<SEC-DOCUMENT>0001140361-24-021789.txt : 20240424
<SEC-HEADER>0001140361-24-021789.hdr.sgml : 20240424
<ACCEPTANCE-DATETIME>20240424171836
ACCESSION NUMBER:		0001140361-24-021789
CONFORMED SUBMISSION TYPE:	SC 13D
PUBLIC DOCUMENT COUNT:		6
FILED AS OF DATE:		20240424
DATE AS OF CHANGE:		20240424
GROUP MEMBERS:		BANC OF AMERICA PREFERRED FUNDING CORP

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PIMCO MUNICIPAL INCOME FUND II
		CENTRAL INDEX KEY:			0001170299
		ORGANIZATION NAME:           	
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC 13D
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-84595
		FILM NUMBER:		24871604

	BUSINESS ADDRESS:	
		STREET 1:		1633 BROADWAY
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019
		BUSINESS PHONE:		212-739-4000

	MAIL ADDRESS:	
		STREET 1:		1633 BROADWAY
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BANK OF AMERICA CORP /DE/
		CENTRAL INDEX KEY:			0000070858
		STANDARD INDUSTRIAL CLASSIFICATION:	NATIONAL COMMERCIAL BANKS [6021]
		ORGANIZATION NAME:           	02 Finance
		IRS NUMBER:				560906609
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC 13D

	BUSINESS ADDRESS:	
		STREET 1:		BANK OF AMERICA CORPORATE CENTER
		STREET 2:		100 N TRYON ST
		CITY:			CHARLOTTE
		STATE:			NC
		ZIP:			28255
		BUSINESS PHONE:		7043868486

	MAIL ADDRESS:	
		STREET 1:		BANK OF AMERICA CORPORATE CENTER
		STREET 2:		100 N TRYON ST
		CITY:			CHARLOTTE
		STATE:			NC
		ZIP:			28255

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BANKAMERICA CORP/DE/
		DATE OF NAME CHANGE:	19981022

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NATIONSBANK CORP
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NCNB CORP
		DATE OF NAME CHANGE:	19920107
</SEC-HEADER>
<DOCUMENT>
<TYPE>SC 13D
<SEQUENCE>1
<FILENAME>ef20027443_sc13d.htm
<DESCRIPTION>SC 13D
<TEXT>
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<body bgcolor="#ffffff" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000;">
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  <div>
    <div style="text-align: center; font-size: 14pt;">UNITED STATES</div>
    <div style="text-align: center; font-size: 14pt;">SECURITIES AND EXCHANGE COMMISSION</div>
    <div style="text-align: center; margin-left: 28.35pt; font-size: 12pt;">Washington, D.C. 20549</div>
    <div>&#160;</div>
    <div style="text-align: center; font-size: 18pt;">SCHEDULE 13D</div>
    <div>&#160;</div>
    <div style="text-align: center;">Under the Securities Exchange Act of 1934</div>
    <div>&#160;</div>
    <div style="text-align: center;">(Amendment No. n/a)*</div>
    <div><br>
    </div>
    <div style="text-align: center; font-size: 24pt;">PIMCO MUNICIPAL INCOME FUND II</div>
    <div style="text-align: center;">(Name of Issuer)</div>
    <div><br>
    </div>
    <div style="text-align: center;">REMARKETABLE VARIABLE RATE MUNIFUND TERM PREFERRED SHARES</div>
    <div style="text-align: center;">(Title of Class of Securities)</div>
    <div><br>
    </div>
    <div style="text-align: center;">72200W882</div>
    <div style="text-align: center;">(CUSIP Number)</div>
    <div><br>
    </div>
    <div style="text-align: center;">Bank of America Corporation</div>
    <div style="text-align: center;">Bank of America Corporate Center</div>
    <div style="text-align: center;">100 North Tryon Street</div>
    <div style="text-align: center;"><u>Charlotte, North Carolina 28255</u></div>
    <div><br>
    </div>
    <div style="text-align: center;">(Name, Address and Telephone Number of Person</div>
    <div style="text-align: center;">Authorized to Receive Notices and Communications)</div>
    <div><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; color: #000000; width: 100%;" id="zbdd2bb05b48a49648c949a9a765bea7f">

          <tr>
            <td style="width: 29%; padding-bottom: 2px;"><br>
            </td>
            <td style="width: 42%; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;">April 17, 2024</td>
            <td style="width: 29%; padding-bottom: 2px;"><br>
            </td>
          </tr>
          <tr>
            <td style="width: 29%;"><br>
            </td>
            <td style="width: 42%;">
              <div style="text-align: center;">(Date of Event Which Requires Filing of this Statement)</div>
            </td>
            <td style="width: 29%;"><br>
            </td>
          </tr>

      </table>
      <br>
    </div>
    <div style="text-align: justify;">If the filing person has previously filed a statement on Schedule 13G to report the acquisition which is the subject of this Schedule 13D, and is filing this schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g),
      check the following box &#9744;.</div>
    <div>&#160;</div>
    <div style="text-align: justify;">*The remainder of this cover page shall be filled out for a reporting person&#8217;s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which
      would alter disclosures provided in a prior cover page.</div>
    <div>&#160;</div>
    <div style="text-align: justify;">The information required in the remainder of this cover page shall not be deemed to be &#8220;filed&#8221; for the purpose of Section 18 of the Securities Exchange Act of 1934 (&#8220;Act&#8221;) or otherwise subject to the liabilities of
      that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).</div>
    <div>&#160;</div>
    <div>
      <hr align="center" style="border: none; border-bottom: 4px solid black; border-top: 1px solid black; height: 10px; color: #ffffff; background-color: #ffffff; text-align: center; margin-left: auto; margin-right: auto;"> </div>
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      <div class="BRPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: center;">SCHEDULE 13D</div>
    <div>&#160;</div>
    <div style="text-align: justify;">CUSIP No. 72200W882</div>
    <div>&#160;
      <table cellspacing="0" cellpadding="2" border="0" style="border-collapse: collapse; width: 100%; font-family: 'Times New Roman'; font-size: 10pt;">

          <tr>
            <td rowspan="3" style="BORDER-TOP: #000000 1pt solid; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; WIDTH: 6.36%">
              <div style="FONT-SIZE: 18pt; FONT-WEIGHT: bold; TEXT-ALIGN: center">1</div>
            </td>
            <td colspan="3" style="BORDER-TOP: #000000 1pt solid; VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1pt solid; WIDTH: 86.4%">
              <div style="FONT-WEIGHT: bold; TEXT-ALIGN: left">NAMES OF REPORTING PERSONS</div>
            </td>
            <td style="BORDER-TOP: #000000 1pt solid; VERTICAL-ALIGN: middle; WIDTH: 2.59%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
            <td style="BORDER-TOP: #000000 1pt solid; BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
          </tr>
          <tr>
            <td colspan="3" rowspan="2" style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; PADDING-LEFT: 2pt; BORDER-LEFT: #000000 1pt solid; WIDTH: 86.4%">
              <div style="text-align: justify;">Bank of America Corporation</div>
              <div style="text-align: justify;">
                <div>56-0906609</div>
              </div>
            </td>
            <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
            <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 2.59%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
            <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 5.01%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
          </tr>
          <tr style="HEIGHT: 13px">
            <td rowspan="3" style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; WIDTH: 6.36%">
              <div style="FONT-SIZE: 18pt; FONT-WEIGHT: bold; TEXT-ALIGN: center">2</div>
            </td>
            <td colspan="3" style="VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1pt solid; WIDTH: 86.4%">
              <div style="FONT-WEIGHT: bold; TEXT-ALIGN: left">CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP</div>
            </td>
            <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
              <div style="TEXT-ALIGN: right">(a)</div>
            </td>
            <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: middle; PADDING-RIGHT: 2px; WIDTH: 5.01%">
              <div style="FONT-FAMILY: ''Times New Roman''; TEXT-ALIGN: left">&#9744;</div>
            </td>
          </tr>
          <tr>
            <td colspan="3" rowspan="2" style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; WIDTH: 86.4%"><br>
            </td>
            <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
              <div style="TEXT-ALIGN: right">(b)</div>
            </td>
            <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: middle; PADDING-RIGHT: 2px; WIDTH: 5.01%">
              <div style="FONT-FAMILY: ''Times New Roman''; TEXT-ALIGN: left">&#9746;</div>
            </td>
          </tr>
          <tr>
            <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 2.59%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
            <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 5.01%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
          </tr>
          <tr>
            <td rowspan="3" style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; WIDTH: 6.36%">
              <div style="FONT-SIZE: 18pt; FONT-WEIGHT: bold; TEXT-ALIGN: center">3</div>
            </td>
            <td colspan="3" style="VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1pt solid; WIDTH: 86.4%; BACKGROUND-COLOR: #bfbfbf">
              <div style="FONT-WEIGHT: bold; TEXT-ALIGN: left">SEC USE ONLY</div>
            </td>
            <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%; BACKGROUND-COLOR: #bfbfbf">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
            <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%; BACKGROUND-COLOR: #bfbfbf">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
          </tr>
          <tr style="BACKGROUND-COLOR: #bfbfbf">
            <td colspan="3" rowspan="2" style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; WIDTH: 86.4%"> <br>
            </td>
            <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
            <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
          </tr>
          <tr style="BACKGROUND-COLOR: #bfbfbf">
            <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 2.59%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
            <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 5.01%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
          </tr>
          <tr>
            <td rowspan="3" style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; WIDTH: 6.36%">
              <div style="FONT-SIZE: 18pt; FONT-WEIGHT: bold; TEXT-ALIGN: center">4</div>
            </td>
            <td colspan="3" style="VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1pt solid; WIDTH: 86.4%">
              <div style="FONT-WEIGHT: bold; TEXT-ALIGN: left">SOURCE OF FUNDS (SEE INSTRUCTIONS)</div>
            </td>
            <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
            <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
          </tr>
          <tr>
            <td colspan="3" rowspan="2" style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; PADDING-LEFT: 2pt; BORDER-LEFT: #000000 1pt solid; WIDTH: 86.4%">
              <div style="text-align: justify;">WC</div>
            </td>
            <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
            <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 2.59%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
            <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 5.01%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
          </tr>
          <tr>
            <td rowspan="3" style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; WIDTH: 6.36%">
              <div style="FONT-SIZE: 18pt; FONT-WEIGHT: bold; TEXT-ALIGN: center">5</div>
            </td>
            <td colspan="3" style="VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1pt solid; WIDTH: 86.4%">
              <div style="FONT-WEIGHT: bold; TEXT-ALIGN: left">CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(D) OR 2(E)</div>
            </td>
            <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
            <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: middle; PADDING-RIGHT: 2px; WIDTH: 5.01%">
              <div style="FONT-FAMILY: ''Times New Roman''; TEXT-ALIGN: left">&#9746;</div>
            </td>
          </tr>
          <tr>
            <td colspan="3" rowspan="2" style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; WIDTH: 86.4%"><br>
            </td>
            <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
            <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 2.59%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
            <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 5.01%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
          </tr>
          <tr>
            <td rowspan="3" style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; WIDTH: 6.36%">
              <div style="FONT-SIZE: 18pt; FONT-WEIGHT: bold; TEXT-ALIGN: center">6</div>
            </td>
            <td colspan="3" style="VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1pt solid; WIDTH: 86.4%">
              <div style="FONT-WEIGHT: bold; TEXT-ALIGN: left">CITIZENSHIP OR PLACE OF ORGANIZATION</div>
            </td>
            <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
            <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
          </tr>
          <tr>
            <td colspan="3" rowspan="2" style="vertical-align: middle; border-bottom: 1pt solid rgb(0, 0, 0); border-left: 1pt solid rgb(0, 0, 0); width: 86.4%;">
              <div style="text-align: justify;"> Delaware</div>
            </td>
            <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
            <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 2.59%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
            <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 5.01%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
          </tr>
          <tr>
            <td colspan="2" rowspan="12" style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; FONT-WEIGHT: bold; BORDER-LEFT: #000000 1pt solid; WIDTH: 12.71%">
              <div style="TEXT-ALIGN: center">NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH</div>
            </td>
            <td rowspan="3" style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; WIDTH: 6.36%">
              <div style="FONT-SIZE: 18pt; FONT-WEIGHT: bold; TEXT-ALIGN: center">7</div>
            </td>
            <td style="VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1pt solid; WIDTH: 76.38%">
              <div style="FONT-WEIGHT: bold; TEXT-ALIGN: left">SOLE VOTING POWER</div>
            </td>
            <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
            <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
          </tr>
          <tr>
            <td rowspan="2" style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; PADDING-LEFT: 2pt; BORDER-LEFT: #000000 1pt solid; WIDTH: 76.38%"> 0<br>
            </td>
            <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
            <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 2.59%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
            <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 5.01%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
          </tr>
          <tr>
            <td rowspan="3" style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; WIDTH: 6.36%">
              <div style="FONT-SIZE: 18pt; FONT-WEIGHT: bold; TEXT-ALIGN: center">8</div>
            </td>
            <td style="VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1pt solid; WIDTH: 76.38%">
              <div style="FONT-WEIGHT: bold; TEXT-ALIGN: left">SHARED VOTING POWER</div>
            </td>
            <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
            <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
          </tr>
          <tr>
            <td rowspan="2" style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; PADDING-LEFT: 2pt; BORDER-LEFT: #000000 1pt solid; WIDTH: 76.38%">
              <div style="text-align: justify;">2,530</div>
            </td>
            <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
            <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 2.59%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
            <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 5.01%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
          </tr>
          <tr>
            <td rowspan="3" style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; WIDTH: 6.36%">
              <div style="FONT-SIZE: 18pt; FONT-WEIGHT: bold; TEXT-ALIGN: center">9</div>
            </td>
            <td style="VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1pt solid; WIDTH: 76.38%">
              <div style="FONT-WEIGHT: bold; TEXT-ALIGN: left">SOLE DISPOSITIVE POWER</div>
            </td>
            <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
            <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
          </tr>
          <tr>
            <td rowspan="2" style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; PADDING-LEFT: 2pt; BORDER-LEFT: #000000 1pt solid; WIDTH: 76.38%"> 0<br>
            </td>
            <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
            <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 2.59%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
            <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 5.01%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
          </tr>
          <tr>
            <td rowspan="3" style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; WIDTH: 6.36%">
              <div style="FONT-SIZE: 18pt; FONT-WEIGHT: bold; TEXT-ALIGN: center">10</div>
            </td>
            <td style="VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1pt solid; WIDTH: 76.38%">
              <div style="FONT-WEIGHT: bold; TEXT-ALIGN: left">SHARED DISPOSITIVE POWER</div>
            </td>
            <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
            <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
          </tr>
          <tr>
            <td rowspan="2" style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; PADDING-LEFT: 2pt; BORDER-LEFT: #000000 1pt solid; WIDTH: 76.38%">
              <div style="text-align: justify;">2,530</div>
            </td>
            <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
            <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 2.59%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
            <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 5.01%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
          </tr>
          <tr>
            <td rowspan="3" style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; WIDTH: 6.36%">
              <div style="FONT-SIZE: 18pt; FONT-WEIGHT: bold; TEXT-ALIGN: center">11</div>
            </td>
            <td colspan="3" style="VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1pt solid; WIDTH: 86.4%">
              <div style="FONT-WEIGHT: bold; TEXT-ALIGN: left">AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON</div>
            </td>
            <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
            <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
          </tr>
          <tr>
            <td colspan="3" rowspan="2" style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; PADDING-LEFT: 2pt; BORDER-LEFT: #000000 1pt solid; WIDTH: 86.4%">
              <div style="text-align: justify;">2,530</div>
            </td>
            <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
            <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 2.59%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
            <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 5.01%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
          </tr>
          <tr>
            <td rowspan="3" style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; WIDTH: 6.36%">
              <div style="FONT-SIZE: 18pt; FONT-WEIGHT: bold; TEXT-ALIGN: center">12</div>
            </td>
            <td colspan="3" style="VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1pt solid; WIDTH: 86.4%">
              <div style="FONT-WEIGHT: bold; TEXT-ALIGN: left">CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)</div>
            </td>
            <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
            <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: middle; PADDING-RIGHT: 2px; WIDTH: 5.01%">
              <div style="FONT-FAMILY: ''Times New Roman''; TEXT-ALIGN: left">&#9744;</div>
            </td>
          </tr>
          <tr>
            <td colspan="3" rowspan="2" style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; WIDTH: 86.4%"><br>
            </td>
            <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
            <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 2.59%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
            <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 5.01%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
          </tr>
          <tr>
            <td rowspan="3" style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; WIDTH: 6.36%">
              <div style="FONT-SIZE: 18pt; FONT-WEIGHT: bold; TEXT-ALIGN: center">13</div>
            </td>
            <td colspan="3" style="VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1pt solid; WIDTH: 86.4%">
              <div style="FONT-WEIGHT: bold; TEXT-ALIGN: left">PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)</div>
            </td>
            <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
            <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
          </tr>
          <tr>
            <td colspan="3" rowspan="2" style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; PADDING-LEFT: 2pt; BORDER-LEFT: #000000 1pt solid; WIDTH: 86.4%">
              <div style="text-align: justify;">62.8%</div>
            </td>
            <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
            <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 2.59%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
            <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 5.01%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
          </tr>
          <tr>
            <td rowspan="3" style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; WIDTH: 6.36%">
              <div style="FONT-SIZE: 18pt; FONT-WEIGHT: bold; TEXT-ALIGN: center">14</div>
            </td>
            <td colspan="3" style="VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1pt solid; WIDTH: 86.4%">
              <div style="FONT-WEIGHT: bold; TEXT-ALIGN: left">TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)</div>
            </td>
            <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
            <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
          </tr>
          <tr>
            <td colspan="3" rowspan="2" style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; PADDING-LEFT: 2pt; BORDER-LEFT: #000000 1pt solid; WIDTH: 86.4%"> HC<br>
            </td>
            <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
            <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 2.59%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
            <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 5.01%">
              <div style="TEXT-ALIGN: left">&#160;</div>
            </td>
          </tr>

      </table>
      <div> <br>
      </div>
    </div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div class="BRPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: center;">SCHEDULE 13D</div>
    <div><br>
    </div>
    <div>CUSIP No. 72200W882</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="2" border="0" style="border-collapse: collapse; width: 100%; font-family: 'Times New Roman'; font-size: 10pt;">

