Common use of Designation of Dividend Period Clause in Contracts

Designation of Dividend Period. (a) The Statement provides that the Fund will designate the duration of subsequent Dividend Periods; provided, however, that no such designation is necessary for a Standard Rate Period; provided, however, that any designation of a Special Rate Period shall be effective only if (i) notice thereof shall have been given as provided herein, (ii) any failure to pay in a timely manner to the Auction Agent the full amount of any dividend on, or the redemption price of, the FundPreferred shares shall have been cured, (iii) Sufficient Clearing Bids shall have existed in an Auction held on the Auction Date immediately preceding the first day of such proposed Dividend Period other than a Standard Rate Period, (iv) if the Fund shall have mailed a Notice of Redemption with respect to any shares, the Redemption Price with respect to such shares shall have been deposited with the Paying Agent, and (v) in the case of the designation of a Special Rate Period, as of the Auction Date next preceding the first day of such Special Rate Period it has Eligible Assets with an aggregate Discounted Value at least equal to the FundPreferred shares Basic Maintenance Amount and the Fund has consulted with the Broker-Dealers and has provided notice of each designation and a FundPreferred shares Basic Maintenance Report to Moody's (if Moody's is then rating the FundPreferred shares), Fxxxx (xf Fitch is then rating the FundPreferred shares) and any Other Rating Agency which is then rating the FundPreferred shares and so requires. (b) Pursuant to the Statement, the Fund may, at its option, designate a Special Rate Period for any series of FundPreferred shares in the manner described below and in Section 4 of Part I of the Statement. If the Fund proposes to designate any succeeding Special Rate Period the Fund shall deliver to the Auction Agent: (i) A notice of such proposed Special Rate Period in the form of Exhibit D hereto not less than 7 (or 2 in the event the duration of the Dividend Period is fewer than 8 days) nor more than 30 Business Days prior to the first day of such proposed Special Rate Period. The Auction Agent on behalf of the Fund shall deliver such notice by any electronic means acceptable to Existing Holders to each Existing Holder of shares of such series of FundPreferred shares at the address set forth for such Existing Holder in the records of the Auction Agent and to the Broker-Dealers for such series as promptly as practicable after its receipt of such notice from the Fund. (ii) A notice in the form of Exhibit E or F hereto not later than 2:30 P.M. on the second Business Day next preceding the first day of such proposed Special Rate Period, of either (x) its determination, subject to certain conditions, to proceed with such Special Rate Period, in which case the Fund shall specify the terms of the Specific Redemption Provisions, if any, or (y) its determination not to proceed with such Special Rate Period in which latter event the succeeding Dividend Period shall be a Standard Rate Period. The Auction Agent shall promptly deliver such notice to the Broker-Dealers, but in no event later than 3:00 P.M. on the date of such notice. (iii) If the Fund fails to deliver either such notice with respect to any designation of any proposed Special Rate Period to the Auction Agent by 2:30 P.M., New York City time, on the second Business Day next preceding the first day of such proposed Special Rate Period, the Fund shall be deemed to have delivered a notice to the Auction Agent with respect to such Dividend Period to the effect that it has determined not to proceed with the designation of a Special Rate Period, thereby resulting in a Standard Rate Period.

Designation of Dividend Period. (a) The Statement provides that the Fund will designate the duration of subsequent Dividend Periods; provided, however, that no such designation is necessary for a Standard Rate Dividend Period; provided, however, that any designation of a Special Rate Period shall be effective only if (i) notice thereof shall have been given as provided herein, (ii) any failure to pay in a timely manner to the Auction Agent the full amount of any dividend on, or the redemption price of, the FundPreferred shares Preferred Shares shall have been cured, (iii) Sufficient Clearing Bids shall have existed in an Auction held on the Auction Date immediately preceding the first day of such proposed Dividend Period other than a Standard Rate Dividend Period, and (iv) if the Fund shall have mailed a Notice of Redemption with respect to any shares, the Redemption Price with respect to such shares shall have been deposited with the Paying Agent, and (v) in the case of the designation of a Special Rate Period, as of the Auction Date next preceding the first day of such Special Rate Period it has Eligible Assets with an aggregate Discounted Value at least equal to the FundPreferred shares Basic Maintenance Amount and the Fund has consulted with the Broker-Dealers and has provided notice of each designation and a FundPreferred shares Basic Maintenance Report to Moody's (if Moody's is then rating the FundPreferred shares), Fxxxx (xf Fitch is then rating the FundPreferred shares) and any Other Rating Agency which is then rating the FundPreferred shares and so requires. (b) Pursuant to the Statement, the Fund may, at its option, designate a Special Rate Dividend Period for any series of FundPreferred shares Preferred Shares in the manner described below and in Section 4 of Part I of the Statement. If the Fund proposes to designate any succeeding Special Rate Dividend Period the Fund shall deliver to the Auction Agent: : (i) A notice of such proposed Special Rate Dividend Period in the form of Exhibit D hereto not less than 7 (or 2 in the event the duration of the Dividend Period is fewer than 8 days) nor more than 30 Business Days prior to the first day of such proposed Special Rate Dividend Period. The Auction Agent on behalf of the Fund shall deliver such notice by any electronic means acceptable to Existing Holders First Class Mail or by facsimile to each Existing Holder of shares of such series of FundPreferred shares Preferred Shares at the address or facsimile number set forth for such Existing Holder in the records of the Auction Agent and to the Broker-Dealers for such series as promptly as practicable after its receipt of such notice from the Fund. (ii) A notice in the form of Exhibit E or F hereto not later than 2:30 P.M. on the second Business Day next preceding the first day of such proposed Special Rate Period, of either (x) its determination, subject to certain conditions, to proceed with such Special Rate Period, in which case the Fund shall specify the terms of the Specific Redemption Provisions, if any, or (y) its determination not to proceed with such Special Rate Period in which latter event the succeeding Dividend Period shall be a Standard Rate Period. The Auction Agent shall promptly deliver such notice to the Broker-Dealers, but in no event later than 3:00 P.M. on the date of such notice. (iii) If the Fund fails to deliver either such notice with respect to any designation of any proposed Special Rate Period to the Auction Agent by 2:30 P.M., New York City time, on the second Business Day next preceding the first day of such proposed Special Rate Period, the Fund shall be deemed to have delivered a notice to the Auction Agent with respect to such Dividend Period to the effect that it has determined not to proceed with the designation of a Special Rate Period, thereby resulting in a Standard Rate Period.

