Second RVMTP Shares Statement Clause Samples
The Second RVMTP Shares Statement clause defines the terms and conditions specific to a second series or issuance of RVMTP (Remarketable Variable Rate Muni Term Preferred) shares. This clause typically outlines details such as the rights, preferences, dividend rates, and redemption provisions applicable to these shares, distinguishing them from other classes or series. For example, it may specify the procedures for remarketing, voting rights, or priority in dividend payments. Its core practical function is to ensure that all parties understand the unique features and obligations associated with the second series of RVMTP shares, thereby promoting transparency and reducing the risk of disputes.
Second RVMTP Shares Statement. Without limiting the provisions of Section 13.1, the Board of Trustees may, by resolution duly adopted, without shareholder approval (except as otherwise required by the Second RVMTP Shares Statement or required by applicable law), amend the Exhibit 2 hereto to (a) reflect any amendments hereto which the Board of Trustees is entitled to adopt pursuant to the terms of the Second RVMTP Shares Statement without shareholder approval or (b) add additional series of RVMTP Shares or additional shares of a series of RVMTP Shares (and terms relating thereto) to the series and shares of RVMTP Shares described therein. Each such additional series and all such additional RVMTP Shares shall be governed by the terms of the Second RVMTP Shares Statement. Pursuant to criteria established by the Board, the Board may delegate its authority under this Section 13.3 to effectuate amendments to Exhibit 2 hereto to the officers of the Trust.
Second RVMTP Shares Statement. Without limiting the provisions of Section 13.1, the Board of Trustees may, by resolution duly adopted, without shareholder approval (except as otherwise required by the Second RVMTP Shares Statement or required by applicable law), amend the Exhibit 2 hereto to (a) reflect any amendments hereto which the Board of Trustees is entitled to adopt pursuant to the terms of the Second RVMTP Shares Statement without shareholder approval or (b) add additional series of RVMTP Shares or additional shares of a series of RVMTP Shares (and terms relating thereto) to the series and shares of RVMTP Shares described therein. Each such additional series and all such additional RVMTP Shares shall be governed by the terms of the Second RVMTP Shares Statement. Pursuant to criteria established by the Board, the Board may delegate its authority under this Section 13.3 to effectuate amendments to Exhibit 2 hereto to the officers of the Trust. Article 1 DEFINITIONS 16
1.1. Definitions 16
1.2. Interpretation 28 1.3. Liability of Officers, Trustees and Shareholders 29 Article 2 TERMS APPLICABLE TO ALL SERIES OF REMARKETABLE VARIABLE RATE MUNIFUND TERM PREFERRED SHARES 29 2.1. Number of Shares; Ranking 29
2.2. Dividends and Distributions 30
2.3. Liquidation Rights 35 2.4. Coverage & Leverage Tests 37 2.5. Mandatory Tender and Remarketing 38 2.6. Redemption 41 2.7. Voting Rights 51 2.8. Rating Agencies 56 2.9. Issuance of Additional Preferred Shares 56