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

Purpose; Incorporation by Reference of Auction Procedures. (a) The Bylaws provide that the Applicable Rate on Preferred Shares for each Distribution Period therefor after the initial Distribution Period shall be the rate per annum that a commercial bank, trust company or other financial institution appointed by the Fund advises results from the implementation of the Auction Procedures. The Board of Trustees of the Fund has adopted a resolution appointing The Bank of New York as Auction Agent for purposes of the Auction Procedures. The Auction Agent hereby accepts such appointment and agrees 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 the Preferred Shares for the next Distribution Period. Each periodic operation of such procedures is hereinafter referred to as an "Auction."

Purpose; Incorporation by Reference of Auction Procedures. (a) The Bylaws Terms and Conditions provide that the Applicable Rate on Preferred Shares for each Distribution Dividend Period therefor after the initial Distribution Dividend Period shall be the rate per annum that a commercial bank, trust company or other financial institution appointed by the Fund advises results from the implementation of the Auction Procedures. The Board of Trustees Directors of the Fund has adopted a resolution appointing The Bank of New York as Auction Agent for purposes of the Auction Procedures. The Auction Agent hereby accepts such appointment and agrees 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 the Preferred Shares for the next Distribution Dividend Period. Each periodic operation of such procedures is hereinafter referred to as an "Auction."

Purpose; Incorporation by Reference of Auction Procedures. (a) The Bylaws provide Certificate of Vote provides that the Applicable Rate on Preferred Shares for each Distribution Dividend Period therefor after the initial Distribution Dividend Period shall be the rate per annum that a commercial bank, trust company or other financial institution appointed by the Fund advises results from the implementation of the Auction Procedures. The Board of Trustees of the Fund has adopted a resolution appointing The Bank of New York as Auction Agent for purposes of the Auction Procedures. The Auction Agent hereby accepts such appointment and agrees 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 the Preferred Shares for the next Distribution Dividend Period. Each periodic operation of such procedures is hereinafter referred to as an "Auction."