Common use of Rating Agencies Clause in Contracts

Rating Agencies. In the event that the New VMTP Shares are rated by a single Rating Agency and such Rating Agency withdraws the credit rating (the “Withdrawing Rating Agency”) required to be maintained with respect to the New VMTP Shares pursuant to Section 2.7 of the Statement due to the Withdrawing Rating Agency’s ceasing to rate tax-exempt closed-end management investment companies generally and such withdrawal is continuing: (a) the Fund shall use commercially reasonable efforts to secure a rating with respect to the New VMTP Shares from an Other Rating Agency; (b) the Applicable Spread will be calculated using the Applicable Percentage corresponding to the latest Withdrawing Rating Agency’s rating with respect to the New VMTP Shares; and (c) in the event that the Fund is unable to secure another rating on the New VMTP Shares from an Other Rating Agency, the Applicable Spread will be calculated in accordance with Section 6.16(b) above.

Appears in 9 contracts

Sources: VMTP Purchase and Exchange Agreement (Wells Fargo & Company/Mn), VMTP Purchase and Exchange Agreement (Wells Fargo & Company/Mn), VMTP Purchase and Exchange Agreement (Wells Fargo & Company/Mn)

Rating Agencies. In the event that the New VMTP Shares are rated by a single Rating Agency and such Rating Agency withdraws the credit rating (the “Withdrawing Rating Agency”) required to be maintained with respect to the New VMTP Shares pursuant to Section 2.7 of the Statement due to the Withdrawing Rating Agency’s ceasing to rate tax-exempt closed-end management investment companies generally and such withdrawal is continuing: (a) the Fund shall use commercially reasonable efforts to secure a rating with respect to the New VMTP Shares from an Other Rating Agency; (b) the Applicable Spread will be calculated using the Applicable Percentage corresponding to the latest Withdrawing Rating Agency’s rating with respect to the New VMTP Shares; and (c) in the event that the Fund is unable to secure another rating on the New VMTP Shares from an Other Rating Agency, the Applicable Spread will be calculated in accordance with Section 6.16(b) above.

Appears in 8 contracts

Sources: VMTP Purchase Agreement (Wells Fargo & Company/Mn), VMTP Purchase Agreement (Wells Fargo & Company/Mn), VMTP Purchase Agreement (Wells Fargo & Company/Mn)

Rating Agencies. In the event that the New VMTP AMTP Shares are rated by a single Rating Agency and such Rating Agency withdraws the credit rating (the “Withdrawing Rating Agency”) required to be maintained with respect to the New VMTP AMTP Shares pursuant to Section 2.7 of the Statement due to the Withdrawing Rating Agency’s ceasing to rate tax-exempt closed-end management investment companies generally and such withdrawal is continuing: (a) the Fund shall use commercially reasonable efforts to secure a rating with respect to the New VMTP AMTP Shares from an Other Rating Agency; (b) the Applicable Dividend Spread will be calculated using the Applicable Percentage Spread corresponding to the latest Withdrawing Rating Agency’s rating with respect to the New VMTP AMTP Shares; and (c) in the event that the Fund is unable to secure another rating on the New VMTP AMTP Shares from an Other Rating Agency, the Applicable Dividend Spread will be calculated in accordance with Section 6.16(b) above.

Appears in 6 contracts

Sources: Amtp Shares Transition Agreement (Wells Fargo & Company/Mn), Exchange Agreement, Exchange Agreement (Wells Fargo & Company/Mn)

Rating Agencies. In the event that the New VMTP MFP Shares are rated by a single Rating Agency and such Rating Agency withdraws the credit rating (the “Withdrawing Rating Agency”) required to be maintained with respect to the New VMTP MFP Shares pursuant to Section 2.7 2.4 of the Statement Supplement due to the Withdrawing Rating Agency’s ceasing to rate tax-exempt closed-end management investment companies generally and such withdrawal is continuing: (a) the Fund shall use commercially reasonable efforts to secure a rating with respect to the New VMTP MFP Shares from an Other Rating Agency; (b) the Applicable Spread will be calculated using the Applicable Percentage corresponding to the latest Withdrawing Rating Agency’s rating with respect to the New VMTP MFP Shares; and (c) in the event that the Fund is unable to secure another rating on the New VMTP MFP Shares from an Other another Rating Agency, the Applicable Spread will be calculated in accordance with Section 6.16(b6.19(b) above.