Designation of Dividend Period. (a) The Statement provides that the Fund initial Dividend Period for ATP Series C is as set forth under 'Designation" above. The Corporation will designate the duration of subsequent Dividend PeriodsPeriods of ATP Series C; provided, however, that no such designation is necessary for a Standard Rate Period; providedTerm Period and, howeverprovided further, that any designation of a Special Rate an Alternate Term Period shall be effective only if (i) notice thereof shall have been given as provided herein, (ii) any failure to pay in a timely manner to the Auction Agent the full amount of any dividend on, or the redemption price of, the FundPreferred shares ATP Series C shall have been curedcured as provided above, (iii) Sufficient Clearing Bids Orders shall have existed in an Auction held on the Auction Date immediately preceding the first day of such proposed Dividend Period other than a Standard Rate Alternate Term Period, (iv) if the Fund Corporation shall have mailed a Notice of Redemption with respect to any shares, the Redemption Price redemption price with respect to such shares shall have been deposited with the Paying Agent, . and (v) in the case of the designation of a Special Rate an Alternate Term Period, the Corporation has confirmed that as of the Auction Date next preceding the first day of such Special Rate Period Alternate Term Period, it has Eligible Assets with an aggregate Discounted Value at least equal to the FundPreferred shares ATP Basic Maintenance Amount Amount, and the Fund Corporation has consulted with the Broker-Dealers and has provided notice of each such designation and a FundPreferred shares an ATP Basic Maintenance Report to Moody's Fitch (if Moody's is then rating the FundPreferred shares), Fxxxx (xf Fitch is then rating the FundPreferred sharesATP), Moody's (if Xxxxx'x is than rating the ATP) and any Other Rating Agency which is then rating the FundPreferred shares ATP and so requires. (b) Pursuant to the Statement, the Fund may, at its option, designate a Special Rate Period for any series of FundPreferred shares in the manner described below and in Section 4 of Part I of the Statement. If the Fund Corporation proposes to designate any succeeding Special Rate Period the Fund shall deliver to the Auction Agent: (i) A notice of such proposed Special Rate Period in the form of Exhibit D hereto Alternate Term Period, not less fewer than 7 15 (or 2 two Business Days in the event the duration of the Dividend Period prior to such Alternate Term Period is fewer than 8 15 days) nor more than 30 Business Days days prior to the first day of such proposed Special Rate Alternate Term Period. The Auction Agent on behalf of , notice shall be (i) made by press release and (ii) communicated by the Fund shall deliver such notice Corporation by any electronic telephonic or other means acceptable to Existing Holders to each Existing Holder of shares of such series of FundPreferred shares at the address set forth for such Existing Holder in the records of the Auction Agent and to the Broker-Dealers for such series as confirmed in writing promptly as practicable after its receipt of thereafter. Each such notice from shall state (A) that the Fund. Corporation proposes to exercise its option to designate a succeeding Alternate Term Period, specifying the first and last days thereof and (iiB) A notice in that the form of Exhibit E or F hereto not later than 2:30 P.M. Corporation will by 3:00 p.m., New York City time, on the second Business Day next preceding the first day of such proposed Special Rate Alternate Term Period, notify the Auction Agent, who will promptly notify the Broker-Dealers, of either (x) its determination, subject to certain conditions, to proceed with such Special Rate Alternate Term Period, in which case the Fund shall specify subject to the terms of the any Specific Redemption Provisions, if any, or (y) its determination not to proceed with such Special Rate Period Alternate Term Period, in which latter event the succeeding Dividend Period shall be a Standard Rate Term Period. The Auction Agent shall promptly deliver such notice to the Broker-Dealers, but in no event No later than 3:00 P.M. on the date of such notice. (iii) If the Fund fails to deliver either such notice with respect to any designation of any proposed Special Rate Period to the Auction Agent by 2:30 P.M.p.m., New York City time, on the second Business Day next preceding the first day of such any proposed Special Rate Alternate Term Period, the Fund Corporation shall deliver to the Auction Agent, who will promptly deliver to the Broker-Dealers and Existing Holders, either: (i) a notice stating (A) that the Corporation has determined to designate the next succeeding Dividend Period as an Alternate Term Period, specifying the first and last days thereof and (B) the terms of any Specific Redemption Provisions: or (ii) a notice stating that the Corporation has determined not to exercise its option to designate an Alternate Term Period. If the Corporation fails to deliver either such notice with respect to any designation of any proposed Alternative Term Period to the Auction Agent or is unable to make the confirmation provided in clause (v) of Paragraph (a) of this Section 4 by 3:00 p.m., New York city time, on the second Business Day next preceding the first day of such proposed Alternate Term Period, the Corporation shall be deemed to have delivered a notice to the Auction Agent with respect to such Dividend Period to the effect that it has determined not to proceed with the designation of a Special Rate Periodset forth in clause (ii) above, thereby resulting in a Standard Rate Term Period.

Designation of Dividend Period. (a) The Statement provides that provide that, subject to the Fund Fund's option to designate a Special Rate Period as referred to in paragraph (b) of this Section 2.5, (i) the Dividend Period (other than the initial Dividend Period) for each series of TAPS will designate the duration of subsequent Dividend Periods; provided, however, that no such designation is necessary for be a Standard Rate Period; provided, however, that any . Any such designation of a Special Rate Period shall be effective only if (i) notice thereof shall have been given as provided herein, (ii) any failure to pay in a timely manner to the Auction Agent the full amount of any dividend on, or the redemption price of, the FundPreferred shares TAPS shall have been cured, (iii) Sufficient Clearing Bids shall have existed in an Auction held on the Auction Date immediately preceding the first day of such proposed Dividend Period other than a Standard Rate Period, (iv) if the Fund shall have mailed a Notice of Redemption with respect to any shares, the Redemption Price with respect to such shares shall have been deposited with the Paying Auction Agent, and (v) in the case of the designation of a Special Rate Period, as of the Auction Date next preceding the first day of such Special Rate Period it has Eligible Assets with an aggregate Discounted Value at least equal to the FundPreferred shares Basic Maintenance Amount and the Fund has consulted with the Broker-Dealers and has provided notice of each designation and a FundPreferred shares an TAPS Basic Maintenance Report to Moody's (if Moody's Moodx'x is then rating the FundPreferred sharesTAPS), Fxxxx (xf Fitch is then rating the FundPreferred shares) and any Other Rating Agency which is then rating the FundPreferred shares and so requires. (b) Pursuant to the Statement, the Fund may, at its option, designate a Special Rate Period for any series of FundPreferred shares TAPS in the manner described below and in Section 4 of Part I of the Statement. If the Fund proposes to designate any succeeding Special Rate Period the Fund shall deliver to the Auction Agent: (i) A notice of such proposed Special Rate Period in the form of Exhibit D F hereto not less than 7 (or 2 in the event the duration of the Dividend Period is fewer than 8 days) nor more than 30 Business Days days prior to the first day of such proposed Special Rate Period. The Auction Agent on behalf of the Fund shall deliver such notice by any electronic means acceptable to Existing Holders first-class mail, postage prepaid, to each Existing Holder of shares of such series of FundPreferred shares TAPS at the address set forth for such Existing Holder in the records of the Auction Agent and to the Broker-Dealers for such series as promptly as practicable after its receipt of such notice from the Fund. (ii) A notice in the form of Exhibit E or F G hereto not later than 2:30 3:00 P.M. on the second Business Day next preceding the first day of such proposed Special Rate Period, of either (x) its determination, subject to certain conditions, to proceed with such Special Rate Period, in which case the Fund shall specify the terms of the Specific Redemption Provisions, if any, or (y) its determination not to proceed with such Special Rate Period in which latter event the succeeding Dividend Period shall be a Standard Rate Period. The Auction Agent shall promptly deliver such notice to the Broker-Dealers, but in no event later than 3:00 P.M. on the date of such notice. (iii) If the Fund fails to deliver either such notice with respect to any designation of any proposed Special Rate Period to the Auction Agent by 2:30 3:00 P.M., New York City time, on the second Business Day next preceding the first day of such proposed Special Rate Period, the Fund shall be deemed to have delivered a notice to the Auction Agent with respect to such Dividend Period to the effect that it has determined not to proceed with the designation of a Special Rate Period, thereby resulting in a Standard Rate Period.

