Common use of Marketing Limitation in Demand Registration Clause in Contracts

Marketing Limitation in Demand Registration. Notwithstanding any other provision of this Section 3, in the event the Underwriters’ Representative advises the Fund in writing that market factors (including the aggregate number of RVMTP Shares requested to be Registered, the general condition of the market, and/or the status of the Persons proposing to sell securities pursuant to the Registration) require a limitation of the number of shares to be underwritten, then the Fund shall so advise all Holders of Registrable Securities that would otherwise be underwritten pursuant hereto, and the number of shares of Registrable Securities that may be included in the Registration and underwriting shall be allocated among all Holders of such Registrable Securities on a pro rata basis based on the number of Registrable Securities requested to be included in the Registration by all such selling Holders (including the Initiating Holder(s)); provided, however, that the number of Registrable Securities to be included in any such underwriting held by Holders shall not be reduced unless all other securities of the Fund, its Affiliates and PIMCO Persons are first entirely excluded from the underwriting. Unless the prior written consent of the Majority Holders has been obtained, the number of the Registrable Securities included in any such underwriting shall not be reduced to less than 90% of the number of the Registrable Securities requested to be included. Any Registrable Securities or other securities excluded from the underwriting by reason of this Section 3.3(c) shall be withdrawn from the Registration. To facilitate the allocation of shares in accordance with the foregoing, the Fund or the underwriters may round the number of shares allocated to any Holder to the nearest one share.

Marketing Limitation in Demand Registration. Notwithstanding any other provision of this Section 3, in the event the Underwriters’ Representative advises the Fund in writing that market factors (including the aggregate number of RVMTP VMTP Shares requested to be Registered, the general condition of the market, and/or and the status of the Persons proposing to sell securities pursuant to the Registration) require a limitation of the number of shares to be underwritten, then the Fund shall so advise all Holders of Registrable Securities that would otherwise be underwritten pursuant hereto, and the number of shares of Registrable Securities that may be included in the Registration and underwriting shall be allocated among all Holders of such Registrable Securities on a pro rata basis based on the number of Registrable Securities requested to be included in the Registration by all such selling Holders (including the Initiating Holder(s)); provided, however, that the number of Registrable Securities to be included in any such underwriting held by Holders shall not be reduced unless all other securities of the Fund, its Affiliates and PIMCO Nuveen Persons are first entirely excluded from the underwriting. Unless the prior written consent of the Majority Holders has been obtained, the number of the Registrable Securities included in any such underwriting shall not be reduced to less than ninety percent (90% %) of the number of the Registrable Securities requested to be included. Any Registrable Securities or other securities excluded from the underwriting by reason of this Section 3.3(c) shall be withdrawn from the Registration. To facilitate the allocation of shares in accordance with the foregoing, the Fund or the underwriters may round the number of shares allocated to any Holder to the nearest one share.

Marketing Limitation in Demand Registration. Notwithstanding any other provision of this Section 3, in the event the Underwriters’ ' Representative advises the Fund in writing that market factors (including including, without limitation, the aggregate number of RVMTP Shares requested to be Registered, the general condition of the market, and/or the status of the Persons proposing to sell securities pursuant to the Registration) require a limitation of the number of shares to be underwritten, then the Fund shall so advise all Holders of Registrable Securities that would otherwise be underwritten pursuant hereto, and the number of shares of Registrable Securities that may be included in the Registration and underwriting shall be allocated among all Holders of such Registrable Securities on a pro rata basis based on the number of Registrable Securities requested to be included in the Registration by all such selling Holders (including the Initiating Holder(s)); provided, however, that the number of Registrable Securities to be included in any such underwriting held by Holders shall not be reduced unless all other securities of the Fund, its Affiliates and PIMCO Persons are first entirely excluded from the underwriting. Unless the prior written consent of the Majority Holders has been obtained, the number of the Registrable Securities included in any such underwriting shall not be reduced to less than 90% of the number of the Registrable Securities requested to be included. Any Registrable Securities or other securities excluded from the underwriting by reason of this Section 3.3(c) shall be withdrawn from the Registration. To facilitate the allocation of shares in accordance with the foregoing, the Fund or the underwriters may round the number of shares allocated to any Holder to the nearest one share.

Marketing Limitation in Demand Registration. Notwithstanding any other provision of this Section 3, in the event the Underwriters’ Representative advises the Fund in writing that market factors (including including, without limitation, the aggregate number of RVMTP VMTP Preferred Shares requested to be Registered, the general condition of the market, and/or and the status of the Persons proposing to sell securities pursuant to the Registration) require a limitation of the number of shares to be underwritten, then the Fund shall so advise all Holders of Registrable Securities that would otherwise be underwritten pursuant heretothe Designated Representative, and and, if the Fund chooses to proceed with the Registration, the number of shares of Registrable Securities that may be included in the Registration and underwriting shall be allocated among all Holders of such Registrable Securities on a pro rata basis based on the number of Registrable Securities requested to be included in the Registration by all such selling Holders (including the Initiating Holder(sShareholder)); , provided, however, that the number of Registrable Securities to be included in any such underwriting held by Holders shall not be reduced unless all other securities Registrable Securities of the Fund, its Affiliates and PIMCO Persons BlackRock Persons, other than any account or Person that is an Affiliate of the Fund or a BlackRock Person solely because the Investment Adviser or its Affiliate is the investment adviser, manager, general partner of or otherwise exercises discretionary authority or control over such account or Person, are first entirely excluded from the underwriting. Unless the prior written consent of the Majority Holders Person holding a majority of the Registrable Securities to be included in the underwriting has been obtained, the number of the Registrable Securities included in any such underwriting shall not be reduced to less than 90% of the number numbers of the Registrable Securities requested to be included. Any Registrable Securities or other securities excluded from the underwriting by reason of this Section 3.3(c) shall be withdrawn from the Registration. To facilitate the allocation of shares in accordance with the foregoing, the Fund or the underwriters may round the number of shares allocated to any Holder to the nearest one share.

Marketing Limitation in Demand Registration. Notwithstanding any other provision of this Section 3, in the event the Underwriters’ ' Representative advises the Fund in writing that market factors (including including, without limitation, the aggregate number of RVMTP VMTP Shares requested to be Registered, the general condition of the market, and/or and the status of the Persons proposing to sell securities pursuant to the Registration) require a limitation of the number of shares to be underwritten, then the Fund shall so advise all Holders of Registrable Securities that would otherwise be underwritten pursuant hereto, and the number of shares of Registrable Securities that may be included in the Registration and underwriting shall be allocated among all Holders of such Registrable Securities on a pro rata basis based on the number of Registrable Securities requested to be included in the Registration by all such selling Holders (including the Initiating Holder(s)Holders); provided, however, that the number of Registrable Securities to be included in any such underwriting held by Holders shall not be reduced unless all other securities of the Fund, its Affiliates and PIMCO Nuveen Persons are first entirely excluded from the underwriting. Unless the prior written consent of the Majority Holders has been obtained, the number of the Registrable Securities included in any such underwriting shall not be reduced to less than 90% of the number numbers of the Registrable Securities requested to be included. Any Registrable Securities or other securities excluded from the underwriting by reason of this Section 3.3(c) shall be withdrawn from the Registration. To facilitate the allocation of shares in accordance with the foregoing, the Fund or the underwriters may round the number of shares allocated to any Holder to the nearest one share.

Marketing Limitation in Demand Registration. Notwithstanding any other provision of this Section 3, in the event the Underwriters’ Representative advises the Fund in writing that market factors (including the aggregate number of RVMTP VMTP Shares requested to be Registered, the general condition of the market, and/or the status of the Persons proposing to sell securities pursuant to the Registration) require a limitation of the number of shares to be underwritten, then the Fund shall so advise all Holders of Registrable Securities that would otherwise be underwritten pursuant hereto, and the number of shares of Registrable Securities that may be included in the Registration and underwriting shall be allocated among all Holders of such Registrable Securities on a pro rata basis based on the number of Registrable Securities requested to be included in the Registration by all such selling Holders (including the Initiating Holder(s)); provided, however, that the number of Registrable Securities to be included in any such underwriting held by Holders shall not be reduced unless all other securities of the Fund, its Affiliates and PIMCO Persons are first entirely excluded from the underwriting. Unless the prior written consent of the Majority Holders has been obtained, the number of the Registrable Securities included in any such underwriting shall not be reduced to less than 90% of the number of the Registrable Securities requested to be included. Any Registrable Securities or other securities excluded from the underwriting by reason of this Section 3.3(c) shall be withdrawn from the Registration. To facilitate the allocation of shares in accordance with the foregoing, the Fund or the underwriters may round the number of shares allocated to any Holder to the nearest one share.