        <tr>
          <td rowspan="3" style="BORDER-TOP: #000000 1pt solid; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; WIDTH: 6.36%">
            <div style="FONT-SIZE: 18pt; FONT-WEIGHT: bold; TEXT-ALIGN: center">1</div>
          </td>
          <td colspan="3" style="BORDER-TOP: #000000 1pt solid; VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1pt solid; WIDTH: 86.4%">
            <div style="FONT-WEIGHT: bold; TEXT-ALIGN: left">NAMES OF REPORTING PERSONS</div>
          </td>
          <td style="BORDER-TOP: #000000 1pt solid; VERTICAL-ALIGN: middle; WIDTH: 2.59%">
            <div style="TEXT-ALIGN: left">&#160;</div>
          </td>
          <td style="BORDER-TOP: #000000 1pt solid; BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
            <div style="TEXT-ALIGN: left">&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="3" rowspan="2" style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; PADDING-LEFT: 2pt; BORDER-LEFT: #000000 1pt solid; WIDTH: 86.4%">
            <div style="text-align: justify;">
              <div>Banc of America Preferred Funding Corporation</div>
            </div>
            <div style="text-align: justify;">
              <div>
                <div>75-2939570</div>
              </div>
            </div>
          </td>
          <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
            <div style="TEXT-ALIGN: left">&#160;</div>
          </td>
          <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
            <div style="TEXT-ALIGN: left">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 2.59%">
            <div style="TEXT-ALIGN: left">&#160;</div>
          </td>
          <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 5.01%">
            <div style="TEXT-ALIGN: left">&#160;</div>
          </td>
        </tr>
        <tr style="HEIGHT: 13px">
          <td rowspan="3" style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; WIDTH: 6.36%">
            <div style="FONT-SIZE: 18pt; FONT-WEIGHT: bold; TEXT-ALIGN: center">2</div>
          </td>
          <td colspan="3" style="VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1pt solid; WIDTH: 86.4%">
            <div style="FONT-WEIGHT: bold; TEXT-ALIGN: left">CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP</div>
          </td>
          <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
            <div style="TEXT-ALIGN: right">(a)</div>
          </td>
          <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: middle; PADDING-RIGHT: 2px; WIDTH: 5.01%">
            <div style="FONT-FAMILY: ''Times New Roman''; TEXT-ALIGN: left">&#9744;</div>
          </td>
        </tr>
        <tr>
          <td colspan="3" rowspan="2" style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; WIDTH: 86.4%"><br>
          </td>
          <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
            <div style="TEXT-ALIGN: right">(b)</div>
          </td>
          <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: middle; PADDING-RIGHT: 2px; WIDTH: 5.01%">
            <div style="FONT-FAMILY: ''Times New Roman''; TEXT-ALIGN: left">&#9746;</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 2.59%">
            <div style="TEXT-ALIGN: left">&#160;</div>
          </td>
          <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 5.01%">
            <div style="TEXT-ALIGN: left">&#160;</div>
          </td>
        </tr>
        <tr>
          <td rowspan="3" style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; WIDTH: 6.36%">
            <div style="FONT-SIZE: 18pt; FONT-WEIGHT: bold; TEXT-ALIGN: center">3</div>
          </td>
          <td colspan="3" style="VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1pt solid; WIDTH: 86.4%; BACKGROUND-COLOR: #bfbfbf">
            <div style="FONT-WEIGHT: bold; TEXT-ALIGN: left">SEC USE ONLY</div>
          </td>
          <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%; BACKGROUND-COLOR: #bfbfbf">
            <div style="TEXT-ALIGN: left">&#160;</div>
          </td>
          <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%; BACKGROUND-COLOR: #bfbfbf">
            <div style="TEXT-ALIGN: left">&#160;</div>
          </td>
        </tr>
        <tr style="BACKGROUND-COLOR: #bfbfbf">
          <td colspan="3" rowspan="2" style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; WIDTH: 86.4%"> <br>
          </td>
          <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
            <div style="TEXT-ALIGN: left">&#160;</div>
          </td>
          <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
            <div style="TEXT-ALIGN: left">&#160;</div>
          </td>
        </tr>
        <tr style="BACKGROUND-COLOR: #bfbfbf">
          <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 2.59%">
            <div style="TEXT-ALIGN: left">&#160;</div>
          </td>
          <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 5.01%">
            <div style="TEXT-ALIGN: left">&#160;</div>
          </td>
        </tr>
        <tr>
          <td rowspan="3" style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; WIDTH: 6.36%">
            <div style="FONT-SIZE: 18pt; FONT-WEIGHT: bold; TEXT-ALIGN: center">4</div>
          </td>
          <td colspan="3" style="VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1pt solid; WIDTH: 86.4%">
            <div style="FONT-WEIGHT: bold; TEXT-ALIGN: left">SOURCE OF FUNDS (SEE INSTRUCTIONS)</div>
          </td>
          <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
            <div style="TEXT-ALIGN: left">&#160;</div>
          </td>
          <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
            <div style="TEXT-ALIGN: left">&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="3" rowspan="2" style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; PADDING-LEFT: 2pt; BORDER-LEFT: #000000 1pt solid; WIDTH: 86.4%">
            <div style="text-align: justify;">WC</div>
          </td>
          <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
            <div style="TEXT-ALIGN: left">&#160;</div>
          </td>
          <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
            <div style="TEXT-ALIGN: left">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 2.59%">
            <div style="TEXT-ALIGN: left">&#160;</div>
          </td>
          <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 5.01%">
            <div style="TEXT-ALIGN: left">&#160;</div>
          </td>
        </tr>
        <tr>
          <td rowspan="3" style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; WIDTH: 6.36%">
            <div style="FONT-SIZE: 18pt; FONT-WEIGHT: bold; TEXT-ALIGN: center">5</div>
          </td>
          <td colspan="3" style="VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1pt solid; WIDTH: 86.4%">
            <div style="FONT-WEIGHT: bold; TEXT-ALIGN: left">CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(D) OR 2(E)</div>
          </td>
          <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
            <div style="TEXT-ALIGN: left">&#160;</div>
          </td>
          <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: middle; PADDING-RIGHT: 2px; WIDTH: 5.01%">
            <div style="FONT-FAMILY: ''Times New Roman''; TEXT-ALIGN: left">&#9744;</div>
          </td>
        </tr>
        <tr>
          <td colspan="3" rowspan="2" style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; WIDTH: 86.4%"><br>
          </td>
          <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
            <div style="TEXT-ALIGN: left">&#160;</div>
          </td>
          <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
            <div style="TEXT-ALIGN: left">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 2.59%">
            <div style="TEXT-ALIGN: left">&#160;</div>
          </td>
          <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 5.01%">
            <div style="TEXT-ALIGN: left">&#160;</div>
          </td>
        </tr>
        <tr>
          <td rowspan="3" style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; WIDTH: 6.36%">
            <div style="FONT-SIZE: 18pt; FONT-WEIGHT: bold; TEXT-ALIGN: center">6</div>
          </td>
          <td colspan="3" style="VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1pt solid; WIDTH: 86.4%">
            <div style="FONT-WEIGHT: bold; TEXT-ALIGN: left">CITIZENSHIP OR PLACE OF ORGANIZATION</div>
          </td>
          <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
            <div style="TEXT-ALIGN: left">&#160;</div>
          </td>
          <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
            <div style="TEXT-ALIGN: left">&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="3" rowspan="2" style="vertical-align: middle; border-bottom: 1pt solid rgb(0, 0, 0); border-left: 1pt solid rgb(0, 0, 0); width: 86.4%;">
            <div style="text-align: justify;"> Delaware</div>
          </td>
          <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
            <div style="TEXT-ALIGN: left">&#160;</div>
          </td>
          <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
            <div style="TEXT-ALIGN: left">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 2.59%">
            <div style="TEXT-ALIGN: left">&#160;</div>
          </td>
          <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 5.01%">
            <div style="TEXT-ALIGN: left">&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="2" rowspan="12" style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; FONT-WEIGHT: bold; BORDER-LEFT: #000000 1pt solid; WIDTH: 12.71%">
            <div style="TEXT-ALIGN: center">NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH</div>
          </td>
          <td rowspan="3" style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; WIDTH: 6.36%">
            <div style="FONT-SIZE: 18pt; FONT-WEIGHT: bold; TEXT-ALIGN: center">7</div>
          </td>
          <td style="VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1pt solid; WIDTH: 76.38%">
            <div style="FONT-WEIGHT: bold; TEXT-ALIGN: left">SOLE VOTING POWER</div>
          </td>
          <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
            <div style="TEXT-ALIGN: left">&#160;</div>
          </td>
          <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
            <div style="TEXT-ALIGN: left">&#160;</div>
          </td>
        </tr>
        <tr>
          <td rowspan="2" style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; PADDING-LEFT: 2pt; BORDER-LEFT: #000000 1pt solid; WIDTH: 76.38%"> 0<br>
          </td>
          <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
            <div style="TEXT-ALIGN: left">&#160;</div>
          </td>
          <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
            <div style="TEXT-ALIGN: left">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 2.59%">
            <div style="TEXT-ALIGN: left">&#160;</div>
          </td>
          <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 5.01%">
            <div style="TEXT-ALIGN: left">&#160;</div>
          </td>
        </tr>
        <tr>
          <td rowspan="3" style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; WIDTH: 6.36%">
            <div style="FONT-SIZE: 18pt; FONT-WEIGHT: bold; TEXT-ALIGN: center">8</div>
          </td>
          <td style="VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1pt solid; WIDTH: 76.38%">
            <div style="FONT-WEIGHT: bold; TEXT-ALIGN: left">SHARED VOTING POWER</div>
          </td>
          <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
            <div style="TEXT-ALIGN: left">&#160;</div>
          </td>
          <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
            <div style="TEXT-ALIGN: left">&#160;</div>
          </td>
        </tr>
        <tr>
          <td rowspan="2" style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; PADDING-LEFT: 2pt; BORDER-LEFT: #000000 1pt solid; WIDTH: 76.38%">
            <div style="text-align: justify;">2,530</div>
          </td>
          <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
            <div style="TEXT-ALIGN: left">&#160;</div>
          </td>
          <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
            <div style="TEXT-ALIGN: left">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 2.59%">
            <div style="TEXT-ALIGN: left">&#160;</div>
          </td>
          <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 5.01%">
            <div style="TEXT-ALIGN: left">&#160;</div>
          </td>
        </tr>
        <tr>
          <td rowspan="3" style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; WIDTH: 6.36%">
            <div style="FONT-SIZE: 18pt; FONT-WEIGHT: bold; TEXT-ALIGN: center">9</div>
          </td>
          <td style="VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1pt solid; WIDTH: 76.38%">
            <div style="FONT-WEIGHT: bold; TEXT-ALIGN: left">SOLE DISPOSITIVE POWER</div>
          </td>
          <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
            <div style="TEXT-ALIGN: left">&#160;</div>
          </td>
          <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
            <div style="TEXT-ALIGN: left">&#160;</div>
          </td>
        </tr>
        <tr>
          <td rowspan="2" style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; PADDING-LEFT: 2pt; BORDER-LEFT: #000000 1pt solid; WIDTH: 76.38%"> 0<br>
          </td>
          <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
            <div style="TEXT-ALIGN: left">&#160;</div>
          </td>
          <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
            <div style="TEXT-ALIGN: left">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 2.59%">
            <div style="TEXT-ALIGN: left">&#160;</div>
          </td>
          <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 5.01%">
            <div style="TEXT-ALIGN: left">&#160;</div>
          </td>
        </tr>
        <tr>
          <td rowspan="3" style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; WIDTH: 6.36%">
            <div style="FONT-SIZE: 18pt; FONT-WEIGHT: bold; TEXT-ALIGN: center">10</div>
          </td>
          <td style="VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1pt solid; WIDTH: 76.38%">
            <div style="FONT-WEIGHT: bold; TEXT-ALIGN: left">SHARED DISPOSITIVE POWER</div>
          </td>
          <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
            <div style="TEXT-ALIGN: left">&#160;</div>
          </td>
          <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
            <div style="TEXT-ALIGN: left">&#160;</div>
          </td>
        </tr>
        <tr>
          <td rowspan="2" style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; PADDING-LEFT: 2pt; BORDER-LEFT: #000000 1pt solid; WIDTH: 76.38%">
            <div style="text-align: justify;">2,530</div>
          </td>
          <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
            <div style="TEXT-ALIGN: left">&#160;</div>
          </td>
          <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
            <div style="TEXT-ALIGN: left">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 2.59%">
            <div style="TEXT-ALIGN: left">&#160;</div>
          </td>
          <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 5.01%">
            <div style="TEXT-ALIGN: left">&#160;</div>
          </td>
        </tr>
        <tr>
          <td rowspan="3" style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; WIDTH: 6.36%">
            <div style="FONT-SIZE: 18pt; FONT-WEIGHT: bold; TEXT-ALIGN: center">11</div>
          </td>
          <td colspan="3" style="VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1pt solid; WIDTH: 86.4%">
            <div style="FONT-WEIGHT: bold; TEXT-ALIGN: left">AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON</div>
          </td>
          <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
            <div style="TEXT-ALIGN: left">&#160;</div>
          </td>
          <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
            <div style="TEXT-ALIGN: left">&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="3" rowspan="2" style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; PADDING-LEFT: 2pt; BORDER-LEFT: #000000 1pt solid; WIDTH: 86.4%">
            <div style="text-align: justify;">2,530</div>
          </td>
          <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
            <div style="TEXT-ALIGN: left">&#160;</div>
          </td>
          <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
            <div style="TEXT-ALIGN: left">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 2.59%">
            <div style="TEXT-ALIGN: left">&#160;</div>
          </td>
          <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 5.01%">
            <div style="TEXT-ALIGN: left">&#160;</div>
          </td>
        </tr>
        <tr>
          <td rowspan="3" style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; WIDTH: 6.36%">
            <div style="FONT-SIZE: 18pt; FONT-WEIGHT: bold; TEXT-ALIGN: center">12</div>
          </td>
          <td colspan="3" style="VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1pt solid; WIDTH: 86.4%">
            <div style="FONT-WEIGHT: bold; TEXT-ALIGN: left">CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)</div>
          </td>
          <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
            <div style="TEXT-ALIGN: left">&#160;</div>
          </td>
          <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: middle; PADDING-RIGHT: 2px; WIDTH: 5.01%">
            <div style="FONT-FAMILY: ''Times New Roman''; TEXT-ALIGN: left">&#9744;</div>
          </td>
        </tr>
        <tr>
          <td colspan="3" rowspan="2" style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; WIDTH: 86.4%"><br>
          </td>
          <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
            <div style="TEXT-ALIGN: left">&#160;</div>
          </td>
          <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
            <div style="TEXT-ALIGN: left">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 2.59%">
            <div style="TEXT-ALIGN: left">&#160;</div>
          </td>
          <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 5.01%">
            <div style="TEXT-ALIGN: left">&#160;</div>
          </td>
        </tr>
        <tr>
          <td rowspan="3" style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; WIDTH: 6.36%">
            <div style="FONT-SIZE: 18pt; FONT-WEIGHT: bold; TEXT-ALIGN: center">13</div>
          </td>
          <td colspan="3" style="VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1pt solid; WIDTH: 86.4%">
            <div style="FONT-WEIGHT: bold; TEXT-ALIGN: left">PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)</div>
          </td>
          <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
            <div style="TEXT-ALIGN: left">&#160;</div>
          </td>
          <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
            <div style="TEXT-ALIGN: left">&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="3" rowspan="2" style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; PADDING-LEFT: 2pt; BORDER-LEFT: #000000 1pt solid; WIDTH: 86.4%">
            <div style="text-align: justify;">62.8%</div>
          </td>
          <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
            <div style="TEXT-ALIGN: left">&#160;</div>
          </td>
          <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
            <div style="TEXT-ALIGN: left">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 2.59%">
            <div style="TEXT-ALIGN: left">&#160;</div>
          </td>
          <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 5.01%">
            <div style="TEXT-ALIGN: left">&#160;</div>
          </td>
        </tr>
        <tr>
          <td rowspan="3" style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; WIDTH: 6.36%">
            <div style="FONT-SIZE: 18pt; FONT-WEIGHT: bold; TEXT-ALIGN: center">14</div>
          </td>
          <td colspan="3" style="VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1pt solid; WIDTH: 86.4%">
            <div style="FONT-WEIGHT: bold; TEXT-ALIGN: left">TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)</div>
          </td>
          <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
            <div style="TEXT-ALIGN: left">&#160;</div>
          </td>
          <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
            <div style="TEXT-ALIGN: left">&#160;</div>
          </td>
        </tr>
        <tr>
          <td colspan="3" rowspan="2" style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; PADDING-LEFT: 2pt; BORDER-LEFT: #000000 1pt solid; WIDTH: 86.4%"> CO<br>
          </td>
          <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
            <div style="TEXT-ALIGN: left">&#160;</div>
          </td>
          <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
            <div style="TEXT-ALIGN: left">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 2.59%">
            <div style="TEXT-ALIGN: left">&#160;</div>
          </td>
          <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 5.01%">
            <div style="TEXT-ALIGN: left">&#160;</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div class="BRPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <table cellspacing="0" cellpadding="0" id="z2a41724bc0c1430a8ed8f572d12dcf50" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 45pt; vertical-align: top; font-weight: bold;">Item 1</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-weight: bold;">Security and Issuer</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 28.35pt; color: #000000;">This Statement on Schedule 13D (this &#8220;<font style="font-weight: bold;">Statement</font>&#8221;) relates to the purchase of 2,530 remarketable variable rate munifund term preferred
      shares, series 2054 (CUSIP No. 72200W882) ("<font style="font-weight: bold;">RVMTP Shares</font>") of PIMCO Municipal Income Fund II (the "<font style="font-weight: bold;">Issuer</font>" or the "<font style="font-weight: bold;">Company</font>"). This
      Statement is being filed by the Reporting Persons (as defined below) as a result of the purchase of RVMTP Shares by BAPFC (as defined below). The Issuer&#8217;s principal executive offices are located at 1633 Broadway, New York, New York 10019.&#160; The
      information used in the calculation of preferred share class holdings herein has been provided by the Issuer.</div>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" id="z11088c416c434102888f8791d1f40765" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 45pt; vertical-align: top; font-weight: bold;">Item 2</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-weight: bold;">Identity and Background</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;This Statement is being filed on behalf of each of the following persons (collectively, the &#8220;<font style="font-weight: bold;">Reporting Persons</font>&#8221;):</div>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" id="z71d6c7ffcc624bca8daba3d60df5ee49" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 39.1pt;"><br>
          </td>
          <td style="width: 31.2pt; vertical-align: top;">i.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>Bank of America Corporation (&#8220;<font style="font-weight: bold;">BAC</font>&#8221;)</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" id="z8512c708f6ae48888af77bc1ab11bbbb" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 39.1pt;"><br>
          </td>
          <td style="width: 31.2pt; vertical-align: top;">ii.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>Banc of America Preferred Funding Corporation (&#8220;<font style="font-weight: bold;">BAPFC</font>&#8221;)</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">This Statement relates to the RVMTP Shares that were purchased for the account of BAPFC.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">(b) The address of the principal business office of BAC is:</div>
    <div>&#160;</div>
    <div style="text-align: justify;">Bank of America Corporate Center</div>
    <div style="text-align: justify;">100 North Tryon Street</div>
    <div style="text-align: justify;">Charlotte, North Carolina 28255</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">The address of the principal business office of BAPFC is:</div>
    <div>&#160;</div>
    <div style="text-align: justify;">214 North Tryon Street</div>
    <div style="text-align: justify;">Charlotte, North Carolina 28255</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">(c) BAC and its subsidiaries provide diversified global financial services and products.&#160; The principal business of BAPFC is to make investments and provide loans to clients.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">Information concerning each executive officer, director and controlling person (the &#8220;<font style="font-weight: bold;">Listed Persons</font>&#8221;) of the Reporting Persons is listed on Schedule I attached
      hereto, and is incorporated by reference herein.&#160; To the knowledge of the Reporting Persons, all of the Listed Persons are citizens of the United States, other than as otherwise specified on Schedule I hereto.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">(d) Other than as set forth on Schedule II, during the last five years, none of the Reporting Persons, and to the best knowledge of the Reporting Persons, none of the Listed Persons, have been
      convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors) or was a party to a civil proceeding of a judicial or administrative body of competent jurisdiction as a result of which such person was or is subject to a
      judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws, or finding any violation with respect to such laws.</div>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" id="zb3ae456d5c124f999d3e4ab67c517c3e" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 45pt; vertical-align: top; font-weight: bold;">Item 3</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-weight: bold;">Source and Amount of Funds or Other Consideration</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">The aggregate amount of funds used by the Reporting Persons to purchase the securities reported herein was approximately $253,000,000.&#160; The source of funds was the working capital of the Reporting
      Persons.</div>
    <div>&#160;</div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div class="BRPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">The Reporting Persons declare that neither the filing of this Statement nor anything herein shall be construed as an admission that such person is, for the purposes of Section 13(d) of the Exchange
      Act or any other purpose, (i) acting (or has agreed or is agreeing to act together with any other person) as a partnership, limited partnership, syndicate, or other group for the purpose of acquiring, holding or disposing of securities of the Company
      or otherwise with respect to the Company or any securities of the Company or (ii) a member of any group with respect to the Company or any securities of the Company.</div>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" id="zf2f464d2b098475884511b29ebcc5554" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 45pt; vertical-align: top; font-weight: bold;">Item 4</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-weight: bold;">Purpose of the Transaction</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">BAPFC has purchased the <font style="color: rgb(0, 0, 0);">RVMTP Shares for investment purposes.&#160; BAPFC acquired the RVMTP Shares directly from the Company pursuant to the RVMTP</font><font style="color: rgb(255, 0, 0);">&#160;</font><font style="color: rgb(0, 0, 0);">Purchase Agreement dated April 17, 2024, between the Company and BAPFC on their initial issuance for a purchase price of $253,000,000.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">The Reporting Persons have not acquired the subject securities with any purpose, or with the effect of, changing or influencing control of the issuer, or in connection with or as a participant in any
      transaction having that purpose or effect.</div>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" id="zbd9400aa6f3f43118af64efc414ccf9b" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 45pt; vertical-align: top; font-weight: bold;">Item 5</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-weight: bold;">Interest in Securities of the Issuer</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">(a) - (b) The responses of the Reporting Persons to Rows (7) through (11) of the cover pages of this Statement are incorporated herein by reference.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">(c) The responses of the Reporting Persons in Item 3 and Item 4 are incorporated herein by reference.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">(d) No other person is known by the Reporting Persons to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, RVMTP Shares that may be
      deemed to be beneficially owned by the Reporting Persons.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">(e) Not applicable.</div>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" id="z64adc7c5f45048488d1a4b9ac8beca93" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 45pt; vertical-align: top; font-weight: bold;">Item 6</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><font style="font-weight: bold;">Contracts, Arrangements, Understandings or Relationships with Respect to Securities of</font>&#160;<font style="font-weight: bold;">the Issuer</font></div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="text-align: justify;">The responses of the Reporting Persons to Item 4 are incorporated herein by reference.&#160; With respect to the RVMTP Shares owned by BAPFC, on <font style="color: rgb(0, 0, 0);">April 17, 2024</font> BAPFC assigned
      certain preferred class voting rights on the RVMTP Shares to a voting trust (the &#8220;<font style="font-weight: bold;">Voting Trust</font>&#8221;) created pursuant to the Voting Trust Agreement, dated <font style="color: rgb(0, 0, 0);">April 17, 2024</font>,
      among BAPFC, Lord Securities Corporation, as voting trustee (the &#8220;<font style="font-weight: bold;">Voting Trustee</font>&#8221;) and Institutional Shareholder Services Inc. (the &#8220;<font style="font-weight: bold;">Voting Consultant</font>&#8221;).&#160; Voting and
      consent rights on the RVMTP Shares not assigned to the Voting Trust have been retained by BAPFC.&#160; The Voting Trust provides that with respect to voting or consent matters relating to the voting rights assigned to the Voting Trust, the Voting
      Consultant analyzes such voting or consent matters and makes a recommendation to the Voting Trustee on voting or consenting.&#160; The Voting Trustee is obligated to follow any such recommendations of the Voting Consultant when providing a vote or
      consent.&#160; BAPFC has the right to cause the Company to register the RVMTP Shares pursuant to a Registration Rights Agreement, dated <font style="color: rgb(0, 0, 0);">April 17, 2024</font> between the Company and BAPFC.</div>
    <div>&#160;</div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div class="BRPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <table cellspacing="0" cellpadding="0" id="z8dbad2d96cd94b2ba103bfe350306f4c" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 45pt; vertical-align: top; font-weight: bold;">Item 7</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-weight: bold;">Material to be Filed as Exhibits</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" border="0" id="z2128fb8c2fd34820aabed47febc6e2d7" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

        <tr>
          <td style="width: 12%; vertical-align: top;">
            <div style="text-align: justify;">Exhibit</div>
          </td>
          <td style="width: 88%; vertical-align: top;">
            <div style="text-align: justify;">Description of Exhibit</div>
          </td>
        </tr>
        <tr>
          <td style="width: 12%; vertical-align: top; background-color: rgb(255, 255, 255);" rowspan="1">&#160;</td>
          <td style="width: 88%; vertical-align: top; background-color: rgb(255, 255, 255);" rowspan="1">&#160;</td>
        </tr>
        <tr>
          <td style="width: 12%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify;">99.1</div>
          </td>
          <td style="width: 88%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify;">Joint Filing Agreement</div>
          </td>
        </tr>
        <tr>
          <td style="width: 12%; vertical-align: top;" rowspan="1">&#160;</td>
          <td style="width: 88%; vertical-align: top;" rowspan="1">&#160;</td>
        </tr>
        <tr>
          <td style="width: 12%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify;">99.2</div>
          </td>
          <td style="width: 88%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify;">Limited Power of Attorney</div>
          </td>
        </tr>
        <tr>
          <td style="width: 12%; vertical-align: top;" rowspan="1">&#160;</td>
          <td style="width: 88%; vertical-align: top;" rowspan="1">&#160;</td>
        </tr>
        <tr>
          <td style="width: 12%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify;">99.3</div>
          </td>
          <td style="width: 88%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify;">Voting Trust Agreement dated <font style="color: rgb(0, 0, 0);">April 17, 2024</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 12%; vertical-align: top;" rowspan="1">&#160;</td>
          <td style="width: 88%; vertical-align: top;" rowspan="1">&#160;</td>
        </tr>
        <tr>
          <td style="width: 12%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify;">99.4</div>
          </td>
          <td style="width: 88%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify;">RVMTP Shares Purchase Agreement dated <font style="color: rgb(0, 0, 0);">April 17, 2024</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 12%; vertical-align: top;" rowspan="1">&#160;</td>
          <td style="width: 88%; vertical-align: top;" rowspan="1">&#160;</td>
        </tr>
        <tr>
          <td style="width: 12%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify;">99.5</div>
          </td>
          <td style="width: 88%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify;">Registration Rights Agreement dated <font style="color: rgb(0, 0, 0);">April 17, 2024</font></div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div class="BRPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: center;">SIGNATURES</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.</div>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" border="0" id="zdd4b0a45906d42bcb5aca315d92720b8" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div style="text-align: justify;">Date:&#160;&#160; <font style="background-color: rgb(255, 255, 255);">April 24, 2024</font></div>
          </td>
          <td style="vertical-align: top;" colspan="3">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;" rowspan="1">&#160;</td>
          <td style="vertical-align: top;" colspan="3" rowspan="1">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="vertical-align: top;" colspan="3">
            <div style="text-align: justify; font-weight: bold;">BANK OF AMERICA CORPORATION</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;" rowspan="1">&#160;</td>
          <td style="vertical-align: top;" colspan="3" rowspan="1"><br>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
          <td style="width: 3%; vertical-align: top; padding-bottom: 2px;">
            <div>By: <br>
            </div>
          </td>
          <td style="width: 16%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">/s/ Michael Jentis</td>
          <td style="width: 31%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="vertical-align: top;" colspan="3">
            <div>Name:&#160; Michael Jentis</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="vertical-align: top;" colspan="3">
            <div style="text-align: justify;">Title:&#160; Attorney-in-fact</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="vertical-align: top;" colspan="3">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="vertical-align: top;" colspan="3">
            <div style="text-align: justify; font-weight: bold;">BANC OF AMERICA PREFERRED FUNDING CORPORATION</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;" rowspan="1">&#160;</td>
          <td style="vertical-align: top;" colspan="3" rowspan="1"><br>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
          <td style="width: 3%; vertical-align: top; padding-bottom: 2px;">
            <div style="text-align: justify;">By: <br>
            </div>
          </td>
          <td style="width: 16%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">/s/ Michael Jentis</td>
          <td style="width: 31%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="vertical-align: top;" colspan="3">
            <div style="text-align: justify;">Name:&#160; Michael Jentis</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="vertical-align: top;" colspan="3">
            <div style="text-align: justify;">Title:&#160; Authorized Signatory</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div class="BRPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div>LIST OF EXHIBITS</div>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" border="0" id="z3bb420b8f165411493f93ac30966216d" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

