Common use of Purpose; Incorporation by Reference of Auction Procedures and Settlement Procedures Clause in Contracts

Purpose; Incorporation by Reference of Auction Procedures and Settlement Procedures. (a) The Statement for each series of MuniPreferred will provide that the Applicable Rate for such series for each Subsequent Rate Period thereof shall, except under certain conditions, be the rate per annum that a bank or trust company appointed by the Fund advises results from implementation of the Auction Procedures for such series. The Board of Directors or Board of Trustees, as the case may be, of the Fund has adopted a resolution appointing the Auction Agent as auction agent for purposes of the Auction Procedures for each series of MuniPreferred. The Auction Agent accepts such appointment and agrees to follow the procedures set forth in this Section 2 and the Auction Procedures for the purpose of determining the Applicable Rate for each series of MuniPreferred for each Subsequent Rate Period thereof for which the Applicable Rate is to be determined by an Auction. Each periodic implementation of such procedures is hereinafter referred to as an "Auction." (b) All of the provisions contained in the Auction Procedures and the Settlement Procedures are incorporated herein by reference in their entirety and shall be deemed to be a part hereof to the same extent as if such provisions were fully set forth herein.

Purpose; Incorporation by Reference of Auction Procedures and Settlement Procedures. (a) The Statement for each series of MuniPreferred will Articles Supplementary provide that the Applicable Rate for such on shares of each series of AMPS, as the case may be, for each Subsequent Rate Dividend Period thereof shall, except under certain conditions, therefor after the Initial Dividend Period shall be the rate per annum that a bank or commercial bank, trust company or other financial institution appointed by the Fund Company advises results from implementation of the Auction Procedures for such seriesProcedures. The Board of Directors or Board of Trustees, as the case may be, of the Fund Company has adopted a resolution appointing the IBJ Xxxxxxxx Bank & Trust Company as Auction Agent as auction agent for purposes of the Auction Procedures for each series of MuniPreferredProcedures. The Auction Agent hereby accepts such appointment and agrees to that, on each Auction Date, it shall follow the procedures set forth in this Section 2 and the Auction Procedures for the purpose of determining the Applicable Rate for each series of MuniPreferred the AMPS for each Subsequent Rate the next Dividend Period thereof for which the Applicable Rate is to be determined by an Auctiontherefor. Each periodic implementation operation of such procedures is hereinafter referred to as an "Auction." (b) All of the provisions contained in the Auction Procedures and in the Settlement Procedures are incorporated herein by reference in their entirety and shall be deemed to be a part hereof to the same extent as if such provisions were fully set forth fully herein.

Purpose; Incorporation by Reference of Auction Procedures and Settlement Procedures. (a) The Statement for each series of MuniPreferred will Articles Supplementary provide that the Applicable Rate for such on shares of each series of AMPS, as the case may be, for each Subsequent Rate Dividend Period thereof shall, except under certain conditions, therefor after the Initial Dividend Period shall be the rate per annum that a bank or commercial bank, trust company or other financial institution appointed by the Fund Company advises results from implementation of the Auction Procedures for such seriesProcedures. The Board of Directors or Board of Trustees, as the case may be, of the Fund Company has adopted a resolution appointing the IBJ Whitehall Bank & Trust Company as Auction Agent as auction agent for purposes of the Auction Procedures for each series of MuniPreferredProcedures. The Auction Agent hereby accepts such appointment and agrees to that, on each Auction Date, it shall follow the procedures set forth in this Section 2 and the Auction Procedures for the purpose of determining the Applicable Rate for each series of MuniPreferred the AMPS for each Subsequent Rate the next Dividend Period thereof for which the Applicable Rate is to be determined by an Auctiontherefor. Each periodic implementation operation of such procedures is hereinafter referred to as an "Auction." (b) All of the provisions contained in the Auction Procedures and in the Settlement Procedures are incorporated herein by reference in their entirety and shall be deemed to be a part hereof to the same extent as if such provisions were fully set forth fully herein.