Marketing Limitation in Demand Registration. Notwithstanding any other provision of this Section 3, in the event the Underwriters’ Representative advises the Fund in writing that market factors (including including, without limitation, the aggregate number of RVMTP VMTP Shares requested to be Registered, the general condition of the market, and/or and the status of the Persons proposing to sell securities pursuant to the Registration) require a limitation of the number of shares to be underwritten, then the Fund shall so advise all Holders of Registrable Securities that would otherwise be underwritten pursuant hereto, and the number of shares of Registrable Securities that may be included in the Registration and underwriting shall be allocated among all Holders of such Registrable Securities on a pro rata basis based on the number of Registrable Securities requested to be included in the Registration by all such selling Holders (including the Initiating Holder(s)Holders); provided, however, that the number of Registrable Securities to be included in any such underwriting held by Holders shall not be reduced unless all other securities of the Fund, its Affiliates and PIMCO Nuveen Persons are first entirely excluded from the underwriting. Unless the prior written consent of the Majority Holders has been obtained, the number of the Registrable Securities included in any such underwriting shall not be reduced to less than 90% of the number numbers of the Registrable Securities requested to be included. Any Registrable Securities or other securities excluded from the underwriting by reason of this Section 3.3(c) shall be withdrawn from the Registration. To facilitate the allocation of shares in accordance with the foregoing, the Fund or the underwriters may round the number of shares allocated to any Holder to the nearest one share.

Marketing Limitation in Demand Registration. Notwithstanding any other provision of this Section 3, in In the event the Underwriters’ Underwriter’s Representative advises the Fund Initiating Holders in writing that market factors (including including, without limitation, the aggregate number of RVMTP Shares shares of Common Stock requested to be Registered, the general condition of the market, and/or and the status of the Persons persons proposing to sell securities pursuant to the Registration) require a limitation of the number of shares to be underwritten, then (i) first the Fund securities other than Registrable Securities and (ii) next the securities requested to be registered by the Company, shall be excluded from such Registration to the extent required by such limitation. If a limitation of the number of shares is still required, the Initiating Holders shall so advise all Holders of Registrable Securities that would otherwise be underwritten pursuant hereto, and the number of shares of Registrable Securities that may be included in the Registration and underwriting shall be allocated among all Holders of such Registrable Securities on a pro rata basis based on in proportion, as nearly as practicable, to the number respective amounts of Registrable Securities requested entitled to be included inclusion in such Registration held by such Holders at the time of filing the Registration by all such selling Holders (including the Initiating Holder(s)); provided, however, that the number of Registrable Securities to be included in any such underwriting held by Holders shall not be reduced unless all other securities of the Fund, its Affiliates and PIMCO Persons are first entirely excluded from the underwritingStatement. Unless the prior written consent of the Majority Holders has been obtained, the number of the Registrable Securities included in any such underwriting shall not be reduced to less than 90% of the number of the Registrable Securities requested to be included. Any No Registrable Securities or other securities excluded from the underwriting by reason of this Section 3.3(c3.1.5(d) shall be withdrawn from the Registrationincluded in such Registration Statement. To facilitate the allocation of shares in accordance with the foregoingabove provisions, the Fund Company or the underwriters Underwriter’s Representative may round the number of shares allocated to any Holder to the nearest one sharehundred (100) shares.

Marketing Limitation in Demand Registration. Notwithstanding any other provision of this Section 3, in the event the Underwriters’ Representative advises the Fund in writing that market factors (including including, without limitation, the aggregate number of RVMTP VMTP Shares requested to be Registered, the general condition of the market, and/or and the status of the Persons proposing to sell securities pursuant to the Registration) require a limitation of the number of shares to be underwritten, then the Fund shall so advise all Holders of Registrable Securities that would otherwise be underwritten pursuant heretothe Designated Representative, and and, if the Fund chooses to proceed with the Registration, the number of shares of Registrable Securities that may be included in the Registration and underwriting shall be allocated among all Holders of such Registrable Securities on a pro rata basis based on the number of Registrable Securities requested to be included in the Registration by all such selling Holders (including the Initiating Holder(sShareholder)); , provided, however, that the number of Registrable Securities to be included in any such underwriting held by Holders shall not be reduced unless all other securities Registrable Securities of the Fund, its Affiliates and PIMCO Persons Invesco Persons, other than any account or Person that is an Affiliate of the Fund or an Invesco Person solely because the Investment Adviser or its Affiliate is the investment adviser, manager, general partner of or otherwise exercises discretionary authority or control over such account or Person, are first entirely excluded from the underwriting. Unless the prior written consent of the Majority Holders Person holding a majority of the Registrable Securities to be included in the underwriting has been obtained, the number of the Registrable Securities included in any such underwriting shall not be reduced to less than 90% of the number numbers of the Registrable Securities requested to be included. Any Registrable Securities or other securities excluded from the underwriting by reason of this Section 3.3(c) shall be withdrawn from the Registration. To facilitate the allocation of shares in accordance with the foregoing, the Fund or the underwriters may round the number of shares allocated to any Holder to the nearest one share.

Marketing Limitation in Demand Registration. Notwithstanding any other provision of this Section 3, in the event the Underwriters’ Representative advises the Fund in writing that market factors (including the aggregate number of RVMTP VMTP Shares requested to be Registered, the general condition of the market, and/or and the status of the Persons proposing to sell securities pursuant to the Registration) require a limitation of the number of shares to be underwritten, then the Fund shall so advise all Holders of Registrable Securities that would otherwise be underwritten pursuant hereto, and the number of shares of Registrable Securities that may be included in the Registration and underwriting shall be allocated among all Holders of such Registrable Securities on a pro rata basis based on the number of Registrable Securities requested to be included in the Registration by all such selling Holders (including the Initiating Holder(s)); provided, however, that the number of Registrable Securities to be included in any such underwriting held by Holders shall not be reduced unless all other securities of the Fund, its Affiliates and PIMCO Amundi US Persons are first entirely excluded from the underwriting. Unless the prior written consent of the Majority Holders has been obtained, the number of the Registrable Securities included in any such underwriting shall not be reduced to less than ninety percent 90% of the number of the Registrable Securities requested to be included. Any Registrable Securities or other securities excluded from the underwriting by reason of this Section 3.3(c) shall be withdrawn from the Registration. To facilitate the allocation of shares in accordance with the foregoing, the Fund or the underwriters may round the number of shares allocated to any Holder to the nearest one share.

Marketing Limitation in Demand Registration. Notwithstanding any other provision of this Section 3, in the event the Underwriters’ ' Representative advises the Fund in writing that market factors (including including, without limitation, the aggregate number of RVMTP VMTP Shares requested to be Registered, the general condition of the market, and/or and the status of the Persons proposing to sell securities pursuant to the Registration) require a limitation of the number of shares to be underwritten, then the Fund shall so advise all Holders of Registrable Securities that would otherwise be underwritten pursuant hereto, and the number of shares of Registrable Securities that may be included in the Registration and underwriting shall be allocated among all Holders of such Registrable Securities on a pro rata basis based on the number of Registrable Securities requested to be included in the Registration by all such selling Holders (including the Initiating Holder(s)); provided, however, that the number of Registrable Securities to be included in any such underwriting held by Holders shall not be reduced unless all other securities of the Fund, its Affiliates and PIMCO Neuberger Persons are first entirely excluded from the underwriting. Unless the prior written consent of the Majority Holders has been obtained, the number of the Registrable Securities included in any such underwriting shall not be reduced to less than 90% of the number of the Registrable Securities requested to be included. Any Registrable Securities or other securities excluded from the underwriting by reason of this Section 3.3(c) shall be withdrawn from the Registration. To facilitate the allocation of shares in accordance with the foregoing, the Fund or the underwriters may round the number of shares allocated to any Holder to the nearest one share.