        <tr>
          <td style="width: 12%; vertical-align: top;">
            <div style="text-align: justify;">Exhibit</div>
          </td>
          <td style="width: 88%; vertical-align: top;">
            <div style="text-align: justify;">Description of Exhibit</div>
          </td>
        </tr>
        <tr>
          <td style="width: 12%; vertical-align: top;" rowspan="1">&#160;</td>
          <td style="width: 88%; vertical-align: top;" rowspan="1">&#160;</td>
        </tr>
        <tr>
          <td style="width: 12%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify;"><a href="ef20027480_ex99-1.htm">99.1</a></div>
          </td>
          <td style="width: 88%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify;">Joint Filing Agreement</div>
          </td>
        </tr>
        <tr>
          <td style="width: 12%; vertical-align: top;" rowspan="1">&#160;</td>
          <td style="width: 88%; vertical-align: top;" rowspan="1">&#160;</td>
        </tr>
        <tr>
          <td style="width: 12%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify;"><a href="ef20027443_ex99-2.htm">99.2</a></div>
          </td>
          <td style="width: 88%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify;">Limited Power of Attorney</div>
          </td>
        </tr>
        <tr>
          <td style="width: 12%; vertical-align: top;" rowspan="1">&#160;</td>
          <td style="width: 88%; vertical-align: top;" rowspan="1">&#160;</td>
        </tr>
        <tr>
          <td style="width: 12%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify;"><a href="ef20027443_ex99-3.htm">99.3</a></div>
          </td>
          <td style="width: 88%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify;">Voting Trust Agreement dated <font style="color: rgb(0, 0, 0);">April 17, 2024</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 12%; vertical-align: top;" rowspan="1">&#160;</td>
          <td style="width: 88%; vertical-align: top;" rowspan="1">&#160;</td>
        </tr>
        <tr>
          <td style="width: 12%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify;"><a href="ef20027443_ex99-4.htm">99.4</a></div>
          </td>
          <td style="width: 88%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify;">RVMTP Shares Purchase Agreement dated <font style="color: rgb(0, 0, 0);">April 17, 2024</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 12%; vertical-align: top;" rowspan="1">&#160;</td>
          <td style="width: 88%; vertical-align: top;" rowspan="1">&#160;</td>
        </tr>
        <tr>
          <td style="width: 12%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify;"><a href="ef20027443_ex99-5.htm">99.5</a></div>
          </td>
          <td style="width: 88%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify;">Registration Rights Agreement dated <font style="color: rgb(0, 0, 0);">April 17, 2024</font></div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div class="BRPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: center; font-weight: bold;"><u>SCHEDULE I</u></div>
    <div><br>
    </div>
    <div style="text-align: center; font-weight: bold;"><u>EXECUTIVE OFFICERS AND DIRECTORS OF</u></div>
    <div style="text-align: center; font-weight: bold;"><u>REPORTING PERSONS</u></div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">The following sets forth the name and present principal occupation of each executive officer and director of Bank of America Corporation.&#160; The business address of each of the executive officers and
      directors of Bank of America Corporation is Bank of America Corporate Center, 100 North Tryon Street, Charlotte, North Carolina 28255.</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" id="zd7dd4dec523e42acae6b10e2a45bf7d7" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);">

        <tr>
          <td style="width: 27%; vertical-align: bottom;">
            <div style="text-align: center;"><u>Name</u></div>
          </td>
          <td style="width: 2%; vertical-align: bottom;" colspan="1">&#160;</td>
          <td style="width: 29.34%; vertical-align: bottom;">
            <div style="text-align: center;">Position with Bank of </div>
            <div style="text-align: center;"><u>America Corporation</u></div>
          </td>
          <td style="width: 2%; vertical-align: bottom;" colspan="1">&#160;</td>
          <td style="width: 40%; vertical-align: bottom;">
            <div style="text-align: center;"><u>Principal Occupation</u></div>
          </td>
        </tr>
        <tr>
          <td style="width: 27%; vertical-align: bottom;" rowspan="1">&#160;</td>
          <td style="width: 2%; vertical-align: bottom;" colspan="1" rowspan="1">&#160;</td>
          <td style="width: 29.34%; vertical-align: bottom;" rowspan="1">&#160;</td>
          <td style="width: 2%; vertical-align: bottom;" colspan="1" rowspan="1">&#160;</td>
          <td style="width: 40%; vertical-align: bottom;" rowspan="1">&#160;</td>
        </tr>
        <tr>
          <td style="width: 27%; vertical-align: top;">
            <div style="text-align: justify;">Brian T. Moynihan</div>
          </td>
          <td style="width: 2%; vertical-align: top;" colspan="1">&#160;</td>
          <td style="width: 29.34%; vertical-align: top;">
            <div>Chairman of the Board, Chief Executive Officer and Director</div>
          </td>
          <td style="width: 2%; vertical-align: top;" colspan="1">&#160;</td>
          <td style="width: 40%; vertical-align: top;">
            <div>Chairman of the Board and Chief Executive Officer of Bank of America Corporation</div>
          </td>
        </tr>
        <tr>
          <td style="width: 27%; vertical-align: top;" rowspan="1">&#160;</td>
          <td style="width: 2%; vertical-align: top;" colspan="1" rowspan="1">&#160;</td>
          <td style="width: 29.34%; vertical-align: top;" rowspan="1">&#160;</td>
          <td style="width: 2%; vertical-align: top;" colspan="1" rowspan="1">&#160;</td>
          <td style="width: 40%; vertical-align: top;" rowspan="1">&#160;</td>
        </tr>
        <tr>
          <td style="width: 27%; vertical-align: top;">
            <div style="text-align: justify;">Paul M. Donofrio</div>
          </td>
          <td style="width: 2%; vertical-align: top;" colspan="1">&#160;</td>
          <td style="width: 29.34%; vertical-align: top;">
            <div>Vice Chair</div>
          </td>
          <td style="width: 2%; vertical-align: top;" colspan="1">&#160;</td>
          <td style="width: 40%; vertical-align: top;">
            <div>Vice Chair of Bank of America Corporation</div>
          </td>
        </tr>
        <tr>
          <td style="width: 27%; vertical-align: top;" rowspan="1">&#160;</td>
          <td style="width: 2%; vertical-align: top;" colspan="1" rowspan="1">&#160;</td>
          <td style="width: 29.34%; vertical-align: top;" rowspan="1">&#160;</td>
          <td style="width: 2%; vertical-align: top;" colspan="1" rowspan="1">&#160;</td>
          <td style="width: 40%; vertical-align: top;" rowspan="1">&#160;</td>
        </tr>
        <tr>
          <td style="width: 27%; vertical-align: top;">
            <div style="text-align: justify;">Thong M. Nguyen</div>
          </td>
          <td style="width: 2%; vertical-align: top;" colspan="1">&#160;</td>
          <td style="width: 29.34%; vertical-align: top;">
            <div>Vice Chair, Head of Global Strategy &amp; Enterprise Platforms</div>
          </td>
          <td style="width: 2%; vertical-align: top;" colspan="1">&#160;</td>
          <td style="width: 40%; vertical-align: top;">
            <div>Vice Chair, Head of Global Strategy &amp; Enterprise Platforms of Bank of America Corporation</div>
          </td>
        </tr>
        <tr>
          <td style="width: 27%; vertical-align: top;" rowspan="1">&#160;</td>
          <td style="width: 2%; vertical-align: top;" colspan="1" rowspan="1">&#160;</td>
          <td style="width: 29.34%; vertical-align: top;" rowspan="1">&#160;</td>
          <td style="width: 2%; vertical-align: top;" colspan="1" rowspan="1">&#160;</td>
          <td style="width: 40%; vertical-align: top;" rowspan="1">&#160;</td>
        </tr>
        <tr>
          <td style="width: 27%; vertical-align: top;">
            <div style="text-align: justify;">Catherine P. Bessant</div>
          </td>
          <td style="width: 2%; vertical-align: top;" colspan="1">&#160;</td>
          <td style="width: 29.34%; vertical-align: top;">
            <div>Vice Chair, Global Strategy</div>
          </td>
          <td style="width: 2%; vertical-align: top;" colspan="1">&#160;</td>
          <td style="width: 40%; vertical-align: top;">
            <div>Vice Chair, Global Strategy of Bank of America Corporation</div>
          </td>
        </tr>
        <tr>
          <td style="width: 27%; vertical-align: top;" rowspan="1">&#160;</td>
          <td style="width: 2%; vertical-align: top;" colspan="1" rowspan="1">&#160;</td>
          <td style="width: 29.34%; vertical-align: top;" rowspan="1">&#160;</td>
          <td style="width: 2%; vertical-align: top;" colspan="1" rowspan="1">&#160;</td>
          <td style="width: 40%; vertical-align: top;" rowspan="1">&#160;</td>
        </tr>
        <tr>
          <td style="width: 27%; vertical-align: top;">
            <div style="text-align: justify;">Bruce R. Thompson</div>
          </td>
          <td style="width: 2%; vertical-align: top;" colspan="1">&#160;</td>
          <td style="width: 29.34%; vertical-align: top;">
            <div>Vice Chair, Head of Enterprise Credit</div>
          </td>
          <td style="width: 2%; vertical-align: top;" colspan="1">&#160;</td>
          <td style="width: 40%; vertical-align: top;">
            <div>Vice Chair, Head of Enterprise Credit of Bank of America Corporation</div>
          </td>
        </tr>
        <tr>
          <td style="width: 27%; vertical-align: top;" rowspan="1">&#160;</td>
          <td style="width: 2%; vertical-align: top;" colspan="1" rowspan="1">&#160;</td>
          <td style="width: 29.34%; vertical-align: top;" rowspan="1">&#160;</td>
          <td style="width: 2%; vertical-align: top;" colspan="1" rowspan="1">&#160;</td>
          <td style="width: 40%; vertical-align: top;" rowspan="1">&#160;</td>
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        <tr>
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            <div>Chief Operations Executive</div>
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            <div style="text-align: justify;">Lauren A. Mogensen</div>
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            <div>Global General Counsel</div>
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          <td style="width: 2%; vertical-align: top;" colspan="1">&#160;</td>
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          <td style="width: 40%; vertical-align: top;" rowspan="1">&#160;</td>
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            <div style="text-align: justify;">Michael D. White</div>
          </td>
          <td style="width: 2%; vertical-align: top;" colspan="1">&#160;</td>
          <td style="width: 29.34%; vertical-align: top;">
            <div>Director</div>
          </td>
          <td style="width: 2%; vertical-align: top;" colspan="1">&#160;</td>
          <td style="width: 40%; vertical-align: top;">
            <div>Former Chairman, President, and Chief Executive Officer of DIRECTV</div>
          </td>
        </tr>
        <tr>
          <td style="width: 27%; vertical-align: top;" rowspan="1">&#160;</td>
          <td style="width: 2%; vertical-align: top;" colspan="1" rowspan="1">&#160;</td>
          <td style="width: 29.34%; vertical-align: top;" rowspan="1">&#160;</td>
          <td style="width: 2%; vertical-align: top;" colspan="1" rowspan="1">&#160;</td>
          <td style="width: 40%; vertical-align: top;" rowspan="1">&#160;</td>
        </tr>
        <tr>
          <td style="width: 27%; vertical-align: top;">
            <div style="text-align: justify;">Thomas D. Woods<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">2</sup></div>
          </td>
          <td style="width: 2%; vertical-align: top;" colspan="1">&#160;</td>
          <td style="width: 29.34%; vertical-align: top;">
            <div>Director</div>
          </td>
          <td style="width: 2%; vertical-align: top;" colspan="1">&#160;</td>
          <td style="width: 40%; vertical-align: top;">
            <div>Former Vice Chairman and Senior Executive Vice President of Canadian Imperial Bank of Commerce; Former Chairman, Hydro One Limited</div>
          </td>
        </tr>
        <tr>
          <td style="width: 27%; vertical-align: top;" rowspan="1">&#160;</td>
          <td style="width: 2%; vertical-align: top;" colspan="1" rowspan="1">&#160;</td>
          <td style="width: 29.34%; vertical-align: top;" rowspan="1">&#160;</td>
          <td style="width: 2%; vertical-align: top;" colspan="1" rowspan="1">&#160;</td>
          <td style="width: 40%; vertical-align: top;" rowspan="1">&#160;</td>
        </tr>
        <tr>
          <td style="width: 27%; vertical-align: top;">
            <div style="text-align: justify;">Maria T. Zuber</div>
          </td>
          <td style="width: 2%; vertical-align: top;" colspan="1">&#160;</td>
          <td style="width: 29.34%; vertical-align: top;">
            <div>Director</div>
          </td>
          <td style="width: 2%; vertical-align: top;" colspan="1">&#160;</td>
          <td style="width: 40%; vertical-align: top;">
            <div>Vice President for Research and E.A., Griswold Professor of Geophysics, MIT</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <hr noshade="noshade" align="center" style="background-color: #000000; border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none; margin: 0px auto; height: 2px; color: #000000; text-align: center;">
    <div style="text-align: justify; text-indent: -39.1pt; margin-left: 39.1pt; font-size: 8pt;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup> Mr. de Weck is a citizen of Switzerland.</div>
    <div style="text-align: justify; text-indent: -39.1pt; margin-left: 39.1pt; font-size: 8pt;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">2</sup> Mr. Woods is a citizen of Canada.</div>
    <div> <br>
    </div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div class="BRPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div>The following sets forth the name and present principal occupation of each executive officer and director of Banc of America Preferred Funding Corporation.&#160; The business address of each of the executive officers and directors of Banc of America
      Preferred Funding Corporation is 214 North Tryon Street, Charlotte, North Carolina 28255.</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" id="z0073d15768db4940b4813464d87304e7" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);">

        <tr>
          <td style="width: 27%; vertical-align: bottom;">
            <div style="text-align: center;"><u>Name</u></div>
          </td>
          <td style="width: 2%; vertical-align: bottom;" colspan="1">&#160;</td>
          <td style="width: 29.34%; vertical-align: bottom;">
            <div style="text-align: center;">Position with Banc of </div>
            <div style="text-align: center;">America Preferred </div>
            <div style="text-align: center;">Funding <u>Corporation</u></div>
          </td>
          <td style="width: 2%; vertical-align: bottom;" colspan="1">&#160;</td>
          <td style="width: 40%; vertical-align: bottom;">
            <div style="text-align: center;"><u>Principal Occupation</u></div>
          </td>
        </tr>
        <tr>
          <td style="width: 27%; vertical-align: bottom;" rowspan="1">&#160;</td>
          <td style="width: 2%; vertical-align: bottom;" colspan="1" rowspan="1">&#160;</td>
          <td style="width: 29.34%; vertical-align: bottom;" rowspan="1">&#160;</td>
          <td style="width: 2%; vertical-align: bottom;" colspan="1" rowspan="1">&#160;</td>
          <td style="width: 40%; vertical-align: bottom;" rowspan="1">&#160;</td>
        </tr>
        <tr>
          <td style="width: 27%; vertical-align: top;">
            <div style="text-align: justify;">John J. Lawlor</div>
          </td>
          <td style="width: 2%; vertical-align: top;" colspan="1">&#160;</td>
          <td style="width: 29.34%; vertical-align: top;">
            <div>Director and President</div>
          </td>
          <td style="width: 2%; vertical-align: top;" colspan="1">&#160;</td>
          <td style="width: 40%; vertical-align: top;">
            <div>Managing Director, Municipal Markets and Public Sector Banking Executive of BofA Securities, Inc. and Bank of America, National Association</div>
          </td>
        </tr>
        <tr>
          <td style="width: 27%; vertical-align: top;">
            <div style="text-align: justify;">Edward H. Curland</div>
          </td>
          <td style="width: 2%; vertical-align: top;" colspan="1">&#160;</td>
          <td style="width: 29.34%; vertical-align: top;">
            <div>Director and Managing Director</div>
          </td>
          <td style="width: 2%; vertical-align: top;" colspan="1">&#160;</td>
          <td style="width: 40%; vertical-align: top;">
            <div>Managing Director, Municipal Markets Executive for Trading of BofA Securities, Inc. and Bank of America, National Association</div>
          </td>
        </tr>
        <tr>
          <td style="width: 27%; vertical-align: top;">
            <div style="text-align: justify;">James Duffy</div>
          </td>
          <td style="width: 2%; vertical-align: top;" colspan="1">&#160;</td>
          <td style="width: 29.34%; vertical-align: top;">
            <div>Managing Director</div>
          </td>
          <td style="width: 2%; vertical-align: top;" colspan="1">&#160;</td>
          <td style="width: 40%; vertical-align: top;">
            <div>Director; MBAM BFO, The CFO Group</div>
            <div>of&#160; Bank of America, National Association</div>
          </td>
        </tr>
        <tr>
          <td style="width: 27%; vertical-align: top;">
            <div style="text-align: justify;">Michael I. Jentis</div>
          </td>
          <td style="width: 2%; vertical-align: top;" colspan="1">&#160;</td>
          <td style="width: 29.34%; vertical-align: top;">
            <div>Managing Director</div>
          </td>
          <td style="width: 2%; vertical-align: top;" colspan="1">&#160;</td>
          <td style="width: 40%; vertical-align: top;">
            <div>Managing Director, Head of Sales &#8211; Public Finance of BofA Securities, Inc. and Bank of America, National Association</div>
          </td>
        </tr>
        <tr>
          <td style="width: 27%; vertical-align: top;">
            <div style="text-align: justify;">Mona Payton</div>
          </td>
          <td style="width: 2%; vertical-align: top;" colspan="1">&#160;</td>
          <td style="width: 29.34%; vertical-align: top;">
            <div>Managing Director</div>
          </td>
          <td style="width: 2%; vertical-align: top;" colspan="1">&#160;</td>
          <td style="width: 40%; vertical-align: top;">
            <div>Managing Director, Municipal Markets Executive for Short-Term Trading of BofA Securities, Inc. and Bank of America, National Association</div>
          </td>
        </tr>
        <tr>
          <td style="width: 27%; vertical-align: top;">
            <div style="text-align: justify;">Edward J. Sisk</div>
          </td>
          <td style="width: 2%; vertical-align: top;" colspan="1">&#160;</td>
          <td style="width: 29.34%; vertical-align: top;">
            <div>Director and Managing Director</div>
          </td>
          <td style="width: 2%; vertical-align: top;" colspan="1">&#160;</td>
          <td style="width: 40%; vertical-align: top;">
            <div>Managing Director, Public Finance Executive of BofA Securities, Inc. and Bank of America, National Association</div>
          </td>
        </tr>
        <tr>
          <td style="width: 27%; vertical-align: top;">
            <div style="text-align: justify;">John B. Sprung</div>
          </td>
          <td style="width: 2%; vertical-align: top;" colspan="1">&#160;</td>
          <td style="width: 29.34%; vertical-align: top;">
            <div>Director</div>
          </td>
          <td style="width: 2%; vertical-align: top;" colspan="1">&#160;</td>
          <td style="width: 40%; vertical-align: top;">
            <div>Corporate Director</div>
          </td>
        </tr>
        <tr>
          <td style="width: 27%; vertical-align: top;">
            <div style="text-align: justify;">David A. Stephens</div>
          </td>
          <td style="width: 2%; vertical-align: top;" colspan="1">&#160;</td>
          <td style="width: 29.34%; vertical-align: top;">
            <div>Director and Managing Director</div>
          </td>
          <td style="width: 2%; vertical-align: top;" colspan="1">&#160;</td>
          <td style="width: 40%; vertical-align: top;">
            <div>Managing Director, Executive for Public Finance and Public Sector Credit Products of BofA Securities, Inc. and Bank of America, National Association</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div class="BRPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: center; font-weight: bold;"><u>SCHEDULE II</u></div>
    <div>&#160;</div>
    <div style="text-align: center; font-weight: bold;"><u>LITIGATION SCHEDULE</u></div>
    <div>&#160;</div>
    <div style="text-align: justify;">Bank of America Corporation and certain of its affiliates, including BofA Securities, Inc. ("BofA Securities," successor in interest to Merrill Lynch, Pierce, Fenner &amp; Smith Incorporated) and Bank of America, N.A.,
      have been involved in a number of civil proceedings and regulatory actions which concern matters arising in connection with the conduct of its business.&#160; Certain of such proceedings have resulted in findings of violations of federal or state
      securities laws.&#160; Such proceedings are reported and summarized in the BofA Securities Form BD as filed with the SEC, which descriptions are hereby incorporated by reference.</div>
    <div><br>
    </div>
    <br>
    <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ef20027480_ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<html>
  <head>
    <title></title>
    <!-- Licensed to: Summit, a Broadridge Company
         Document created using Broadridge PROfile 24.3.1.5224
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<body bgcolor="#ffffff" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000;">
  <div>
    <hr noshade="noshade" align="center" style="color: rgb(0, 0, 0); font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; height: 4px; background-color: rgb(0, 0, 0); text-align: center; margin-left: auto; margin-right: auto; border: none;">
    <div style="color: rgb(0, 0, 0); font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: right; font-weight: bold;">Exhibit 99.1</div>
    <div style="color: rgb(0, 0, 0); font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">&#160;</div>
    <div style="color: rgb(0, 0, 0); font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: center;">JOINT FILING AGREEMENT</div>
    <div style="color: rgb(0, 0, 0); font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">&#160;</div>
    <div style="color: rgb(0, 0, 0); font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify; text-indent: 36pt;">Pursuant to and in accordance with the Securities
      Exchange Act of 1934, as amended (the "<font style="font-weight: bold;">Exchange Act</font>"), and the rules and regulations thereunder, each party hereto hereby agrees to the joint filing, on behalf of each of them, of any filing required by such
      party under Section 13 or Section 16 of the Exchange Act or any rule or regulation thereunder (including any amendment, restatement, supplement, and/or exhibit thereto) with the Securities and Exchange Commission (and, if such security is registered
      on a national securities exchange, also with the exchange), and further agrees to the filing, furnishing, and/or incorporation by reference of this agreement as an exhibit thereto. This agreement shall remain in full force and effect until revoked by
      any party hereto in a signed writing provided to each other party hereto, and then only with respect to such revoking party.</div>
    <div style="color: rgb(0, 0, 0); font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">&#160;</div>
    <div style="color: rgb(0, 0, 0); font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify;">IN WITNESS WHEREOF, each party hereto, being duly authorized, has
      caused this agreement to be executed and effective as of the date set forth below.</div>
    <div style="color: rgb(0, 0, 0); font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">&#160;</div>
    <table cellspacing="0" cellpadding="0" border="0" id="z616b0677a2b24f49b43951cffa7a4da0" style="font-family: 'Times New Roman'; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 10pt; width: 820px; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);">

