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

Purpose; Incorporation by Reference of Auction Procedures. (a) The Articles Supplementary provide that the Applicable Rate on Preferred Shares for each Dividend Period therefor after the initial 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 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 Dividend Period. Each periodic operation of such procedures is hereinafter referred to as an "Auction." (b) All of the provisions contained in the Auction 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 set forth fully herein. In the case of any conflict between the terms of any document incorporated herein by reference and the terms hereof, the Auction Agent shall not be liable for its actions or inaction in accordance with the terms of this Agreement.

Purpose; Incorporation by Reference of Auction Procedures. (a) The Articles Supplementary provide Indenture provides that the Applicable Rate interest rate on Preferred Shares the Bonds for each Dividend Auction Period therefor after the initial Dividend Period Initial Period, except as provided in Section 2.04 of the Auction Procedures, shall be equal the rate per annum Auction Rate that a commercial bank, trust company or other financial institution an Auction Agent appointed by the Fund advises results Trustee determines to have resulted from the implementation of the Auction Procedures. The Board of Directors Trustee, at the written direction of the Fund has adopted a resolution appointing Issuer, hereby appoints The Bank of New York as Auction Agent for purposes of the Auction ProceduresProcedures and to perform such other obligations and duties as are set forth herein and in each Broker-Dealer Agreement, in each case, specified to be performed by the Auction Agent. The Auction Agent hereby accepts such appointment as Auction Agent and agrees that, on each Auction DateDate after the Initial Period, it shall follow the procedures set forth in this Section 2 and the Auction Procedures for the purpose of of, among other things, determining the Applicable Auction Period Rate for the Preferred Shares for the next Dividend each Auction Period. Each periodic operation of such procedures is hereinafter referred to as an "Auction." (b) All Subject to Section 4.1(a), all of the provisions contained in the Auction 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. In the case of any conflict between the terms of any document incorporated herein by reference and the terms hereof, No amendment to the Auction Agent Procedures shall not be liable for its actions or inaction in accordance with effective without the terms consent of this Agreementthe parties hereto.

Purpose; Incorporation by Reference of Auction Procedures. (a) The Articles Supplementary Bylaws provide that the Applicable Rate on each series of the Preferred Shares for each Dividend Period therefor after the initial Dividend Initial Rate Period shall generally 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 Directors Trustees of the Fund has have adopted a resolution appointing The Bank of New York Bankers Trust Company as Auction Agent for the 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 any Subsequent Rate Period of any series of Preferred Shares for which the next Dividend PeriodApplicable Rate is to be determined by auction. Each periodic operation of such procedures is hereinafter referred to as an "Auction." (b) All of the provisions contained in Article 12, Section 12.1, Part II of the Auction Procedures Bylaws 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 set forth fully herein. In the case of any conflict between the terms of any document incorporated herein by reference and the terms hereof, the Auction Agent shall not be liable for its actions or inaction in accordance with the terms of this Agreement.

Purpose; Incorporation by Reference of Auction Procedures. (a) The Articles Supplementary Terms and Conditions provide that the Applicable Rate on Preferred Shares for each Dividend Period therefor after the initial 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 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 Dividend Period. Each periodic operation of such procedures is hereinafter referred to as an "Auction." (b) All of the provisions contained in the Auction 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 set forth fully herein. In the case of any conflict between the terms of any document incorporated herein by reference and the terms hereof, the Auction Agent shall not be liable for its actions or inaction in accordance with the terms of this Agreement.

Purpose; Incorporation by Reference of Auction Procedures. (a) The Articles Supplementary provide Statement of Preferences provides that the Applicable Rate dividend rate on Preferred Shares the AMPS for each Dividend Auction Period therefor after the initial Dividend Period Initial Period, except as provided in Section 2.04 of the Auction Procedures, shall be equal the rate per annum Auction Rate that a commercial bank, trust company or other financial institution an Auction Agent appointed by the Fund advises results determines to have resulted from the implementation of the Auction Procedures. The Board of Directors of the Fund has adopted a resolution appointing hereby appoints The Bank of New York as Auction Agent for purposes of the Auction ProceduresProcedures and to perform such other obligations and duties as are set forth herein and in each Broker-Dealer Agreement, in each case, specified to be performed by the Auction Agent. The Auction Agent hereby accepts such appointment as Auction Agent 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 of, among other things, determining the Applicable Auction Period Rate for the Preferred Shares for the next Dividend each Auction Period. Each periodic operation of such procedures is hereinafter referred to as an "Auction." (b) All Subject to Section 4.1(a), all of the provisions contained in the Auction 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. In the case of any conflict between the terms of any document incorporated herein by reference and the terms hereof, No amendment to the Auction Agent Procedures shall not be liable for its actions or inaction in accordance with effective without the terms consent of this Agreementthe parties hereto.

Purpose; Incorporation by Reference of Auction Procedures. (a) The Articles Supplementary provide provides that the Applicable Rate dividend rate on Preferred Shares the AMPS for each Dividend Auction Period therefor after the initial Dividend Period Initial Period, except as provided in Section 2.04 of the Auction Procedures, shall be equal the rate per annum Auction Rate that a commercial bank, trust company or other financial institution an Auction Agent appointed by the Fund advises results determines to have resulted from the implementation of the Auction Procedures. The Board of Directors of the Fund has adopted a resolution appointing hereby appoints The Bank of New York as Auction Agent for purposes of the Auction ProceduresProcedures and to perform such other obligations and duties as are set forth herein and in each Broker-Dealer Agreement, in each case, specified to be performed by the Auction Agent. The Auction Agent hereby accepts such appointment as Auction Agent and agrees that, on each Auction DateDate after the Initial Period, it shall follow the procedures set forth in this Section 2 and the Auction Procedures for the purpose of of, among other things, determining the Applicable Auction Period Rate for the Preferred Shares for the next Dividend each Auction Period. Each periodic operation of such procedures is hereinafter referred to as an "Auction." (b) All Subject to Section 6.1(a), all of the provisions contained in the Auction 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. In the case of any conflict between the terms of any document incorporated herein by reference and the terms hereof, No amendment to the Auction Agent Procedures shall not be liable for its actions or inaction in accordance with effective without the terms consent of this Agreementthe parties hereto.