Purpose; Incorporation by Reference of Auction Procedures and Settlement Procedures. (a) The Statement for each series of MuniPreferred will Amended By-laws provide that the Applicable Rate for such on shares of each series of APS, as the case may be, for each Subsequent Rate Dividend Period thereof shall, except under certain conditions, therefor after the Initial Dividend Period shall be the rate per annum that a bank or commercial bank, trust company or other financial institution appointed by the Fund Trust advises results from implementation of the Auction Procedures for such seriesProcedures. The Board of Directors or Board of Trustees, as the case may be, Trustees of the Fund Trust has adopted a resolution appointing the Bankers Trust Company as Auction Agent as auction agent for purposes of the Auction Procedures for each series of MuniPreferredProcedures. The Auction Agent hereby accepts such appointment and agrees to that, on each Auction Date, it shall follow the procedures set forth in this Section 2 and the Auction Procedures for the purpose of determining the Applicable Rate for each series of MuniPreferred the APS for each Subsequent Rate the next Dividend Period thereof for which the Applicable Rate is to be determined by an Auctiontherefor. Each periodic implementation operation of such procedures is hereinafter referred to as an "Auction." (b) All of the provisions contained in the Auction Procedures and in the Settlement Procedures are incorporated herein by reference in their entirety and shall be deemed to be a part hereof to the same extent as if such provisions were fully set forth fully herein.

Purpose; Incorporation by Reference of Auction Procedures and Settlement Procedures. (a) The Statement Bylaws for each series of MuniPreferred Municipal Preferred will provide that the Applicable Rate for such series for each Subsequent Rate Period thereof shall, except under certain conditions, be the rate per annum that a bank or trust company appointed by the Fund Trust advises results from implementation of the Auction Procedures for such series. The Board of Directors or Board of Trustees, as the case may be, of the Fund Trust has adopted a resolution appointing the Auction Agent as auction agent for purposes of the Auction Procedures for each series of MuniPreferredMunicipal Preferred. The Auction Agent accepts such appointment and agrees to follow the procedures set forth in this Section 2 and the Auction Procedures for the purpose of determining the Applicable Rate for each series of MuniPreferred Municipal Preferred for each Subsequent Rate Period thereof for which the Applicable Rate is to be determined by an Auction. Each periodic implementation of such procedures is hereinafter referred to as an "Auction." (b) All of the provisions contained in the Auction Procedures and the Settlement Procedures are incorporated herein by reference in their entirety and shall be deemed to be a part hereof to the same extent as if such provisions were fully set forth herein.

Purpose; Incorporation by Reference of Auction Procedures and Settlement Procedures. (a) The Statement provides that the Applicable Rate per annum for each series of MuniPreferred will provide that the Applicable Rate for such series FundPreferred shares for each Subsequent Rate Dividend Period thereof after the initial Dividend Period with respect to each series of FundPreferred shares shall, except under certain conditions, be equal to the rate per annum that a bank or trust company appointed by the Fund advises results has resulted on the Business Day preceding the first day of such Dividend Period from implementation of the Auction Procedures for such series. Each periodic operation of the Auction Procedures is hereinafter referred to as an "Auction." The Board of Directors or Board of Trustees, as the case may be, of the Fund Trustees has adopted a resolution appointing the The Bank of New York as Auction Agent as auction agent for purposes of the Auction Procedures for each series of MuniPreferredthe FundPreferred shares. The Auction Agent accepts such appointment and agrees to follow the procedures set forth in this Section 2 and the Auction Procedures for the purpose of determining the Applicable Rate for each series of MuniPreferred FundPreferred shares for each Subsequent Rate Dividend Period thereof for which the Applicable Rate is to be determined by an Auction. Each periodic implementation of such procedures is hereinafter referred to as an "Auction." (b) All of the provisions contained in the Auction Procedures and the Settlement Procedures are incorporated herein by reference in their entirety and shall be deemed to be a part hereof to the same extent as if such provisions were fully set forth herein.