        <tr>
          <td style="width: 273.219px; vertical-align: top;">
            <div style="text-align: justify;">Date: April 24, 2024</div>
          </td>
          <td style="width: 82px; vertical-align: top;">&#160;</td>
          <td colspan="2" style="vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 273.219px; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 82px; vertical-align: top;">&#160;</td>
          <td colspan="2" rowspan="1" style="vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 273.219px; vertical-align: top;">&#160;</td>
          <td colspan="3" style="vertical-align: top;">
            <div style="text-align: justify;">BANK OF AMERICA CORPORATION</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 273.219px; vertical-align: top;">&#160;</td>
          <td colspan="3" rowspan="1" style="vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 273.219px; vertical-align: top; padding-bottom: 2px;">&#160;</td>
          <td style="width: 82px; vertical-align: top; padding-bottom: 2px;">
            <div>By:</div>
          </td>
          <td style="width: 123px; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>/s/ Michael Jentis</div>
          </td>
          <td style="width: 341.781px; vertical-align: top; padding-bottom: 2px;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 273.219px; vertical-align: top;">&#160;</td>
          <td style="width: 82px; vertical-align: top;">
            <div>Name:</div>
          </td>
          <td colspan="2" style="vertical-align: top;">
            <div>Michael Jentis</div>
          </td>
        </tr>
        <tr>
          <td style="width: 273.219px; vertical-align: top;">&#160;</td>
          <td style="width: 82px; vertical-align: top;">
            <div style="text-align: justify;">Title:</div>
          </td>
          <td colspan="2" style="vertical-align: top;">
            <div style="text-align: justify;">Attorney-in-fact</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 273.219px; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 82px; vertical-align: top;">&#160;</td>
          <td colspan="2" rowspan="1" style="vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 273.219px; vertical-align: top;">&#160;</td>
          <td colspan="3" style="vertical-align: top;">
            <div>BANC OF AMERICA PREFERRED FUNDING CORPORATION</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 273.219px; vertical-align: top;">&#160;</td>
          <td colspan="3" rowspan="1" style="vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 273.219px; vertical-align: top; padding-bottom: 2px;">&#160;</td>
          <td style="width: 82px; vertical-align: top; padding-bottom: 2px;">
            <div>By:</div>
          </td>
          <td style="width: 123px; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>/s/ Michael Jentis</div>
          </td>
          <td style="width: 341.781px; vertical-align: top; padding-bottom: 2px;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 273.219px; vertical-align: top;">&#160;</td>
          <td style="width: 82px; vertical-align: top;">
            <div>Name:</div>
          </td>
          <td colspan="2" style="vertical-align: top;">
            <div>Michael Jentis</div>
          </td>
        </tr>
        <tr>
          <td style="width: 273.219px; vertical-align: top;">&#160;</td>
          <td style="width: 82px; vertical-align: top;">
            <div style="text-align: justify;">Title:</div>
          </td>
          <td colspan="2" style="vertical-align: top;">
            <div style="text-align: justify;">Authorized Signatory</div>
          </td>
        </tr>

    </table>
    <div style="color: rgb(0, 0, 0); font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"><br>
    </div>
    <div style="color: rgb(0, 0, 0); font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"><br>
    </div>
    <div style="color: rgb(0, 0, 0); font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">
      <hr noshade="noshade" align="center" style="height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0); text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
  </div>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>ef20027443_ex99-2.htm
<DESCRIPTION>EXHIBIT 99.2
<TEXT>
<html>
  <head>
    <title></title>
    <!-- Licensed to: Summit, a Broadridge Company
         Document created using Broadridge PROfile 24.3.1.5224
         Copyright 1995 - 2024 Broadridge -->
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<body bgcolor="#ffffff" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000;">
  <hr align="center" noshade="noshade" style="height: 4px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;">
  <div>
    <div style="text-align: right; font-weight: bold;">Exhibit 99.2</div>
    <div>&#160;</div>
    <div style="text-align: center; font-weight: bold;">BANK OF AMERICA CORPORATION</div>
    <div>&#160;</div>
    <div style="text-align: center; font-weight: bold;">LIMITED POWER OF ATTORNEY</div>
    <div>&#160;</div>
    <div style="text-align: justify;"><font style="font-weight: bold;">BANK OF AMERICA CORPORATION</font>, a Delaware corporation (the "Corporation"), does hereby make, constitute, and appoint Michael Jentis as an attorney-in-fact for the Corporation
      acting for the Corporation and in the Corporation's name, place and stead, for the Corporation's use and benefit, to bind the Corporation by his execution of those agreements, forms and documents related specifically to Section 13 and Section 16 of
      the Securities Exchange Act of 1934.</div>
    <div>&#160;</div>
    <div style="text-align: justify;">Any documents executed by the attorney-in-fact in accordance with this Limited Power of Attorney shall fully bind and commit the Corporation and all other parties to such documents may rely upon the execution thereof
      by the attorney-in-fact as if executed by the Corporation and as the true and lawful act of the Corporation.</div>
    <div>&#160;</div>
    <div style="text-align: justify;">This Limited Power of Attorney shall automatically terminate as to the authority of Michael Jentis upon the earlier of the attorney-in-fact's resignation or termination from or transfer out of Global Banking and
      Markets &#8211; Municipal Banking and Markets; however, any such resignation, termination or transfer shall have no impact on any documents or instruments executed by the attorney-in-fact named above for the Corporation prior to such resignation,
      termination or transfer.</div>
    <div>&#160;</div>
    <div style="text-align: justify;"><font style="font-weight: bold;">IN WITNESS WHEREOF</font>, this Power of Attorney has been executed and delivered by the Corporation to the Attorney-in-Fact on this 27th day of May, 2020.</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" id="z0895feca992744839330f16ac51b13bc" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="vertical-align: top;" colspan="2">
            <div style="font-weight: bold;">BANK OF AMERICA CORPORATION</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 3%; vertical-align: top;">&#160;</td>
          <td style="vertical-align: top; width: 47%;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 3%; vertical-align: top;">
            <div>By:</div>
          </td>
          <td rowspan="1" style="width: 47%; vertical-align: top;">
            <div style="text-align: justify;"><u>/s/ Ellen A. Perrin</u></div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 3%; vertical-align: top;">&#160;</td>
          <td style="vertical-align: top; width: 47%;">
            <div style="text-align: justify;">Ellen A. Perrin</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 3%; vertical-align: top;">&#160;</td>
          <td style="vertical-align: top; width: 47%;">
            <div style="text-align: justify;">Associate General Counsel and Senior Vice President</div>
          </td>
        </tr>

    </table>
    <div> <br>
    </div>
    <div> <br>
    </div>
    <div>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>4
<FILENAME>ef20027443_ex99-3.htm
<DESCRIPTION>EXHIBIT 99.3
<TEXT>
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    <div style="text-align: right; font-weight: bold;"> Exhibit 99.3<br>
    </div>
    <div style="text-align: center; font-weight: bold;"> <br>
    </div>
    <div style="text-align: center; font-weight: bold;">
      <div style="text-align: right; font-variant: small-caps;">Execution Version</div>
    </div>
    <div style="text-align: center; font-weight: bold;"> <br>
    </div>
    <div style="text-align: center; font-weight: bold;">VOTING TRUST AGREEMENT</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold;">THIS VOTING TRUST AGREEMENT</font> (this &#8220;<font style="font-weight: bold;">Agreement</font>&#8221;) is made and entered into effective for all purposes and in all respects
      as of April 17, 2024, by and among Lord Securities Corporation, as trustee (the &#8220;<font style="font-weight: bold;">Trustee</font>&#8221; or any successor thereto), Banc of America Preferred Funding Corporation, a Delaware corporation, including its
      successors and assigns by operation of law (&#8220;<font style="font-weight: bold;">PFC</font>&#8221; or the &#8220;<font style="font-weight: bold;">Purchaser</font>&#8221;) and Institutional Shareholder Services Inc. (the &#8220;<font style="font-weight: bold;">Voting Consultant</font>&#8221;
      or any successor thereto).</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold;">WHEREAS</font>, the Purchaser is the legal and Beneficial Owner of Remarketable Variable Rate MuniFund Term Preferred Shares (&#8220;<font style="font-weight: bold;">RVMTP</font>&#160;<font style="font-weight: bold;">Shares</font>&#8221;) of PIMCO Municipal Income Fund II (the &#8220;<font style="font-weight: bold;">Issuer</font>&#8221;) pursuant to the terms of the RVMTP Purchase Agreement, dated as of April 17, 2024, between the Purchaser and the
      Issuer (the &#8220;<font style="font-weight: bold;">Purchase Agreement</font>&#8221;);</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold;">WHEREAS</font>, the Purchaser desires to transfer and assign irrevocably to the Trustee, and the Trustee desires to accept such transfer and assignment of, the right
      to vote and consent for the Purchaser in connection with all of its voting and consent rights and responsibilities, as set forth in Section 1 below, as a Beneficial Owner of (i) RVMTP Shares acquired by the Purchaser pursuant to the Purchase
      Agreement (such RVMTP Shares, when owned by the Purchaser, the &#8220;<font style="font-weight: bold;">Subject Shares</font>&#8221;) and (ii) any additional shares of RVMTP Shares or preferred shares of any class or series of the Issuer having voting powers of
      which an Affiliate of PFC is the Beneficial Owner or that the Purchaser becomes the Beneficial Owner of during the term of this Agreement (any such additional preferred shares of the Issuer having voting powers being &#8220;<font style="font-weight: bold;">Additional

        Shares</font>&#8221; and when so acquired will become a part of the &#8220;<font style="font-weight: bold;">Subject Shares</font>&#8221; covered by this Agreement);</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold;">WHEREAS</font>, the Voting Consultant shall analyze any matters requiring the owner of Subject Shares, to vote or consent in its capacity as an equity holder (whether
      at a meeting or via a consent solicitation), and shall provide a recommendation to the Trustee of how to vote or consent with respect to such voting or consent matters;</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold;">WHEREAS</font>, the Voting Consultant and the Trustee are Independent of the Purchaser; and</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold;">WHEREAS</font>, the parties hereto desire to set forth in writing their understandings and agreements.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold;">NOW, THEREFORE</font>, in consideration of the foregoing, of the mutual promises hereinafter set forth and of other good and valuable consideration, the receipt and
      sufficiency of which are hereby acknowledged, the parties, intending legally and equitably to be bound, hereby agree as follows:</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold;">1.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160; <font style="font-weight: bold;">Creation of Trust</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">The Purchaser hereby irrevocably transfers and assigns to the Trustee, and the Trustee hereby accepts the transfer and assignment of, the right to vote and consent for the Purchaser in connection
      with all of its voting and consent rights and responsibilities as Beneficial Owner of the Subject Shares with respect to the following matters (collectively, the &#8220;<font style="font-weight: bold;">Voting Matters</font>&#8221;):</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: #000000;">the election of the two members of the Board for which Holders of RVMTP Shares are exclusively entitled to vote under Section 18(a)(2)(C) of the Investment
        Company Act of 1940, as amended (the &#8220;</font><font style="font-weight: bold; color: #000000;">1940 Act</font><font style="color: #000000;">&#8221;) and all other rights given to Holders of RVMTP Shares with respect to the election of the Board of the
        Issuer;</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt;"><font style="color: #000000;">(b)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: #000000;">the conversion of the Issuer from a closed-end management company to an open-end management company, or to change the
        Issuer&#8217;s classification from diversified to non-diversified, each pursuant to Section 13(a)(1) of the 1940 Act (any of the foregoing, a &#8220;</font><font style="font-weight: bold; color: #000000;">Conversion</font><font style="color: #000000;">&#8221;),
        together with any additional voting or consent right under the </font>Statement<font style="color: #000000;">&#160;</font>and the Purchase Agreement<font style="color: #000000;"> that relates solely to any action or amendment to the </font>Statement<font style="color: #000000;"> that is so closely related to the Conversion that it would be impossible to give effect to the Conversion without implicating such additional voting or consent right; </font><font style="font-style: italic; color: #000000;">provided</font><font style="color: #000000;"> that any such additional voting or consent right shall not include any voting or consent right related to satisfying any additional term, condition or agreement which the Conversion is
        conditioned upon or subject to;</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt;"><font style="color: #000000;">(c)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: #000000;">the deviation from a policy in respect of concentration of investments in any particular industry or group of
        industries as recited in the Issuer&#8217;s registration statement, pursuant to Section 13(a)(3) of the 1940 Act (a &#8220;</font><font style="font-weight: bold; color: #000000;">Deviation</font><font style="color: #000000;">&#8221;), together with any additional
        voting or consent right under the </font>Statement<font style="color: #000000;">&#160;</font>and the Purchase Agreement<font style="color: #000000;"> that relates solely to any action or amendment to the </font>Statement<font style="color: #000000;">
        that is so closely related to the Deviation that it would be impossible to give effect to the Deviation without implicating such additional voting or consent right; </font><font style="font-style: italic; color: #000000;">provided</font><font style="color: #000000;"> that any such additional voting or consent right shall not include any voting or consent right related to satisfying any additional term, condition or agreement which the Deviation is conditioned upon or subject to;</font></div>
    <div>&#160;</div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" class="BRPFPageNumber">1</font></div>
      <div class="BRPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; text-indent: 72pt;"><font style="color: #000000;">(d)</font>&#160; &#160; &#160;&#160;&#160;&#160; <font style="color: #000000;">borrowing money, issuing senior securities, underwriting securities issued by other Persons, purchasing or selling real
        estate or commodities or making loans to other Persons other than in accordance with the recitals of policy with respect thereto in the Issuer&#8217;s registration statement, pursuant to Section 13(a)(2) of the 1940 Act (any of the foregoing, a &#8220;</font><font style="font-weight: bold; color: #000000;">Policy Change</font><font style="color: #000000;">&#8221;), together with any additional voting or consent right under the </font>Statement<font style="color: #000000;">&#160;</font>and the Purchase Agreement<font style="color: #000000;"> that relates solely to any action or amendment to the </font>Statement<font style="color: #000000;"> that is so closely related to the Policy Change that it would be impossible to give effect to the Policy Change without
        implicating such additional voting or consent right; </font><font style="font-style: italic; color: #000000;">provided</font><font style="color: #000000;"> that any such additional voting or consent right shall not include any voting or consent
        right related to satisfying any additional term, condition or agreement which the Policy Change is conditioned upon or subject to; and</font></div>
    <div>&#160;</div>
    <div style="text-indent: 72pt;"><font style="color: #000000;">(e)</font>&#160;&#160;&#160;&#160;&#160; &#160; &#160;&#160; <font style="color: #000000;">any matters described in 12 C.F.R. Section 225.2(q)(1).</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="color: #000000;">In order to effect the transfer of voting and consent rights with respect to the Voting Matters, PFC hereby </font>irrevocably appoints and constitutes, <font style="color: #000000;">and will cause each of its Affiliates who are Beneficial Owners of any Subject Shares to </font>irrevocably appoint and constitute<font style="color: #000000;">,</font> the Trustee as its attorney-in-fact and agrees, and
      agrees to cause each of such Affiliates, to grant the Trustee one or more irrevocable proxies with respect to the Voting Matters and further agrees to renew any such proxies that may lapse by their terms while the Subject Shares are still subject to
      this Agreement.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="color: #000000;">PFC will retain all other voting rights under the Related Documents and PFC, its Affiliates or designee will also be the registered owner of the </font>RVMTP Shares<font style="color: #000000;">.&#160; If any dividend or other distribution in respect of the Subject Shares is paid, such dividend or distribution will be paid directly to PFC or its Affiliate or designee owning such Subject Shares; </font><font style="font-style: italic; color: #000000;">provided</font><font style="color: #000000;">, that, any Additional Shares will become part of the Subject Shares covered by this Agreement.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold;">2.</font>&#160;&#160;&#160;&#160;&#160; &#160; &#160;&#160; <font style="font-weight: bold;">Definitions</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<font style="font-weight: bold;">Affiliate</font>&#8221; means, with respect to a Person, (i) any other Person who, directly or indirectly, is in control of, or controlled by, or is under common control
      with, such Person or (ii) any other Person who is a director, officer, employee or general partner (a) of such Person, (b) of any majority-owned subsidiary or parent company of such Person or (c) of any Person described in clause (i) above.&#160; For the
      purposes of this definition, &#8220;control&#8221; of a Person shall mean (x) as defined for purposes of the 1940 Act and regulations thereunder, the power, direct or indirect, (A) to vote more than 25% of the securities having ordinary voting power for the
      election of directors of such Person or (B) to direct or cause the direction of the management and policies of such Person whether by contract or otherwise or (y) as defined for purposes of the Bank Holding Company Act of 1956 and regulations
      thereunder, (a) directly or indirectly owning, controlling, or holding with power to vote 25% or more of any class of voting securities of such Person, (b) controlling in any manner the election of a majority of directors or trustees of such Person,
      or (c) having the power to exercise a controlling influence over the management or policies of such Person.&#160; For the avoidance of doubt, the term &#8220;Affiliate&#8221; shall include a TOB Trust (or similar investment vehicle) of which PFC and/or one or more of
      its Affiliates collectively owns a majority of the residual interests.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<font style="font-weight: bold;">Beneficial Owner</font>&#8221; means, any Person who, directly or indirectly, through any contract, arrangement, understanding, relationship, or otherwise has or shares
      (i) voting power which includes the power to vote, or to direct the voting of, securities and/or (ii) investment power which includes the power to dispose, or to direct the disposition of, securities.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<font style="font-weight: bold;">Board</font>&#8221; means the Board of Trustees of the Issuer or any duly authorized committee thereof.</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt;">&#8220;<font style="font-weight: bold;">Excluded Transfer</font>&#8221; means any transfer of RVMTP Shares (1) to a TOB Trust in which PFC and/or its Affiliates collectively own all of the residual interests, (2) in connection with
      a distribution in-kind to the holders of securities of or receipts representing an ownership interest in any TOB Trust in which PFC and/or its Affiliates collectively own all of the residual interests, (3) in connection with a repurchase financing
      transaction or (4) relating to a collateral pledge arrangement.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<font style="font-weight: bold;">Independent</font>&#8221; means, as to any Person, any other Person who (i) does not have and is not committed to acquire any material direct or any material indirect
      financial interest in such Person, (ii) is not connected with such Person as an officer, employee, promoter, underwriter, partner, director or Person performing similar functions and (iii) is not otherwise subject to the undue influence or control of
      such other Person.&#160; For purposes of this definition, no Person will fail to be Independent solely because such Person acts as a voting consultant or trustee in respect of property owned by another Person or its Affiliates pursuant to this Agreement
      or any other agreement.&#160; With respect to item (i) above, &#8220;material direct or material indirect financial interest&#8221; means, (1) as to any Person, owning directly or indirectly (as principal for such Person&#8217;s own account) at least 5% of any class of the
      outstanding equity or debt securities issued by any other Person or (2) with respect to a Person (the &#8220;<font style="font-weight: bold;">Investor</font>&#8221;) owning directly or indirectly (as principal for the Investor&#8217;s own account) outstanding equity
      or debt securities of any other Person in an amount at least equal to 5% of the total consolidated shareholders equity of the Investor (measured in accordance with U.S. generally accepted accounting principles).</div>
    <div>&#160;</div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" class="BRPFPageNumber">2</font></div>
      <div class="BRPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<font style="font-weight: bold;">Person</font>&#8221; means and includes an individual, a partnership, a corporation, a trust, an unincorporated association, a joint venture or other entity or a
      government or any agency or political subdivision thereof.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">&#8220;<font style="font-weight: bold;">Statement</font>&#8221; means the Issuer&#8217;s Statement Establishing and Fixing the Rights and Preferences of Remarkable Variable Rate Munifund Term Preferred Shares dated
      April 17, 2024, as the same may be amended, restated, supplemented or otherwise modified from time to time in accordance with the terms thereof and hereof.</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt;">&#8220;<font style="font-weight: bold;">TOB Trust</font>&#8221; means a tender option bond trust or similar vehicle.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">Each capitalized term used herein and not otherwise defined herein shall have the meaning provided therefor (including by incorporation by reference) in the Statement.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold;">3.</font>&#160;&#160;&#160;&#160;&#160;&#160; &#160; &#160; <font style="font-weight: bold;">Right to Transfer</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">The Purchaser shall have the right to sell or otherwise transfer the Subject Shares at any time in its sole discretion, subject to the transfer restrictions contained in Section 2.1 of the Purchase
      Agreement.&#160; Upon the transfer of the Subject Shares by the Purchaser to any third party (other than a transfer to an Affiliate of the Purchaser in which case such Subject Shares shall remain subject to this Agreement) such Subject Shares shall no
      longer be subject to this Agreement; <font style="font-style: italic;">provided</font>, <font style="font-style: italic;">however</font>, in connection with an Excluded Transfer:</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;of the type specified in clause (1) of the definition of Excluded Transfer, the Subject Shares shall remain subject to this Agreement until such time as the Issuer, upon the request of
      PFC or the relevant Affiliate, enters into a voting arrangement satisfying Section 12(d)(1)(E)(iii) of the 1940 Act;</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;of the type specified in clauses (3) or (4) of the definition of Excluded Transfer, to the extent PFC or any of its Affiliates retains the right to vote or direct voting in connection
      with such transactions, the Subject Shares shall remain subject to this Agreement until such time as there is a default by PFC or such Affiliate under such repurchase transaction or collateral pledge arrangement; and</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; of the type specified in clauses (3) or (4) of the definition of Excluded Transfer, to the extent PFC or any of its Affiliates does not retain the right to vote or direct voting of such
      Subject Shares in such transactions, such transactions do not permit the removal of the Subject Shares&#8217; rights transferred to the Voting Trust pursuant to this Agreement within the first 60 days of closing of such transferee becoming the Beneficial
      Owner of such Subject Shares unless there is a default by PFC or such Affiliate under such repurchase transaction or collateral pledge arrangement.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold;">4.</font>&#160;&#160;&#160;&#160;&#160;&#160; &#160; &#160; <font style="font-weight: bold;">Trustee</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt;"><font style="font-weight: bold;">(a)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold;">Rights And Powers Of Trustee.&#160; </font>With respect to Subject Shares where the Purchaser is the Beneficial
      Owner, the Trustee shall, in person or by nominees, agents, attorneys-in-fact, or proxies, have the right and the obligation to exercise its discretion with respect to all Voting Matters requiring Holders of RVMTP Shares to vote or consent with
      respect to and including voting or consenting to any corporate or shareholder action of any kind whatsoever, subject to the terms of this Agreement.&#160; The Trustee shall be obligated to vote any Voting Matter in accordance with the provisions of this
      Agreement.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt;"><font style="font-weight: bold;">(b)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold;">Liability Of Trustee.&#160; </font>In exercising the rights and powers of the Trustee, the Trustee will exercise any
      rights and powers in the Trustee&#8217;s best judgment; <font style="font-style: italic;">provided</font>, <font style="font-style: italic;">however</font>, the Trustee shall not be liable for any action taken by such Trustee or the Trustee&#8217;s agent,
      except for liability arising from the Trustee&#8217;s bad faith, willful misconduct or gross negligence.&#160; The Trustee shall not be required to give any bond or other security for the discharge of the Trustee&#8217;s duties.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt;"><font style="font-weight: bold;">(c)</font>&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160; <font style="font-weight: bold;">Resignation of and Successor Trustee.&#160; </font>The Trustee may at any time resign the Trustee&#8217;s position as
      Trustee by delivering a resignation in writing to the Purchaser and the Voting Consultant to become effective 90 days after the date of such delivery, but in any event such notice shall not become effective prior to the acceptance of a successor
      Trustee.&#160; The Trustee shall nominate a successor Trustee acceptable to the Purchaser, who shall have all rights, powers and obligations of the resigning Trustee as set forth in this Agreement, and all rights, powers and obligations of the resigning
      Trustee hereunder shall immediately terminate upon the acceptance by the successor Trustee of such nomination and the execution of this Agreement by the successor Trustee as &#8220;Trustee&#8221; hereunder.&#160; No such resignation shall become effective until such
      time as a successor Trustee has been appointed and such appointment has been accepted.&#160; The fact that any Trustee has resigned such Trustee&#8217;s position as a Trustee shall not act, or be construed to act, as a release of any Subject Shares from the
      terms and provisions of this Agreement.</div>
    <div>&#160;</div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" class="BRPFPageNumber">3</font></div>
      <div class="BRPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; text-indent: 72pt;"><font style="font-weight: bold;">(d)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-weight: bold;">Removal.&#160; </font>The Trustee may be removed by the Purchaser upon 30 days prior written notice upon either (i) a
      material breach by the Trustee of its obligations hereunder or (ii) any action or inaction of the Trustee which constitutes bad faith, negligence or willful misconduct in the performance of its obligations hereunder.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt;"><font style="font-weight: bold;">(e)</font>&#160;&#160;&#160;&#160;&#160; &#160; &#160;&#160; <font style="font-weight: bold;">Independent.</font>&#160; The Trustee represents that it is Independent of PFC.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold;">5.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160; <font style="font-weight: bold;">Voting Consultant</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt;"><font style="font-weight: bold;">(a)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-weight: bold;">Liability Of Voting Consultant.&#160; </font>In providing its voting recommendations on Voting Matters hereunder, the
      Voting Consultant will provide such recommendations in the Voting Consultant&#8217;s best judgment with respect to the Voting Matters for the RVMTP Shares; <font style="font-style: italic;">provided</font>, <font style="font-style: italic;">however</font>,
      the Voting Consultant shall not be liable for any action taken by such Voting Consultant or the Voting Consultant&#8217;s agent, except for liability arising from the Voting Consultant&#8217;s bad faith, willful misconduct or gross negligence.&#160; For the avoidance
      of doubt, the Voting Consultant&#8217;s maximum liability shall be limited to an amount not to exceed the total amounts of the fees the Voting Consultant receives from the Purchaser under the Master Agreement (as defined in Section 5(d)) in any one year
      period for any and all claims made within that one year period; <font style="font-style: italic;">provided </font>that if a breach of Section 5(e) is determined to have occurred, the sole remedy shall be the immediate removal of the Voting
      Consultant by the Purchaser in the Purchaser&#8217;s sole discretion and no monetary damages shall be due or payable.&#160; In addition, the Voting Consultant shall not be liable for any action taken by the Trustee contrary to the recommendations provided by
      the Voting Consultant.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt;"><font style="font-weight: bold;">(b)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold;">Resignation of and Successor Voting Consultant.&#160; </font>The Voting Consultant may at any time resign the Voting
      Consultant&#8217;s position as Voting Consultant by delivering a resignation in writing to the Purchaser and to the Trustee to become effective 90 days after the date of such delivery.&#160; Upon receipt of the Voting Consultant&#8217;s written resignation, the
      Purchaser shall use commercially reasonable efforts to appoint a successor Voting Consultant which has been consented to by the Trustee, such consent not to be unreasonably withheld.&#160; If the Voting Consultant shall resign but a successor Voting
      Consultant has not assumed all of the Voting Consultant&#8217;s duties and obligations within 90 days of such resignation, the Voting Consultant may petition any court of competent jurisdiction for the appointment of a successor Voting Consultant.&#160; No such
      resignation shall become effective until such time as a successor Voting Consultant has been appointed and such appointment has been accepted.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt;"><font style="font-weight: bold;">(c)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold;">Removal.&#160; </font>The Voting Consultant may be removed by the Purchaser upon 30 days prior written notice upon
      either (i) a material breach by the Voting Consultant of its obligations hereunder or (ii) any action or inaction of the Voting Consultant which constitutes bad faith, gross negligence or willful misconduct in the performance of its obligations
      hereunder.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt;"><font style="font-weight: bold;">(d)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold;">Contract.&#160; </font>A separate contract, that certain Master Services Agreement No. (24828001-001) by and between
      the Voting Consultant and the Purchaser, as may be amended from time to time with the prior written consent of the parties thereto (the &#8220;<font style="font-weight: bold;">Master Agreement</font>&#8221;), sets forth additional details, including fees,
      pursuant to which the Voting Consultant is providing the services contemplated hereunder.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt;"><font style="font-weight: bold;">(e)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160; <font style="font-weight: bold;">Independent.</font>&#160; The Voting Consultant represents that it is Independent of PFC; <font style="font-style: italic;">provided</font>, <font style="font-style: italic;">however</font>, if the Voting Consultant becomes aware that the Voting Consultant is no longer Independent of the Purchaser, the Voting Consultant shall promptly, and in no event later
      than two Business Days after becoming aware, notify the Purchaser and shall abstain from making voting recommendations during any period of time during which the Voting Consultant is not Independent of the Purchaser.&#160; If the Voting Consultant
      notifies the Purchaser that it is no longer Independent of the Purchaser, the Purchaser shall use commercially reasonable efforts to identify and appoint a replacement voting consultant.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold;">6.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160; <font style="font-weight: bold;">Amount of Subject Shares Notification</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">On any and each date that the Purchaser sells or otherwise transfers any Subject Shares to another Beneficial Owner, the Purchaser shall promptly notify the Trustee of such occurrence and the number
      of RVMTP Shares that the Purchaser then owns.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold;">7.</font>&#160;&#160;&#160;&#160;&#160;&#160; &#160; &#160; <font style="font-weight: bold;">Voting Communications</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">The Purchaser shall notify the Trustee and the Voting Consultant as soon as possible, and in any event, not later than five Business Days after receipt of notice that a vote of the holders of RVMTP
      Shares has been requested or permitted on any Voting Matter and the Purchaser shall, within such same time frame, forward any information sent to the Purchaser in connection with such vote to the Trustee and the Voting Consultant by Electronic Means.</div>
    <div>&#160;</div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" class="BRPFPageNumber">4</font></div>
      <div class="BRPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-indent: 36pt;">The Voting Consultant shall analyze and provide a voting or consent recommendation to the Trustee with respect to each Voting Matter in respect of the Subject Shares.&#160; The Trustee is obligated to act in accordance with
      the voting or consent recommendation made by the Voting Consultant in its voting or consent direction to the Purchaser.&#160; In all Voting Matters, the Trustee shall use the proxies granted to it by the Purchaser to vote or consent the Subject Shares in
      accordance with the voting or consent recommendation made by the Voting Consultant and the Purchaser shall not exercise any voting or consent rights in such matters.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">If the Voting Consultant fails to provide a voting or consent recommendation to the Trustee on or prior to the deadline for submission of such vote or consent, the Trustee shall not provide a vote or
      consent on behalf of the Purchaser on such deadline and shall provide notice of the failure to receive a voting or consent recommendation to the Purchaser and the Voting Consultant.&#160; For the avoidance of doubt, the Purchaser shall not retain the
      right to vote or consent on any Voting Matters for which the Trustee does not provide a vote or consent on behalf of the Purchaser.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold;">8.</font>&#160;&#160;&#160; &#160;&#160; &#160;&#160;&#160;&#160; <font style="font-weight: bold;">Indemnification</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt;"><font style="font-weight: bold;">(a)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-weight: bold;">Of the Trustee and the Voting Consultant.</font>&#160; The Purchaser shall indemnify and hold the Trustee and the
      Voting Consultant and such Trustee&#8217;s and such Voting Consultant&#8217;s agents harmless from and against any and all liabilities, obligations, losses, damages, penalties, taxes, claims, actions, suits, reasonable costs, reasonable expenses or disbursements
      (including reasonable legal fees and expenses) of any kind and nature whatsoever in connection with or growing out of (i) with respect to the Trustee, the administration of the voting trust created by this Agreement or (ii) with respect to the
      Trustee and the Voting Consultant, the exercise of any powers or the performance of any duties by the Trustee or the Voting Consultant as herein provided or contemplated, including, without limitation, any action taken or omitted to be taken, except,
      with respect to the Trustee and the Voting Consultant separately, such as may arise from the bad faith, willful misconduct or gross negligence of the Trustee or the Voting Consultant, respectively.&#160; In no event shall the Purchaser be liable for
      special, incidental, indirect or consequential damages.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt;"><font style="font-weight: bold;">(b)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-weight: bold;">Of the Purchaser and the Voting Consultant.</font>&#160; The Trustee shall indemnify and hold the Purchaser and the
      Voting Consultant and the Purchaser&#8217;s and the Voting Consultant&#8217;s agents harmless from and against any and all liabilities, obligations, losses, damages, penalties, taxes, claims, actions, suits, reasonable costs, reasonable expenses or disbursements
      (including reasonable legal fees and expenses) of any kind and nature whatsoever which may be imposed, incurred or asserted against the Purchaser or the Voting Consultant in connection with the willful misconduct or negligence of the Trustee in
      connection with the exercise of any powers or the performance of any duties by the Trustee as herein provided or contemplated, including, without limitation, any action taken or omitted to be taken, except, with respect to the Purchaser and the
      Voting Consultant separately, such as may arise from the willful misconduct or gross negligence of the Purchaser or the Voting Consultant, respectively.&#160; In no event shall the Trustee be liable for special, incidental, indirect or consequential
      damages.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt;"><font style="font-weight: bold;">(c)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold;">Of the Purchaser and the Trustee.</font>&#160; The Voting Consultant shall indemnify and hold the Purchaser and the
      Trustee and the Purchaser&#8217;s and the Trustee&#8217;s agents harmless from and against any and all liabilities, obligations, losses, damages, penalties, taxes, claims, actions, suits, reasonable costs, reasonable expenses or disbursements (including
      reasonable legal fees and expenses) of any kind and nature whatsoever which may be imposed, incurred or asserted against the Purchaser or the Trustee in connection with the willful misconduct or gross negligence of the Voting Consultant in connection
      with the exercise of any powers or the performance of any duties by the Voting Consultant as herein provided or contemplated, including, without limitation, any action taken or omitted to be taken, except, with respect to the Purchaser and the
      Trustee separately, such as may arise from the willful misconduct or gross negligence of the Purchaser or the Trustee, respectively; <font style="font-style: italic;">provided</font>, <font style="font-style: italic;">however</font>, that the
      Voting Consultant&#8217;s maximum liability under this Section 8(c) shall be limited to an amount not to exceed the total amount of the fees the Voting Consultant receives from the Purchaser under the Master Agreement in any one year period for any and all
      claims made within that one year period.&#160; In no event shall the Voting Consultant be liable for special, incidental, indirect or consequential damages.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt;"><font style="font-weight: bold;">(d)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold;">Conditions to Indemnification.</font>&#160; An indemnified party must give the other party(ies) prompt written notice
      of any claim and allow the indemnifying party to defend or settle the claim as a condition to indemnification.&#160; No settlement shall bind any party without such party&#8217;s written consent.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold;">9.</font>&#160;&#160;&#160;&#160;&#160;&#160; &#160; &#160; <font style="font-weight: bold;">Termination of Agreement</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt;"><font style="font-weight: bold;">(a)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;This Agreement and the voting trust created hereby shall terminate with respect to all of the Subject Shares (i) at the option of PFC, upon the
      non-payment of dividends on the RVMTP Shares for two years, (ii) at the option of PFC, upon PFC and its Affiliates in the aggregate owning less than 20% of the Outstanding RVMTP Shares, (iii) as provided with respect to certain transfers of Subject
      Shares in Section 3 above or (iv) upon 10 Business Days written notice delivered by Purchaser to the Trustee and Voting Consultant following any failure to agree to the renewal or extension of the term for the Trustee or Voting Consultant services as
      provided in the Master Agreement.</div>
    <div>&#160;</div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" class="BRPFPageNumber">5</font></div>
      <div class="BRPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; text-indent: 72pt;"><font style="font-weight: bold;">(b)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Upon the termination of this Agreement with respect to the Subject Shares, the voting trust created pursuant to Section 1 hereof shall cease to
      have any effect with respect to the Subject Shares, and the parties hereto shall have no further rights or obligations under this Agreement with respect to the Subject Shares.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold;">10.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold;">Trustee&#8217;s Compensation</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">The Trustee shall be entitled to the compensation set forth in the letter agreement between the Purchaser and the Trustee dated as of April 17, 2024, as may be amended from time to time.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold;">11.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold;">Voting Consultant&#8217;s Compensation</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">The Voting Consultant shall be entitled to the compensation pursuant to the Master Agreement.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold;">12.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold;">Tax Treatment</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">It is the intention of the parties hereto that for all federal, state and local income and other tax purposes the Purchaser or the applicable Beneficial Owner, as the case may be, shall be treated as
      the owner of the Subject Shares and, except as otherwise required by law, no party shall take a contrary position in any tax return or report or otherwise act in a contrary manner.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold;">13.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold;">Notices</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">All notices, requests and other communications to the Purchaser, the Trustee or the Voting Consultant shall be in writing (including telecopy, electronic mail or similar writing), except in the case
      of notices and other communications permitted to be given by telephone, and shall be given to such party at its address or telecopy number or email address set forth below or to such other Person and/or such other address or telecopy number or email
      address as such party may hereafter specify for the purpose by notice to the other party.&#160; Each such notice, request or other communication shall be effective (i) if given by mail, five days after such communication is deposited in the mail, return
      receipt requested, addressed as aforesaid, or (ii) if given by any other means, when delivered at the address specified in this Section.&#160; The notice address for each party is specified below:</div>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt;">if to the Purchaser:</div>
    <div>&#160;</div>
    <div style="margin-left: 54pt;">
      <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; color: #000000; width: 100%;" id="zaa4bf93cae4b486bad86fb98c64dbf8e">

