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.

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.

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.

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.

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.