Appears in 4 contracts

Sources: Series a Munifund Preferred Shares Purchase and Exchange Agreement (Wells Fargo & Company/Mn), Exchange Agreement (Wells Fargo & Company/Mn), Exchange Agreement (Wells Fargo & Company/Mn)

Rating Agencies. In the event that the New VMTP Shares are rated by a single Rating Agency and such Rating Agency withdraws the credit rating (the “Withdrawing Rating Agency”) required to be maintained with respect to the New VMTP Shares pursuant to Section 2.7 2.8 of the Statement Articles due to the Withdrawing Rating Agency’s ceasing to rate tax-exempt closed-end management investment companies generally and such withdrawal is continuing: (a) the Fund shall use commercially reasonable efforts to secure a rating with respect to the New VMTP Shares from an Other Rating Agency; (b) the Applicable Spread will be calculated using the Applicable Percentage corresponding to the latest Withdrawing Rating Agency’s rating with respect to the New VMTP Shares; and (c) in the event that the Fund is unable to secure another rating on the New VMTP Shares from an Other Rating Agency, the Applicable Spread will be calculated in accordance with Section 6.16(b) above.

Appears in 2 contracts

Sources: VMTP Purchase Agreement (Wells Fargo & Company/Mn), VMTP Purchase Agreement (Wells Fargo & Company/Mn)

Rating Agencies. In the event that the New VMTP Series 1 VRDP Shares are rated by a single Rating Agency and such Rating Agency withdraws the credit rating (the “Withdrawing Rating Agency”) required to be maintained with respect to the New VMTP Series 1 VRDP Shares pursuant to Section 2.7 2.6 of the Statement Notice due to the Withdrawing Rating Agency’s ceasing to rate tax-exempt closed-end management investment companies generally and such withdrawal is continuing: (a) the Fund shall use commercially reasonable efforts to secure a rating with respect to the New VMTP Series 1 VRDP Shares from an Other Rating Agency; (b) the Applicable Spread will be calculated using the Applicable Percentage corresponding to the latest Withdrawing Rating Agency’s rating with respect to the New VMTP Series 1 VRDP Shares; and (c) in the event that the Fund is unable to secure another rating on the New VMTP Series 1 VRDP Shares from an Other another Rating Agency, the Applicable Spread will be calculated in accordance with Section 6.16(b6.19(b) above.

Appears in 2 contracts

Sources: Series 1 Variable Rate Demand Preferred Shares Purchase Agreement (Wells Fargo & Company/Mn), Purchase and Exchange Agreement (Wells Fargo & Company/Mn)

Rating Agencies. In the event that the New VMTP Shares are rated by a single Rating Agency and such Rating Agency withdraws the credit rating (the “Withdrawing Rating Agency”) required to be maintained with respect to the New VMTP Shares pursuant to Section 2.7 2.8 of the Statement due to the Withdrawing Rating Agency’s ceasing to rate tax-exempt closed-end management investment companies generally and such withdrawal is continuing: (a) the Fund shall use commercially reasonable efforts to secure a rating with respect to the New VMTP Shares from an Other Rating Agency; (b) the Applicable Spread will be calculated using the Applicable Percentage corresponding to the latest Withdrawing Rating Agency’s rating with respect to the New VMTP Shares; and (c) in the event that the Fund is unable to secure another rating on the New VMTP Shares from an Other Rating Agency, the Applicable Spread will be calculated in accordance with Section 6.16(b) above.

Appears in 2 contracts

Sources: VMTP Purchase Agreement (Wells Fargo & Company/Mn), VMTP Purchase Agreement (Wells Fargo & Company/Mn)

Rating Agencies. In the event that the New VMTP Series 3 VRDP Shares are rated by a single Rating Agency and such Rating Agency withdraws the credit rating (the “Withdrawing Rating Agency”) required to be maintained with respect to the New VMTP Series 3 VRDP Shares pursuant to Section 2.7 2.6 of the Statement Notice due to the Withdrawing Rating Agency’s ceasing to rate tax-exempt closed-end management investment companies generally and such withdrawal is continuing: (a) the Fund shall use commercially reasonable efforts to secure a rating with respect to the New VMTP Series 3 VRDP Shares from an Other Rating Agency; (b) the Applicable Spread will be calculated using the Applicable Percentage corresponding to the latest Withdrawing Rating Agency’s rating with respect to the New VMTP Series 3 VRDP Shares; and (c) in the event that the Fund is unable to secure another rating on the New VMTP Series 3 VRDP Shares from an Other another Rating Agency, the Applicable Spread will be calculated in accordance with Section 6.16(b6.19(b) above.

