Common use of Credit Quality Clause in Contracts

Credit Quality. Unless the Fund receives the prior written consent of Banc of America (such consent to be determined in Banc of America’s good faith discretion), the Fund (1) will invest at least 80% of its Managed Assets in securities that, at the time of investment, are rated within the four highest grades (i.e., Baa (or the equivalent) or BBB (or the equivalent) or better) by at least one NRSRO or are unrated but judged to be of comparable quality by the Sub­Adviser and (2) may invest up to 20% of its Managed Assets in securities that, at the time of investment, are rated below the four highest grades (i.e., Baa3 (or the equivalent) or BBB- (or the equivalent) or lower) by at least one NRSRO or are unrated but judged to be of comparable quality by the Sub-Adviser, provided that the Fund will not invest in any securities that are not municipal securities and that, at the time of investment, are rated below Baa3 (or the equivalent) or BBB- (or the equivalent).

Credit Quality. Unless the Fund receives the prior written consent of Banc of America Xxxxx Fargo (such consent to be determined in Banc of AmericaXxxxx Fargo’s good faith discretion), the Fund (1) will invest at least 8065% of its Managed Assets in securities that, at the time of investment, are rated within the four three highest grades (i.e., Baa A3 (or the equivalent) or BBB A- (or the equivalent) or better) by at least one NRSRO or are unrated but judged to be of comparable quality by the Sub­Adviser Sub-Adviser and (2) may invest up to 2035% of its Managed Assets in securities that, at the time of investment, are rated below the four three highest grades (i.e., Baa3 Baa1 (or the equivalent) or BBB- BBB+ (or the equivalent) or lower) by at least one NRSRO or are unrated but judged to be of comparable quality by the Sub-Adviser, provided that the Fund will not invest in any securities that are not municipal securities and that, at the time of investment, are rated below Baa3 (or the equivalent) or BBB- (or the equivalent).

Credit Quality. Unless the Fund receives the prior written consent of Banc of America the Purchasers (such consent to be determined in Banc of America’s the Purchasers’ good faith discretion), the Fund (1) will invest at least 80% of its Managed Assets in securities that, at the time of investment, are rated within the four highest grades (i.e., Baa (or the equivalent) or BBB (or the equivalent) or better) by at least one NRSRO or are unrated but judged to be of comparable quality by the Sub­Adviser and (2) may invest up to 20% of its Managed Assets in securities that, at the time of investment, are rated below the four highest grades (i.e., Baa3 (or the equivalent) or BBB- (or the equivalent) or lower) by at least one NRSRO or are unrated but judged to be of comparable quality by the Sub-Adviser, provided that the Fund will not invest in any securities that are not municipal securities and that, at the time of investment, are rated below Baa3 (or the equivalent) or BBB- (or the equivalent).

Credit Quality. Unless the Fund receives the prior written consent of Banc of America the Purchaser (such consent to be determined in Banc of Americathe Purchaser’s good faith discretion), the Fund (1) will invest at least 8065% of its Managed Assets in securities that, at the time of investment, are rated within the four three highest grades (i.e., Baa A3 (or the its equivalent) or BBB A- (or the its equivalent) or better) by at least one NRSRO or are unrated but judged to be of comparable quality by the Sub­Adviser Sub Adviser; and (2) may invest up to 2035% of its Managed Assets in securities Municipal Securities that, at the time of investment, are rated below the four three highest grades (i.e., Baa3 (Baa1 or the equivalent) or BBB- (or the equivalent) BBB+ or lower) by at least one NRSRO or are unrated but judged to be of comparable quality by the Sub-Sub Adviser, provided that the Fund will not invest in any securities that are not municipal securities Municipal Securities and that, at the time of investment, are rated below Baa3 (or the its equivalent) or BBB- (or the its equivalent).

Credit Quality. Unless the Fund receives the prior written consent of Banc of America the Purchasers (such consent to be determined in Banc of America’s the Purchasers’ good faith discretion), the Fund (1) will invest at least 8065% of its Managed Assets in securities that, at the time of investment, are rated within the four three highest grades (i.e., Baa A3 (or the equivalent) or BBB A- (or the equivalent) or better) by at least one NRSRO or are unrated but judged to be of comparable quality by the Sub­Adviser Sub-Adviser and (2) may invest up to 2035% of its Managed Assets in securities that, at the time of investment, are rated below the four three highest grades (i.e., Baa3 Baa1 (or the equivalent) or BBB- BBB+ (or the equivalent) or lower) by at least one NRSRO or are unrated but judged to be of comparable quality by the Sub-Adviser, provided that the Fund will not invest in any securities that are not municipal securities and that, at the time of investment, are rated below Baa3 (or the equivalent) or BBB- (or the equivalent).

Credit Quality. Unless the Fund receives the prior written consent of Banc of America (such consent to be determined in Banc of America’s good faith discretion), the Fund (1) will invest at least 8065% of its Managed Assets in securities that, at the time of investment, are rated within the four three highest grades (i.e., Baa A3 (or the equivalent) or BBB A- (or the equivalent) or better) by at least one NRSRO or are unrated but judged to be of comparable quality by the Sub­Adviser and (2) may invest up to 2035% of its Managed Assets in securities that, at the time of investment, are rated below the four three highest grades (i.e., Baa3 Baa1 (or the equivalent) or BBB- BBB+ (or the equivalent) or lower) by at least one NRSRO or are unrated but judged to be of comparable quality by the Sub-Adviser, provided that the Fund will not invest in any securities that are not municipal securities and that, at the time of investment, are rated below Baa3 (or the equivalent) or BBB- (or the equivalent).