Marketing Limitation in Demand Registration. Notwithstanding any other provision of this Section 3, in the event the Underwriters’ ' Representative advises the Fund in writing that market factors (including including, without limitation, the aggregate number of RVMTP VMTP Shares requested to be Registered, the general condition of the market, and/or and the status of the Persons proposing to sell securities pursuant to the Registration) require a limitation of the number of shares to be underwritten, then the Fund shall so advise all Holders of Registrable Securities that would otherwise be underwritten pursuant hereto, and the number of shares of Registrable Securities that may be included in the Registration and underwriting shall be allocated among all Holders of such Registrable Securities on a pro rata basis based on the number of Registrable Securities requested to be included in the Registration by all such selling Holders (including the Initiating Holder(s)); provided, however, that the number of Registrable Securities to be included in any such underwriting held by Holders shall not be reduced unless all other securities of the Fund, its Affiliates and PIMCO Xxxxxxxxx Persons are first entirely excluded from the underwriting. Unless the prior written consent of the Majority Holders has been obtained, the number of the Registrable Securities included in any such underwriting shall not be reduced to less than 90% of the number of the Registrable Securities requested to be included. Any Registrable Securities or other securities excluded from the underwriting by reason of this Section 3.3(c) shall be withdrawn from the Registration. To facilitate the allocation of shares in accordance with the foregoing, the Fund or the underwriters may round the number of shares allocated to any Holder to the nearest one share.

Marketing Limitation in Demand Registration. Notwithstanding any other provision of this Section 3, in the event the Underwriters’ ' Representative advises the Fund in writing that market factors (including including, without limitation, the aggregate number of RVMTP VMTP Shares requested to be Registered, the general condition of the market, and/or and the status of the Persons proposing to sell securities pursuant to the Registration) require a limitation of the number of shares to be underwritten, then the Fund shall so advise all Holders of Registrable Securities that would otherwise be underwritten pursuant hereto, and the number of shares of Registrable Securities that may be included in the Registration and underwriting shall be allocated among all Holders of such Registrable Securities on a pro rata basis based on the number of Registrable Securities requested to be included in the Registration by all such selling Holders (including the Initiating Holder(s)); provided, however, that the number of Registrable Securities to be included in any such underwriting held by Holders shall not be reduced unless all other securities of the Fund, its Affiliates and PIMCO U.S. Bancorp Persons are first entirely excluded from the underwriting. Unless the prior written consent of the Majority Holders has been obtained, the number of the Registrable Securities included in any such underwriting shall not be reduced to less than 90% of the number of the Registrable Securities requested to be included. Any Registrable Securities or other securities excluded from the underwriting by reason of this Section 3.3(c) shall be withdrawn from the Registration. To facilitate the allocation of shares in accordance with the foregoing, the Fund or the underwriters may round the number of shares allocated to any Holder to the nearest one share.

Marketing Limitation in Demand Registration. Notwithstanding any other provision of this Section 3, in the event the Underwriters’ Representative advises the Fund in writing that market factors (including the aggregate number of RVMTP VMTP Shares requested to be Registered, the general condition of the market, and/or and the status of the Persons proposing to sell securities pursuant to the Registration) require a limitation of the number of shares to be underwritten, then the Fund shall so advise all Holders of Registrable Securities that would otherwise be underwritten pursuant hereto, and the number of shares of Registrable Securities that may be included in the Registration and underwriting shall be allocated among all Holders of such Registrable Securities on a pro rata basis based on the number of Registrable Securities requested to be included in the Registration by all such selling Holders (including the Initiating Holder(s)); provided, however, that the number of Registrable Securities to be included in any such underwriting held by Holders shall not be reduced unless all other securities of the Fund, its Affiliates and PIMCO Invesco Persons are first entirely excluded from the underwriting. Unless the prior written consent of the Majority Holders has been obtained, the number of the Registrable Securities included in any such underwriting shall not be reduced to less than ninety percent (90% %) of the number of the Registrable Securities requested to be included. Any Registrable Securities or other securities excluded from the underwriting by reason of this Section 3.3(c) shall be withdrawn from the Registration. To facilitate the allocation of shares in accordance with the foregoing, the Fund or the underwriters may round the number of shares allocated to any Holder to the nearest one share.

Marketing Limitation in Demand Registration. Notwithstanding any other provision of this Section 3, in the event the Underwriters’ ' Representative advises the Fund in writing that market factors (including the aggregate number of RVMTP VMTP Shares requested to be Registered, the general condition of the market, and/or and the status of the Persons proposing to sell securities pursuant to the Registration) require a limitation of the number of shares to be underwritten, then the Fund shall so advise all Holders of Registrable Securities that would otherwise be underwritten pursuant hereto, and the number of shares of Registrable Securities that may be included in the Registration and underwriting shall be allocated among all Holders of such Registrable Securities on a pro rata basis based on the number of Registrable Securities requested to be included in the Registration by all such selling Holders (including the Initiating Holder(s)); provided, however, that the number of Registrable Securities to be included in any such underwriting held by Holders shall not be reduced unless all other securities of the Fund, its Affiliates and PIMCO Invesco Persons are first entirely excluded from the underwriting. Unless the prior written consent of the Majority Holders has been obtained, the number of the Registrable Securities included in any such underwriting shall not be reduced to less than ninety percent (90% %) of the number of the Registrable Securities requested to be included. Any Registrable Securities or other securities excluded from the underwriting by reason of this Section 3.3(c) shall be withdrawn from the Registration. To facilitate the allocation of shares in accordance with the foregoing, the Fund or the underwriters may round the number of shares allocated to any Holder to the nearest one share.

Marketing Limitation in Demand Registration. Notwithstanding any other provision of this Section 3Article II, in the event the Underwriters’ Representative advises the Fund Board and the Investor in writing that market factors (including including, without limitation, the aggregate number of RVMTP American Depositary Shares requested to be Registered, the general condition of the market, and/or and the status of the Persons proposing to sell securities pursuant to the Registration) require a limitation of the number of shares to be underwritten, then the Fund shall Company will so advise all Holders of Registrable Securities that would otherwise be underwritten pursuant heretothe Investor in writing, and the number of shares of Registrable Securities that may be included in the Registration and underwriting shall will be reduced by the number allocated among all Holders Persons with a contractual right to include securities of such Registrable Securities the Company in the Registration on a pro rata basis based on the number of Registrable Securities requested to be included in indicated by the Registration by all such selling Holders Underwriters’ Representative and the Company (including the Initiating Holder(s)as applicable); provided, however, that that: (i) the number of shares of Registrable Securities to be included in any such underwriting held by Holders shall the Investor will not be reduced unless all other securities of any other Person who does not have a contractual right that is senior to or pari passu with the Fund, Investor’s right to have its Affiliates and PIMCO Persons securities included in such registration are first entirely excluded from the underwriting. Unless the prior written consent of the Majority Holders has been obtained, ; (ii) the number of the shares of Registrable Securities held by the Investor that are to be included in any such underwriting shall will not be reduced to such that the percentage of securities included in the underwriting on behalf of the Investor is less than 90% the Beneficial Ownership Percentage; and (iii) after the two (2)-year anniversary of the number Closing Date, the underwriting will not include any securities registered on behalf of the Registrable Securities requested to be includedCompany without the written consent of the Investor. Any Registrable Securities or other securities excluded from the underwriting by reason of this Section 3.3(c2.2(e)(iii) shall will be withdrawn from the Registration. To facilitate the allocation of shares in accordance with the foregoing, the Fund or the underwriters may round the number of shares allocated to any Holder to the nearest one share.

Marketing Limitation in Demand Registration. Notwithstanding any other provision of this Section 3, in the event the Underwriters’ ' Representative advises the Fund in writing that market factors (including including, without limitation, the aggregate number of RVMTP VMTP Shares requested to be Registered, the general condition of the market, and/or and the status of the Persons proposing to sell securities pursuant to the Registration) require a limitation of the number of shares to be underwritten, then the Fund shall so advise all Holders of Registrable Securities that would otherwise be underwritten pursuant hereto, and the number of shares of Registrable Securities that may be included in the Registration and underwriting shall be allocated among all Holders of such Registrable Securities on a pro rata basis based on the number of Registrable Securities requested to be included in the Registration by all such selling Holders (including the Initiating Holder(s)); provided, however, that the number of Registrable Securities to be included in any such underwriting held by Holders shall not be reduced unless all other securities of the Fund, its Affiliates and PIMCO AllianceBernstein Persons are first entirely excluded from the underwriting. Unless the prior written consent of the Majority Holders has been obtained, the number of the Registrable Securities included in any such underwriting shall not be reduced to less than 90% of the number of the Registrable Securities requested to be included. Any Registrable Securities or other securities excluded from the underwriting by reason of this Section 3.3(c) shall be withdrawn from the Registration. To facilitate the allocation of shares in accordance with the foregoing, the Fund or the underwriters may round the number of shares allocated to any Holder to the nearest one share.