Appears in 2 contracts

Sources: Purchase Agreement (Wells Fargo & Company/Mn), Purchase Agreement (Wells Fargo & Company/Mn)

Rating Agencies. In the event that the New VMTP Series 2 VRDP Shares are rated by a single Rating Agency and such Rating Agency withdraws the credit rating (the “Withdrawing Rating Agency”) required to be maintained with respect to the New VMTP Series 2 VRDP Shares pursuant to Section 2.7 2.6 of the Statement Notice due to the Withdrawing Rating Agency’s ceasing to rate tax-exempt closed-end management investment companies generally and such withdrawal is continuing: (a) the Fund shall use commercially reasonable efforts to secure a rating with respect to the New VMTP Series 2 VRDP Shares from an Other Rating Agency; (b) the Applicable Spread will be calculated using the Applicable Percentage corresponding to the latest Withdrawing Rating Agency’s rating with respect to the New VMTP Series 2 VRDP Shares; and (c) in the event that the Fund is unable to secure another rating on the New VMTP Series 2 VRDP Shares from an Other another Rating Agency, the Applicable Spread will be calculated in accordance with Section 6.16(b6.19(b) above.

Appears in 2 contracts

Sources: Remarketing Purchase Agreement (Wells Fargo & Company/Mn), Series 2 Variable Rate Demand Preferred Shares (Vrdp) Remarketing Purchase Agreement (Wells Fargo & Company/Mn)

Rating Agencies. In the event that the New VMTP Series 8 VRDP Shares are rated by a single Rating Agency and such Rating Agency withdraws the credit rating (the “Withdrawing Rating Agency”) required to be maintained with respect to the New VMTP Series 8 VRDP Shares pursuant to Section 2.7 2.6 of the Statement Notice due to the Withdrawing Rating Agency’s ceasing to rate tax-exempt closed-end management investment companies generally and such withdrawal is continuing: (a) the Fund shall use commercially reasonable efforts to secure a rating with respect to the New VMTP Series 8 VRDP Shares from an Other Rating Agency; (b) the Applicable Spread will be calculated using the Applicable Percentage corresponding to the latest Withdrawing Rating Agency’s rating with respect to the New VMTP Series 8 VRDP Shares; and (c) in the event that the Fund is unable to secure another rating on the New VMTP Series 8 VRDP Shares from an Other another Rating Agency, the Applicable Spread will be calculated in accordance with Section 6.16(b6.19(b) above.

Appears in 1 contract

Sources: Purchase Agreement (Wells Fargo & Company/Mn)

Rating Agencies. In the event that the New VMTP Series 5 VRDP Shares are rated by a single Rating Agency and such Rating Agency withdraws the credit rating (the “Withdrawing Rating Agency”) required to be maintained with respect to the New VMTP Series 5 VRDP Shares pursuant to Section 2.7 2.6 of the Statement Notice due to the Withdrawing Rating Agency’s ceasing to rate tax-exempt closed-end management investment companies generally and such withdrawal is continuing: (a) the Fund shall use commercially reasonable efforts to secure a rating with respect to the New VMTP Series 5 VRDP Shares from an Other Rating Agency; (b) the Applicable Spread will be calculated using the Applicable Percentage corresponding to the latest Withdrawing Rating Agency’s rating with respect to the New VMTP Series 5 VRDP Shares; and (c) in the event that the Fund is unable to secure another rating on the New VMTP Series 5 VRDP Shares from an Other another Rating Agency, the Applicable Spread will be calculated in accordance with Section 6.16(b6.19(b) above.

Appears in 1 contract

Sources: Purchase Agreement (Wells Fargo & Company/Mn)

Rating Agencies. In the event that the New VMTP Shares are rated by a single Rating Agency and such Rating Agency withdraws the credit rating (the “Withdrawing Rating Agency”) required to be maintained with respect to the New VMTP Shares pursuant to Section 2.7 of the Statement due to the Withdrawing Rating Agency’s ceasing to rate tax-exempt closed-end management investment companies generally and such withdrawal is continuing: (a) the Fund Issuer shall use commercially reasonable efforts to secure a rating with respect to the New VMTP Shares from an Other Rating Agency; (b) the Applicable Spread will be calculated using the Applicable Percentage corresponding to the latest Withdrawing Rating Agency’s rating with respect to the New VMTP Shares; and (c) in the event that the Fund Issuer is unable to secure another rating on the New VMTP Shares from an Other Rating Agency, the Applicable Spread will be calculated in accordance with Section 6.16(b) above.

Appears in 1 contract

Sources: VMTP Purchase Agreement (Wells Fargo & Company/Mn)