Common use of NOTICE OF SPECIAL RATE PERIOD Clause in Contracts

NOTICE OF SPECIAL RATE PERIOD. No later than 11:00 A.M., New York City time, on the second Business Day next preceding the first day of any proposed Special Rate Period of shares of a series of Municipal Preferred as to which notice has been given as set forth in subparagraph (c) of this paragraph 4 (or such later time or date, or both, as may be agreed to by the Auction Agent), the Trust shall deliver to the Auction Agent either: (i) a notice ("Notice of Special Rate Period") stating (A) that the Trust has determined to designate the next succeeding Rate Period of shares of such series as a Special Rate Period, specifying the same and the first day thereof, (B) the Auction Date immediately prior to the first day of such Special Rate Period, (C) that such Special Rate Period shall not commence if (1) an Auction for shares of such series shall not be held on such Auction Date for any reason or (2) an Auction for shares of such series shall be held on such Auction Date but Sufficient Clearing Bids for shares of such series shall not exist in such Auction, (D) the scheduled Dividend Payment Dates for shares of such series during such Special Rate Period and (E) the Special Redemption Provisions, if any, applicable to shares of such series in respect of such Special Rate Period; such notice to be accompanied by a Municipal Preferred Basic Maintenance Report showing that, as of the third Business Day next preceding such proposed Special Rate Period, Moody's Eligible Assets (if Moodx'x xx then rating such series) and S&P Eligible Assets (if S&P is then rating such series) each have an aggregate Discounted Value at least equal to the Municipal Preferred Basic Maintenance Amount as of such Business Day (assuming for purposes of the foregoing calculation that (a) the Maximum Rate is the Maximum Rate on such Business Day as if such Business Day were the Auction Date for the proposed Special Rate Period, and (b) the Moody's Discount Factors applicable to Moody's Eligible Assets are determined by reference to the first Exposure Period longer than the Exposure Period then applicable to the Trust, as described in the definition of Moody's Discount Factor herein); or (ii) a notice stating that the Trust has determined not to exercise its option to designate a Special Rate Period of shares of such series and that the next succeeding Rate Period of shares of such series shall be a Minimum Rate Period.

NOTICE OF SPECIAL RATE PERIOD. No later than 11:00 A.M., New York City Eastern time, on the second Business Day next preceding the first day of any proposed Special Rate Period of shares of a series of Municipal Preferred Shares as to which notice has been given as set forth in subparagraph paragraph (c) of this paragraph Section 4 (or such later time or date, or both, as may be agreed to determined by the Trust with appropriate consultation with the Auction AgentAgent and Broker-Dealers), the Trust shall deliver to the Auction Agent either: (i) a notice ("Notice of Special Rate Period") stating (A) that the Trust has determined to designate the next succeeding Rate Period of shares of such series the Series as a Special Rate Period, specifying the same and the first day thereof, (B) the Auction Date immediately prior to the first day of such Special Rate Period, (C) that such Special Rate Period shall not commence if (1) an Auction for shares of such series the Series shall not be held on such Auction Date for any reason or (2) an Auction for shares of such series the Series shall be held on such Auction Date but Sufficient Clearing Bids for shares of such series the Series shall not exist in such AuctionAuction (other than because all Outstanding shares of the Series are subject to Submitted Hold Orders), (D) the scheduled Dividend Distribution Payment Dates for shares of such series the Series during such Special Rate Period and (E) the Special Redemption Provisions, if any, applicable to shares of such series the Series in respect of such Special Rate Period; , such notice to be accompanied by a Municipal Preferred Shares Basic Maintenance Report showing that, as of the third Business Day next preceding such proposed Special Rate Period, Moody's Xxxxx'x Eligible Assets (if Moodx'x xx Xxxxx'x is then rating such seriesthe series in question) and S&P Fitch Eligible Assets (if S&P Fitch is then rating such seriesthe series in question) each have an aggregate Discounted Value at least equal to the Municipal Preferred Shares Basic Maintenance Amount as of such Business Day (assuming for purposes of the foregoing calculation that (a) the Maximum Rate is the Maximum Rate on such Business Day as if such Business Day were the Auction Date for the proposed Special Rate Period, and (b) if applicable, the Moody's Discount Factors applicable to Moody's Eligible Assets and the Fitch Discount Factors applicable to Fitch Eligible Assets are determined by reference to the first Exposure Period longer than the Exposure Period then applicable to the Trust, as described in the definition definitions of Moody's Discount Factor and Fitch Discount Factor herein); or (ii) a notice stating that the Trust has determined not to exercise its option to designate a Special Rate Period of shares of such series the Series and that the next succeeding Rate Period of shares of such series the Series shall be a Minimum Rate Period.

NOTICE OF SPECIAL RATE PERIOD. No later than 11:00 A.M., New York City Eastern time, on the second Business Day next preceding the first day of any proposed Special Rate Period of shares of a series of Municipal Preferred Shares as to which notice has been given as set forth in subparagraph paragraph (c) of this paragraph Section 4 (or such later time or date, or both, as may be agreed to determined by the Trust with appropriate consultation with the Auction AgentAgent and Broker-Dealers), the Trust shall deliver to the Auction Agent either: (i) a notice ("Notice of Special Rate Period") stating (A) that the Trust has determined to designate the next succeeding Rate Period of shares of such series the Series as a Special Rate Period, specifying the same and the first day thereof, (B) the Auction Date immediately prior to the first day of such Special Rate Period, (C) that such Special Rate Period shall not commence if (1) an Auction for shares of such series the Series shall not be held on such Auction Date for any reason or (2) an Auction for shares of such series the Series shall be held on such Auction Date but Sufficient Clearing Bids for shares of such series the Series shall not exist in such AuctionAuction (other than because all Outstanding shares of the Series are subject to Submitted Hold Orders), (D) the scheduled Dividend Distribution Payment Dates for shares of such series the Series 41 during such Special Rate Period and (E) the Special Redemption Provisions, if any, applicable to shares of such series the Series in respect of such Special Rate Period; , such notice to be accompanied by a Municipal Preferred Shares Basic Maintenance Report showing that, as of the third Business Day next preceding such proposed Special Rate Period, Moody's Eligible Assets (if Moodx'x xx Xxxxx'x is then rating such seriesthe series in question) and S&P Fitch Eligible Assets (if S&P Fitch is then rating such seriesthe series in question) each have an aggregate Discounted Value at least equal to the Municipal Preferred Shares Basic Maintenance Amount as of such Business Day (assuming for purposes of the foregoing calculation that (a) the Maximum Rate is the Maximum Rate on such Business Day as if such Business Day were the Auction Date for the proposed Special Rate Period, and (b) if applicable, the Moody's Discount Factors applicable to Moody's Eligible Assets and the Fitch Discount Factors applicable to Fitch Eligible Assets are determined by reference to the first Exposure Period longer than the Exposure Period then applicable to the Trust, as described in the definition definitions of Moody's Discount Factor and Fitch Discount Factor herein); or (ii) a notice stating that the Trust has determined not to exercise its option to designate a Special Rate Period of shares of such series the Series and that the next succeeding Rate Period of shares of such series the Series shall be a Minimum Rate Period.

NOTICE OF SPECIAL RATE PERIOD. No later than 11:00 A.M., New York City Eastern time, on the second Business Day next preceding the first day of any proposed Special Rate Period of shares of a series of Municipal Preferred Shares as to which notice has been given as set forth in subparagraph paragraph (c) of this paragraph Section 4 (or such later time or date, or both, as may be agreed to determined by the Trust with appropriate consultation with the Auction AgentAgent and Broker-Dealers), the Trust shall deliver to the Auction Agent either: (i) a notice ("Notice of Special Rate Period") stating (A) that the Trust has determined to designate the next succeeding Rate Period of shares of such series the Series as a Special Rate Period, specifying the same and the first day thereof, (B) the Auction Date immediately prior to the first day of such Special Rate Period, (C) that such Special Rate Period shall not commence if (1) an Auction for shares of such series the Series shall not be held on such Auction Date for any reason or (2) an Auction for shares of such series the Series shall be held on such Auction Date but Sufficient Clearing Bids for shares of such series the Series shall not exist in such AuctionAuction (other than because all Outstanding shares of the Series are subject to Submitted Hold Orders), (D) the scheduled Dividend Distribution Payment Dates for shares of such series the Series during such Special Rate Period and (E) the Special Redemption Provisions, if any, applicable to shares of such series the Series in respect of such Special Rate Period; , such notice to be accompanied by a Municipal Preferred Shares Basic Maintenance Report showing that, as of the third Business Day next preceding such proposed Special Rate Period, Moody's Eligible Assets (if Moodx'x xx Moody's is then rating such seriesthe series in question) and S&P Fitch Eligible Assets (if S&P Fitch is then rating such seriesthe series in question) each have an aggregate Discounted Value at least equal to the Municipal Preferred Shares Basic Maintenance Amount as of such Business Day (assuming for purposes of the foregoing calculation that (a) the Maximum Rate is the Maximum Rate on such Business Day as if such Business Day were the Auction Date for the proposed Special Rate Period, and (b) if applicable, the Moody's Discount Factors applicable to Moody's Eligible Assets and the Fitch Discount Factors applicable to Fitch Eligible Assets are determined by reference to the first Exposure Period longer than the Exposure Period then applicable to the Trust, as described in the definition definitions of Moody's Discount Factor and Fitch Discount Factor herein); or (ii) a notice stating that the Trust has determined not to exercise its option to designate a Special Rate Period of shares of such series the Series and that the next succeeding Rate Period of shares of such series the Series shall be a Minimum Rate Period.

