and Settlement Procedures. (a) The Statement provides APS Provisions provide that the Applicable Rate per annum for each series of FundPreferred shares APS for each Subsequent Dividend Period after the initial Initial Dividend Period with respect to each series of FundPreferred shares APS shall, except under certain conditions, be equal to the rate per annum that a bank or trust company appointed by the Fund advises has resulted on the Business Day preceding the first day of such Subsequent Dividend Period from implementation of the Auction Procedures for such series. Each periodic operation implementation of the Auction Procedures is hereinafter referred to as an "Auction." The Board of Trustees has adopted a resolution appointing The Bank of New York Bankers Trust Company as Auction Agent for purposes of the Auction Procedures for each series of the FundPreferred sharesAPS. The Auction Agent accepts such appointment and agrees to follow the procedures set forth in this Section 2 and the Auction Procedures for the purpose of determining the Applicable Rate for each series of FundPreferred shares APS for each Subsequent Dividend Period thereof for which the Applicable Rate is to be determined by an Auction.