          <tr>
            <td colspan="2" rowspan="1" style="width: 10%; text-align: left; vertical-align: top;">
              <div>Banc of America Preferred Funding Corporation</div>
            </td>
          </tr>
          <tr>
            <td colspan="2" rowspan="1" style="width: 10%; text-align: left; vertical-align: top;">
              <div>One Bryant Park</div>
            </td>
          </tr>
          <tr>
            <td colspan="2" rowspan="1" style="width: 10%; text-align: left; vertical-align: top;">
              <div>1111 Avenue of the Americas, 3<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">rd</sup> Floor</div>
            </td>
          </tr>
          <tr>
            <td colspan="2" rowspan="1" style="width: 10%; text-align: left; vertical-align: top;">
              <div>New York, New York 10036</div>
            </td>
          </tr>
          <tr>
            <td style="width: 10%; text-align: left; vertical-align: top;">Attention:</td>
            <td style="width: 90%;">
              <div>
                <div>Thomas Visone/Mary Ann Olson/Todd Blasiak/Michael Jentis/Lisa Irizarry/Carl Daniels/Patrick Thomas</div>
              </div>
            </td>
          </tr>
          <tr>
            <td style="width: 10%;">Telephone:</td>
            <td style="width: 90%;">
              <div>
                <div>(212) 449-7358</div>
              </div>
            </td>
          </tr>
          <tr>
            <td style="width: 10%;">Email:</td>
            <td style="width: 90%;">
              <div>
                <div>thomas.visone@bofa.com</div>
              </div>
            </td>
          </tr>
          <tr>
            <td style="width: 10%;" rowspan="1">&#160;</td>
            <td style="width: 90%;" rowspan="1">
              <div style="text-align: left;">mary.ann.olson@bofa.com</div>
            </td>
          </tr>
          <tr>
            <td style="width: 10%;" rowspan="1">&#160;</td>
            <td style="width: 90%;" rowspan="1">
              <div style="text-align: left;">todd.blasiak@bofa.com</div>
            </td>
          </tr>
          <tr>
            <td style="width: 10%;" rowspan="1">&#160;</td>
            <td style="width: 90%;" rowspan="1">
              <div style="text-align: left;">michael.jentis@bofa.com</div>
            </td>
          </tr>
          <tr>
            <td style="width: 10%;" rowspan="1">&#160;</td>
            <td style="width: 90%;" rowspan="1">
              <div style="text-align: left;">lisa.m.irizarry@bofa.com</div>
            </td>
          </tr>
          <tr>
            <td style="width: 10%;" rowspan="1">&#160;</td>
            <td style="width: 90%;" rowspan="1">
              <div style="text-align: left;">carl.daniels@bofa.com</div>
            </td>
          </tr>
          <tr>
            <td style="width: 10%;" rowspan="1">&#160;</td>
            <td style="width: 90%;" rowspan="1">
              <div style="text-align: left;">patrick.r.thomas@bofa.com</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div style="margin-left: 36pt;">if to the Trustee:</div>
    <div>&#160;</div>
    <div style="margin-left: 36pt;">
      <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; color: #000000; width: 100%;" id="za8701d03f58046149cee8c2de2b84e4b">

          <tr>
            <td colspan="2" rowspan="1" style="width: 13%;">
              <div>Lord Securities Corporation</div>
            </td>
          </tr>
          <tr>
            <td colspan="2" rowspan="1" style="width: 13%;">
              <div>48 Wall Street</div>
            </td>
          </tr>
          <tr>
            <td colspan="2" rowspan="1" style="width: 13%;">
              <div>New York, New York 10005</div>
            </td>
          </tr>
          <tr>
            <td style="width: 13%;">Attention:</td>
            <td style="width: 87%;">Albert Fioravanti</td>
          </tr>
          <tr>
            <td style="width: 13%;">Telephone:</td>
            <td style="width: 87%;">(212) 346-9000</td>
          </tr>
          <tr>
            <td style="width: 13%;">Email:</td>
            <td style="width: 87%;">albert.fioravanti@tmf-group.com</td>
          </tr>

      </table>
    </div>
    <div>&#160;</div>
    <div style="margin-left: 36pt;">if to the Voting Consultant:</div>
    <div>&#160;</div>
    <div style="margin-left: 36pt;">Institutional Shareholder Services Inc.</div>
    <div style="margin-left: 36pt;">1177 Avenue of the Americas, 2nd Floor</div>
    <div style="margin-left: 36pt;">New York, New York 10036</div>
    <div>&#160;</div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" class="BRPFPageNumber">6</font></div>
      <div class="BRPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-left: 36pt;">
      <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; color: #000000; width: 100%;" id="15d591b841524cba9d6bcf5aaad99d8a">

          <tr>
            <td style="width: 13%;">Attention:</td>
            <td style="width: 87%;">Lorraine Kelly, Managing Director</td>
          </tr>
          <tr>
            <td style="width: 13%;">Telephone:</td>
            <td style="width: 87%;">(646) 680-6355</td>
          </tr>
          <tr>
            <td style="width: 13%;">Email:</td>
            <td style="width: 87%;">lorraine.kelly@issgovernance.com</td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div style="margin-left: 36pt;">with a copy to:</div>
    <div>&#160;</div>
    <div style="margin-left: 36pt;">Institutional Shareholder Services Inc.</div>
    <div style="margin-left: 36pt;">702 King Farm Blvd., Suite 400</div>
    <div style="margin-left: 36pt;">Rockville, MD&#160; 20850</div>
    <div style="margin-left: 36pt;">
      <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; color: #000000; width: 100%;" id="6bd869a6201d4c50ac3d6522ff3b887b">

          <tr>
            <td style="width: 10%;">Attention:</td>
            <td style="width: 90%;">General Counsel</td>
          </tr>
          <tr>
            <td style="width: 10%;">Telephone:</td>
            <td style="width: 90%;">301-556-0420</td>
          </tr>
          <tr>
            <td style="width: 10%;">Email:</td>
            <td style="width: 90%;">steven.friedman@issgovernance.com</td>
          </tr>

      </table>
    </div>
    <br>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold;">14.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-weight: bold;">Modification</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">No modification of this Agreement shall be effective unless in writing and signed by all of the parties hereto.&#160; Without the prior written consent of the Issuer (in its sole discretion), the
      Purchaser will not agree or consent to any amendment, supplement, modification or repeal of this Agreement, nor waive any provision hereof; <font style="font-style: italic;">provided</font>, that in the case of any proposed amendment, supplement,
      modification or repeal of this Agreement which is a result of a change in law or regulation, the consent of the Issuer shall not be unreasonably withheld or delayed.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold;">15.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold;">Benefit and Burden</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">This Agreement shall inure to the benefit of, and shall be binding upon, the parties hereto and their legatees, distributees, estates, executors or administrators, personal and legal representatives,
      successors and assigns.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold;">16.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold;">Severability</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">The invalidity of any particular provision of this Agreement shall not affect the validity of the remainder hereof, and this Agreement shall be construed in all respects as if such invalid or
      unenforceable provision were omitted.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold;">17.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold;">Headings</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">The section headings herein are for convenience of reference only, and shall not affect the construction, or limit or otherwise affect the meaning hereof.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold;">18.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold;">Applicable Law</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">This Agreement shall be construed and enforced in accordance with and governed by the law of the State of New York.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">THE PARTIES HERETO HEREBY SUBMIT TO THE EXCLUSIVE JURISDICTION OF FEDERAL AND NEW YORK STATE COURTS OF COMPETENT JURISDICTION LOCATED IN NEW YORK COUNTY, NEW YORK IN CONNECTION WITH ANY DISPUTE
      RELATED TO THIS AGREEMENT OR ANY MATTERS CONTEMPLATED HEREBY.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold;">19.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold;">Waiver</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">THE PURCHASER, THE TRUSTEE AND THE VOTING CONSULTANT HEREBY WAIVE TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM BROUGHT BY ANY OF THE PARTIES HERETO AGAINST THE OTHER(S) ON ANY MATTERS
      WHATSOEVER ARISING OUT OF OR IN ANY WAY CONNECTED WITH THIS AGREEMENT.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold;">20.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold;">Assignment</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">None of the parties hereto may assign or otherwise transfer any of its rights or obligations under this Agreement without the prior written consent of the other parties; <font style="font-style: italic;">provided</font> that, without the consent of either the Trustee or the Voting Consultant, the Purchaser may assign its rights and obligations under this Agreement (i) to an Affiliate, (ii) to a successor entity following a consolidation,
      amalgamation with, or merger with or into such successor entity or (iii) to a transferee that acquires all or substantially all of the Purchaser&#8217;s assets.&#160; Any assignment other than in accordance with this section shall be void.</div>
    <div>&#160;</div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" class="BRPFPageNumber">7</font></div>
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        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold;">21.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold;">Conflicts with Other Documents</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">In the event that this Agreement requires any action to be taken with respect to any matter and the Master Agreement requires that a different action be taken with respect to such matter, and such
      actions are mutually exclusive, the provisions of this Agreement in respect thereof shall control.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold;">22.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold;">Counterparts</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">This Agreement may be executed by the parties hereto in any number of separate counterparts, each of which shall be deemed to be an original, and all of which taken together shall be deemed to
      constitute one and the same instrument.&#160; Any counterpart or other signature delivered by facsimile or by electronic mail shall be deemed for all purposes as being a good and valid execution and delivery of this Agreement by that party.</div>
    <div>&#160;</div>
    <div style="text-align: center; font-weight: bold;">[The rest of this page has been intentionally left blank]</div>
    <div>&#160;</div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" class="BRPFPageNumber">8</font></div>
      <div class="BRPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold;">IN WITNESS WHEREOF</font>, the parties hereto have executed this Agreement as of the date first set forth above.</div>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" border="0" id="z081ff1fd65e14c3a9bd2a8f2049bb8f9" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

        <tr>
          <td style="vertical-align: top;" colspan="3" rowspan="1">
            <div style="text-align: justify;">BANC OF AMERICA PREFERRED FUNDING CORPORATION, as Purchaser</div>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: top;" colspan="2">&#160;</td>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top; padding-bottom: 2px;">
            <div style="text-align: justify;">By:</div>
          </td>
          <td style="width: 47%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 9pt">/s/ Thomas Visone</div>
          </td>
          <td style="width: 50%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
        </tr>
        <tr>
          <td style="vertical-align: top;" colspan="2">
            <div style="text-align: justify;">Name: Thomas Visone</div>
          </td>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="vertical-align: top;" colspan="2">
            <div style="text-align: justify;">Title: Authorized Signatory</div>
          </td>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="vertical-align: top;" colspan="2">&#160;</td>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="vertical-align: top;" colspan="3" rowspan="1">
            <div style="text-align: justify;">LORD SECURITIES CORPORATION, as Trustee</div>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: top;" colspan="2">&#160;</td>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top; padding-bottom: 2px;">
            <div style="text-align: justify;">By:<br>
            </div>
          </td>
          <td style="width: 47%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 9pt">/s/ Albert Fioravanti </div>
          </td>
          <td style="width: 50%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
        </tr>
        <tr>
          <td style="vertical-align: top;" colspan="2">
            <div style="text-align: justify;">Name: Albert Fioravanti</div>
          </td>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="vertical-align: top;" colspan="2">
            <div style="text-align: justify;">Title: Managing Director</div>
          </td>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="vertical-align: top;" colspan="2">&#160;</td>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="vertical-align: top;" colspan="3" rowspan="1">
            <div style="text-align: justify;">INSTITUTIONAL SHAREHOLDER SERVICES INC., as Voting Consultant</div>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: top;" colspan="2">&#160;</td>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top; padding-bottom: 2px;">
            <div style="text-align: justify;">By: <br>
            </div>
          </td>
          <td style="width: 47%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 9pt">/s/ Lorraine Kelly</div>
          </td>
          <td style="width: 50%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
        </tr>
        <tr>
          <td style="vertical-align: top;" colspan="2">
            <div style="text-align: justify;">Name: Lorraine Kelly</div>
          </td>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="vertical-align: top;" colspan="2">
            <div style="text-align: justify;">Title: Managing Director</div>
          </td>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: center;">
      <div>Signature Page to PIMCO PML Voting Trust Agreement</div>
      <div> </div>
    </div>
    <div>
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
  </div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.4
<SEQUENCE>5
<FILENAME>ef20027443_ex99-4.htm
<DESCRIPTION>EXHIBIT 99.4
<TEXT>
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  <head>
    <title></title>
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  <div>
    <div style="text-align: right;"><font style="font-weight: bold;">&#160;Exhibit 99.4</font><br>
    </div>
    <div><br>
    </div>
    <div style="font-weight: bold;">RVMTP Purchase Agreement</div>
    <div>&#160;</div>
    <div style="font-weight: bold;">PIMCO Municipal Income Fund II</div>
    <div style="font-weight: bold;">as Issuer</div>
    <div>&#160;</div>
    <div style="font-weight: bold;">and</div>
    <div>&#160;</div>
    <div style="font-weight: bold;">Banc of America Preferred Funding Corporation</div>
    <div style="font-weight: bold;">as Purchaser</div>
    <div>&#160;</div>
    <div style="font-weight: bold;">and</div>
    <div>&#160;</div>
    <div style="font-weight: bold;">BofA Securities, Inc.</div>
    <div style="font-weight: bold;">as DTC Agent</div>
    <div>&#160;</div>
    <div style="font-weight: bold;">April 17, 2024</div>
    <div>&#160;</div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div class="BRPFPageBreak" style="page-break-after: always;">
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    <!--PROfilePageNumberReset%LCR%1%%%-->
    <div style="text-align: center; font-weight: bold;">CONTENTS</div>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" border="0" id="z3841f1153a124e5ebd75d9cb45ed14eb" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);">

        <tr>
          <td style="width: 5%; vertical-align: top;" rowspan="1" colspan="2">
            <div style="font-weight: bold;">SECTION</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right; font-weight: bold;">PAGE</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 85%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top; text-align: right;">&#160;</td>
        </tr>
        <tr>
          <td style="vertical-align: top; background-color: rgb(204, 238, 255);" rowspan="1" colspan="2">
            <div>ARTICLE I DEFINITIONS</div>
          </td>
          <td style="width: 10%; vertical-align: top; text-align: right; background-color: rgb(204, 238, 255);">1 <br>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">
            <div>1.1</div>
          </td>
          <td style="width: 85%; vertical-align: top;">
            <div>Incorporation of Certain Definitions by Reference</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">7</div>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: top; background-color: rgb(204, 238, 255);" colspan="2">
            <div>ARTICLE II PURCHASE AND TRANSFERS, COSTS AND EXPENSES; ADDITIONAL FEE; SETTLEMENT</div>
          </td>
          <td style="width: 10%; vertical-align: top; text-align: right; background-color: rgb(204, 238, 255);">7 <br>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">
            <div>2.1</div>
          </td>
          <td style="width: 85%; vertical-align: top;">
            <div>Purchase and Transfer of the RVMTP Shares</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">7</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div>2.2</div>
          </td>
          <td style="width: 85%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div>Fees</div>
          </td>
          <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">8</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">
            <div>2.3</div>
          </td>
          <td style="width: 85%; vertical-align: top;">
            <div>Operating Expenses</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">8</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div>2.4</div>
          </td>
          <td style="width: 85%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div>Additional Fee for Failure to Comply with Reporting Requirement or Registration Rights Failure</div>
          </td>
          <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">9</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">
            <div>2.5</div>
          </td>
          <td style="width: 85%; vertical-align: top;">
            <div>DTC Eligibility and Settlement of RVMTP Shares</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">9</div>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: top; background-color: rgb(204, 238, 255);" rowspan="1" colspan="2">
            <div>ARTICLE III CONDITIONS TO EFFECTIVE DATE</div>
          </td>
          <td style="width: 10%; vertical-align: top; text-align: right; background-color: rgb(204, 238, 255);">11<br>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: top;" rowspan="1" colspan="2">
            <div>ARTICLE IV REPRESENTATIONS AND WARRANTIES OF THE ISSUER</div>
          </td>
          <td style="width: 10%; vertical-align: top; text-align: right;">&#160;12</td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div>4.1</div>
          </td>
          <td style="width: 85%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div>Existence</div>
          </td>
          <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">12</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">
            <div>4.2</div>
          </td>
          <td style="width: 85%; vertical-align: top;">
            <div>Authorization; Contravention</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">12</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div>4.3</div>
          </td>
          <td style="width: 85%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div>Binding Effect</div>
          </td>
          <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">13</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">
            <div>4.4</div>
          </td>
          <td style="width: 85%; vertical-align: top;">
            <div>Financial Information</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">13</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div>4.5</div>
          </td>
          <td style="width: 85%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div>Litigation</div>
          </td>
          <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">13</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">
            <div>4.6</div>
          </td>
          <td style="width: 85%; vertical-align: top;">
            <div>Consents</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">14</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div>4.7</div>
          </td>
          <td style="width: 85%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div>Additional Representations and Warranties</div>
          </td>
          <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">14</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">
            <div>4.8</div>
          </td>
          <td style="width: 85%; vertical-align: top;">
            <div>Complete and Correct Information</div>
          </td>
          <td style="width: 10%; vertical-align: top; text-align: right;">19</td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div>4.9</div>
          </td>
          <td style="width: 85%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div>Offering Memorandum</div>
          </td>
          <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">19</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">
            <div>4.10</div>
          </td>
          <td style="width: 85%; vertical-align: top;">
            <div>1940 Act Registration</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">19</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div>4.11</div>
          </td>
          <td style="width: 85%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div>Effective Leverage Ratio; 1940 Act Asset Coverage</div>
          </td>
          <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">19</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">
            <div>4.12</div>
          </td>
          <td style="width: 85%; vertical-align: top;">
            <div>Investments</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">20</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div>4.13</div>
          </td>
          <td style="width: 85%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div>Due Diligence</div>
          </td>
          <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">20</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">
            <div>4.14</div>
          </td>
          <td style="width: 85%; vertical-align: top;">
            <div>Certain Fees</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">20</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div>4.15</div>
          </td>
          <td style="width: 85%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div>Eligible Assets</div>
          </td>
          <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">20</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">
            <div>4.16</div>
          </td>
          <td style="width: 85%; vertical-align: top;">
            <div>Capital Structure</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">20</div>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: top; background-color: rgb(204, 238, 255);" rowspan="1" colspan="2">
            <div>ARTICLE V REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE PURCHASER</div>
          </td>
          <td style="width: 10%; vertical-align: top; text-align: right; background-color: rgb(204, 238, 255);">21<br>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">
            <div>5.1</div>
          </td>
          <td style="width: 85%; vertical-align: top;">
            <div>Existence</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">21</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div>5.2</div>
          </td>
          <td style="width: 85%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div>Authorization; Contravention</div>
          </td>
          <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">21</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">
            <div>5.3</div>
          </td>
          <td style="width: 85%; vertical-align: top;">
            <div>Binding Effect</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">21</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div>5.4</div>
          </td>
          <td style="width: 85%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div>Own Account</div>
          </td>
          <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">21</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">
            <div>5.5</div>
          </td>
          <td style="width: 85%; vertical-align: top;">
            <div>Litigation</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">22</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div>5.6</div>
          </td>
          <td style="width: 85%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div>Consents</div>
          </td>
          <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">22</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">
            <div>5.7</div>
          </td>
          <td style="width: 85%; vertical-align: top;">
            <div>Purchaser Status</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">22</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div>5.8</div>
          </td>
          <td style="width: 85%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div>Experience of The Purchaser</div>
          </td>
          <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">22</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">
            <div>5.9</div>
          </td>
          <td style="width: 85%; vertical-align: top;">
            <div>General Solicitation</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">22</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div>5.10</div>
          </td>
          <td style="width: 85%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div>Certain Transactions</div>
          </td>
          <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">23</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">
            <div>5.11</div>
          </td>
          <td style="width: 85%; vertical-align: top;">
            <div>Certain Fees</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">23</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div>5.12</div>
          </td>
          <td style="width: 85%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div>Access to Information</div>
          </td>
          <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">23</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">
            <div>5.13</div>
          </td>
          <td style="width: 85%; vertical-align: top;">
            <div>Due Diligence</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">23</div>
          </td>
        </tr>

    </table>
    <div> <br>
    </div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" class="BRPFPageNumber">i</font></div>
      <div class="BRPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" id="z5c0624c2e0804b64b95accd56df1aa8a" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);">

        <tr>
          <td style="width: 5%; vertical-align: top;" rowspan="1" colspan="2">
            <div style="margin-right: 21.6pt;">ARTICLE VI COVENANTS OF THE ISSUER</div>
          </td>
          <td style="width: 10%; vertical-align: top; text-align: right;">23 <br>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="margin-right: 21.6pt;">6.1</div>
          </td>
          <td style="width: 85%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="margin-right: 21.6pt;">Information</div>
          </td>
          <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">23</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">
            <div style="margin-right: 21.6pt;">6.2</div>
          </td>
          <td style="width: 85%; vertical-align: top;">
            <div style="margin-right: 21.6pt;">No Amendment or Certain Other Actions Without Consent of the Purchaser</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">26</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="margin-right: 21.6pt;">6.3</div>
          </td>
          <td style="width: 85%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="margin-right: 21.6pt;">Maintenance of Existence</div>
          </td>
          <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">26</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">
            <div style="margin-right: 21.6pt;">6.4</div>
          </td>
          <td style="width: 85%; vertical-align: top;">
            <div style="margin-right: 21.6pt;">Tax Status of the Issuer</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">26</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="margin-right: 21.6pt;">6.5</div>
          </td>
          <td style="width: 85%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="margin-right: 21.6pt;">Payment Obligations</div>
          </td>
          <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255); text-align: right;">27</td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">
            <div style="margin-right: 21.6pt;">6.6</div>
          </td>
          <td style="width: 85%; vertical-align: top;">
            <div style="margin-right: 21.6pt;">Compliance With Law</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">27</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="margin-right: 21.6pt;">6.7</div>
          </td>
          <td style="width: 85%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="margin-right: 21.6pt;">Maintenance of Approvals: Filings, Etc.</div>
          </td>
          <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">27</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">
            <div style="margin-right: 21.6pt;">6.8</div>
          </td>
          <td style="width: 85%; vertical-align: top;">
            <div style="margin-right: 21.6pt;">Inspection Rights; Status of Information</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">27</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="margin-right: 21.6pt;">6.9</div>
          </td>
          <td style="width: 85%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="margin-right: 21.6pt;">1940 Act Registration</div>
          </td>
          <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255); text-align: right;">28</td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">
            <div style="margin-right: 21.6pt;">6.10</div>
          </td>
          <td style="width: 85%; vertical-align: top;">
            <div style="margin-right: 21.6pt;">Investments</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">28</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="margin-right: 21.6pt;">6.11</div>
          </td>
          <td style="width: 85%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="margin-right: 21.6pt;">Maintenance of Effective Leverage Ratio</div>
          </td>
          <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">28</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">
            <div style="margin-right: 21.6pt;">6.12</div>
          </td>
          <td style="width: 85%; vertical-align: top;">
            <div style="margin-right: 21.6pt;">Calculation and Paying Agent</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">28</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="margin-right: 21.6pt;">6.13</div>
          </td>
          <td style="width: 85%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="margin-right: 21.6pt;">Cooperation in the Sale of the RVMTP Shares</div>
          </td>
          <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255); text-align: right;">29</td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">
            <div style="margin-right: 21.6pt;">6.14</div>
          </td>
          <td style="width: 85%; vertical-align: top;">
            <div style="margin-right: 21.6pt;">Use of Proceeds</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">29</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="margin-right: 21.6pt;">6.15</div>
          </td>
          <td style="width: 85%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="margin-right: 21.6pt;">Securities Depository</div>
          </td>
          <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">29</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">
            <div style="margin-right: 21.6pt;">6.16</div>
          </td>
          <td style="width: 85%; vertical-align: top;">
            <div style="margin-right: 21.6pt;">Future Agreements</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">29</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="margin-right: 21.6pt;">6.17</div>
          </td>
          <td style="width: 85%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="margin-right: 21.6pt;">Eligible Assets</div>
          </td>
          <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">29</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;" rowspan="1" colspan="2">
            <div style="margin-right: 21.6pt;">ARTICLE VII MISCELLANEOUS</div>
          </td>
          <td style="width: 10%; vertical-align: top; text-align: right;">30 <br>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="margin-right: 21.6pt;">7.1</div>
          </td>
          <td style="width: 85%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="margin-right: 21.6pt;">Notices</div>
          </td>
          <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">30</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">
            <div style="margin-right: 21.6pt;">7.2</div>
          </td>
          <td style="width: 85%; vertical-align: top;">
            <div style="margin-right: 21.6pt;">No Waivers</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">31</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="margin-right: 21.6pt;">7.3</div>
          </td>
          <td style="width: 85%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="margin-right: 21.6pt;">Expenses and Indemnification</div>
          </td>
          <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">31</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">
            <div style="margin-right: 21.6pt;">7.4</div>
          </td>
          <td style="width: 85%; vertical-align: top;">
            <div style="margin-right: 21.6pt;">Amendments and Waivers</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">34</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="margin-right: 21.6pt;">7.5</div>
          </td>
          <td style="width: 85%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="margin-right: 21.6pt;">Successors and Assigns</div>
          </td>
          <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">34</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">
            <div style="margin-right: 21.6pt;">7.6</div>
          </td>
          <td style="width: 85%; vertical-align: top;">
            <div style="margin-right: 21.6pt;">Term of this Agreement</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">34</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="margin-right: 21.6pt;">7.7</div>
          </td>
          <td style="width: 85%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="margin-right: 21.6pt;">Governing Law</div>
          </td>
          <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">35</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">
            <div style="margin-right: 21.6pt;">7.8</div>
          </td>
          <td style="width: 85%; vertical-align: top;">
            <div style="margin-right: 21.6pt;">Waiver of Jury Trial</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">35</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="margin-right: 21.6pt;">7.9</div>
          </td>
          <td style="width: 85%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="margin-right: 21.6pt;">Counterparts</div>
          </td>
          <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">35</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">
            <div style="margin-right: 21.6pt;">7.10</div>
          </td>
          <td style="width: 85%; vertical-align: top;">
            <div style="margin-right: 21.6pt;">Beneficiaries</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">35</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="margin-right: 21.6pt;">7.11</div>
          </td>
          <td style="width: 85%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="margin-right: 21.6pt;">Entire Agreement</div>
          </td>
          <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255); text-align: right;">36</td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">
            <div style="margin-right: 21.6pt;">7.12</div>
          </td>
          <td style="width: 85%; vertical-align: top;">
            <div style="margin-right: 21.6pt;">Relationship to the Statement</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">36</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="margin-right: 21.6pt;">7.13</div>
          </td>
          <td style="width: 85%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="margin-right: 21.6pt;">Confidentiality</div>
          </td>
          <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">36</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">
            <div style="margin-right: 21.6pt;">7.14</div>
          </td>
          <td style="width: 85%; vertical-align: top;">
            <div style="margin-right: 21.6pt;">Severability</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">38</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="margin-right: 21.6pt;">7.15</div>
          </td>
          <td style="width: 85%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="margin-right: 21.6pt;">Consent Rights of the Majority Participants to Certain Actions.</div>
          </td>
          <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">38</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">
            <div style="margin-right: 21.6pt;">7.16</div>
          </td>
          <td style="width: 85%; vertical-align: top;">
            <div style="margin-right: 21.6pt;">No Individual Liability</div>
          </td>
          <td style="width: 10%; vertical-align: top; text-align: right;">40</td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);">

        <tr>
          <td style="vertical-align: top; background-color: rgb(204, 238, 255);" rowspan="1" colspan="2">
            <div style="text-align: justify;">SCHEDULE 1</div>
          </td>
          <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">Schedule 1</div>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: top;" rowspan="1" colspan="2">
            <div style="text-align: justify;">SCHEDULE 2</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">Schedule 2</div>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: top; background-color: rgb(204, 238, 255);" rowspan="1" colspan="2">
            <div style="text-align: justify;">ANNEX A</div>
          </td>
          <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">Annex A</div>
          </td>
        </tr>
        <tr>
          <td style="width: 12%; vertical-align: top;">
            <div style="text-align: justify;">EXHIBIT A</div>
          </td>
          <td style="width: 78%; vertical-align: top;">
            <div style="text-align: justify;">FORMS OF OPINIONS OF COUNSEL FOR THE ISSUER</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">A-1</div>
          </td>
        </tr>
        <tr>
          <td style="width: 12%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify;">EXHIBIT A-1</div>
          </td>
          <td style="width: 78%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify;">FORM OF CORPORATE AND 1940 ACT OPINION</div>
          </td>
          <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">A-1-1</div>
          </td>
        </tr>
        <tr>
          <td style="width: 12%; vertical-align: top;">
            <div style="text-align: justify;">EXHIBIT A-2</div>
          </td>
          <td style="width: 78%; vertical-align: top;">
            <div style="text-align: justify;">FORM OF TAX OPINION</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">A-2-1</div>
          </td>
        </tr>
        <tr>
          <td style="width: 12%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify;">EXHIBIT A-3</div>
          </td>
          <td style="width: 78%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify;">FORM OF OPINION OF COUNSEL FOR THE CALCULATION AND PAYING AGENT</div>
          </td>
          <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">A-3-1</div>
          </td>
        </tr>
        <tr>
          <td style="width: 12%; vertical-align: top;">
            <div style="text-align: justify;">EXHIBIT B</div>
          </td>
          <td style="width: 78%; vertical-align: top;">
            <div style="text-align: justify;">ELIGIBLE ASSETS</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">B-1</div>
          </td>
        </tr>
        <tr>
          <td style="width: 12%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify;">EXHIBIT C</div>
          </td>
          <td style="width: 78%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify;">TRANSFEREE CERTIFICATE</div>
          </td>
          <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">C-1</div>
          </td>
        </tr>
        <tr>
          <td style="width: 12%; vertical-align: top;">
            <div style="text-align: justify;">EXHIBIT D</div>
          </td>
          <td style="width: 78%; vertical-align: top;">
            <div style="text-align: justify;">INFORMATION TO BE PROVIDED BY THE ISSUER</div>
          </td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: right;">D-1</div>
          </td>
        </tr>

    </table>
    <div> <br>
    </div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" class="BRPFPageNumber">ii</font></div>
      <div class="BRPFPageBreak" style="page-break-after: always;">
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    </div>
    <!--PROfilePageNumberReset%Num%1%%%-->
    <div style="text-align: justify; text-indent: 36pt; font-size: 12pt;"><font style="font-size: 10pt; font-weight: bold;">RVMTP PURCHASE AGREEMENT</font><font style="font-size: 10pt;"> dated as of April 17, 2024, between<font style="font-weight: bold;">
          PIMCO MUNICIPAL INCOME FUND II</font>, a closed-end fund organized as a Massachusetts business trust, as issuer (the "<font style="font-weight: bold;">Issuer</font>"), <font style="font-weight: bold;">BANC OF AMERICA PREFERRED FUNDING
          CORPORATION</font>, a Delaware corporation, including its successors by merger or operation of law (and not merely by assignment of all or part of this Agreement), as purchaser of the RVMTP Shares hereunder&#160; (the "<font style="font-weight: bold;">Purchaser</font>"),


        and, solely with respect to Section 2.5 and Article VII of this Agreement, <font style="font-weight: bold;">BOFA SECURITIES, INC.</font>, a Delaware corporation, as agent with respect to the DTC eligibility of the RVMTP Shares hereunder (the "<font style="font-weight: bold;">DTC Agent</font>").</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; font-size: 12pt;"><font style="font-size: 10pt; font-weight: bold;">WHEREAS</font><font style="font-size: 10pt;">, the Issuer has authorized the issuance pursuant to the Statement (as defined below)
        to the Purchaser of its Remarketable Variable Rate MuniFund Term Preferred Shares, Series 2054, par value $0.00001 per share and liquidation preference $100,000 per share, as set forth on Schedule 1 hereto, which are subject to this Agreement (the
        "<font style="font-weight: bold;">RVMTP Shares</font>" or the "<font style="font-weight: bold;">Series</font>&#160;<font style="font-weight: bold;">2054 RVMTP Shares</font>");</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; font-size: 12pt;"><font style="font-size: 10pt; font-weight: bold;">WHEREAS</font><font style="font-size: 10pt;">, as an inducement to the Purchaser to purchase the RVMTP Shares, the Issuer now
        desires to enter into this Agreement to set forth certain representations, warranties, covenants and agreements regarding the Issuer and the RVMTP Shares;</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; font-size: 12pt;"><font style="font-size: 10pt; font-weight: bold;">WHEREAS</font><font style="font-size: 10pt;">, as an inducement to the Issuer to issue and sell the RVMTP Shares, the Purchaser
        desires to enter into this Agreement to set forth certain representations, warranties, covenants and agreements regarding the Purchaser and the RVMTP Shares;</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; font-size: 12pt;"><font style="font-size: 10pt; font-weight: bold;">WHEREAS,</font><font style="font-size: 10pt;"> the RVMTP Shares issued in global form shall be registered in the name of The
        Depository Trust Company ("<font style="font-weight: bold;">DTC</font>") or its nominee, and be evidenced by one or more global securities (the "<font style="font-weight: bold;">Global RVMTP Shares</font>") held on behalf of members of or
        participants in DTC for the account of the Purchaser (the "<font style="font-weight: bold;">DTC Participants</font>"); and</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; font-size: 12pt;"><font style="font-size: 10pt; font-weight: bold;">WHEREAS, </font><font style="font-size: 10pt;">the Issuer wishes to appoint BofA Securities, Inc. as DTC Agent under this Agreement
        to submit an application provided by the Issuer to DTC for the RVMTP Shares to become eligible for settlement through DTC's book entry system.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; font-size: 12pt;"><font style="font-size: 10pt; font-weight: bold;">NOW, THEREFORE</font><font style="font-size: 10pt;">, in consideration of the respective agreements contained herein, the parties
        hereto agree as follows:</font></div>
    <div>&#160;</div>
    <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">ARTICLE I</div>
    <div style="text-align: center; font-weight: bold;">DEFINITIONS</div>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt;">The following terms, as used herein, have the following meanings:</div>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt; font-size: 12pt;"><font style="font-size: 10pt; font-weight: bold;">"Advisers Act" </font><font style="font-size: 10pt;">means the Investment Advisers Act of 1940, as amended, and the rules and
        regulations thereunder.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt; font-size: 12pt;"><font style="font-size: 10pt; font-weight: bold;">"Agreement"</font><font style="font-size: 10pt;"> means this RVMTP Purchase Agreement, dated as of April 17, 2024, as the same may
        be amended, restated, supplemented or otherwise modified from time to time in accordance with the terms hereof.</font></div>
    <div>&#160;</div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" class="BRPFPageNumber">1</font></div>
      <div class="BRPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; margin-left: 36pt; font-size: 12pt;"><font style="font-size: 10pt; font-weight: bold;">"Banks"</font><font style="font-size: 10pt;"> has the meaning set forth in Section 2.1(b) of this Agreement.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt; font-size: 12pt;"><font style="font-size: 10pt; font-weight: bold;">"Blue Sky"</font><font style="font-size: 10pt;"> has the meaning set forth in the Registration Rights Agreement.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt; font-size: 12pt;"><font style="font-size: 10pt; font-weight: bold;">"Board of Trustees"</font><font style="font-size: 10pt;"> has the meaning set forth in the Statement.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt; font-size: 12pt;"><font style="font-size: 10pt; font-weight: bold;">"Business Day"</font><font style="font-size: 10pt;"> has the meaning set forth in the Statement.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt; font-size: 12pt;"><font style="font-size: 10pt; font-weight: bold;">"By-Laws"</font><font style="font-size: 10pt;"> has the meaning set forth in the Statement.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt; font-size: 12pt;"><font style="font-size: 10pt; font-weight: bold;">"Calculation and Paying Agent"</font><font style="font-size: 10pt;"> means <font style="color: rgb(0, 0, 0);">The Bank of New York
          Mellon</font>, or with the prior written consent of the Purchaser (which consent shall not be unreasonably withheld), any successor Person, which has entered into an agreement with the Issuer to act in such capacity as the Issuer's tender agent,
        transfer agent, registrar, dividend disbursing agent, paying agent and redemption price disbursing agent and calculation agent in connection with the payment of regularly scheduled dividends with respect to RVMTP Shares.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt; font-size: 12pt;"><font style="font-size: 10pt; font-weight: bold;">"Closed-End Funds"</font><font style="font-size: 10pt;"> has the meaning set forth in Section 2.1(b) of this Agreement.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt; font-size: 12pt;"><font style="font-size: 10pt; font-weight: bold;">"Code"</font><font style="font-size: 10pt;"> has the meaning set forth in the Statement.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt; font-size: 12pt;"><font style="font-size: 10pt; font-weight: bold;">"Common Shares"</font><font style="font-size: 10pt;"> has the meaning set forth in the Statement.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt; font-size: 12pt;"><font style="font-size: 10pt; font-weight: bold;">"Custodian"</font><font style="font-size: 10pt;"> has the meaning set forth in the Statement.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt; font-size: 12pt;"><font style="font-size: 10pt; font-weight: bold;">"Date of Original Issue"</font><font style="font-size: 10pt;">, with respect to any RVMTP Shares, means the date on which the Issuer
        initially issued such shares.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt; font-size: 12pt;"><font style="font-size: 10pt; font-weight: bold;">"Declaration"</font><font style="font-size: 10pt;"> has the meaning set forth in the Statement.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt; font-size: 12pt;"><font style="font-size: 10pt; font-weight: bold;">"Derivative Contract"</font><font style="font-size: 10pt;"> means (a) any and all rate swap transactions, basis swaps, credit
        derivative transactions, forward rate transactions, commodity swaps, commodity options, forward commodity contracts, equity or equity index swaps or options, bond or bond price or bond index swaps or options or forward bond or forward bond price or
        forward bond index transactions, repurchase transactions, interest rate options, forward foreign exchange transactions, cap transactions, floor transactions, collar transactions, currency swap transactions, cross-currency rate swap transactions,
        currency options, spot contracts, futures, interest rate futures, or any other similar transactions or any combination of any of the foregoing (including any options to enter into any of the foregoing), whether or not any such transaction is
        governed by or subject to any master agreement, and (b) any and all transactions of any kind, and the related confirmations, which are subject to the terms and conditions of, or governed by, any form of master agreement published by the
        International Swaps and Derivatives Association, Inc., any International Foreign Exchange Master Agreement, or any other master agreement, including any such obligations or liabilities under any such master agreement.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt; font-size: 12pt;"><font style="font-size: 10pt; font-weight: bold;">"Designated Owner"</font><font style="font-size: 10pt;"> has the meaning set forth in the Statement.</font></div>
    <div>&#160;</div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" class="BRPFPageNumber">2</font></div>
      <div class="BRPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; margin-left: 36pt; font-size: 12pt;"><font style="font-size: 10pt; font-weight: bold;">"Dividend Payment Date"</font><font style="font-size: 10pt;"> has the meaning set forth in the Statement.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt; font-size: 12pt;"><font style="font-size: 10pt; font-weight: bold;">"Dividend Period"</font><font style="font-size: 10pt;"> has the meaning set forth in the Statement.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt; font-size: 12pt;"><font style="font-size: 10pt; font-weight: bold;">"Dividend Rate"</font><font style="font-size: 10pt;"> has the meaning set forth in the Statement.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt; font-size: 12pt;"><font style="font-size: 10pt; font-weight: bold;">"DTC"</font><font style="font-size: 10pt;"> has the meaning set forth in the preamble to this Agreement.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt; font-size: 12pt;"><font style="font-size: 10pt; font-weight: bold;">"DTC Agent"</font><font style="font-size: 10pt;"> has the meaning set forth in the preamble to this Agreement.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt; font-size: 12pt;"><font style="font-size: 10pt; font-weight: bold;">"DTC Participants"</font><font style="font-size: 10pt;"> has the meaning set forth in the preamble to this Agreement.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt; font-size: 12pt;"><font style="font-size: 10pt; font-weight: bold;">"Due Diligence Request"</font><font style="font-size: 10pt;"> means the due diligence request letter from Chapman and Cutler LLP,
        counsel to the Purchaser<font style="font-weight: bold;">,</font> dated March 6, 2024.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt; font-size: 12pt;"><font style="font-size: 10pt; font-weight: bold;">"Effective Date"</font><font style="font-size: 10pt;"> means the Date of Original Issue with respect to any of RVMTP Shares, subject
        to the satisfaction or waiver of the conditions specified in Article III.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt; font-size: 12pt;"><font style="font-size: 10pt; font-weight: bold;">"Effective Leverage Ratio"</font><font style="font-size: 10pt;"> has the meaning set forth in the Statement.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt; font-size: 12pt;"><font style="font-size: 10pt; font-weight: bold;">"Eligible Assets" </font><font style="font-size: 10pt;">means the instruments in which the Issuer may invest as described in
        Exhibit B to this Agreement, which may be amended from time to time with the prior written consent of the Purchaser.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt; font-size: 12pt;"><font style="font-size: 10pt; font-weight: bold;">"Failure"</font><font style="font-size: 10pt;"> has the meaning set forth in Section 2.4 of this Agreement.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt; font-size: 12pt;"><font style="font-size: 10pt; font-weight: bold;">"Fee Rate"</font><font style="font-size: 10pt;"> means initially 0.25% per annum, which shall be subject to increase by 0.10% per
        annum for each Week in respect of which any Failure has occurred and is continuing.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt; font-size: 12pt;"><font style="font-size: 10pt; font-weight: bold;">"Fitch"</font><font style="font-size: 10pt;"> means Fitch Ratings, a part of the Fitch Group, or any successor or successors
        thereto.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt; font-size: 12pt;"><font style="font-size: 10pt; font-weight: bold;">"Fitch Guidelines"</font><font style="font-size: 10pt;"> means the guidelines, as may be amended from time to time, in connection
        with Fitch's ratings of the RVMTP Shares.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt; font-size: 12pt;"><font style="font-size: 10pt; font-weight: bold;">"</font><font style="font-size: 10pt; font-weight: bold; font-style: italic;">Force Majeure</font><font style="font-size: 10pt; font-weight: bold;"> Exception"</font><font style="font-size: 10pt;"> means any failure or delay in the performance of the Issuer's reporting obligation pursuant to Section 2.4 arising out of or caused, directly or indirectly, by circumstances
        beyond its reasonable control, including, without limitation, acts of God; earthquakes; flood; terrorism; wars and other military disturbances; sabotage; epidemics; riots; loss or malfunctions of utilities, computer (hardware or software) or
        communication services; accidents; acts of civil or military authority and governmental action.&#160; The Issuer shall use commercially reasonable efforts to commence performance of its obligations during any of the foregoing circumstances.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt; font-size: 12pt;"><font style="font-size: 10pt; font-weight: bold;">"Global RVMTP Shares"</font><font style="font-size: 10pt;"> has the meaning set forth in the preamble to this Agreement.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt; font-size: 12pt;"><font style="font-size: 10pt; font-weight: bold;">"Global RVMTP Shares Account"</font><font style="font-size: 10pt;"> has the meaning set forth in Section 2.5 of this Agreement.</font></div>
    <div>&#160;</div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" class="BRPFPageNumber">3</font></div>
      <div class="BRPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; margin-left: 36pt; font-size: 12pt;"><font style="font-size: 10pt; font-weight: bold;">"Holder"</font><font style="font-size: 10pt;"> has the meaning set forth in the Statement.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt;">The word <font style="font-weight: bold;">"including"</font> means "including without limitation."</div>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt; font-size: 12pt;"><font style="font-size: 10pt; font-weight: bold;">"Indemnified Persons"</font><font style="font-size: 10pt;"> means, the Purchaser and its affiliates and directors, officers,
        partners, employees, agents, representatives and control persons, entitled to indemnification by the Issuer under Section 7.3.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt; font-size: 12pt;"><font style="font-size: 10pt; font-weight: bold;">"Investment Management Agreement" </font><font style="font-size: 10pt;">has the meaning set forth in Section 4.7(r) of this
        Agreement.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt; font-size: 12pt;"><font style="font-size: 10pt; font-weight: bold;">"Investment Manager"</font><font style="font-size: 10pt;"> means Pacific Investment Management Company LLC, or any successor company
        or entity.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt; font-size: 12pt;"><font style="font-size: 10pt; font-weight: bold;">"Issuer"</font><font style="font-size: 10pt;"> has the meaning set forth in the preamble to this Agreement.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt; font-size: 12pt;"><font style="font-size: 10pt; font-weight: bold;">"Issuer Agreements"</font><font style="font-size: 10pt;"> has the meaning set forth in Section 4.7(h) of this Agreement.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt; font-size: 12pt;"><font style="font-size: 10pt; font-weight: bold;">"Issuer Material Adverse Effect"</font><font style="font-size: 10pt;"> has the meaning set forth in Section 4.2 of this Agreement.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt; font-size: 12pt;"><font style="font-size: 10pt; font-weight: bold;">"Liquidation Preference"</font><font style="font-size: 10pt;"> means, with respect to a given number of the RVMTP Shares, $100,000
        times that number.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt; font-size: 12pt;"><font style="font-size: 10pt; font-weight: bold;">"Majority Participants"</font><font style="font-size: 10pt;"> means the Holder(s) of more than 50% of the Outstanding RVMTP Shares.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt; font-size: 12pt;"><font style="font-size: 10pt; font-weight: bold;">"Market Value"</font><font style="font-size: 10pt;"> has the meaning set forth in the Statement.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt; font-size: 12pt;"><font style="font-size: 10pt; font-weight: bold;">"Moody's" </font><font style="font-size: 10pt;">means Moody's Investors Service, Inc., and any successor or successors thereto.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt; font-size: 12pt;"><font style="font-size: 10pt; font-weight: bold;">"1940 Act</font><font style="font-size: 10pt;">" means the Investment Company Act of 1940, as amended, and the rules and regulations
        thereunder.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt; font-size: 12pt;"><font style="font-size: 10pt; font-weight: bold;">"1940 Act Asset Coverage"</font><font style="font-size: 10pt;"> has the meaning set forth in the Statement.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt; font-size: 12pt;"><font style="font-size: 10pt; font-weight: bold;">"1940 Act Document"</font><font style="font-size: 10pt;"> has the meaning set forth in Section 4.7(g) of this Agreement.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt; font-size: 12pt;"><font style="font-size: 10pt; font-weight: bold;">"Notice of Taxable Allocation"</font><font style="font-size: 10pt;"> has the meaning set forth in the Statement.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt; font-size: 12pt;"><font style="font-size: 10pt; font-weight: bold;">"NRSRO"</font><font style="font-size: 10pt;"> has the meaning set forth in the Statement.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt; font-size: 12pt;"><font style="font-size: 10pt; font-weight: bold;">"Optional Redemption Premium"</font><font style="font-size: 10pt;"> has the meaning set forth in the Statement.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt; font-size: 12pt;"><font style="font-size: 10pt; font-weight: bold;">"Offering Memorandum"</font><font style="font-size: 10pt;"> means the Offering Memorandum of the Issuer relating to the offering and
        sale of the RVMTP Shares dated April 17, 2024, as may be amended, revised or supplemented from time to time.</font></div>
    <div>&#160;</div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" class="BRPFPageNumber">4</font></div>
      <div class="BRPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; margin-left: 36pt;">The word <font style="font-weight: bold;">"or</font>" is used in its inclusive sense.</div>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt; font-size: 12pt;"><font style="font-size: 10pt; font-weight: bold;">"Other Rating Agency"</font><font style="font-size: 10pt;"> means, at any time, each NRSRO, if any, other than Fitch, S&amp;P, or
        Moody's<font style="font-weight: bold;">&#160;</font>then providing a rating for the RVMTP Shares pursuant to the request of the Issuer and with the consent of the Majority Participants, which consent shall not be unreasonably withheld by any of the
        Holders of the Outstanding RVMTP Shares.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt; font-size: 12pt;"><font style="font-size: 10pt; font-weight: bold;">"Other Rating Agency Guidelines"</font><font style="font-size: 10pt;"> means the guidelines, if any, provided by each Other Rating
        Agency, as may be amended from time to time, in connection with the Other Rating Agency's rating of the RVMTP Shares.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt; font-size: 12pt;"><font style="font-size: 10pt; font-weight: bold;">"Outstanding"</font><font style="font-size: 10pt;"> has the meaning set forth in the Statement.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt;">"<font style="font-weight: bold;">Overconcentration Amount"</font> means as of any date of calculation of the Effective Leverage Ratio for the Issuer, an amount equal to the sum of (without
      duplication): (i) for investments (excluding pre-refunded securities) of the Issuer rated below BBB- (or the equivalent): the Market Value of such investments in excess of 20.0% as a percentage of the Market Value of the Issuer's Total Assets, (ii)
      for investments in assets other than municipal bonds and other municipal securities: the Market Value of such investments in excess of 10.0% as a percentage of the Market Value of the Issuer's Total Assets, and (iii) for investments in assets that
      constitute taxable obligations: the Market Value of such investments&#160; in excess of 10.0% as a percentage of the Market Value of the Issuer's Total Assets.&#160; The rating of any investment (e.g., BB (or the equivalent)) used in determining the
      Overconcentration Amount shall be (a) the rating assigned to such investment if rated by only one of Fitch, Moody's and S&amp;P, (b) the higher of the ratings assigned to such investment if rated by any two of Fitch, Moody's and S&amp;P, (c) the
      highest rating assigned to such investment if rated by all three of Fitch, Moody's and S&amp;P, or (d) the equivalent rating based on the Issuer's internal credit due diligence, if not rated by any of Fitch, Moody's and S&amp;P. For investments which
      qualify for multiple overconcentration categories listed in (i) to (iii) above, the Overconcentration Amount will be calculated utilizing the individual concentration limit resulting in the largest amount (without duplication) to be subtracted from
      the sum determined pursuant to sub-section (ii) of the definition of Effective Leverage Ratio (set out in Section 2.4(d) of the Statement) pursuant to Sections 4.11 and 6.12 hereof.</div>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt; font-size: 12pt;"><font style="font-size: 10pt; font-weight: bold;">"Person"</font><font style="font-size: 10pt;"> has the meaning set forth in the Statement.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt; font-size: 12pt;"><font style="font-size: 10pt; font-weight: bold;">"PIMCO Persons"</font><font style="font-size: 10pt;"> means the Investment Manager or any affiliated person of the Investment
        Manager (as defined in Section 2(a)(3) of the 1940 Act) (other than the Issuer, in the case of a redemption or purchase of the RVMTP Shares which are to be cancelled within ten (10) days of purchase by the Issuer).</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt; font-size: 12pt;"><font style="font-size: 10pt; font-weight: bold;">"Portfolio Information"</font><font style="font-size: 10pt;"> means the reports and information set forth in Sections 6.1(n) and
        6.1(o).</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt; font-size: 12pt;"><font style="font-size: 10pt; font-weight: bold;">"Preferred Shares"</font><font style="font-size: 10pt;"> has the meaning set forth in the Statement.</font></div>
    <div>&#160;</div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" class="BRPFPageNumber">5</font></div>
      <div class="BRPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; margin-left: 36pt; font-size: 12pt;"><font style="font-size: 10pt; font-weight: bold;">"Purchase Price"</font><font style="font-size: 10pt;"> means, in respect of the 2,530 RVMTP Shares sold to the Purchaser, an
        aggregate amount equal to U.S. $253,000,000.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt; font-size: 12pt;"><font style="font-size: 10pt; font-weight: bold;">"Purchaser"</font><font style="font-size: 10pt;"> has the meaning set forth in the preamble to this Agreement.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt; font-size: 12pt;"><font style="font-size: 10pt; font-weight: bold;">"QIB"</font><font style="font-size: 10pt;"> means a <font style="font-weight: bold;">"qualified institutional buyer"</font> as
        defined in Rule 144A under the Securities Act.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt; font-size: 12pt;"><font style="font-size: 10pt; font-weight: bold;">"Rating Agency"</font><font style="font-size: 10pt;"> means each of Fitch, S&amp;P, or Moody's (if such Rating Agency is then rating
        the RVMTP Shares), and any Other Rating Agency.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt; font-size: 12pt;"><font style="font-size: 10pt; font-weight: bold;">"Rating Agency Guidelines"</font><font style="font-size: 10pt;"> means the<font style="font-weight: bold;">&#160;</font>Fitch Guidelines
        and any Other Rating Agency Guidelines as they exist from time to time.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt; font-size: 12pt;"><font style="font-size: 10pt; font-weight: bold;">"Registration Rights Agreement"</font><font style="font-size: 10pt;"> means the registration rights agreement entered into between
        the Issuer and the Purchaser with respect to the RVMTP Shares.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt; font-size: 12pt;"><font style="font-size: 10pt; font-weight: bold;">"Registration Rights Failure"</font><font style="font-size: 10pt;"> means any (i) failure by the Issuer to file a Registration
        Statement (as defined in the Registration Rights Agreement) with the Securities and Exchange Commission relating to such of the Registrable Securities (as defined in the Registration Rights Agreement, but excluding any that are properly excluded
        pursuant to Section 3.3(c) or (d) of the Registration Rights Agreement) which the Issuer has been properly requested to register under Section 3.1 of the Registration Rights Agreement within sixty (60) calendar days (or, if the sixtieth (60<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>)
        calendar day shall not be a Business Day, the next succeeding Business Day) of the later of (a) the date on which the holders of such Registrable Securities are required to give written notice to the Issuer of their intent to register such
        Registrable Securities pursuant to Section 3.1 of the Registration Rights Agreement or (b) if properly exercised by the Issuer, the end of any deferral period specified in accordance with the provisions of Section 3.2 of the Registration Rights
        Agreement, or (ii) failure by the Issuer to reply to any written comments on such Registration Statement received by the Issuer from the staff of the Securities and Exchange Commission (it being understood that the reply referenced herein shall not
        require the Issuer to accept or agree with any comment, in whole or in part) within sixty (60) calendar days (or, if the sixtieth (60<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>) calendar day shall not be a Business Day, the next succeeding Business Day) of receipt thereof by
        the Issuer.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt; font-size: 12pt;"><font style="font-size: 10pt; font-weight: bold;">"Related Documents"</font><font style="font-size: 10pt;"> means this Agreement, the Declaration, the Statement, the Registration
        Rights Agreement, the RVMTP Shares and the By-Laws.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt; font-size: 12pt;"><font style="font-size: 10pt; font-weight: bold;">"Reporting Failure"</font><font style="font-size: 10pt;"> has the meaning set forth in Section 2.4.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt; font-size: 12pt;"><font style="font-size: 10pt; font-weight: bold;">"RVMTP Shares"</font><font style="font-size: 10pt;"> has the meaning set forth in the preamble to this Agreement.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt; font-size: 12pt;"><font style="font-size: 10pt; font-weight: bold;">"S&amp;P"</font><font style="font-size: 10pt;"> means Standard &amp; Poor's Ratings Services, a Standard &amp; Poor's Financial
        Services LLC business, and any successor or successors thereto.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt; font-size: 12pt;"><font style="font-size: 10pt; font-weight: bold;">"Securities Act"</font><font style="font-size: 10pt;"> means the U.S. Securities Act of 1933, as amended, and the rules and
        regulations thereunder.</font></div>
    <div>&#160;</div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" class="BRPFPageNumber">6</font></div>
      <div class="BRPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; margin-left: 36pt; font-size: 12pt;"><font style="font-size: 10pt; font-weight: bold;">"Securities Depository"</font><font style="font-size: 10pt;"> means The Depository Trust Company, New York, New York, and any
        substitute for or successor to such securities depository that shall maintain a book-entry system with respect to the RVMTP Shares.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt; font-size: 12pt;"><font style="font-size: 10pt; font-weight: bold;">"Series"</font><font style="font-size: 10pt;"> has the meaning set forth in the Statement.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt; font-size: 12pt;"><font style="font-size: 10pt; font-weight: bold;">"Statement"</font><font style="font-size: 10pt;"> means the Statement Establishing and Fixing the Rights and Preferences of the
        Series 2054 RVMTP Shares, as the same may be amended, restated, supplemented or otherwise modified from time to time in accordance with the terms thereof and hereof.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt; font-size: 12pt;"><font style="font-size: 10pt; font-weight: bold;">"Total Assets"</font><font style="font-size: 10pt;"> means, as of any date, the Issuer's aggregate gross asset values as would be