Marketing Limitation in Demand Registration. Notwithstanding any other provision of this Section 3, in the event the Underwriters’ Representative advises the Fund in writing that market factors (including including, without limitation, the aggregate number of RVMTP VMTP Shares requested to be Registered, the general condition of the market, and/or and the status of the Persons proposing to sell securities pursuant to the Registration) require a limitation of the number of shares to be underwritten, then the Fund shall so advise all Holders of Registrable Securities that would otherwise be underwritten pursuant heretothe Designated Representative, and and, if the Fund chooses to proceed with the Registration, the number of shares of Registrable Securities that may be included in the Registration and underwriting shall be allocated among all Holders of such Registrable Securities on a pro rata basis based on the number of Registrable Securities requested to be included in the Registration by all such selling Holders (including the Initiating Holder(sShareholder)); , provided, however, that the number of Registrable Securities to be included in any such underwriting held by Holders shall not be reduced unless all other securities Registrable Securities of the Fund, its Affiliates and PIMCO Persons BlackRock Persons, other than any account or Person that is an Affiliate of the Fund or a BlackRock Person solely because the Investment Adviser or its Affiliate is the investment adviser, manager, general partner of or otherwise exercises discretionary authority or control over such account or Person, are first entirely excluded from the underwriting. Unless the prior written consent of the Majority Holders Person holding a majority of the Registrable Securities to be included in the underwriting has been obtained, the number of the Registrable Securities included in any such underwriting shall not be reduced to less than 90% of the number numbers of the Registrable Securities requested to be included. Any Registrable Securities or other securities excluded from the underwriting by reason of this Section 3.3(c) shall be withdrawn from the Registration. To facilitate the allocation of shares in accordance with the foregoing, the Fund or the underwriters may round the number of shares allocated to any Holder to the nearest one share.

Marketing Limitation in Demand Registration. Notwithstanding any other provision of this Section 3Exhibit A, in the event the Underwriters’ Representative advises the Fund Board and HSH in writing that market factors (including including, without limitation, the aggregate number of RVMTP American Depositary Shares requested to be Registered, the general condition of the market, and/or and the status of the Persons proposing to sell securities pursuant to the Registration) require a limitation of the number of shares to be underwritten, then the Fund shall Company will so advise all Holders of Registrable Securities that would otherwise be underwritten pursuant heretoHSH in writing, and the number of shares of Registrable Securities that may be included in the Registration and underwriting shall will be reduced by the number allocated among all Holders Persons with a contractual right to include securities of such Registrable Securities the Company in the Registration on a pro rata basis based on the number of Registrable Securities requested to be included in indicated by the Registration by all such selling Holders Underwriters’ Representative and the Company (including the Initiating Holder(s)as applicable); provided, however, that that: (i) the number of shares of Registrable Securities to be included in any such underwriting held by Holders shall HSH will not be reduced unless all other securities of the Fund, any other Person who does not have a contractual right that is senior to or pari passu with HSH’s right to have its Affiliates and PIMCO Persons securities included in such registration are first entirely excluded from the underwriting. Unless the prior written consent of the Majority Holders has been obtained, ; (ii) the number of the shares of Registrable Securities held by HSH that are to be included in any such underwriting shall will not be reduced to such that the percentage of securities included in the underwriting on behalf of HSH is less than 90% the Beneficial Ownership Percentage; and (iii) after the two (2)-year anniversary of the number Closing Date, the underwriting will not include any securities registered on behalf of the Registrable Securities requested to be includedCompany without the written consent of HSH. Any Registrable Securities or other securities excluded from the underwriting by reason of this Section 3.3(cParagraph 2(e)(iii) shall of Exhibit A will be withdrawn from the Registration. To facilitate the allocation of shares in accordance with the foregoing, the Fund or the underwriters may round the number of shares allocated to any Holder to the nearest one share.

Marketing Limitation in Demand Registration. Notwithstanding any other provision of this Section 3, in In the event the Underwriters’ Underwriter’s Representative advises the Fund Initiating Holders in writing that market factors (including including, without limitation, the aggregate number of RVMTP Ordinary Shares requested to be Registered, the general condition of the market, and/or and the status of the Persons persons proposing to sell securities pursuant to the Registration) require a limitation of the number of shares to be underwritten, then the Fund Initiating Holders shall so advise all Holders of Registrable Securities that would otherwise be underwritten pursuant hereto, and the number of shares of Registrable Securities that may be included in the Registration and underwriting shall be allocated among all Holders of such Registrable Securities on a pro rata basis based on in proportion, as nearly as practicable, to the number respective amounts of Registrable Securities requested entitled to be included inclusion in such Registration held by such Holders at the time of filing the Registration by all such selling Holders (including the Initiating Holder(s))Statement; provided, however, that the number of all securities other than Registrable Securities to shall first be included in excluded from such Registration before any such underwriting Registrable Securities are excluded; and provided, further, that all Registrable Securities held by Holders other than Series E Holders, Series F Holders or Series G Holders shall not first be reduced unless all other securities of the Fund, its Affiliates and PIMCO Persons are first entirely excluded from the underwriting. Unless the prior written consent of the Majority Holders has been obtained, the number of the such Registration before any Registrable Securities included in any such underwriting shall not be reduced to less than 90% of the number of the Registrable Securities requested to be includedheld by Series E Holders, Series F Holders or Series G Holders are excluded. Any No Registrable Securities or other securities excluded from the underwriting by reason of this Section 3.3(c1.5(e)(iv) shall be withdrawn from the Registration. To facilitate the allocation of shares included in accordance with the foregoing, the Fund or the underwriters may round the number of shares allocated to any Holder to the nearest one sharesuch Registration Statement.

Marketing Limitation in Demand Registration. Notwithstanding any other provision of this Section 3, in the event the Underwriters’ Representative advises the Fund in writing that market factors (including including, without limitation, the aggregate number of RVMTP VMTP Shares requested to be Registered, the general condition of the market, and/or and the status of the Persons proposing to sell securities pursuant to the Registration) require a limitation of the number of shares to be underwritten, then the Fund shall so advise all Holders of Registrable Securities that would otherwise be underwritten pursuant hereto, and the number of shares of Registrable Securities that may be included in the Registration and underwriting shall be allocated among all Holders of such Registrable Securities on a pro rata basis based on the number of Registrable Securities requested to be included in the Registration by all such selling Holders (including the Initiating Holder(s)); provided, however, that the number of Registrable Securities to be included in any such underwriting held by Holders shall not be reduced unless all other securities of the Fund, its Affiliates and PIMCO Nuveen Persons are first entirely excluded from the underwriting. Unless the prior written consent of the Majority Holders has been obtained, the number of the Registrable Securities included in any such underwriting shall not be reduced to less than 90% of the number of the Registrable Securities requested to be included. Any Registrable Securities or other securities excluded from the underwriting by reason of this Section 3.3(c) shall be withdrawn from the Registration. To facilitate the allocation of shares in accordance with the foregoing, the Fund or the underwriters may round the number of shares allocated to any Holder to the nearest one share.

Marketing Limitation in Demand Registration. Notwithstanding any other provision of this Section 3, in the event the Underwriters’ ' Representative advises the Fund in writing that market factors (including including, without limitation, the aggregate number of RVMTP VMTP Shares requested to be Registered, the general condition of the market, and/or and the status of the Persons proposing to sell securities pursuant to the Registration) require a limitation of the number of shares to be underwritten, then the Fund shall so advise all Holders of Registrable Securities that would otherwise be underwritten pursuant heretothe Designated Representative, and and, if the Fund chooses to proceed with the Registration, the number of shares of Registrable Securities that may be included in the Registration and underwriting shall be allocated among all Holders of such Registrable Securities on a pro rata basis based on the number of Registrable Securities requested to be included in the Registration by all such selling Holders (including the Initiating Holder(sShareholder)); , provided, however, that the number of Registrable Securities to be included in any such underwriting held by Holders shall not be reduced unless all other securities Registrable Securities of the Fund, its Affiliates and PIMCO Persons Invesco Persons, other than any account or Person that is an Affiliate of the Fund or an Invesco Person solely because the Investment Adviser or its Affiliate is the investment adviser, manager, general partner of or otherwise exercises discretionary authority or control over such account or Person, are first entirely excluded from the underwriting. Unless the prior written consent of the Majority Holders Person holding a majority of the Registrable Securities to be included in the underwriting has been obtained, the number of the Registrable Securities included in any such underwriting shall not be reduced to less than 90% of the number numbers of the Registrable Securities requested to be included. Any Registrable Securities or other securities excluded from the underwriting by reason of this Section 3.3(c) shall be withdrawn from the Registration. To facilitate the allocation of shares in accordance with the foregoing, the Fund or the underwriters may round the number of shares allocated to any Holder to the nearest one share.