Purpose; Incorporation by Reference of Auction Procedures and Settlement Procedures. (a) The Statement for each series of MuniPreferred will Articles Supplementary provide that the Applicable Rate for such series on shares of Series _ AMPS, Series _ AMPS, [Series _ AMPS, Series _ AMPS and Series _ AMPS], as the case may be, for each Subsequent Rate Dividend Period thereof shall, except under certain conditions, therefor after the Initial Dividend Period shall be the rate per annum that a bank or commercial bank, trust company or other financial institution appointed by the Fund Company advises results from implementation of the Auction Procedures for such seriesProcedures. The Board of Directors or Board of Trustees, as the case may be, of the Fund Company has adopted a resolution appointing the The Bank of New York as Auction Agent as auction agent for purposes of the Auction Procedures for each series of MuniPreferredProcedures. The Auction Agent hereby accepts such appointment and agrees to that, on each Auction Date, it shall follow the procedures set forth in this Section 2 and the Auction Procedures for the purpose of determining the Applicable Rate for each series of MuniPreferred the AMPS for each Subsequent Rate the next Dividend Period thereof for which the Applicable Rate is to be determined by an Auctiontherefor. Each periodic implementation operation of such procedures is hereinafter referred to as an "Auction." (b) All of the provisions contained in the Auction Procedures and in the Settlement Procedures are incorporated herein by reference in their entirety and shall be deemed to be a part hereof to the same extent as if such provisions were fully set forth fully herein.

Purpose; Incorporation by Reference of Auction Procedures and Settlement Procedures. (a) The Statement provides that the Applicable Rate per annum for each series of MuniPreferred will provide that the Applicable Rate for such series Preferred Shares for each Subsequent Rate Dividend Period thereof after the initial Dividend Period with respect to each series of Preferred Shares shall, except under certain conditions, be equal to the rate per annum that a bank or trust company appointed by the Fund advises results has resulted on the Business Day preceding the first day of such Dividend Period from implementation of the Auction Procedures for such series. Each periodic operation of the Auction Procedures is hereinafter referred to as an "Auction." The Board of Directors or Board of Trustees, as the case may be, of the Fund Trustees has adopted a resolution appointing the The Bank of New York as Auction Agent as auction agent for purposes of the Auction Procedures for each series of MuniPreferredthe Preferred Shares. The Auction Agent accepts such appointment and agrees to follow the procedures set forth in this Section 2 and the Auction Procedures for the purpose of determining the Applicable Rate for each series of MuniPreferred Preferred Shares for each Subsequent Rate Dividend Period thereof for which the Applicable Rate is to be determined by an Auction. Each periodic implementation of such procedures is hereinafter referred to as an "Auction." (b) All of the provisions contained in the Auction Procedures and the Settlement Procedures are incorporated herein by reference in their entirety and shall be deemed to be a part hereof to the same extent as if such provisions were fully set forth herein.

Purpose; Incorporation by Reference of Auction Procedures and Settlement Procedures. (a) The Statement for each series of MuniPreferred will ATP Provisions provide that the Applicable Rate for such series per annum for each Subsequent Rate series of ATP for each Dividend Period thereof after the Initial Dividend Period with respect to each series of ATP shall, except under certain conditions, be equal to the rate per annum that a bank or trust company appointed by the Fund advises results has resulted on the Business Day preceding the first day of such Dividend Period from implementation of the Auction Procedures for such series. Each periodic implementation of the Auction Procedures is hereinafter referred to as an "Auction." The Board of Directors or Board of Trustees, as the case may be, of the Fund has adopted a resolution appointing the Bankers Trust Company as Auction Agent as auction agent for purposes of the Auction Procedures for each series of MuniPreferredthe ATP. The Auction Agent accepts such appointment and agrees to follow the procedures set forth in this Section 2 and the Auction Procedures for the purpose of determining the Applicable Rate for each series of MuniPreferred ATP for each Subsequent Rate Dividend Period thereof for which the Applicable Rate is to be determined by an Auction. Each periodic implementation of such procedures is hereinafter referred to as an "Auction." (b) All of the provisions contained in the Auction Procedures and the Settlement Procedures are incorporated herein by reference in their entirety and shall be deemed to be a part hereof to the same extent as if such provisions were fully set forth herein.

