Exhibit (p)
SUBSCRIPTION AGREEMENT
THIS SUBSCRIPTION AGREEMENT is entered into as of the day of
May, 2001, between BlackRock Municipal Income Trust, a trust organized and
existing under the laws of Delaware (the "Trust"), and BlackRock Advisors,
Inc. or one of its affiliates (the "Purchaser").
THE PARTIES HEREBY AGREE AS FOLLOWS:
1. PURCHASE AND SALE OF THE SHARES
1.1 SALE AND ISSUANCE OF SHARES. Subject to the terms and
conditions of this Agreement, the Trustees agree to sell to the Purchaser,
and the Purchaser agrees to purchase from the Trustees [ ] common shares of
beneficial interest, par value [$ ], representing undivided beneficial
interests in the Trust (the "Shares") at a price per Share of $[ ] for an
aggregate purchase price of $[ ].
2. REPRESENTATIONS, WARRANTIES AND COVENANTS
OF THE PURCHASER. The Purchaser hereby represents and
warrants to, and covenants for the benefit of, the Trust
that:
2.1 PURCHASE ENTIRELY FOR OWN ACCOUNT. This Agreement is made
by the Trustees with the Purchaser in reliance upon the Purchaser's
representation to the Trustees, which by the Purchaser's execution of this
Agreement the Purchaser hereby confirms, that the Shares are being acquired
for investment for the Purchaser's own account, and not as a nominee or
agent and not with a view to the resale or distribution by the Purchaser of
any of the Shares, and that the Purchaser has no present intention of
selling, granting any participation in, or otherwise distributing the
Shares, in either case in violation of any securities registration
requirement under applicable law, but subject nevertheless, to any
requirement of law that the disposition of its property shall at all times
by within its control. By executing this Agreement, the Purchaser further
represents that the Purchaser does not have any contract, undertaking,
agreement or arrangement with any person to sell, transfer or grant
participation to such person or to any third person, with respect to any of
the Shares.
2.2 INVESTMENT EXPERIENCE. The Purchaser acknowledges that it
can bear the economic risk of the investment for an indefinite period of
time and has such knowledge and experience in financial and business
matters (and particularly in the business in which the Trust operates) as
to be capable of evaluating the merits and risks of the investment in the
Shares. The Purchaser is an "accredited investor" as defined in Rule 501(a)
of Regulation D under the Securities Act of 1933 (the "Act").
2.3 RESTRICTED SECURITIES. The Purchaser understands that the
Shares are characterized as "restricted securities" under the United States
securities laws inasmuch as they are being acquired from the Trustees in a
transaction not involving a public offering and that under such laws and
applicable regulations such Shares may be resold without registration under
the Act only in certain circumstances. In this connection, the Purchaser
represents that it understands the resale limitations imposed by the Act
and is generally familiar with the existing resale limitations imposed by
Rule 144.
2.4 FURTHER LIMITATIONS ON DISPOSITION. The Purchaser further
agrees not to make any disposition directly or indirectly of all or any
portion of the Shares unless and until:
(a) There is then in effect a registration statement under the
Act covering such proposed disposition and such disposition is made in
accordance with such registration statement; or
(b) The Purchaser shall have furnished the Trustees with an
opinion of counsel, reasonably satisfactory to the Trustees, that such
disposition will not require registration of such Shares under the Act.
(c) Notwithstanding the provisions of subsections (a) and (b)
above, no such registration statement or opinion of counsel shall be
necessary for a transfer by the Purchaser to any affiliate of the
Purchaser, if the transferee agrees in writing to be subject to the terms
hereof to the same extent as if it were the original Purchaser hereunder.
2.5 LEGENDS. It is understood that the certificate evidencing
the Shares may bear either or both of the following legends:
(a) "These securities have not been registered under the
Securities Act of 1933. They may not be sold, offered for sale, pledged or
hypothecated in the absence of a registration statement in effect with
respect to the Shares under such Act or an opinion of counsel reasonably
satisfactory to the Trustees of BlackRock Municipal Income Trust that such
registration is not required."
(b) Any legend required by the laws of any other applicable
jurisdiction.
The Purchaser and the Trustees agree that the legend contained
in the paragraph (a) above shall be removed at a holder's request when they
are no longer necessary to ensure compliance with federal securities laws.
2.6 COUNTERPARTS. This Agreement may be signed in any number of
counterparts, each of which shall be an original, with the same effect as
if the signatures thereto and hereto were upon the same instrument.
IN WITNESS WHEREOF, the parties have executed this Agreement as
of the date first above written.
BLACKROCK MUNICIPAL INCOME TRUST
By: ---------------------------------------
Name:
Title:
BlackRock Advisors, Inc.
By:---------------------------------------
Name:
Title:
Address:
