Preparation for Each Auction. (a) Not later than 9:30 A.M. on each Auction Date for both series of Preferred Shares, the Auction Agent shall advise BD by telephone of the Maximum Applicable Rate in effect on such Auction Date as determined from the higher of the 30- day "AA" Composite Commercial Paper Rate and the Taxable Equivalent of the Short- Term Municipal Bond Rate (except in the case of a Special Dividend Period in which case the Maximum Applicable Rate shall be determined from the higher of the Special Dividend Period Reference Rate and the Taxable Equivalent of the Short-Term Municipal Bond Rate.
Appears in 5 contracts
Samples: Broker Dealer Agreement (Blackrock Insured Municipal 2008 Term Trust Inc), Broker Dealer Agreement (Blackrock Investment Quality Municipal Trust Inc), Broker Dealer Agreement (Blackrock Insured Municipal Term Trust Inc)
Preparation for Each Auction. (a) Not later than 9:30 A.M. on each Auction Date for both series of Preferred Shares, the Auction Agent shall advise BD by telephone of the Maximum Applicable Rate in effect on such Auction Date as determined from the higher of the 30- 30-day "AA" Composite Commercial Paper Rate and the Taxable Equivalent of the Short- Short-Term Municipal Bond Rate (except in the case of a Special Dividend Period in which case the Maximum Applicable Rate shall be determined from the higher of the Special Dividend Period Reference Rate and the Taxable Equivalent of the Short-Term Municipal Bond Rate.
Appears in 3 contracts
Samples: Broker Dealer Agreement (Blackrock California Insured Municipal 2008 Term Trust Inc), Blackrock Insured Municipal 2008 Term Trust Inc, Blackrock New York Insured Muncipal 2008 Term Trust Inc
Preparation for Each Auction. (a) Not later than 9:30 A.M. on each Auction Date for both series of Preferred Shares, the Auction Agent shall advise BD by telephone of the Maximum Applicable Rate in effect on such Auction Date as determined from the higher of the 30- 30-day "AA" Composite Commercial Paper Rate and the Taxable Equivalent of the Short- Short-Term Municipal Bond Rate (except in the case of a Special Dividend Period in which case the Maximum Applicable Rate shall be determined from the higher of the Special Dividend Period Reference Rate and the Taxable Equivalent of the Short-Term Municipal Bond Rate).
Appears in 1 contract
Samples: Broker Dealer Agreement (Blackrock Insured Municipal Term Trust Inc)
Preparation for Each Auction. (a) Not later than 9:30 A.M. on each Auction Date for both series of Preferred Shares, the Auction Agent shall advise BD by telephone of the Maximum Applicable Rate in effect on such Auction Date as determined from the higher of the 30- 30-day "AA" Composite Commercial Paper Rate and the Taxable Equivalent of the Short- Short-Term Municipal Bond Rate (except in the case of a Special Dividend Period in which case the Maximum Applicable Rate shall be determined from the higher of the Special Dividend Period Reference Rate and the Taxable Equivalent of the Short-Term Municipal Bond Rate.)
Appears in 1 contract
Samples: Broker Dealer Agreement (Blackrock Investment Quality Municipal Trust Inc)
Preparation for Each Auction. (a) Not later than 9:30 A.M. A.m. on each Auction Date for both series of Preferred Shares, the Auction Agent shall advise BD by telephone of the Maximum Applicable Rate in effect on such Auction Date as determined from the higher of the 30- 30-day "AA" Composite Commercial Paper Rate and the Taxable Equivalent of the Short- Short-Term Municipal Bond Rate (except in the case of a Special Dividend Period in which case the Maximum Applicable Rate shall be determined from the higher of the Special Dividend Period Reference Rate and the Taxable Equivalent of the Short-Term Municipal Bond Rate.
Appears in 1 contract
Samples: Auction Agent Agreement (Blackrock New York Insured Muncipal 2008 Term Trust Inc)