Purpose; Incorporation by Reference of Auction Procedures and Settlement Procedures. (a) The Statement for each series of MuniPreferred will provide that the Applicable Rate for such series per annum for each Subsequent Rate series of TAPS for each Dividend Period thereof after the initial Dividend Period with respect to each series of TAPS shall, except under certain conditions, be equal to the rate per annum that a bank or trust company appointed by the Fund advises results has resulted on the Business Day preceding the first day of such Dividend Period from implementation of the Auction Procedures for such series. Each periodic operation of the Auction Procedures is hereinafter referred to as an "Auction." The Board of Directors or Board of Trustees, as the case may be, of the Fund Trustees has adopted a resolution appointing the Bankers Trust Company as Auction Agent as auction agent for purposes of the Auction Procedures for each series of MuniPreferredthe TAPS. The Auction Agent accepts such appointment and agrees to follow the procedures set forth in this Section 2 and the Auction Procedures for the purpose of determining the Applicable Rate for each series of MuniPreferred TAPS for each Subsequent Rate Dividend Period thereof for which the Applicable Rate is to be determined by an Auction. Each periodic implementation of such procedures is hereinafter referred to as an "Auction." (b) All of the provisions contained in the Auction Procedures and the Settlement Procedures are incorporated herein by reference in their entirety and shall be deemed to be a part hereof to the same extent as if such provisions were fully set forth herein.

Purpose; Incorporation by Reference of Auction Procedures and Settlement Procedures. (a) The Statement provides that the Applicable Rate per annum for each series of MuniPreferred will provide that the Applicable Rate for such series Preferred Shares for each Subsequent Rate Dividend Period thereof after the initial Dividend Period with respect to each series of Preferred Shares shall, except under certain conditions, be equal to the rate per annum that a bank or trust company appointed by the Fund advises results has resulted on the Business Day preceding the first day of such Dividend Period from implementation of the Auction Procedures for such series. Each periodic operation of the Auction Procedures is hereinafter referred to as an “Auction.” The Board of Directors or Board of Trustees, as the case may be, of the Fund Trustees has adopted a resolution appointing the The Bank of New York as Auction Agent as auction agent for purposes of the Auction Procedures for each series of MuniPreferredthe Preferred Shares. The Auction Agent accepts such appointment and agrees to follow the procedures set forth in this Section 2 and the Auction Procedures for the purpose of determining the Applicable Rate for each series of MuniPreferred Preferred Shares for each Subsequent Rate Dividend Period thereof for which the Applicable Rate is to be determined by an Auction. Each periodic implementation of such procedures is hereinafter referred to as an "Auction." (b) All of the provisions contained in the Auction Procedures and the Settlement Procedures are incorporated herein by reference in their entirety and shall be deemed to be a part hereof to the same extent as if such provisions were fully set forth herein.