Designation of Dividend Period. (a) The Statement provides that the Fund will designate the duration of subsequent Dividend Periods; provided, however, that no such designation is necessary for a Standard Rate Dividend Period; provided, however, that any designation of a Special Rate Dividend Period shall be effective only if (i) notice thereof shall have been given as provided herein, (ii) any failure to pay in a timely manner to the Auction Agent the full amount of any dividend on, or the redemption price of, the FundPreferred shares Preferred Shares shall have been cured, (iii) Sufficient Clearing Bids shall have existed in an Auction held on the Auction Date immediately preceding the first day of such proposed Dividend Period other than a Standard Rate Dividend Period, and (iv) if the Fund shall have mailed a Notice of Redemption with respect to any shares, the Redemption Price with respect to such shares shall have been deposited with the Paying Agent, and (v) in the case of the designation of a Special Rate Period, as of the Auction Date next preceding the first day of such Special Rate Period it has Eligible Assets with an aggregate Discounted Value at least equal to the FundPreferred shares Basic Maintenance Amount and the Fund has consulted with the Broker-Dealers and has provided notice of each designation and a FundPreferred shares Basic Maintenance Report to Moody's (if Moody's is then rating the FundPreferred shares), Fxxxx (xf Fitch is then rating the FundPreferred shares) and any Other Rating Agency which is then rating the FundPreferred shares and so requires. (b) Pursuant to the Statement, the Fund may, at its option, designate a Special Rate Dividend Period for any series of FundPreferred shares Preferred Shares in the manner described below and in Section 4 of Part I of the Statement. If the Fund proposes to designate any succeeding Special Rate Dividend Period the Fund shall deliver to the Auction Agent: (i) A notice of such proposed Special Rate Dividend Period in the form of Exhibit D hereto not less than 7 (or 2 in the event the duration of the Dividend Period is fewer than 8 days) nor more than 30 Business Days prior to the first day of such proposed Special Rate Period. The Auction Agent on behalf of the Fund shall deliver such notice by any electronic means acceptable to Existing Holders to each Existing Holder of shares of such series of FundPreferred shares at the address set forth for such Existing Holder in the records of the Auction Agent and to the Broker-Dealers for such series as promptly as practicable after its receipt of such notice from the Fund. (ii) A notice in the form of Exhibit E or F hereto not later than 2:30 P.M. on the second Business Day next preceding the first day of such proposed Special Rate Period, of either (x) its determination, subject to certain conditions, to proceed with such Special Rate Period, in which case the Fund shall specify the terms of the Specific Redemption Provisions, if any, or (y) its determination not to proceed with such Special Rate Period in which latter event the succeeding Dividend Period shall be a Standard Rate Period. The Auction Agent shall promptly deliver such notice to the Broker-Dealers, but in no event later than 3:00 P.M. on the date of such notice. (iii) If the Fund fails to deliver either such notice with respect to any designation of any proposed Special Rate Period to the Auction Agent by 2:30 P.M., New York City time, on the second Business Day next preceding the first day of such proposed Special Rate Period, the Fund shall be deemed to have delivered a notice to the Auction Agent with respect to such Dividend Period to the effect that it has determined not to proceed with the designation of a Special Rate Period, thereby resulting in a Standard Rate Period.Special

Designation of Dividend Period. (a) The Statement provides that ATP Provisions provide that, subject to the Fund Fund's option to designate an Alternate Term Period as referred to in paragraph (b) of this Section 2.5, (i) the Dividend Period (other than the initial Dividend Period) for each series of ATP will designate the duration of subsequent Dividend Periods; provided, however, that no be a Standard Term Period. Any such designation is necessary for a Standard Rate Period; provided, however, that any designation of a Special Rate an Alternate Term Period shall be effective only if (i) notice thereof shall have been given as provided herein, (ii) any failure to pay in a timely manner to the Auction Agent the full amount of any dividend on, or the redemption price of, the FundPreferred shares ATP shall have been cured, (iii) Sufficient Clearing Bids orders shall have existed in an Auction held on the Auction Date immediately preceding the first day of such proposed Dividend Period other than a Standard Rate Term Period, (iv) if the Fund shall have mailed a Notice of Redemption with respect to any shares, the Redemption Price with respect to such shares shall have been deposited with the Paying Auction Agent, and (v) in the case of the designation of a Special Rate an Alternate Term Period, as of the Auction Date next preceding the first day of such Special Rate Period it has Eligible Assets with an aggregate Discounted Value at least equal to the FundPreferred shares Basic Maintenance Amount and the Fund has consulted with the Broker-Dealers and has provided notice of each designation and a FundPreferred shares an ATP Basic Maintenance Report to Moody's Fitch (if Moody's is then rating the FundPreferred shares), Fxxxx (xf Fitch is then rating the FundPreferred sharesATP) and any Other Rating Agency which Moody's (if Xxxxx'x is then rating the FundPreferred shares and so requiresATP). (b) Pursuant to the StatementATP Provisions, the Fund may, at its option, designate a Special Rate an Alternate Term Period for any series of FundPreferred shares ATP in the manner described below and in Section 4 of Part I of the StatementATP Provisions. If the Fund proposes to designate any succeeding Special Rate Alternate Term Period the Fund shall deliver to the Auction Agent: (i) A notice of such proposed Special Rate Alternate Term Period in the form of Exhibit D F hereto not less than 7 (or 2 in the event the duration of the Dividend Period is fewer than 8 days) 15 nor more than 30 Business Days days prior to the first day of such proposed Special Rate Alternate Term Period. The Auction Agent on behalf of the Fund shall deliver such notice by any electronic means acceptable to Existing Holders first-class mail, postage prepaid, to each Existing Holder of shares of such series of FundPreferred shares ATP at the address set forth for specified in such Existing Holder in the records of the Auction Agent Holder's Master Purchaser's Letter and to the Broker-Dealers for such series as promptly as practicable after its receipt of such notice from the Fund. (ii) A notice in the form of Exhibit E or F G hereto not later than 2:30 3:00 P.M. on the second Business Day next preceding the first day of such proposed Special Rate Alternate Term Period, of either (x) its determination, subject to certain conditions, to proceed with such Special Rate Alternate Term Period, in which case the Fund shall specify the terms of the Specific Redemption Provisions, if any, or (y) its determination not to proceed with such Special Rate Alternate Period in which latter event the succeeding Dividend Period shall be a Standard Rate Term Period. The Auction Agent shall promptly deliver such notice to the Broker-Dealers, but in no event later than 3:00 P.M. on the date of such notice. (iii) If the Fund fails to deliver either such notice with respect to any designation of any proposed Special Rate Alternate Term Period to the Auction Agent by 2:30 3:00 P.M., New York City time, on the second Business Day next preceding the first day of such proposed Special Rate Alternate Term Period, the Fund shall be deemed to have delivered a notice to the Auction Agent with respect to such Dividend Period to the effect that it has determined not to proceed with the designation of a Special Rate an Alternate Term Period, thereby resulting in a Standard Rate Term Period.