Marketing Limitation in Demand Registration. Notwithstanding any other provision of this Section 3, in If the event the Underwriters’ Underwriter's Representative advises the Fund Initiating Holders in writing that market factors (including the aggregate number of RVMTP Shares requested to be Registered, the general condition of the market, and/or the status of the Persons proposing to sell securities pursuant to the Registration) require a limitation of the number of shares to be underwritten, then the Fund securities held by persons who are not Holders shall be excluded from such Registration to the extent required by such limitation. If a limitation in the number of shares is still required, the Initiating Holders shall so advise all Holders of Registrable Securities that would otherwise be underwritten pursuant hereto, and the number of shares of Registrable Securities that may be included in the Registration and underwriting shall be allocated among all Holders of such Registrable Securities on a excluded pro rata basis based on (as between the number holders of Registrable Securities requested to be included in the Registration by all such selling Holders (including the Initiating Holder(s)); provided, however, that the number of Registrable Securities to be included in any such underwriting held by Holders shall not be reduced unless all other securities Securities) on percentage ownership of the Fund, its Affiliates and PIMCO Persons are first entirely excluded from the underwritingCompany. Unless the prior written consent of the Majority Holders has been obtained, the number of the Registrable Securities included in any such underwriting shall not be reduced to less than 90% of the number of the Registrable Securities requested to be included. Any No Registrable Securities or other securities excluded from the underwriting by reason of this Section 3.3(c2.3(d) shall be withdrawn from the Registrationincluded in such Registration Statement. To facilitate the allocation of shares in accordance with the foregoing, the Fund or the underwriters may round If the number of shares allocated of Registrable Securities so excluded exceeds 20% of the number of shares of Registrable Securities which are requested to any Holder be included in such Registration, then the Initiating Holders shall be entitled, on behalf of the Holders, to require, by delivery of a written notice to the nearest one shareUnderwriter's Representative and the Company, that the Registration be deferred for such period of time as the Initiating Holders, the Company, and the Underwriter's Representative may mutually agree, but in no event to exceed 90 days from delivery of the notice requiring such deferral from the Initiating Holders, or alternatively, to request that the Registration be terminated in its entirety. In such event, the demand for Registration shall be considered to have not been made for purposes of counting the number of demands for Registration permitted under Section 2.1.

Marketing Limitation in Demand Registration. Notwithstanding any other provision of this Section 3, in the event the Underwriters’ ' Representative advises the Fund in writing that market factors (including the aggregate number of RVMTP VMTP Shares requested to be Registered, the general condition of the market, and/or and the status of the Persons proposing to sell securities pursuant to the Registration) require a limitation of the number of shares to be underwritten, then the Fund shall so advise all Holders of Registrable Securities that would otherwise be underwritten pursuant hereto, and the number of shares of Registrable Securities that may be included in the Registration and underwriting shall be allocated among all Holders of such Registrable Securities on a pro rata basis based on the number of Registrable Securities requested to be included in the Registration by all such selling Holders (including the Initiating Holder(s)); provided, however, that the number of Registrable Securities to be included in any such underwriting held by Holders shall not be reduced unless all other securities of the Fund, its Affiliates and PIMCO Amundi US Persons are first entirely excluded from the underwriting. Unless the prior written consent of the Majority Holders has been obtained, the number of the Registrable Securities included in any such underwriting shall not be reduced to less than ninety percent 90% of the number of the Registrable Securities requested to be included. Any Registrable Securities or other securities excluded from the underwriting by reason of this Section 3.3(c) shall be withdrawn from the Registration. To facilitate the allocation of shares in accordance with the foregoing, the Fund or the underwriters may round the number of shares allocated to any Holder to the nearest one share.

Marketing Limitation in Demand Registration. Notwithstanding any other provision of this Section 3, in the event the Underwriters’ ' Representative advises the Fund in writing that market factors (including including, without limitation, the aggregate number of RVMTP VMTP Shares requested to be Registered, the general condition of the market, and/or and the status of the Persons proposing to sell securities pursuant to the Registration) require a limitation of the number of shares to be underwritten, then the Fund shall so advise all Holders of Registrable Securities that would otherwise be underwritten pursuant hereto, and the number of shares of Registrable Securities that may be included in the Registration and underwriting shall be allocated among all Holders of such Registrable Securities on a pro rata basis based on the number of Registrable Securities requested to be included in the Registration by all such selling Holders (including the Initiating Holder(s)); provided, however, that the number of Registrable Securities to be included in any such underwriting held by Holders shall not be reduced unless all other securities of the Fund, its Affiliates and PIMCO BNYM Persons are first entirely excluded from the underwriting. Unless the prior written consent of the Majority Holders has been obtained, the number of the Registrable Securities included in any such underwriting shall not be reduced to less than 90% of the number of the Registrable Securities requested to be included. Any Registrable Securities or other securities excluded from the underwriting by reason of this Section 3.3(c) shall be withdrawn from the Registration. To facilitate the allocation of shares in accordance with the foregoing, the Fund or the underwriters may round the number of shares allocated to any Holder to the nearest one share.

Marketing Limitation in Demand Registration. Notwithstanding any other provision of this Section 3, in the event the Underwriters’ Representative advises the Fund in writing that market factors (including the aggregate number of RVMTP VMTP Shares requested to be Registered, the general condition of the market, and/or and the status of the Persons proposing to sell securities pursuant to the Registration) require a limitation of the number of shares to be underwritten, then the Fund shall so advise all Holders of Registrable Securities that would otherwise be underwritten pursuant hereto, and the number of shares of Registrable Securities that may be included in the Registration and underwriting shall be allocated among all Holders of such Registrable Securities on a pro rata basis based on the number of Registrable Securities requested to be included in the Registration by all such selling Holders (including the Initiating Holder(s)); provided, however, that the number of Registrable Securities to be included in any such underwriting held by Holders shall not be reduced unless all other securities of the Fund, its Affiliates and PIMCO Amundi Pioneer Persons are first entirely excluded from the underwriting. Unless the prior written consent of the Majority Holders has been obtained, the number of the Registrable Securities included in any such underwriting shall not be reduced to less than ninety percent 90% of the number of the Registrable Securities requested to be included. Any Registrable Securities or other securities excluded from the underwriting by reason of this Section 3.3(c) shall be withdrawn from the Registration. To facilitate the allocation of shares in accordance with the foregoing, the Fund or the underwriters may round the number of shares allocated to any Holder to the nearest one share.

Marketing Limitation in Demand Registration. Notwithstanding any other provision of this Section 32, in the event the Underwriters’ Representative advises the Fund Initiating Holders in writing that market marketing factors (including the aggregate number of RVMTP Shares requested to be Registered, the general condition of the market, and/or the status of the Persons proposing to sell securities pursuant to the Registration) require a limitation of the number of shares to be underwritten, then the Fund Company shall so advise all Holders of Registrable Securities that would otherwise be underwritten pursuant heretoHolders, and the number of shares of Registrable Securities that may be included in the Registration and underwriting shall be allocated among all Holders of such Registrable Securities on a pro rata basis based on the number of Registrable Securities requested to be included in the Registration held by all such selling Holders (including the Initiating Holder(s)); Holders) at the time of filing the Registration Statement provided, however, that the right of the underwriter(s) to exclude shares (including Registrable Securities) from the registration and underwriting as described in Section 2.1 shall be restricted so that (i) the number of Registrable Securities to be included in any such registration and underwriting held is not reduced to below thirty percent (30%) of the aggregate number of Registrable Securities for which inclusion has been requested by the Initiating Holders shall not be reduced unless in total; and (ii) all other securities that are not Registrable Securities, including, but not limited to, Ordinary Shares or all other shares that are not Registrable Securities and are held by any other person, including, without limitation, any person who is an employee, consultant, officer or director of the Fund, its Affiliates and PIMCO Persons are first entirely excluded from the underwriting. Unless the prior written consent Company (or any Subsidiary of the Majority Holders has been obtained, the number of the Company) shall first be excluded in entirety from such registration and underwriting before any Registrable Securities included in any such underwriting shall not be reduced to less than 90% of the number of the Registrable Securities requested to be included. Any Registrable Securities or other securities excluded from the underwriting by reason of this Section 3.3(c) shall be withdrawn from the Registration. To facilitate the allocation of shares in accordance with the foregoing, the Fund or the underwriters may round the number of shares allocated to any Holder to the nearest one shareare so excluded.