Purpose; Incorporation by Reference of Auction Procedures and Settlement Procedures. (a) The Statement Indenture provides that the interest rate on Offered Notes for each series of MuniPreferred will provide Auction Period after the Initial Interest Period, except as otherwise provided in the Auction Procedures, shall be, subject to certain exceptions, equal to the Auction Rate that the Applicable Rate for such series for each Subsequent Rate Period thereof shall, except under certain conditions, be Auction Agent advises has resulted on the rate per annum that a bank or trust company appointed by Auction Date from the Fund advises results from implementation of the Auction Procedures for such seriesProcedures. The Board Issuer hereby appoints Bankers Trust Company as Auction Agent to perform all duties and obligations of Directors or Board of Trustees, as the case may be, of the Fund has adopted a resolution appointing the Auction Agent as auction agent for purposes of the Auction Procedures for each series of MuniPreferredset forth herein. The Auction Agent Bankers Trust Company hereby accepts such appointment as Auction Agent and agrees to follow it will perform such duties and obligations, including, without limitation, on each Auction Date, the procedures set forth in this Section 2 and the Auction Procedures for the purpose of of, among other things, determining the Applicable applicable Auction Rate for each series of MuniPreferred for each Subsequent Auction Rate Period thereof for which (other than the Applicable Rate is to be determined by an AuctionInitial Interest Period). Each periodic implementation operation of such procedures is hereinafter referred to as an "Auction"." (b) All of the provisions contained in the Auction Procedures and the Settlement Procedures are incorporated herein by reference in their entirety and shall be deemed to be a part hereof to the same extent as if such provisions were fully set forth herein.

Purpose; Incorporation by Reference of Auction Procedures and Settlement Procedures. (a) The Statement Indenture provides that the Applicable Rate per annum for each series of MuniPreferred will provide that the Applicable Rate for such series FundNotes for each Subsequent Rate Period thereof after the initial Rate Period with respect to each series of FundNotes shall, except under certain conditions, be equal to the rate per annum that a bank or trust company appointed by the Fund advises results has resulted on the Business Day preceding the first day of such Rate Period from implementation of the Auction Procedures for such series. Each periodic operation of the Auction Procedures is hereinafter referred to as an "Auction." The Board of Directors or Board of Trustees, as the case may be, of the Fund Trustees has adopted a resolution appointing the The Bank of New York as Auction Agent as auction agent for purposes of the Auction Procedures for each series of MuniPreferredthe FundNotes. The Auction Agent accepts such appointment and agrees to follow the procedures set forth in this Section 2 and the Auction Procedures for the purpose of determining the Applicable Rate for each series of MuniPreferred FundNotes for each Subsequent Rate Period thereof for which the Applicable Rate is to be determined by an Auction. Each periodic implementation of such procedures is hereinafter referred to as an "Auction." (b) All of the provisions contained in the Auction Procedures and the Settlement Procedures are incorporated herein by reference in their entirety and shall be deemed to be a part hereof to the same extent as if such provisions were fully set forth herein.

Purpose; Incorporation by Reference of Auction Procedures and Settlement Procedures. (a) The Statement for each series of MuniPreferred will provide provides that the Applicable Rate for such on shares of each series of APS, as the case may be, for each Subsequent Rate Period thereof shall, except under certain conditions, be the rate per annum that a bank or trust company appointed by the Fund Trust advises results from implementation of the Auction Procedures for such series. The Board of Directors or Board of Trustees, as the case may be, Trustees of the Fund Trust has adopted a resolution appointing the Bankers Trust Company as Auction Agent as auction agent for purposes of the Auction Procedures for each series of MuniPreferredAPS. The Auction Agent hereby accepts such appointment and agrees to that, on each Auction Date, it shall follow the procedures set forth in this Section 2 and the Auction Procedures for the purpose of determining the Applicable Rate for each series of MuniPreferred APS for each Subsequent Rate Period thereof for which the Applicable Rate is to be determined by an Auctionauction. Each periodic implementation operation of such procedures is hereinafter referred to as an "Auction." (b) All of the provisions contained in the Auction Procedures and in the Settlement Procedures are incorporated herein by reference in their entirety and shall be deemed to be a part hereof to the same extent as if such provisions were fully set forth fully herein.

Purpose; Incorporation by Reference of Auction Procedures and Settlement Procedures. (a) The Statement for each series of MuniPreferred will Articles Supplementary provide that the Applicable Rate for such series for each Subsequent Rate Period thereof with respect to any series of Preferred Shares shall, except under certain conditions, be the rate per annum that a bank or trust company appointed by the Fund advises results from implementation of the Auction Procedures for such series. Each periodic implementation of the Auction Procedures is hereinafter referred to as an "Auction." The Board of Directors or Board of Trustees, as the case may be, of the Fund has adopted a resolution appointing the The Bank of New York as Auction Agent as auction agent for purposes of the Auction Procedures for each series of MuniPreferredthe Preferred Shares. The Auction Agent Bank of New York accepts such appointment and agrees to follow the procedures set forth in this Section 2 and the Auction Procedures for the purpose of determining the Applicable Rate for each series of MuniPreferred Preferred Shares for each Subsequent Rate Period thereof for which the Applicable Rate is to be determined by an Auction. Each periodic implementation of such procedures is hereinafter referred to as an "Auction." (b) All of the provisions contained in the Auction Procedures and the Settlement Procedures are incorporated herein by reference in their entirety and shall be deemed to be a part hereof to the same extent as if such provisions were fully set forth herein.

Purpose; Incorporation by Reference of Auction Procedures and Settlement Procedures. (a) The Statement for each series of MuniPreferred will TARPS Provisions provide that the Applicable Rate for such series per annum for each Subsequent Rate series of TARPS for each Dividend Period thereof after the initial Dividend Period with respect to each series of TARPS shall, except under certain conditions, be equal to the rate per annum that a bank or trust company appointed by the Fund advises results has resulted on the Business Day preceding the first day of such Dividend Period from implementation of the Auction Procedures for such series. Each periodic implementation of the Auction Procedures is hereinafter referred to as an "Auction." The Board of Directors or Board of Trustees, as the case may be, of the Fund has adopted a resolution appointing the Bankers Trust Company as Auction Agent as auction agent for purposes of the Auction Procedures for each series of MuniPreferredthe TARPS. The Auction Agent accepts such appointment and agrees to follow the procedures set forth in this Section 2 and the Auction Procedures for the purpose of determining the Applicable Rate for each series of MuniPreferred TARPS for each Subsequent Rate Dividend Period thereof for which the Applicable Rate is to be determined by an Auction. Each periodic implementation of such procedures is hereinafter referred to as an "Auction." (b) All of the provisions contained in the Auction Procedures and the Settlement Procedures are incorporated herein by reference in their entirety and shall be deemed to be a part hereof to the same extent as if such provisions were fully set forth herein.

Purpose; Incorporation by Reference of Auction Procedures and Settlement Procedures. (a) The Statement for each series of MuniPreferred Preferred Shares will provide that the Applicable Rate for such series for each Subsequent Rate Period thereof shall, except under certain conditions, be the rate per annum that a bank or trust company appointed by the Fund Trust advises results from implementation of the Auction Procedures for such series. The Board of Directors or Board of Trustees, as the case may be, Trustees of the Fund Trust or a committee thereof has adopted a resolution appointing the Auction Agent as auction agent for purposes of the Auction Procedures for each series of MuniPreferredPreferred Shares. The Auction Agent accepts such appointment and agrees to follow the procedures set forth in this Section 2 and the Auction Procedures for the purpose of determining the Applicable Rate for each series of MuniPreferred Preferred Shares for each Subsequent Rate Period thereof for which the Applicable Rate is to be determined by an Auction. Each periodic implementation of such procedures is hereinafter referred to as an "Auction." (b) All of the provisions contained in the Auction Procedures and the Settlement Procedures are incorporated herein by reference in their entirety and shall be deemed to be a part hereof to the same extent as if such provisions were fully set forth herein.