Designation of Dividend Period. (a) The Statement provides that initial Dividend Period for each series of the Fund ATP is as set forth under "Designation" above. The Corporation will designate the duration of subsequent Dividend PeriodsPeriods of each series of ATP; provided, however, that no such designation is necessary for a Standard Rate Period; providedTerm Period and, howeverprovided further, that any designation of a Special Rate an Alternate Term Period shall be effective only if (i) notice thereof shall have been given as provided herein, (ii) any failure to pay in a timely manner to the Auction Agent the full amount of any dividend on, or the redemption price of, the FundPreferred shares ATP shall have been curedcured as provided above, (iii) Sufficient Clearing Bids Orders shall have existed in an Auction held on the Auction Date immediately preceding the first day of such proposed Dividend Period other than a Standard Rate Alternate Term Period, (iv) if the Fund Corporation shall have mailed a Notice of Redemption with respect to any shares, the Redemption Price redemption price with respect to such shares shall have been deposited with the Paying Agent, and (v) in the case of the designation of a Special Rate an Alternate Term Period, the Corporation has confirmed that as of the Auction Date next preceding the first day of such Special Rate Period Alternate Term Period, it has Eligible Assets with an aggregate Discounted Value at least equal to the FundPreferred shares ATP Basic Maintenance Amount Amount, and the Fund Corporation has consulted with the Broker-Dealers and has provided notice of each such designation and a FundPreferred shares an ATP Basic Maintenance Report to Moody's Fitch (if Moody's is then rating the FundPreferred shares), Fxxxx (xf Fitch is then rating the FundPreferred sharesATP), Moody's (if Xxxxx'x is than rating the ATP) and any Other Rating Agency which is then rating the FundPreferred shares ATP and so requires. (b) Pursuant to the Statement, the Fund may, at its option, designate a Special Rate Period for any series of FundPreferred shares in the manner described below and in Section 4 of Part I of the Statement. If the Fund Corporation proposes to designate any succeeding Special Rate Period the Fund shall deliver to the Auction Agent: (i) A notice of such proposed Special Rate Period in the form of Exhibit D hereto Alternate Term Period, not less fewer than 7 15 (or 2 two Business Days in the event the duration of the Dividend Period prior to such Alternate Term Period is fewer than 8 15 days) nor more than 30 Business Days days prior to the first day of such proposed Special Rate Alternate Term Period. The Auction Agent on behalf of , notice shall be (i) made by press release and (ii) communicated by the Fund shall deliver such notice Corporation by any electronic telephonic or other means acceptable to Existing Holders to each Existing Holder of shares of such series of FundPreferred shares at the address set forth for such Existing Holder in the records of the Auction Agent and to the Broker-Dealers for such series as confirmed in writing promptly as practicable after its receipt of thereafter. Each such notice from shall state (A) that the Fund. Corporation proposes to exercise its option to designate a succeeding Alternate Term Period, specifying the first and last days thereof and (iiB) A notice in that the form of Exhibit E or F hereto not later than 2:30 P.M. Corporation will by 3:00 p.m., New York City time, on the second Business Day next preceding the first day of such proposed Special Rate Alternate Term Period, notify the Auction Agent, who will promptly notify the Broker-Dealers, of either (x) its determination, subject to certain conditions, to proceed with such Special Rate Alternate Term Period, in which case the Fund shall specify subject to the terms of the any Specific Redemption Provisions, if any, or (y) its determination not to proceed with such Special Rate Period Alternate Term Period, in which latter event the succeeding Dividend Period shall be a Standard Rate Term Period. The No later than 3:00 p.m., New York City time, on the second Business Day next preceding the first day of any proposed Alternate Term Period, the Corporation shall deliver to the Auction Agent shall Agent, who will promptly deliver such notice to the Broker-DealersDealers and Existing Holders, but in no event later than 3:00 P.M. on the date of such notice.either: (iiii) a notice stating (A) that the Corporation has determined to designate the next succeeding Dividend Period as an Alternate Term Period, specifying the first and last days thereof and (B) the terms of any Specific Redemption Provisions; or (ii) a notice stating that the Corporation has determined not to exercise its option to designate an Alternate Term Period. If the Fund Corporation fails to deliver either such notice with respect to any designation of any proposed Special Rate Alternative Term Period to the Auction Agent or is unable to make the confirmation provided in clause (v) of Paragraph (a) of this Section 4 by 2:30 P.M.3:00 p.m., New York City time, on the second Business Day next preceding the first day of such proposed Special Rate Alternate Term Period, the Fund Corporation shall be deemed to have delivered a notice to the Auction Agent with respect to such Dividend Period to the effect that it has determined not to proceed with the designation of a Special Rate Periodset forth in clause (ii) above, thereby resulting in a Standard Rate Term Period.