Marketing Limitation in Demand Registration. Notwithstanding any other provision of this Section 3, in the event the Underwriters’ Representative advises the Fund in writing that market factors (including including, without limitation, the aggregate number of RVMTP 2018 VMTP Shares requested to be Registered, the general condition of the market, and/or and the status of the Persons proposing to sell securities pursuant to the Registration) require a limitation of the number of shares to be underwritten, then the Fund shall so advise all Holders of Registrable Securities that would otherwise be underwritten pursuant hereto, and the number of shares of Registrable Securities that may be included in the Registration and underwriting shall be allocated among all Holders of such Registrable Securities on a pro rata basis based on the number of Registrable Securities requested to be included in the Registration by all such selling Holders (including the Initiating Holder(s)); provided, however, that the number of Registrable Securities to be included in any such underwriting held by Holders shall not be reduced unless all other securities of the Fund, its Affiliates and PIMCO AllianceBernstein Persons are first entirely excluded from the underwriting. Unless the prior written consent of the Majority Holders has been obtained, the number of the Registrable Securities included in any such underwriting shall not be reduced to less than 90% of the number of the Registrable Securities requested to be included. Any Registrable Securities or other securities excluded from the underwriting by reason of this Section 3.3(c) shall be withdrawn from the Registration. To facilitate the allocation of shares in accordance with the foregoing, the Fund or the underwriters may round the number of shares allocated to any Holder to the nearest one share.

Marketing Limitation in Demand Registration. Notwithstanding any other provision of this Section 3, in the event the Underwriters’ ' Representative advises the Fund in writing that market factors (including including, without limitation, the aggregate number of RVMTP 2019 VMTP Shares requested to be Registered, the general condition of the market, and/or and the status of the Persons proposing to sell securities pursuant to the Registration) require a limitation of the number of shares to be underwritten, then the Fund shall so advise all Holders of Registrable Securities that would otherwise be underwritten pursuant hereto, and the number of shares of Registrable Securities that may be included in the Registration and underwriting shall be allocated among all Holders of such Registrable Securities on a pro rata basis based on the number of Registrable Securities requested to be included in the Registration by all such selling Holders (including the Initiating Holder(s)); provided, however, that the number of Registrable Securities to be included in any such underwriting held by Holders shall not be reduced unless all other securities of the Fund, its Affiliates and PIMCO AllianceBernstein Persons are first entirely excluded from the underwriting. Unless the prior written consent of the Majority Holders has been obtained, the number of the Registrable Securities included in any such underwriting shall not be reduced to less than 90% of the number of the Registrable Securities requested to be included. Any Registrable Securities or other securities excluded from the underwriting by reason of this Section 3.3(c) shall be withdrawn from the Registration. To facilitate the allocation of shares in accordance with the foregoing, the Fund or the underwriters may round the number of shares allocated to any Holder to the nearest one share.

Marketing Limitation in Demand Registration. Notwithstanding any other provision of this Section 3, in In the event the Underwriters’ Underwriter's Representative advises the Fund Initiating Holders in writing that market factors (including including, without limitation, the aggregate number of RVMTP Shares shares of Common Stock requested to be Registered, the general condition of the market, and/or market and the status of the Persons persons proposing to sell securities pursuant to the Registration) require a limitation of the number of shares to be underwritten, then the Fund underwriter and the Company may limit the number of Registrable Securities to be included in the Registration and underwriting; provided, however, that no Registrable Securities shall be so excluded unless (i) first, the Common Stock (other than Registrable Securities) held by officers or employees of the Company, (ii) second, the securities other than Registrable Securities and (iii) third, the securities requested to be registered by the Company, shall be excluded from such Registration to the extent required by such limitation. If a limitation of the number of shares is still required, the Initiating Holders shall so advise all Holders of Registrable Securities that would otherwise be underwritten pursuant hereto, and the number of shares of Registrable Securities that may be included in the Registration and underwriting shall be allocated allocated, among all Holders of such Registrable Securities on a pro rata basis based on in proportion, as nearly as practicable, to the number respective amounts of Registrable Securities requested entitled to be included inclusion in such Registration held by such Holders at the time of filing the Registration by all such selling Holders (including the Initiating Holder(s))Statement; provided, however, that in the number case of a demand registration initiated by Safeco or Nortel pursuant to Section 7.1(b), no Registrable Securities to of the person initiating the Registration shall be included in any excluded from such underwriting Registration unless the securities held by Holders shall not be reduced unless all other securities of the Fund, its Affiliates and PIMCO Persons holders are first entirely excluded from to the underwritingextent required by such limitation. Unless the prior written consent of the Majority Holders has been obtained, the number of the Registrable Securities included in any such underwriting shall not be reduced to less than 90% of the number of the Registrable Securities requested to be included. Any No Registrable Securities or other securities excluded from the underwriting by reason of this Section 3.3(c) 7.5.4 shall be withdrawn from the Registration. To facilitate the allocation of shares included in accordance with the foregoing, the Fund or the underwriters may round the number of shares allocated to any Holder to the nearest one sharesuch Registration Statement."

Marketing Limitation in Demand Registration. Notwithstanding any other provision of this Section 3, in In the event the Underwriters’ Underwriter’s Representative advises the Fund Initiating Holders, the Initiating Series D Holders or the Series E Holders in writing that market factors (including including, without limitation, the aggregate number of RVMTP Shares shares of Common Stock requested to be Registered, the general condition of the market, and/or and the status of the Persons persons proposing to sell securities pursuant to the Registration) require a limitation of the number of shares to be underwritten, then (i) first the Fund securities other than Registrable Securities and (ii) next the securities requested to be registered by the Company, shall be excluded from such Registration to the extent required by such limitation. If a limitation of the number of shares is still required, the Initiating Holders, the Initiating Series D Holders or the Series E Holders shall so advise all Holders of Registrable Securities that would otherwise be underwritten pursuant hereto, and the number of shares of Registrable Securities that may be included in the Registration and underwriting shall be allocated among all Holders of such Registrable Securities on a pro rata basis based on in proportion, as nearly as practicable, to the number respective amounts of Registrable Securities requested entitled to be included inclusion in such Registration held by such Holders at the time of filing the Registration by all such selling Holders (including the Initiating Holder(s)); provided, however, that the number of Registrable Securities to be included in any such underwriting held by Holders shall not be reduced unless all other securities of the Fund, its Affiliates and PIMCO Persons are first entirely excluded from the underwritingStatement. Unless the prior written consent of the Majority Holders has been obtained, the number of the Registrable Securities included in any such underwriting shall not be reduced to less than 90% of the number of the Registrable Securities requested to be included. Any No Registrable Securities or other securities excluded from the underwriting by reason of this Section 3.3(c3.1.5(d) shall be withdrawn from the Registrationincluded in such Registration Statement. To facilitate the allocation of shares in accordance with the foregoingabove provisions, the Fund Company or the underwriters Underwriter’s Representative may round the number of shares allocated to any Holder to the nearest one sharehundred (100) shares. To the extent more than twenty-five percent (25%) of the Registrable Securities so requested to be registered by the Holders participating in the registration in question are excluded from an offering under this Section 3.1.5(d) (a “Reload Event”), then the Initiating Holders, the Initiating Series D Holders or the Initiating Series E Holders, as the case may be, shall have the right to one additional demand registration under Section 3.1 upon the occurrence of each Reload Event.