Purpose; Incorporation by Reference of Auction Procedures and Settlement Procedures. (a) The Statement provides that the Applicable Rate per annum for each series of MuniPreferred will provide that the Applicable Rate for such series TAPS for each Subsequent Rate Dividend Period thereof after the initial Dividend Period with respect to each series of TAPS shall, except under certain conditions, be equal to the rate per annum that a bank or trust company appointed by the Fund advises results has resulted on the Business Day preceding the first day of such Dividend Period from implementation of the Auction Procedures for such series. Each periodic operation of the Auction Procedures is hereinafter referred to as an "Auction." The Board of Directors or Board of Trustees, as the case may be, of the Fund Trustees has adopted a resolution appointing the The Bank of New York as Auction Agent as auction agent for purposes of the Auction Procedures for each series of MuniPreferredthe TAPS. The Auction Agent accepts such appointment and agrees to follow the procedures set forth in this Section 2 and the Auction Procedures for the purpose of determining the Applicable Rate for each series of MuniPreferred TAPS for each Subsequent Rate Dividend Period thereof for which the Applicable Rate is to be determined by an Auction. Each periodic implementation of such procedures is hereinafter referred to as an "Auction." (b) All of the provisions contained in the Auction Procedures and the Settlement Procedures are incorporated herein by reference in their entirety and shall be deemed to be a part hereof to the same extent as if such provisions were fully set forth herein.

Purpose; Incorporation by Reference of Auction Procedures and Settlement Procedures. (a) The Statement provides that the Applicable Rate per annum for each series of MuniPreferred will provide that the Applicable Rate for such series AMPS for each Subsequent Rate Dividend Period thereof after the initial Dividend Period with respect to each series of AMPS shall, except under certain conditions, be equal to the rate per annum that a bank or trust company appointed by the Fund advises results has resulted on the Business Day preceding the first day of such Dividend Period from implementation of the Auction Procedures for such series. Each periodic operation of the Auction Procedures is hereinafter referred to as an "Auction." The Board of Directors or Board of Trustees, as the case may be, of the Fund Trustees has adopted a resolution appointing the The Bank of New York as Auction Agent as auction agent for purposes of the Auction Procedures for each series of MuniPreferredthe AMPS. The Auction Agent accepts such appointment and agrees to follow the procedures set forth in this Section 2 and the Auction Procedures for the purpose of determining the Applicable Rate for each series of MuniPreferred AMPS for each Subsequent Rate Dividend Period thereof for which the Applicable Rate is to be determined by an Auction. Each periodic implementation of such procedures is hereinafter referred to as an "Auction." (b) All of the provisions contained in the Auction Procedures and the Settlement Procedures are incorporated herein by reference in their entirety and shall be deemed to be a part hereof to the same extent as if such provisions were fully set forth herein.

Purpose; Incorporation by Reference of Auction Procedures and Settlement Procedures. (a) The Statement for each series of MuniPreferred will ATP Provisions provide that the Applicable Rate for such series per annum for each Subsequent Rate series of ATP for each Dividend Period thereof after the Initial Dividend Period with respect to each series of ATP shall, except under certain conditions, be equal to the rate per annum that a bank or trust company appointed by the Fund advises results has resulted on the Business Day preceding the first day of such Dividend Period from implementation of the Auction Procedures for such series. Each periodic implementation of the Auction Procedures is hereinafter referred to as an "Auction." The Board of Directors or Board of Trustees, as the case may be, of the Fund has adopted a resolution appointing the Banks Trust Company as Auction Agent as auction agent for purposes of the Auction Procedures for each series of MuniPreferredthe ATP. The Auction Agent accepts such appointment and agrees to follow the procedures set forth in this Section 2 and the Auction Procedures for the purpose of determining the Applicable Rate for each series of MuniPreferred ATP for each Subsequent Rate Dividend Period thereof for which the Applicable Rate is to be determined by an Auction. Each periodic implementation of such procedures is hereinafter referred to as an "Auction." (b) All of the provisions contained in the Auction Procedures and the Settlement Procedures are incorporated herein by reference in their entirety and shall be deemed to be a part hereof to the same extent as if such provisions were fully set forth herein.