Designation of Dividend Period. (a) The Statement provides that TARPS Provisions provide that, subject to the Fund Fund's option to designate an Alternate Term Period as referred to in paragraph (b) of this Section 2.5, (i) the Dividend Period (other than the initial Dividend Period) for each series of TARPS will designate the duration of subsequent Dividend Periods; provided, however, that no be a Standard Term Period. Any such designation is necessary for a Standard Rate Period; provided, however, that any designation of a Special Rate an Alternate Term Period shall be effective only if (i) notice thereof shall have been given as provided herein, (ii) any failure to pay in a timely manner to the Auction Agent the full amount of any dividend on, or the redemption price of, the FundPreferred shares TARPS shall have been cured, (iii) Sufficient Clearing Bids orders shall have existed in an Auction held on the Auction Date immediately preceding the first day of such proposed Dividend Period other than a Standard Rate Term Period, (iv) if the Fund shall have mailed a Notice of Redemption with respect to any shares, the Redemption Price with respect to such shares shall have been deposited with the Paying Auction Agent, and (v) in the case of the designation of a Special Rate an Alternate Term Period, as of the Auction Date next preceding the first day of such Special Rate Period it has Eligible Assets with an aggregate Discounted Value at least equal to the FundPreferred shares Basic Maintenance Amount and the Fund has consulted with the Broker-Dealers and has provided notice of each designation and a FundPreferred shares an TARPS Basic Maintenance Report to Moody's Fitch (if Moody's is then rating the FundPreferred shares), Fxxxx (xf Fitch is then rating the FundPreferred sharesTARPS) and any Other Rating Agency which Moody's (if Xxxxx'x is then rating the FundPreferred shares and so requiresTARPS). (b) Pursuant to the StatementTARPS Provisions, the Fund may, at its option, designate a Special Rate an Alternate Term Period for any series of FundPreferred shares TARPS in the manner described below and in Section 4 of Part I of the StatementTARPS Provisions. If the Fund proposes to designate any succeeding Special Rate Alternate Term Period the Fund shall deliver to the Auction Agent: (i) A notice of such proposed Special Rate Alternate Term Period in the form of Exhibit D F hereto not less than 7 (or 2 in the event the duration of the Dividend Period is fewer than 8 days) 15 nor more than 30 Business Days days prior to the first day of such proposed Special Rate Alternate Term Period. The Auction Agent on behalf of the Fund shall deliver such notice by any electronic means acceptable to Existing Holders first-class mail, postage prepaid, to each Existing Holder of shares of such series of FundPreferred shares TARPS at the address set forth for specified in such Existing Holder in the records of the Auction Agent Holder's Master Purchaser's Letter and to the Broker-Dealers for such series as promptly as practicable after its receipt of such notice from the Fund. (ii) A notice in the form of Exhibit E or F G hereto not later than 2:30 3:00 P.M. on the second Business Day next preceding the first day of such proposed Special Rate Alternate Term Period, of either (x) its determination, subject to certain conditions, to proceed with such Special Rate Alternate Term Period, in which case the Fund shall specify the terms of the Specific Redemption Provisions, if any, or (y) its determination not to proceed with such Special Rate Alternate Period in which latter event the succeeding Dividend Period shall be a Standard Rate Term Period. The Auction Agent shall promptly deliver such notice to the Broker-Dealers, but in no event later than 3:00 P.M. on the date of such notice. (iii) If the Fund fails to deliver either such notice with respect to any designation of any proposed Special Rate Alternate Term Period to the Auction Agent by 2:30 3:00 P.M., New York City time, on the second Business Day next preceding the first day of such proposed Special Rate Alternate Term Period, the Fund shall be deemed to have delivered a notice to the Auction Agent with respect to such Dividend Period to the effect that it has determined not to proceed with the designation of a Special Rate an Alternate Term Period, thereby resulting in a Standard Rate Term Period.

Designation of Dividend Period. (a) The Statement provides that provide that, subject to the Fund Fund's option to designate a Special Rate Period as referred to in paragraph (b) of this Section 2.5, (i) the Dividend Period (other than the initial Dividend Period) for each series of TAPS will designate the duration of subsequent Dividend Periods; provided, however, that no such designation is necessary for be a Standard Rate Period; provided, however, that any . Any such designation of a Special Rate Period shall be effective only if (i) notice thereof shall have been given as provided herein, (ii) any failure to pay in a timely manner to the Auction Agent the full amount of any dividend on, or the redemption price of, the FundPreferred shares TAPS shall have been cured, (iii) Sufficient Clearing Bids shall have existed in an Auction held on the Auction Date immediately preceding the first day of such proposed Dividend Period other than a Standard Rate Period, (iv) if the Fund shall have mailed a Notice of Redemption with respect to any shares, the Redemption Price with respect to such shares shall have been deposited with the Paying Auction Agent, and (v) in the case of the designation of a Special Rate Period, as of the Auction Date next preceding the first day of such Special Rate Period it has Eligible Assets with an aggregate Discounted Value at least equal to the FundPreferred shares Basic Maintenance Amount and the Fund has consulted with the Broker-Dealers and has provided notice of each designation and a FundPreferred shares an TAPS Basic Maintenance Report to Moody's (if Moody's Xxxxx'x is then rating the FundPreferred sharesTAPS), Fxxxx (xf Fitch is then rating the FundPreferred shares) and any Other Rating Agency which is then rating the FundPreferred shares and so requires. (b) Pursuant to the Statement, the Fund may, at its option, designate a Special Rate Period for any series of FundPreferred shares TAPS in the manner described below and in Section 4 of Part I of the Statement. If the Fund proposes to designate any succeeding Special Rate Period the Fund shall deliver to the Auction Agent: (i) A notice of such proposed Special Rate Period in the form of Exhibit D F hereto not less than 7 (or 2 in the event the duration of the Dividend Period is fewer than 8 days) nor more than 30 Business Days days prior to the first day of such proposed Special Rate Period. The Auction Agent on behalf of the Fund shall deliver such notice by any electronic means acceptable to Existing Holders first-class mail, postage prepaid, to each Existing Holder of shares of such series of FundPreferred shares TAPS at the address set forth for such Existing Holder in the records of the Auction Agent and to the Broker-Dealers for such series as promptly as practicable after its receipt of such notice from the Fund. (ii) A notice in the form of Exhibit E or F G hereto not later than 2:30 3:00 P.M. on the second Business Day next preceding the first day of such proposed Special Rate Period, of either (x) its determination, subject to certain conditions, to proceed with such Special Rate Period, in which case the Fund shall specify the terms of the Specific Redemption Provisions, if any, or (y) its determination not to proceed with such Special Rate Period in which latter event the succeeding Dividend Period shall be a Standard Rate Period. The Auction Agent shall promptly deliver such notice to the Broker-Dealers, but in no event later than 3:00 P.M. on the date of such notice. (iii) If the Fund fails to deliver either such notice with respect to any designation of any proposed Special Rate Period to the Auction Agent by 2:30 3:00 P.M., New York City time, on the second Business Day next preceding the first day of such proposed Special Rate Period, the Fund shall be deemed to have delivered a notice to the Auction Agent with respect to such Dividend Period to the effect that it has determined not to proceed with the designation of a Special Rate Period, thereby resulting in a Standard Rate Period.