NOTICE OF SPECIAL RATE PERIOD. No later than 11:00 A.M., New York City time, on the second Business Day next preceding the first day of any proposed Special Rate Period of shares of a series of Municipal Preferred MuniPreferred as to which notice has been given as set forth in subparagraph paragraph (c) of this paragraph Section 4 (or such later time or date, or both, as may be agreed to by the Auction Agent), the Trust Fund shall deliver to the Auction Agent either: (i) a notice ("“Notice of Special Rate Period"”) stating (A) that the Trust Fund has determined to designate the next succeeding Rate Period of shares of such series as a Special Rate Period, specifying the same and the first day thereof, (B) the Auction Date immediately prior to the first day of such Special Rate Period, (C) that such Special Rate Period shall not commence if (1) an Auction for shares of such series shall not be held on such Auction Date for any reason or (2) an Auction for shares of such series shall be held on such Auction Date but Sufficient Clearing Bids for shares of such series shall not exist in such Auction, (D) the scheduled Dividend Payment Dates for shares of such series during such Special Rate Period and (E) the Special Redemption Provisions, if any, applicable to shares of such series in respect of such Special Rate Period; , such notice to be accompanied by a Municipal Preferred MuniPreferred Basic Maintenance Report showing that, as of the third Business Day next preceding such proposed Special Rate Period, Moody's ’s Eligible Assets (if Moodx'x xx Xxxxx’x is then rating such series) and S&P Eligible Assets (if S&P is then rating such series) each have an aggregate Discounted Value at least equal to the Municipal Preferred MuniPreferred Basic Maintenance Amount as of such Business Day (assuming for purposes of the foregoing calculation that (a) the Maximum Rate is the Maximum Rate on such Business Day as if such Business Day were the Auction Date for the proposed Special Rate Period, and (b) the Moody's ’s Discount Factors applicable to Moody's ’s Eligible Assets are determined by reference to the first Exposure Period longer than the Exposure Period then applicable to the TrustFund, as described in the definition of Moody's ’s Discount Factor herein); or (ii) a notice stating that the Trust Fund has determined not to exercise its option to designate a Special Rate Period of shares of such series and that the next succeeding Rate Period of shares of such series shall be a Minimum Rate Period.

NOTICE OF SPECIAL RATE PERIOD. No later than 11:00 A.M., New York City Eastern time, on the second Business Day next preceding the first day of any proposed Special Rate Period of shares of a series of Municipal Preferred Series as to which notice has been given as set forth in subparagraph paragraph (c) of this paragraph Section 4 (or such later time or date, or both, as may be agreed to determined by the Trust with appropriate consultation with the Auction AgentAgent and Broker-Dealers), the Trust shall deliver to the Auction Agent either: (i) a notice ("“Notice of Special Rate Period"”) stating (A) that the Trust has determined to designate the next succeeding Rate Period of shares of such series Series as a Special Rate Period, specifying the same and the first day thereof, (B) the Auction Date immediately prior to the first day of such Special Rate Period, (C) that such Special Rate Period shall not commence if (1) an Auction for shares of such series Series shall not be held on such Auction Date for any reason or (2) an Auction for shares of such series Series shall be held on such Auction Date but Sufficient Clearing Bids for shares of such series Series shall not exist in such AuctionAuction (other than because all Outstanding shares of such Series are subject to Submitted Hold Orders), (D) the scheduled Dividend Distribution Payment Dates for shares of such series Series during such Special Rate Period and (E) the Special Redemption Provisions, if any, applicable to shares of such series Series in respect of such Special Rate Period; , such notice to be accompanied by a Municipal Preferred Shares Basic Maintenance Report showing that, as of the third Business Day next preceding such proposed Special Rate Period, Moody's ’s Eligible Assets (if Moodx'x xx Xxxxx’x is then rating such seriesthe Series in question) and S&P Fitch Eligible Assets (if S&P Fitch is then rating such seriesthe Series in question) each have an aggregate Discounted Value at least equal to the Municipal Preferred Shares Basic Maintenance Amount as of such Business Day (assuming for purposes of the foregoing calculation that (a) the Maximum Rate is the Maximum Rate on such Business Day as if such Business Day were the Auction Date for the proposed Special Rate Period, and (b) if applicable, the Moody's ’s Discount Factors applicable to Moody's ’s Eligible Assets and the Fitch Discount Factors applicable to Fitch Eligible Assets are determined by reference to the first Exposure Period longer than the Exposure Period then applicable to the Trust, as described in the definition definitions of Moody's ’s Discount Factor and Fitch Discount Factor herein); or (ii) a notice stating that the Trust has determined not to exercise its option to designate a Special Rate Period of shares of such series Series and that the next succeeding Rate Period of shares of such series Series shall be a Minimum Rate Period.