Marketing Limitation in Demand Registration. Notwithstanding any other provision of this Section 3, in the event the Underwriters’ Representative advises the Fund in writing that market factors (including including, without limitation, the aggregate number of RVMTP Shares requested to be Registered, the general condition of the market, and/or the status of the Persons proposing to sell securities pursuant to the Registration) require a limitation of the number of shares to be underwritten, then the Fund shall so advise all Holders of Registrable Securities that would otherwise be underwritten pursuant hereto, and the number of shares of Registrable Securities that may be included in the Registration and underwriting shall be allocated among all Holders of such Registrable Securities on a pro rata basis based on the number of Registrable Securities requested to be included in the Registration by all such selling Holders (including the Initiating Holder(s)); provided, however, that the number of Registrable Securities to be included in any such underwriting held by Holders shall not be reduced unless all other securities of the Fund, its Affiliates and PIMCO Persons are first entirely excluded from the underwriting. Unless the prior written consent of the Majority Holders has been obtained, the number of the Registrable Securities included in any such underwriting shall not be reduced to less than 90% of the number of the Registrable Securities requested to be included. Any Registrable Securities or other securities excluded from the underwriting by reason of this Section 3.3(c) shall be withdrawn from the Registration. To facilitate the allocation of shares in accordance with the foregoing, the Fund or the underwriters may round the number of shares allocated to any Holder to the nearest one share.

Marketing Limitation in Demand Registration. Notwithstanding any other provision of this Section 3, in the event the Underwriters’ Representative advises the Fund in writing that market factors (including the aggregate number of RVMTP VMTP Shares requested to be Registeredregistered, the general condition of the market, and/or and the status of the Persons proposing to sell securities pursuant to the Registration) require a limitation of the number of shares to be underwritten, then the Fund shall so advise all Holders of Registrable Securities that would otherwise be underwritten pursuant hereto, and the number of shares of Registrable Securities that may be included in the Registration and underwriting shall be allocated among all Holders of such Registrable Securities on a pro rata basis based on the number of Registrable Securities requested to be included in the Registration by all such selling Holders (including the Initiating Holder(s)); provided, however, that the number of Registrable Securities to be included in any such underwriting held by Holders shall not be reduced unless all other securities of the Fund, its Affiliates and PIMCO Nuveen Persons are first entirely excluded from the underwriting. Unless the prior written consent of the Majority Holders has been obtained, the number of the Registrable Securities included in any such underwriting shall not be reduced to less than ninety percent (90% %) of the number of the Registrable Securities requested to be included. Any Registrable Securities or other securities excluded from the underwriting by reason of this Section 3.3(c) shall be withdrawn from the Registration. To facilitate the allocation of shares in accordance with the foregoing, the Fund or the underwriters may round the number of shares allocated to any Holder to the nearest one share.

Marketing Limitation in Demand Registration. Notwithstanding any other provision of this Section 32, in the event the Underwriters’ Representative advises the Fund Company in writing that market factors (including including, without limitation, the aggregate number of RVMTP shares of Ordinary Shares requested to be Registered, the general condition of the market, and/or and the status of the Persons proposing to sell securities pursuant to the Registration) require a limitation of the number of shares to be underwritten, then the Fund Company shall so advise all Holders of Registrable Securities that would otherwise be underwritten pursuant heretoShareholders proposing to distribute their securities through the underwriting, and the number of shares of Registrable Securities that may be included in the Registration and underwriting shall be allocated among all Holders of such Registrable Securities in proportion on a pro rata basis based on an as-converted basis, as nearly as practicable, to the number respective amounts of Registrable Securities requested entitled to be included inclusion in that Registration held by those Holders at the time of filing the Registration by all such selling Holders (including the Initiating Holder(s)); Statement, provided, however, that the number of shares of Registrable Securities to be included in any such underwriting held by Holders shall not be reduced unless all other securities of the Fund, its Affiliates and PIMCO Persons Company are first entirely excluded from the underwriting. Unless the prior written consent of the Majority Holders has been obtained, In no event shall the number of the Registrable Securities included in any such underwriting shall not be reduced to less than 9030% of the number numbers of the Registrable Securities requested to be included. Any No Registrable Securities or other securities excluded from the underwriting by reason of this Section 3.3(c2.5(d) shall be withdrawn from the Registrationincluded in that Registration Statement. To facilitate the allocation of shares in accordance with the foregoing, the Fund Company or the underwriters may round the number of shares allocated to any Holder to the nearest one share100 shares.

Marketing Limitation in Demand Registration. (i) Notwithstanding any other provision of anything in this Section 37 to the contrary, in the event if the Underwriters’ ' Representative advises the Fund Series A Initiating Holders in writing that market marketing factors (including including, without limitation, the aggregate number of RVMTP Ordinary Shares requested to be Registered, the general condition of the market, and/or and the status of the Persons persons proposing to sell securities pursuant to the Registration) require a limitation of the number of shares to be underwritten, then the Fund Series A Initiating Holders shall so advise all Holders of Series A Registrable Securities that which would otherwise be underwritten pursuant hereto, and the number of shares of Series A Registrable Securities that may be included in the Registration and underwriting shall be allocated among all Holders thereof in proportion, as nearly as practicable, to the respective amounts of such Series A Registrable Securities on a pro rata basis based on entitled to inclusion in that Registration held by such Holders of the number of Series A Registrable Securities requested to be included in at the time of filing the Registration by all such selling Holders (including the Initiating Holder(s))Statement; provided, however, provided that the number of Registrable Securities to securities described in Section 7.5(b)(i) shall first be included in any such underwriting held by Holders shall not be reduced unless all other securities of the Fund, its Affiliates and PIMCO Persons are first entirely excluded from the underwriting. Unless the prior written consent of the Majority Holders has been obtainedsuch Registration, the number of the Registrable Securities included in any such underwriting shall not be reduced to less than 90% of the number and that at least twenty-five percent (25%) of the Registrable Securities requested by the Series A Initiating Holders to be included in such Registration and underwriting shall be so included. Any No Series A Registrable Securities or other securities excluded from the underwriting by reason of this Section 3.3(c7.5(c)(i) shall be withdrawn from the Registrationincluded in such Registration Statement. To facilitate the allocation of shares in accordance with the foregoingabove provisions, the Fund or Company and the underwriters Underwriters' Representative may round the number of shares allocated to any Holder of the Series A Registrable Securities to the nearest one sharehundred (100) shares.

Marketing Limitation in Demand Registration. Notwithstanding any other provision of this Section 3, in the event the Underwriters’ Representative advises the Fund in writing that market factors (including the aggregate number of RVMTP VMTP Shares requested to be Registered, the general condition of the market, and/or and the status of the Persons proposing to sell securities pursuant to the Registration) require a limitation of the number of shares to be underwritten, then the Fund shall so advise all Holders of Registrable Securities that would otherwise be underwritten pursuant hereto, and the number of shares of Registrable Securities that may be included in the Registration and underwriting shall be allocated among all Holders of such Registrable Securities on a pro rata basis based on the number of Registrable Securities requested to be included in the Registration by all such selling Holders (including the Initiating Holder(s)); provided, however, that the number of Registrable Securities to be included in any such underwriting held by Holders shall not be reduced unless all other securities of the Fund, its Affiliates and PIMCO Cutwater Persons are first entirely excluded from the underwriting. Unless the prior written consent of the Majority Holders has been obtained, the number of the Registrable Securities included in any such underwriting shall not be reduced to less than ninety percent (90% %) of the number of the Registrable Securities requested to be included. Any Registrable Securities or other securities excluded from the underwriting by reason of this Section 3.3(c) shall be withdrawn from the Registration. To facilitate the allocation of shares in accordance with the foregoing, the Fund or the underwriters may round the number of shares allocated to any Holder to the nearest one share.

Marketing Limitation in Demand Registration. Notwithstanding any other provision of this Section 3, in the event the Underwriters’ Representative advises the Fund in writing that market factors (including including, without limitation, the aggregate number of RVMTP VMTP Shares requested to be Registered, the general condition of the market, and/or and the status of the Persons proposing to sell securities pursuant to the Registration) require a limitation of the number of shares to be underwritten, then the Fund shall so advise all Holders of Registrable Securities that would otherwise be underwritten pursuant hereto, and the number of shares of Registrable Securities that may be included in the Registration and underwriting shall be allocated among all Holders of such Registrable Securities on a pro rata basis based on the number of Registrable Securities requested to be included in the Registration by all such selling Holders (including the Initiating Holder(s)); provided, however, that the number of Registrable Securities to be included in any such underwriting held by Holders shall not be reduced unless all other securities of the Fund, its Affiliates and PIMCO BNYM Persons are first entirely excluded from the underwriting. Unless the prior written consent of the Majority Holders has been obtained, the number of the Registrable Securities included in any such underwriting shall not be reduced to less than 90% of the number of the Registrable Securities requested to be included. Any Registrable Securities or other securities excluded from the underwriting by reason of this Section 3.3(c) shall be withdrawn from the Registration. To facilitate the allocation of shares in accordance with the foregoing, the Fund or the underwriters may round the number of shares allocated to any Holder to the nearest one share.