Designation of Dividend Period. (a) The Statement provides that the Fund will designate the duration of subsequent Dividend Periods; provided, however, that no such designation is necessary for a Standard Rate Period; provided, however, that any designation of a Special Rate Period shall be effective only if (i) notice thereof shall have been given as provided herein, (ii) any failure to pay in a timely manner to the Auction Agent the full amount of any dividend on, or the redemption price of, the FundPreferred shares shall have been cured, (iii) Sufficient Clearing Bids shall have existed in an Auction held on the Auction Date immediately preceding the first day of such proposed Dividend Period other than a Standard Rate Period, (iv) if the Fund shall have mailed a Notice of Redemption with respect to any shares, the Redemption Price with respect to such shares shall have been deposited with the Paying Agent, and (v) in the case of the designation of a Special Rate Period, as of the Auction Date next preceding the first day of such Special Rate Period it has Eligible Assets with an aggregate Discounted Value at least equal to the FundPreferred shares Basic Maintenance Amount and the Fund has consulted with the Broker-Dealers and has provided notice of each designation and a FundPreferred shares Basic Maintenance Report to Moody's (if Moody's Xxxxx'x is then rating the FundPreferred shares), Fxxxx Fitch (xf if Fitch is then rating the FundPreferred shares) and any Other Rating Agency which is then rating the FundPreferred shares and so requires. (b) Pursuant to the Statement, the Fund may, at its option, designate a Special Rate Period for any series of FundPreferred shares in the manner described below and in Section 4 of Part I of the Statement. If the Fund proposes to designate any succeeding Special Rate Period the Fund shall deliver to the Auction Agent: (i) A notice of such proposed Special Rate Period in the form of Exhibit D hereto not less than 7 (or 2 in the event the duration of the Dividend Period is fewer than 8 days) nor more than 30 Business Days prior to the first day of such proposed Special Rate Period. The Auction Agent on behalf of the Fund shall deliver such notice by any electronic means acceptable to Existing Holders to each Existing Holder of shares of such series of FundPreferred shares at the address set forth for such Existing Holder in the records of the Auction Agent and to the Broker-Dealers for such series as promptly as practicable after its receipt of such notice from the Fund. (ii) A notice in the form of Exhibit E or F hereto not later than 2:30 P.M. on the second Business Day next preceding the first day of such proposed Special Rate Period, of either (x) its determination, subject to certain conditions, to proceed with such Special Rate Period, in which case the Fund shall specify the terms of the Specific Redemption Provisions, if any, or (y) its determination not to proceed with such Special Rate Period in which latter event the succeeding Dividend Period shall be a Standard Rate Period. The Auction Agent shall promptly deliver such notice to the Broker-Dealers, but in no event later than 3:00 P.M. on the date of such notice. (iii) If the Fund fails to deliver either such notice with respect to any designation of any proposed Special Rate Period to the Auction Agent by 2:30 P.M., New York City time, on the second Business Day next preceding the first day of such proposed Special Rate Period, the Fund shall be deemed to have delivered a notice to the Auction Agent with respect to such Dividend Period to the effect that it has determined not to proceed with the designation of a Special Rate Period, thereby resulting in a Standard Rate Period.

Designation of Dividend Period. (a) The Statement provides that the Fund will designate the duration of subsequent Dividend Periods; provided, however, that no such designation is necessary for a Standard Rate Period; provided, however, that any designation of a Special Rate Period shall be effective only if (i) notice thereof shall have been given as provided herein, (ii) any failure to pay in a timely manner to the Auction Agent the full amount of any dividend on, or the redemption price of, the FundPreferred shares AMPS shall have been cured, (iii) Sufficient Clearing Bids shall have existed in an Auction held on the Auction Date immediately preceding the first day of such proposed Dividend Period other than a Standard Rate Period, (iv) if the Fund shall have mailed a Notice of Redemption with respect to any shares, the Redemption Price with respect to such shares shall have been deposited with the Paying Agent, and (v) in the case of the designation of a Special Rate Period, as of the Auction Date next preceding the first day of such Special Rate Period it has Eligible Assets with an aggregate Discounted Value at least equal to the FundPreferred shares Preferred Shares Basic Maintenance Amount and the Fund has consulted with the Broker-Dealers and has provided notice of each designation and a FundPreferred shares Preferred Shares Basic Maintenance Report to Moody's (if Moody's is then rating the FundPreferred sharesAMPS), Fxxxx Fitch (xf if Fitch is then rating the FundPreferred sharesAMPS) and any Other Rating Agency which is then rating the FundPreferred shares Preferred Shares and so requires. (b) Pursuant to the Statement, the Fund may, at its option, designate a Special Rate Period for any series of FundPreferred shares AMPS in the manner described below and in Section 4 of Part I of the Statement. If the Fund proposes to designate any succeeding Special Rate Period the Fund shall deliver to the Auction Agent: (i) A notice of such proposed Special Rate Period in the form of Exhibit D hereto not less than 7 (or 2 in the event the duration of the Dividend Period is fewer than 8 days) nor more than 30 Business Days prior to the first day of such proposed Special Rate Period. The Auction Agent on behalf of the Fund shall deliver such notice by any electronic means acceptable to Existing Holders First Class Mail or by facsimile to each Existing Holder of shares of such series of FundPreferred shares AMPS at the address or facsimile number set forth for such Existing Holder in the records of the Auction Agent and to the Broker-Dealers for such series as promptly as practicable after its receipt of such notice from the Fund. (ii) A notice in the form of Exhibit E or F hereto not later than 2:30 P.M. 11:00 A.M. on the second Business Day next preceding the first day of such proposed Special Rate Period, of either (x) its determination, subject to certain conditions, to proceed with such Special Rate Period, in which case the Fund shall specify the terms of the Specific Redemption Provisions, if any, or (y) its determination not to proceed with such Special Rate Period in which latter event the succeeding Dividend Period shall be a Standard Rate Period. The Auction Agent shall promptly deliver such notice to the Broker-Dealers, but in no event later than 3:00 P.M. on the date of such notice. (iii) If the Fund fails to deliver either such notice with respect to any designation of any proposed Special Rate Period to the Auction Agent by 2:30 P.M.11:00 A.M., New York City time, on the second Business Day next preceding the first day of such proposed Special Rate Period, the Fund shall be deemed to have delivered a notice to the Auction Agent with respect to such Dividend Period to the effect that it has determined not to proceed with the designation of a Special Rate Period, thereby resulting in a Standard Rate Period.