NOTICE OF SPECIAL RATE PERIOD. No later than 11:00 A.M., New York City time, on the second Business Day next preceding the first day of any proposed Special Rate Period of shares of a series of Municipal Preferred as to which notice has been given as set forth in subparagraph (c) of this paragraph 4 (or such later time or date, or both, as may be agreed to by the Auction Agent), the Trust shall deliver to the Auction Agent either: (i) a notice ("Notice of Special Rate Period") stating (A) that the Trust has determined to designate the next succeeding Rate Period of shares of such series as a Special Rate Period, specifying the same and the first day thereof, (B) the Auction Date immediately prior to the first day of such Special Rate Period, (C) that such Special Rate Period shall not commence if (1) an Auction for shares of such series shall not be held on such Auction Date for any reason or (2) an Auction for shares of such series shall be held on such Auction Date but Sufficient Clearing Bids for shares of such series shall not exist in such Auction, (D) the scheduled Dividend Payment Dates for shares of such series during such Special Rate Period and (E) the Special Redemption Provisions, if any, applicable to shares of such series in respect of such Special Rate Period; such notice to be accompanied by a Municipal Preferred Basic Maintenance Report showing that, as of the third Business Day next preceding such proposed Special Rate Period, Moody's Eligible Assets (if Moodx'x xx Mxxxx'x is then rating such series) and S&P Eligible Assets (if S&P is then rating such series) each have an aggregate Discounted Value at least equal to the Municipal Preferred Basic Maintenance Amount as of such Business Day (assuming for purposes of the foregoing calculation that (a) the Maximum Rate is the Maximum Rate on such Business Day as if such Business Day were the Auction Date for the proposed Special Rate Period, and (b) the Moody's Discount Factors applicable to Moody's Eligible Assets are determined by reference to the first Exposure Period longer than the Exposure Period then applicable to the Trust, as described in the definition of Moody's Discount Factor herein); or (ii) a notice stating that the Trust has determined not to exercise its option to designate a Special Rate Period of shares of such series and that the next succeeding Rate Period of shares of such series shall be a Minimum Rate Period.

NOTICE OF SPECIAL RATE PERIOD. No later than 11:00 A.M., New York City Eastern time, on the second Business Day next preceding the first day of any proposed Special Rate Period of shares of a series of Municipal Preferred Shares as to which notice has been given as set forth in subparagraph paragraph (c) of this paragraph Section 4 (or such later time or date, or both, as may be agreed to determined by the Trust with appropriate consultation with the Auction AgentAgent and Broker-Dealers), the Trust shall deliver to the Auction Agent either: (i) a notice ("Notice of Special Rate Period") stating (A) that the Trust has determined to designate the next succeeding Rate Period of shares of such series the Series as a Special Rate Period, specifying the same and the first day thereof, (B) the Auction Date immediately prior to the first day of such Special Rate Period, (C) that such Special Rate Period shall not commence if (1) an Auction for shares of such series the Series shall not be held on such Auction Date for any reason or (2) an Auction for shares of such series the Series shall be held on such Auction Date but Sufficient Clearing Bids for shares of such series the Series shall not exist in such AuctionAuction (other than because all Outstanding shares of the Series are subject to Submitted Hold Orders), (D) the scheduled Dividend Distribution Payment Dates for shares of such series the Series during such Special Rate Period and (E) the Special Redemption Provisions, if any, applicable to shares of such series the Series in respect of such Special Rate Period; , such notice to be accompanied by a Municipal Preferred Shares Basic Maintenance Report showing that, as of the third Business Day next preceding such proposed Special Rate Period, Moody's Eligible Assets (if Moodx'x xx Xxxxx'x is then rating such seriesthe series in question) and S&P Fitch Eligible Assets (if S&P Fitch is then rating such seriesthe series in question) each have an aggregate Discounted Value at least equal to the Municipal Preferred Shares Basic Maintenance Amount as of such Business Day (assuming for purposes of the foregoing calculation that (a) the Maximum Rate is the Maximum Rate on such Business Day as if such Business Day were the Auction Date for the proposed Special Rate Period, and (b) if applicable, the Moody's Discount Factors applicable to Moody's Eligible Assets and the Fitch Discount Factors applicable to Fitch Eligible Assets are determined by reference to the first Exposure Period longer than the Exposure Period then applicable to the Trust, as described in the definition definitions of Moody's Discount Factor and Fitch Discount Factor herein); or (ii) a notice stating that the Trust has determined not to exercise its option to designate a Special Rate Period of shares of such series the Series and that the next succeeding Rate Period of shares of such series the Series shall be a Minimum Rate Period.