Marketing Limitation in Demand Registration. Notwithstanding any other provision of this Section 3, in the event the Underwriters’ Representative advises the Fund in writing that market factors (including including, without limitation, the aggregate number of RVMTP VMTP Shares requested to be Registered, the general condition of the market, and/or and the status of the Persons proposing to sell securities pursuant to the Registration) require a limitation of the number of shares to be underwritten, then the Fund shall so advise all Holders of Registrable Securities that would otherwise be underwritten pursuant hereto, and the number of shares of Registrable Securities that may be included in the Registration and underwriting shall be allocated among all Holders of such Registrable Securities on a pro rata basis based on the number of Registrable Securities requested to be included in the Registration by all such selling Holders (including the Initiating Holder(s)Holders); provided, however, that the number of Registrable Securities to be included in any such underwriting held by Holders shall not be reduced unless all other securities of the Fund, its Affiliates and PIMCO Nuveen Persons are first entirely excluded from the underwriting. Unless the prior written consent of the Majority Holders has been obtained, the number of the Registrable Securities included in any such underwriting shall not be reduced to less than 90% of the number of the Registrable Securities requested to be included. Any Registrable Securities or other securities excluded from the underwriting by reason of this Section 3.3(c) shall be withdrawn from the Registration. To facilitate the allocation of shares in accordance with the foregoing, the Fund or the underwriters may round the number of shares allocated to any Holder to the nearest one share.

Marketing Limitation in Demand Registration. Notwithstanding any other provision of this Section 3, in the event the Underwriters’ ' Representative advises the Fund in writing that market factors (including including, without limitation, the aggregate number of RVMTP 2019 VMTP Shares requested to be Registered, the general condition of the market, and/or and the status of the Persons proposing to sell securities pursuant to the Registration) require a limitation of the number of shares to be underwritten, then the Fund shall so advise all Holders of Registrable Securities that would otherwise be underwritten pursuant hereto, and the number of shares of Registrable Securities that may be included in the Registration and underwriting shall be allocated among all Holders of such Registrable Securities on a pro rata basis based on the number of Registrable Securities requested to be included in the Registration by all such selling Holders (including the Initiating Holder(s)); provided, however, that the number of Registrable Securities to be included in any such underwriting held by Holders shall not be reduced unless all other securities of the Fund, its Affiliates and PIMCO Federated Persons are first entirely excluded from the underwriting. Unless the prior written consent of the Majority Holders has been obtained, the number of the Registrable Securities included in any such underwriting shall not be reduced to less than 90% of the number of the Registrable Securities requested to be included. Any Registrable Securities or other securities excluded from the underwriting by reason of this Section 3.3(c) shall be withdrawn from the Registration. To facilitate the allocation of shares in accordance with the foregoing, the Fund or the underwriters may round the number of shares allocated to any Holder to the nearest one share.

Marketing Limitation in Demand Registration. Notwithstanding any other provision of anything in this Section 37 to the contrary, in the event if the Underwriters’ ' Representative advises the Fund Initiating Holders in writing that market marketing factors (including including, without limitation, the aggregate number of RVMTP Ordinary Shares requested to be Registered, the general condition of the market, and/or and the status of the Persons persons proposing to sell securities pursuant to the Registration) require a limitation of the number of shares to be underwritten, then the Fund Initiating Holders shall so advise all Holders of Registrable Securities that which would otherwise be underwritten pursuant hereto, and the number of shares of Registrable Securities that may be included in the Registration and underwriting shall be allocated among all Holders of such Registrable Securities on a pro rata basis based on thereof in proportion, as nearly as practicable, to the number respective amounts of Registrable Securities requested entitled to be included inclusion in that Registration held by such Holders at the time of filing the Registration by all such selling Holders (including the Initiating Holder(s))Statement; provided, however, provided that the number of Registrable Securities to securities described in Section 7.5(b) shall first be included in any such underwriting held by Holders shall not be reduced unless all other securities of the Fund, its Affiliates and PIMCO Persons are first entirely excluded from the underwriting. Unless the prior written consent of the Majority Holders has been obtainedsuch Registration, the number of the Registrable Securities included in any such underwriting shall not be reduced to less than 90% of the number and that at least twenty-five percent (25%) of the Registrable Securities requested by the Initiating Holders to be included in such Registration and underwriting shall be so included. Any No Registrable Securities or other securities excluded from the underwriting by reason of this Section 3.3(c7.5(d) shall be withdrawn from the Registrationincluded in such Registration Statement. To facilitate the allocation of shares in accordance with the foregoingabove provisions, the Fund or Company and the underwriters Underwriters' Representative may round the number of shares allocated to any Holder to the nearest one sharehundred (100) shares.

Marketing Limitation in Demand Registration. Notwithstanding any other provision of this Section 3, in the event the Underwriters’ ' Representative advises the Fund in writing that market factors (including including, without limitation, the aggregate number of RVMTP VMTP Shares requested to be Registered, the general condition of the market, and/or the status of the Persons proposing to sell securities pursuant to the Registration) require a limitation of the number of shares to be underwritten, then the Fund shall so advise all Holders of Registrable Securities that would otherwise be underwritten pursuant hereto, and the number of shares of Registrable Securities that may be included in the Registration and underwriting shall be allocated among all Holders of such Registrable Securities on a pro rata basis based on the number of Registrable Securities requested to be included in the Registration by all such selling Holders (including the Initiating Holder(s)); provided, however, that the number of Registrable Securities to be included in any such underwriting held by Holders shall not be reduced unless all other securities of the Fund, its Affiliates and PIMCO Persons are first entirely excluded from the underwriting. Unless the prior written consent of the Majority Holders has been obtained, the number of the Registrable Securities included in any such underwriting shall not be reduced to less than 90% of the number of the Registrable Securities requested to be included. Any Registrable Securities or other securities excluded from the underwriting by reason of this Section 3.3(c) shall be withdrawn from the Registration. To facilitate the allocation of shares in accordance with the foregoing, the Fund or the underwriters may round the number of shares allocated to any Holder to the nearest one share.

Marketing Limitation in Demand Registration. Notwithstanding any other provision of this Section 3, in In the event the Underwriters’ Underwriter's Representative advises the Fund Initiating Holders or Significant Holder, as the case may be, in writing that market factors (including including, without limitation, the aggregate number of RVMTP Shares shares of Common Stock requested to be Registered, the general condition of the market, and/or and the status of the Persons persons proposing to sell securities pursuant to the Registration) require a limitation of the number of shares to be underwritten, then the Fund securities proposed by any member of Key Management to be sold for his/her own account shall so advise be reduced (including the elimination of all Holders such securities from the Registration, if necessary) such that such Registration does not exceed the Underwriter's Representative's limit. If after reducing the number of Registrable Securities that would otherwise securities proposed by any member of Key Management to be underwritten pursuant heretosold for his/her own account to zero, and it is necessary to further limit the number of shares to be underwritten, the limitation on the remaining securities proposed for Registration (including securities proposed by the Company to be sold for its own account or for the accounts of Registrable Securities that may be included in others at the Registration and underwriting Company's request) shall be allocated among all Holders of such Registrable Securities applied on a pro rata basis based on upon the number of Registrable Securities shares of such securities proposed to be sold and so requested to be included in the Registration by all so that such selling Holders (including Registration does not exceed the Initiating Holder(s)); provided, however, that the number of Registrable Securities to be included in any such underwriting held by Holders shall not be reduced unless all other securities of the Fund, its Affiliates and PIMCO Persons are first entirely excluded from the underwritingUnderwriter's Representative's limit. Unless the prior written consent of the Majority Holders has been obtained, the number of the Registrable Securities included in any such underwriting shall not be reduced to less than 90% of the number of the Registrable Securities requested to be included. Any No Registrable Securities or other securities excluded from the underwriting by reason of this Section 3.3(c2.1(e)(iii) shall be withdrawn from the Registration. To facilitate the allocation of shares included in accordance with the foregoing, the Fund or the underwriters may round the number of shares allocated to any Holder to the nearest one sharesuch Registration Statement."