Designation of Dividend Period. (a) The Statement provides that the Fund initial Dividend Period for each Series is as set forth under "Designation" above. The Trust will designate the duration of subsequent Dividend PeriodsPeriods of each Series; provided, however, that no such designation is necessary for a Standard Rate Period; providedPeriod and, howeverprovided further, that any designation of a Special Rate Period shall be effective only if (i) notice thereof shall have been given as provided herein, (ii) any failure to pay in a timely manner to the Auction Paying Agent the full amount of any dividend on, or the redemption price of, the FundPreferred shares ARPS shall have been curedcured as provided above, (iii) Sufficient Clearing Bids shall have existed in an Auction held on the Auction Date immediately preceding the first day of such proposed Dividend Period other than a Standard Special Rate Period, (iv) if the Fund Trust shall have mailed a Notice of Redemption with respect to any sharesARPS, the Redemption Price redemption price with respect to such shares ARPS shall have been deposited with the Paying Agent, and (v) in the case of the designation of a Special Rate Period, Trust has confirmed that as of the Auction Date next preceding the first day of such Special Rate Period Period, it has Eligible Assets with an aggregate Discounted Value at least equal to the FundPreferred shares ARPS Basic Maintenance Amount Amount, and the Fund Trust has consulted with the Broker-Dealers and has provided notice of each such designation and a FundPreferred shares an ARPS Basic Maintenance Report Certificate to Moody's (if Moody's is then rating the FundPreferred sharesARPS), Fxxxx S&P (xf Fitch if S&P is then rating the FundPreferred sharesARPS) and any axx xxx Other Rating Agency which is then rating the FundPreferred shares ARPS and so requires. (b) Pursuant to the Statement, the Fund may, at its option, designate a Special Rate Period for any series of FundPreferred shares in the manner described below and in Section 4 of Part I of the Statement. If the Fund Trust proposes to designate any succeeding Special Rate Period the Fund shall deliver to the Auction Agent: (i) A notice of such proposed Special Rate Period in the form of Exhibit D hereto Period, not less fewer than 7 seven Business Days (or 2 two Business Days in the event the duration of the Dividend Period prior to such Special Rate Period is fewer than 8 eight days) nor more than 30 thirty Business Days prior to the first day of such proposed Special Rate Period. The Auction Agent on behalf of , notice shall be (i) made by press release and (ii) communicated by the Fund shall deliver such notice Trust by any electronic telephonic or other means acceptable to Existing Holders to each Existing Holder of shares of such series of FundPreferred shares at the address set forth for such Existing Holder in the records of the Auction Agent and to the Broker-Dealers for such series as confirmed in writing promptly as practicable after its receipt of thereafter. Each such notice from shall state (A) that the Fund. Trust proposes to exercise its option to designate a succeeding Special Rate Period, specifying the first and last days thereof and (iiB) A notice in that the form of Exhibit E or F hereto not later than 2:30 P.M. Trust will by 3:00 p.m., New York City time, on the second Business Day next preceding the first day of such proposed Special Rate Period, notify the Auction Agent, who will promptly notify the Broker-Dealers, of either (x) its determination, subject to certain conditions, to proceed with such Special Rate Period, in which case the Fund shall specify subject to the terms of the any Specific Redemption Provisions, if any, or (y) its determination not to proceed with such Special Rate Period Period, in which latter event the succeeding Dividend Period shall be a Standard Rate Period. The No later than 3:00 p.m., New York City time, on the second Business Day next preceding the first day of any proposed Special Rate Period, the Trust shall deliver to the Auction Agent shall Agent, who will promptly deliver such notice to the Broker-DealersDealers and Existing Holders, but in no event later than 3:00 P.M. on the date of such notice.either: (iiii) a notice stating (A) that the Trust has determined to designate the next succeeding Dividend Period as a Special Rate Period, specifying the first and last days thereof and (B) the terms of any Specific Redemption Provisions; or (ii) a notice stating that the Trust has determined not to exercise its option to designate a Special Rate Period. If the Fund Trust fails to deliver either such notice with respect to any designation of any proposed Special Rate Period to the Auction Agent or is unable to make the confirmation provided in clause (v) of paragraph (a) of this Section 4 by 2:30 P.M.3:00 p.m., New York City time, on the second Business Day next preceding the first day of such proposed Special Rate Period, the Fund Trust shall be deemed to have delivered a notice to the Auction Agent with respect to such Dividend Period to the effect that it has determined not to proceed with the designation of a Special Rate Periodset forth in clause (ii) above, thereby resulting in a Standard Rate Period.

Designation of Dividend Period. (a) The Statement provides that the Fund will designate the duration of subsequent Dividend Periods; provided, however, that no such designation is necessary for a Standard Rate Period; provided, however, that any designation of a Special Rate Period shall be effective only if (i) notice thereof shall have been given as provided herein, (ii) any failure to pay in a timely manner to the Auction Agent the full amount of any dividend on, or the redemption price of, the FundPreferred shares TAPS shall have been cured, (iii) Sufficient Clearing Bids shall have existed in an Auction held on the Auction Date immediately preceding the first day of such proposed Dividend Period other than a Standard Rate Period, (iv) if the Fund shall have mailed a Notice of Redemption with respect to any shares, the Redemption Price with respect to such shares shall have been deposited with the Paying Agent, and (v) in the case of the designation of a Special Rate Period, as of the Auction Date next preceding the first day of such Special Rate Period it has Eligible Assets with an aggregate Discounted Value at least equal to the FundPreferred shares TAPS Basic Maintenance Amount and the Fund has consulted with the Broker-Dealers and has provided notice of each designation and a FundPreferred shares TAPS Basic Maintenance Report to Moody's (if Moody's Xxxxx'x is then rating the FundPreferred sharesTAPS), Fxxxx Fitch (xf if Fitch is then rating the FundPreferred sharesTAPS) and any Other Rating Agency which is then rating the FundPreferred shares TAPS and so requires. (b) Pursuant to the Statement, the Fund may, at its option, designate a Special Rate Period for any series of FundPreferred shares TAPS in the manner described below and in Section 4 of Part I of the Statement. If the Fund proposes to designate any succeeding Special Rate Period the Fund shall deliver to the Auction Agent: (i) A notice of such proposed Special Rate Period in the form of Exhibit D hereto not less than 7 (or 2 in the event the duration of the Dividend Period is fewer than 8 days) nor more than 30 Business Days prior to the first day of such proposed Special Rate Period. The Auction Agent on behalf of the Fund shall deliver such notice by any electronic means acceptable to Existing Holders to each Existing Holder of shares of such series of FundPreferred shares TAPS at the address set forth for such Existing Holder in the records of the Auction Agent and to the Broker-Dealers for such series as promptly as practicable after its receipt of such notice from the Fund. (ii) A notice in the form of Exhibit E or F hereto not later than 2:30 P.M. on the second Business Day next preceding the first day of such proposed Special Rate Period, of either (x) its determination, subject to certain conditions, to proceed with such Special Rate Period, in which case the Fund shall specify the terms of the Specific Redemption Provisions, if any, or (y) its determination not to proceed with such Special Rate Period in which latter event the succeeding Dividend Period shall be a Standard Rate Period. The Auction Agent shall promptly deliver such notice to the Broker-Dealers, but in no event later than 3:00 P.M. on the date of such notice. (iii) If the Fund fails to deliver either such notice with respect to any designation of any proposed Special Rate Period to the Auction Agent by 2:30 P.M., New York City time, on the second Business Day next preceding the first day of such proposed Special Rate Period, the Fund shall be deemed to have delivered a notice to the Auction Agent with respect to such Dividend Period to the effect that it has determined not to proceed with the designation of a Special Rate Period, thereby resulting in a Standard Rate Period.

