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

Purpose; Incorporation by Reference of Auction Procedures. (a) The Articles Supplementary provides that the Applicable Dividend Rate on the APS for each Dividend Period therefor after the initial Dividend Period shall be the rate per annum that a commercial bank, trust company or other financial institution appointed by the Fund advises results from the implementation of the Auction Procedures. The Board of Directors of the Fund has adopted a resolution appointing The Bank of New York as Auction Agent for purposes of the Auction Procedures. The Auction Agent hereby accepts such appointment and agrees that, on each Auction Date, it shall follow the procedures set forth in this Section II and the Auction Procedures for the purpose of determining the Applicable Dividend Rate for the APS for the next Dividend Period. Each periodic operation of such procedures is hereinafter referred to as an "Auction."

Purpose; Incorporation by Reference of Auction Procedures. (a) The Articles Supplementary provides provide that the Applicable Dividend Rate on shares of each series of Preferred Shares, as the APS case may be, for each Dividend Period therefor therefore after the initial Dividend Period shall be the rate per annum that a commercial bank, trust company or other financial institution appointed by the Fund advises results from the implementation of the Auction Procedures. The Board of Directors of the Fund has adopted a resolution appointing The Bank of New York Bankers Trust Company as Auction Agent for purposes of the Auction Procedures. The Auction Agent hereby accepts such appointment and agrees that, on each Auction Date, it shall follow the procedures set forth in this Section II 2 and the Auction Procedures for the purpose of determining the Applicable Dividend Rate for the APS Preferred Shares for the next Dividend Period. Each periodic operation of such procedures is hereinafter referred to as an "Auction."

Purpose; Incorporation by Reference of Auction Procedures. (a) The Articles Supplementary provides that the Applicable Dividend Rate on shares of the APS Preferred Shares, as the case may be, for each Dividend Period therefor after the initial Dividend Period shall be the rate per annum that a commercial bank, trust company or other financial institution appointed by the Fund advises results from the implementation of the Auction Procedures. The Board of Directors of the Fund has adopted a resolution appointing The Bank of New York as Auction Agent for purposes of the Auction Procedures. The Auction Agent hereby accepts such appointment and agrees that, on each Auction Date, it shall follow the procedures set forth in this Section II 2 and the Auction Procedures for the purpose of determining the Applicable Dividend Rate for the APS Preferred Shares for the next Dividend Period. Each periodic operation of such procedures is hereinafter referred to as an "Auction."