Designation of Dividend Period. (a) The Statement provides that ATP Provisions provide that, subject to the Fund Fund's option to designate an Alternate Term Period as referred to in paragraph (b) of this Section 2.5, (i) the Dividend Period (other than the initial Dividend Period) for each series of ATP will designate the duration of subsequent Dividend Periods; provided, however, that no be a Standard Term Period. Any such designation is necessary for a Standard Rate Period; provided, however, that any designation of a Special Rate an Alternate Term Period shall be effective only if (i) notice thereof shall have been given as provided herein, (ii) any failure to pay in a timely manner to the Auction Agent the full amount of any dividend on, or the redemption price of, the FundPreferred shares ATP shall have been cured, (iii) Sufficient Clearing Bids orders shall have existed in an Auction held on the Auction Date immediately preceding the first day of such proposed Dividend Period other than a Standard Rate Term Period, (iv) if the Fund shall have mailed a Notice of Redemption with respect to any shares, the Redemption Price with respect to such shares shall have been deposited with the Paying Auction Agent, and (v) in the case of the designation of a Special Rate an Alternate Term Period, as of the Auction Date next preceding the first day of such Special Rate Period it has Eligible Assets with an aggregate Discounted Value at least equal to the FundPreferred shares Basic Maintenance Amount and the Fund has consulted with the Broker-Dealers and has provided notice of each designation and a FundPreferred shares an ATP Basic Maintenance Report to Moody's Fitch (if Moody's is then rating the FundPreferred shares), Fxxxx (xf Fitch is then rating the FundPreferred sharesATP) and any Other Rating Agency which Moody's (if Mxxxx'x is then rating the FundPreferred shares and so requiresATP). (b) Pursuant to the StatementATP Provisions, the Fund may, at its option, designate a Special Rate an Alternate Term Period for any series of FundPreferred shares ATP in the manner described below and in Section 4 of Part I of the StatementATP Provisions. If the Fund proposes to designate any succeeding Special Rate Alternate Term Period the Fund shall deliver to the Auction Agent: (i) A notice of such proposed Special Rate Alternate Term Period in the form of Exhibit D F hereto not less than 7 (or 2 in the event the duration of the Dividend Period is fewer than 8 days) 15 nor more than 30 Business Days days prior to the first day of such proposed Special Rate Alternate Term Period. The Auction Agent on behalf of the Fund shall deliver such notice by any electronic means acceptable to Existing Holders first-class mail, postage prepaid, to each Existing Holder of shares of such series of FundPreferred shares ATP at the address set forth for specified in such Existing Holder in the records of the Auction Agent Holder's Master Purchaser's Letter and to the Broker-Dealers for such series as promptly as practicable after its receipt of such notice from the Fund. (ii) A notice in the form of Exhibit E or F G hereto not later than 2:30 3:00 P.M. on the second Business Day next preceding the first day of such proposed Special Rate Alternate Term Period, of either (x) its determination, subject to certain conditions, to proceed with such Special Rate Alternate Term Period, in which case the Fund shall specify the terms of the Specific Redemption Provisions, if any, or (y) its determination not to proceed with such Special Rate Alternate Period in which latter event the succeeding Dividend Period shall be a Standard Rate Term Period. The Auction Agent shall promptly deliver such notice to the Broker-Dealers, but in no event later than 3:00 P.M. on the date of such notice. (iii) If the Fund fails to deliver either such notice with respect to any designation of any proposed Special Rate Alternate Term Period to the Auction Agent by 2:30 3:00 P.M., New York City time, on the second Business Day next preceding the first day of such proposed Special Rate Alternate Term Period, the Fund shall be deemed to have delivered a notice to the Auction Agent with respect to such Dividend Period to the effect that it has determined not to proceed with the designation of a Special Rate an Alternate Term Period, thereby resulting in a Standard Rate Term Period.

Designation of Dividend Period. (a) The Statement provides that ATP Provisions provide that, subject to the Fund Fund's option to designate an Alternate Term Period as referred to in paragraph (b) of this Section 2.5, (i) the Dividend Period (other than the initial Dividend Period) for each series of ATP will designate the duration of subsequent Dividend Periods; provided, however, that no be a Standard Term Period. Any such designation is necessary for a Standard Rate Period; provided, however, that any designation of a Special Rate an Alternate Term Period shall be effective only if (i) notice thereof shall have been given as provided herein, (ii) any failure to pay in a timely manner to the Auction Agent the full amount of any dividend on, or the redemption price of, the FundPreferred shares ATP shall have been cured, (iii) Sufficient Clearing Bids Orders shall have existed in an Auction held on the Auction Date immediately preceding the first day of such proposed Dividend Period other than a Standard Rate Term Period, (iv) if the Fund shall have mailed a Notice of Redemption with respect to any shares, the Redemption Price with respect to such shares shall have been deposited with the Paying Auction Agent, and (v) in the case of the designation of a Special Rate an Alternate Term Period, as of the Auction Date next preceding the first day of such Special Rate Period it has Eligible Assets with an aggregate Discounted Value at least equal to the FundPreferred shares Basic Maintenance Amount and the Fund has consulted with the Broker-Dealers and has provided notice of each designation and a FundPreferred shares an ATP Basic Maintenance Report to Fitch (if Fitch is then rating the ATP) and Moody's (if Moody's is i then rating the FundPreferred sharesATP), Fxxxx (xf Fitch is then rating the FundPreferred shares) and any Other Rating Agency which is then rating the FundPreferred shares and so requires. (b) Pursuant to the Statementtxx XXX provixxxxx, the Fund may, at its option, designate a Special Rate an Alternate Term Period for any series of FundPreferred shares ATP in the manner described below and in Section 4 of Part I of the StatementATP Provisions. If the Fund proposes to designate any succeeding Special Rate Alternate Term Period the Fund shall deliver to the Auction Agent: (i) A notice of such proposed Special Rate Alternate Term Period in the form of Exhibit D F hereto not less than 7 (or 2 in the event the duration of the Dividend Period is fewer than 8 days) 15 nor more than 30 Business Days days prior to the first day of such proposed Special Rate Alternate Term Period. The Auction Agent on behalf of the Fund shall deliver such notice by any electronic means acceptable to Existing Holders first-class mail, postage prepaid, to each Existing Holder of shares of such series of FundPreferred shares ATP at the address set forth for specified in such Existing Holder in the records of the Auction Agent Holder's Master Purchaser's Letter and to the Broker-Dealers for such series as promptly as practicable after its receipt of such notice from the Fund. (ii) A notice in the form of Exhibit E or F G hereto not later than 2:30 3:00 P.M. on the second Business Day next preceding the first day of such proposed Special Rate Alternate Term Period, of either (x) its determination, subject to certain conditions, to proceed with such Special Rate Alternate Term Period, in which case the Fund shall specify the terms of the Specific Redemption Provisions, if any, or (y) its determination not to proceed with such Special Rate Alternate Period in which latter event the succeeding Dividend Period shall be a Standard Rate Term Period. The Auction Agent shall promptly deliver such notice to the Broker-Dealers, but in no event later than 3:00 P.M. on the date of such notice. (iii) If the Fund fails to deliver either such notice with respect to any designation of any proposed Special Rate Alternate Term Period to the Auction Agent by 2:30 3:00 P.M., New York City time, on the second Business Day next preceding the first day of such proposed Special Rate Alternate Term Period, the Fund shall be deemed to have delivered a notice to the Auction auction Agent with respect to such Dividend Period to the effect that it has determined not to proceed with the designation of a Special Rate an Alternate Term Period, thereby resulting in a Standard Rate Term Period.