        shown on the Issuer's balance sheet as of such date in conformity with accounting principles generally accepted in the United States, and includes the total value of the Issuer's assets.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt; font-size: 12pt;"><font style="font-size: 10pt; font-weight: bold;">"Voting Trust"</font><font style="font-size: 10pt;"> has the meaning set forth in Section 2.2(b) of this Agreement.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt; font-size: 12pt;"><font style="font-size: 10pt; font-weight: bold;">"Week"</font><font style="font-size: 10pt;"> means a period of seven (7) consecutive calendar days.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt; font-size: 12pt;"><font style="font-size: 10pt; font-weight: bold;">"written"</font><font style="font-size: 10pt;"> or <font style="font-weight: bold;">"in writing"</font> means any form of written
        communication, including communication by means of telex, telecopier or electronic mail.</font></div>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" id="z45434cf0b5f947a9bbfa9ddc7004d1ad" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">1.1</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-weight: bold;">Incorporation of Certain Definitions by Reference</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt;">Each capitalized term used herein and not otherwise defined herein shall have the meaning provided therefor (including by incorporation by reference) in the Related Documents.</div>
    <div>&#160;</div>
    <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">ARTICLE II</div>
    <div style="text-align: center; font-weight: bold;">PURCHASE AND TRANSFERS, COSTS AND EXPENSES; ADDITIONAL FEE; SETTLEMENT</div>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" id="z635ec8608a564923a6a416ed6557812e" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">2.1</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-weight: bold;">Purchase and Transfer of the RVMTP Shares</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" id="z252efb96a0d84e2b9a52d36ba7ac3597" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0);">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>On the Effective Date, the Purchaser will acquire 2,530 RVMTP Shares sold on initial issuance in a transaction (which, based upon the representations of the Issuer and the Purchaser herein, is exempt from registration under the Securities
              Act), by payment of the Purchase Price in immediately available funds to the Issuer, with such issuance effected through the Securities Depository.</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" class="BRPFPageNumber">7</font></div>
      <div class="BRPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <table cellspacing="0" cellpadding="0" id="z13a2ec1e6b364fa5aa773885a8dc7e42" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0);">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>The Purchaser agrees that it may make offers and sales of the RVMTP Shares in compliance with the Securities Act and applicable state securities laws only to Persons that are (1)(i)&#160; QIBs that are registered closed-end management
              investment companies, the common shares of which are traded on a national securities exchange ("<font style="font-weight: bold;">Closed-End Funds</font>"), banks or entities that are 100% direct or indirect subsidiaries of banks' publicly
              traded holding company (collectively, "<font style="font-weight: bold;">Banks</font>"), insurance companies or registered open-end management investment companies, (ii) tender option bond trusts (or similar vehicles) in which all investors
              are QIBs that are Closed-End Funds, Banks, insurance companies or registered open-end management investment companies, in each case with respect to clauses (i) and (ii), in accordance with Rule 144A under the Securities Act or pursuant to
              another available exemption from registration under the Securities Act, in a manner not involving a public offering within the meaning of Section 4(a)(2) of the Securities Act, or (iii) other investors with the prior written consent of the
              Issuer and (2) unless the prior written consent of the Issuer has been obtained, not PIMCO Persons if such PIMCO Persons would, after such sale and transfer, own more than 20% of the Outstanding RVMTP Shares.&#160; Any transfer in violation of the
              foregoing restrictions shall be void <font style="font-style: italic;">ab initio</font>.&#160; In connection with any transfer of the RVMTP Shares, each transferee (other than in the case of a tender option bond trust (or similar vehicle) in
              which the Purchaser holds 100% of the residual certificate interest, the depositor or trustee or other Person thereunder acting on behalf of such transferee) will be required to deliver to the Issuer a transferee certificate set forth as
              Exhibit C to this Agreement.&#160; The foregoing restrictions on transfer shall not apply to any RVMTP Shares registered under the Securities Act pursuant to the Registration Rights Agreement or any subsequent transfer of such RVMTP Shares
              thereafter.</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" id="zf29fb061362e413ca7916075438e761b" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">2.2</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-weight: bold;">Fees</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt;">The Issuer shall pay the reasonable fees and expenses of the Purchaser's outside counsel in connection with (a) the negotiation and documentation of this Agreement and the transactions contemplated
      by this Agreement and (b) the initial organization of a voting trust to be formed with respect to the RVMTP Shares (the "<font style="font-weight: bold;">Voting Trust</font>") and any amendments or modifications required in connection with the
      issuance of the RVMTP Shares, which such reasonable fees and expenses shall be paid as soon as reasonably practicable, but in any case no later than 20 Business Days following receipt of a valid and complete invoice of such fees submitted to the
      Investment Manager and/or the Issuer through CounselLink; provided that the Issuer shall not be obligated to pay any such reasonable fees and expenses in excess of $40,000.&#160; The Issuer shall pay up to $10,000 of the reasonable fees and expenses
      incurred by the Purchaser in connection with the initial contracts executed with the voting trustee and voting consultant in connection with the setup, maintenance and operation of the Voting Trust upon receipt by the Investment Manager of a valid
      and complete invoice with respect to such portion of such reasonable fees and expenses, until the earliest to occur of (1) the one-year anniversary of the initial organization of the Voting Trust, (2) the termination of the Voting Trust, (3) the
      Purchaser's transfer or sale of all of the RVMTP Shares, and (4) the termination of this Agreement pursuant to Section 7.6 hereof. For the avoidance of doubt, these are one-time limits and the Issuer shall not be responsible for any expenses incurred
      pursuant to this Section 2.2 beyond them, whether now or in the future in the aggregate.</div>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" id="zddb248ad4a524c3ab9ea2834ece43672" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">2.3</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-weight: bold;">Operating Expenses</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt;">The Issuer shall pay amounts due to be paid by it hereunder (including any incidental expenses but not including redemption or dividend payments on the RVMTP Shares) as operating expenses.</div>
    <div>&#160;</div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" class="BRPFPageNumber">8</font></div>
      <div class="BRPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <table cellspacing="0" cellpadding="0" id="z6497704aca3749f590fa1f217f662422" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">2.4</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-weight: bold;">Additional Fee for Failure to Comply with Reporting Requirement or Registration Rights Failure</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt;">For so long as the Purchaser is a Holder or Designated Owner of any Outstanding RVMTP Shares, if the Issuer fails to comply with the reporting requirements set forth in Sections 6.1(n) and 6.1(o)
      (except as a result of a <font style="font-style: italic;">Force Majeure</font> Exception) and such failure is not cured within five (5) Business Days after written notification to the Issuer by the Purchaser of such failure (a "<font style="font-weight: bold;">Reporting Failure</font>") or a Registration Rights Failure occurs, the Issuer shall pay to the Purchaser on the Dividend Payment Date occurring in the month immediately following a month in which either such Reporting
      Failure or Registration Rights Failure (either, a "<font style="font-weight: bold;">Failure</font>") continues a fee, calculated in respect of each Week (or portion thereof) during such month in respect of a Failure and beginning on the date of such
      Failure, equal to the product of (a) the Fee Rate, times (b) the aggregate average daily Liquidation Preference of the RVMTP Shares held by the Purchaser during such Week or portion thereof, times (c) the quotient of the number of days in such Week
      or portion thereof divided by the number of calendar days in the year in which such Week or portion thereof occurs.&#160; Notwithstanding the foregoing, in no event shall (i) the fee payable pursuant to this Section 2.4 for any Week (or portion thereof)
      exceed an amount (exclusive of any Additional Amount Payment) equal to the product of (x) 6.45% minus the Applicable Spread (as defined in the Statement), times (y) the aggregate average daily Liquidation Preference of the RVMTP Shares held by the
      Purchaser during such Week or portion thereof, times (z) the quotient of the number of days in such Week or portion thereof divided by the number of calendar days in the year in which such Week or portion thereof occurs; (ii) the fee payable pursuant
      to this Section 2.4 for any Week (or portion thereof) plus the amount of dividends payable at the Dividend Rate for the RVMTP Shares for such Week exceed an amount equal to the product of (aa) 15%, times (bb) the aggregate average daily Liquidation
      Preference of the RVMTP Shares held by the Purchaser during such Week or portion thereof, times (cc) the quotient of the number of days in such Week or portion thereof divided by the number of calendar days in the year in which such Week or portion
      thereof occurs; (iii) the Issuer be required to calculate or pay a fee in respect of more than one Failure in any Week; (iv) any payment be required or made under this Section 2.4 that would cause the Issuer to violate the terms of any series of its
      outstanding Preferred Shares as a result of the Issuer's failure to have paid any distribution then required to be paid on any series of its outstanding Preferred Shares, provided that the Issuer shall pay all accrued and unpaid amounts otherwise
      payable under this Section 2.4 when such amounts may be paid under the terms of its currently outstanding Preferred Shares following the cure of any such failure to pay distributions thereunder or (v) the fee payable pursuant to this Section 2.4 be
      payable with respect to any portion of a Week in which such Failure is not continuing.</div>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" id="z031e18303a314c8ba05cecb10839e7ca" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">2.5</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-weight: bold;">DTC Eligibility and Settlement of RVMTP Shares</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" id="za337f0d97df74990bd7867af3d48750c" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0);">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>The Issuer hereby appoints and directs BofA Securities, Inc. to act as the DTC Agent hereunder in accordance with the terms of this Section 2.5, and BofA Securities, Inc. hereby accepts such appointment.</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" class="BRPFPageNumber">9</font></div>
      <div class="BRPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <table cellspacing="0" cellpadding="0" id="z31646fccf3b347ffb645ae6bb8b38ba5" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0);">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>On the Effective Date, the Purchaser shall cause an amount equal to the Purchase Price, to be deposited to the Issuer's account by wire transfer in accordance with the wire transfer instructions set forth on Annex A attached hereto.&#160; Upon
              confirmation of receipt of the Purchase Price by the Issuer in accordance with the preceding sentence, the Issuer shall grant authorization to proceed with the closing.&#160; Upon closing, the Global RVMTP Shares will be credited directly to the
              Purchaser's account detailed in Schedule 2 hereto (the "<font style="font-weight: bold;">Global RVMTP Shares Account</font>") via free delivery by DTC.&#160; Such delivery shall be accepted by the DTC Participants through DTC no later than
              3:30p.m. New York City time on the Effective Date.&#160; Acceptance of such delivery may be deemed to occur upon receipt by the Issuer of a notice of settlement from DTC through the systems of DTC.</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" id="z5aa2671b1ace416c9bfbff356ae9af86" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0);">(c)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>The DTC Agent has taken the following actions in accordance with the terms hereof at the request of the Issuer in order to facilitate the delivery of the Global RVMTP Shares via the DTC book entry system: obtained CUSIP in respect of the
              RVMTP Shares; coordinated setup of CUSIP on relevant Bloomberg systems; completed DTC eligibility application for Global RVMTP Shares for DTC's book entry system; delivered DTC blanket letter of representations to DTC on behalf of Issuer with
              respect to the Global RVMTP Shares; and coordinated with DTC to confirm DTC has received relevant materials from the Issuer for the transaction and that DTC has approved settlement of the transaction via DTC's book entry system.&#160; The Issuer
              has cooperated with the DTC Agent in performance of these actions and agrees to reasonably cooperate with the DTC Agent in all other actions necessary in connection with the performance of the DTC Agent's duties under this Agreement.</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" id="z5a586d00a18244cfa5eb61aa2596ffaa" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0);">(d)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>On the Effective Date the DTC Agent will coordinate with DTC in connection with the delivery of the Global RVMTP Shares as contemplated in this Agreement, including, liaising with DTC on a closing call to be held on the Effective Date.</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" id="z40008238575f415395c8447bad6fe100" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0);">(e)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>(i) The Issuer and the DTC Agent agree that the DTC Agent has undertaken the duties described above solely as a "Clearing DTC Participant" and not as an "underwriter" (as defined in Section 2(a)(11) of the Securities Act) or placement
              agent.</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 72pt;">(ii) The Issuer acknowledges and agrees that the DTC Agent is acting solely in the capacity of an arm's length accommodating counterparty to the Issuer with respect to the sale of the RVMTP Shares
      and the matters set forth in this Section 2.5 and not as a financial advisor or a fiduciary, to the Issuer or any other person affiliated with the Issuer.&#160; Additionally, the DTC Agent is not advising the Issuer or any other person affiliated with the
      Issuer as to any legal, tax, investment, accounting or regulatory matters in any jurisdiction.&#160; Any review by the DTC Agent of the Issuer, the transactions contemplated by this Agreement or other matters relating to such transactions will be
      performed solely for the benefit of the DTC Agent and shall not be on behalf of the Issuer.&#160; Without limitation to the foregoing, the Issuer acknowledges and agrees that the DTC Agent will perform purely ministerial functions to facilitate the
      settlement of Global RVMTP Shares as set forth herein for the convenience of the Issuer.</div>
    <div>&#160;</div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" class="BRPFPageNumber">10</font></div>
      <div class="BRPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; margin-left: 72pt;">(iii) The DTC Agent shall not receive a fee for its services under this Agreement; provided, however, that the Issuer shall pay any reasonable out-of-pocket costs and expenses (if any) incurred by
      the DTC Agent in connection with its duties hereunder.</div>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 72pt;">(iv) To the maximum extent permitted by applicable law, the DTC Agent shall have no liability in connection with the performance of its duties under this Agreement including any indirect, special,
      punitive or consequential damages arising out of or in connection with this Agreement or the transactions contemplated hereby, even if advised of the possibility thereof.</div>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" id="z16ef5282a1ee4a0cacddaed1bbecd351" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0);">(f)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>The DTC Agent represents and warrants with respect to itself, as of the date hereof and as of the Effective Date, to the Issuer as follows: the DTC Agent has confirmed that CUSIP has established a "fixed field" attached to the CUSIP number
              for the Series 2054 RVMTP Shares containing the "144A" indicator.</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">ARTICLE III</div>
    <div style="text-align: center; font-weight: bold;">CONDITIONS TO EFFECTIVE DATE</div>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt;">It shall be a condition to the Effective Date that each of the following conditions shall have been satisfied or waived as of such date, and upon such satisfaction or waiver, this Agreement shall be
      effective:</div>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" id="z2de1b090232f4e0e86b6924d7d2e32e6" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0);">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>this Agreement shall have been duly executed and delivered by the parties hereto;</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" id="z68f00f3689d14899825dfd386c7ae00a" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0);">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>the RVMTP Shares shall have a long-term issue credit rating of at least AA (or its equivalent) from at least one Rating Agency on the Effective Date;</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" id="zf62b61a21ab348048eaa149716567941" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0);">(c)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>receipt by the Purchaser of executed originals, or copies certified by a duly authorized officer of the Issuer to be in full force and effect and not otherwise amended, of all Related Documents (other than the global shares representing
              the RVMTP Shares), as in effect on the Effective Date, and an incumbency certificate with respect to the authorized signatories thereto;</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" id="z857035c0b29a43e3936a5e38a5e7c123" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0);">(d)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>receipt by the Purchaser of opinions of counsel for the Issuer, substantially to the effect of Exhibit A;</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" id="z039ae10cdd0349d5abbf780310beae0a" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0);">(e)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>receipt by the Purchaser of an opinion of counsel for the Calculation and Paying Agent substantially to the effect of Exhibit A-3 which opinion may be delivered by external counsel or in-house counsel to the Calculation and Paying Agent;</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" id="z68f569cdbc1b478f911b70a4ef9ea689" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0);">(f)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>except as disclosed in the Offering Memorandum, there shall not be any pending or threatened material litigation of the nature described in Section 4.5 (unless such pending or threatened litigation has been determined by the Purchaser to
              be acceptable);</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" class="BRPFPageNumber">11</font></div>
      <div class="BRPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <table cellspacing="0" cellpadding="0" id="z0b3ccd3a72504ca4b5cca8702ea438a6" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0);">(g)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>any of the fees and expenses invoiced no later than two days prior to the Effective Date pursuant to clause (i) of Section 2.2 hereof shall have been paid;</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" id="z28b0d5fa48fd4185aef159e1cc90d5b5" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0);">(h)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>the Purchaser, in its reasonable discretion, shall be satisfied that no change in law, rule or regulation (or their interpretation or administration), in each case, shall have occurred which will adversely affect the consummation of the
              transaction contemplated by this Agreement;</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" id="z939b9b35c0994a9a84e4487242318b1b" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0);">(i)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>there shall have been delivered to the Purchaser any additional documentation and financial information, including satisfactory responses to its due diligence inquiries, as it reasonably deems relevant; and</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" id="z91ec2c20eb324eeeab36d47cb73f0768" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0);">(j)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>there shall have been delivered to the Purchaser such information and copies of documents, approvals (if any) and records certified, where appropriate, of trust proceedings as the Purchaser may have reasonably requested relating to the
              Issuer's entering into and performing this Agreement and the other Related Documents to which it is a party, and the transactions contemplated hereby and thereby.</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt;">The Issuer and the Purchaser agree that consummation of the purchase and sale of the RVMTP Shares pursuant to this Agreement shall constitute acknowledgment that the foregoing conditions have been
      satisfied or waived.</div>
    <div>&#160;</div>
    <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">ARTICLE IV</div>
    <div style="text-align: center; font-weight: bold;">REPRESENTATIONS AND WARRANTIES OF THE ISSUER</div>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt;">The representations and warranties set out in this Article IV are given hereunder by the Issuer to the Purchaser as of the Effective Date.</div>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" id="z9e1c88fd6c534ad08c0742450a3a599d" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">4.1</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-weight: bold;">Existence</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt;">The Issuer is validly existing and in good standing as a Massachusetts business trust under the laws of the Commonwealth of Massachusetts, with full right and power to issue the RVMTP Shares and to
      execute, deliver and perform its obligations under this Agreement and each Related Document to which it is a party.</div>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" id="ze777b482c05c4a9d840f2cf3fb90d4da" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">4.2</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-weight: bold;">Authorization; Contravention</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt;">The execution, delivery and performance by the Issuer of this Agreement and each Related Document to which it is a party are within the Issuer's powers, have been duly authorized by the Issuer,
      require no consent, approval, authorization, order or permit of, or qualification with, any governmental body, agency or official except such as have been taken or made and as may be required by the 1940 Act, the Securities Act, or by the securities
      or Blue Sky laws of the various states and foreign jurisdictions in connection with the offer and sale of the RVMTP Shares and do not violate or contravene, or constitute a default under, any provision of applicable law, charter, ordinance or
      regulation or of any material agreement, judgment, injunction, order, decree or other material instrument binding upon the Issuer, except in the case of an agreement where such violation, contravention or default would not have a material adverse
      effect on the condition (financial or other), business prospects, properties, net assets or results of operations of the Issuer (an "<font style="font-weight: bold;">Issuer Material Adverse Effect</font>").</div>
    <div>&#160;</div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" class="BRPFPageNumber">12</font></div>
      <div class="BRPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <table cellspacing="0" cellpadding="0" id="ze45f77bc161d41a89f3d3aae196256c5" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">4.3</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-weight: bold;">Binding Effect</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt;">Each of this Agreement and the Registration Rights Agreement constitutes a valid and binding agreement of the Issuer, enforceable in accordance with its terms except as (i) the enforceability thereof
      may be limited by bankruptcy, insolvency or similar laws affecting creditors' rights generally and by general equitable principles (regardless of whether enforceability is considered in a proceeding in equity or at law) and (ii) rights to indemnity
      and contribution thereunder may be limited by federal and state securities laws.&#160; The RVMTP Shares have been duly authorized and, when issued upon payment therefor by the Purchaser as contemplated by this Agreement, will be validly issued by the
      Issuer and are fully paid and nonassessable.</div>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" id="zfc4794efbef54d73a2f80d81caead147" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">4.4</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-weight: bold;">Financial Information</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt;">The most recent financial statements of the Issuer, and the auditors' report with respect thereto (if any), copies of which have heretofore been furnished to the Purchaser, fairly present in all
      material respects the financial condition of the Issuer, at such date and for such period, and were prepared in accordance with accounting principles generally accepted in the United States, consistently applied (except as required or permitted and
      disclosed).&#160; Since the date of such financial statements, there has been no material adverse change in the condition (financial or otherwise) or operations of the Issuer, except as disclosed or contemplated in the Offering Memorandum, other than
      changes in the general economy or changes affecting the market for municipal securities or investment companies generally, except to the extent that any such change would not have a material adverse effect on the Issuer's ability to consummate the
      transactions contemplated herein or would have an Issuer Material Adverse Effect.&#160; Any financial, budget and other projections furnished to the Purchaser were prepared in good faith on the basis of the assumptions stated therein, which assumptions
      were fair and reasonable in light of conditions existing at the time of delivery of such financial, budget or other projections, and represented, and as of the date of this representation, represent, the Issuer's good faith estimate of the Issuer's
      future financial performance.</div>
    <div>&#160;</div>
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        <tr>
          <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">4.5</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-weight: bold;">Litigation</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt;">Except as disclosed in the Offering Memorandum or in a schedule delivered to the Purchaser prior to the Effective Date, no material action, suit, proceeding or investigation to which the Issuer is a
      party is pending or (to the knowledge of the Issuer) overtly threatened in writing against the Issuer in any court or before any governmental authority (i) that, if decided adversely, would reasonably be expected to materially adversely affect the
      validity of any Related Document, including this Agreement; or (ii) in which a final adverse decision would reasonably be expected to materially adversely affect the sources for payment of the Liquidation Preference of or dividends on the RVMTP
      Shares.</div>
    <div>&#160;</div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" class="BRPFPageNumber">13</font></div>
      <div class="BRPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
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        <tr>
          <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">4.6</td>
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            <div style="font-weight: bold;">Consents</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt;">All consents, licenses, approvals, validations and authorizations of, and registrations, validations or declarations by or with, any court or any governmental agency, bureau or agency required to be
      obtained or made in connection with the execution, delivery, performance, validity or enforceability of this Agreement and the other Related Documents (including the RVMTP Shares) by or against the Issuer have been obtained or made and are in full
      force and effect except those that the failure to obtain or make or maintain in full force and effect would not reasonably be expected to have a material adverse effect on the ability of the Issuer to consummate the transactions contemplated hereby
      or on the ability of the Issuer to comply with any Related Document or on the enforceability of any Related Document against the Issuer.</div>
    <div>&#160;</div>
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        <tr>
          <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">4.7</td>
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            <div style="font-weight: bold;">Additional Representations and Warranties</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt;">The following additional representations and warranties are given by the Issuer to the Purchaser as of the Effective Date.</div>
    <div>&#160;</div>
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        <tr>
          <td style="width: 36pt;"><br>
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          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>The Series 2054 RVMTP Shares conform in all material respects to those set forth in the Statement attached to the Offering Memorandum.</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
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        <tr>
          <td style="width: 36pt;"><br>
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            <div>As of the Date of Original Issue, the Series 2054 RVMTP Shares satisfy the eligibility requirements of Rule 144A(d)(3) under the Securities Act, and no securities of the same class (within the meaning of Rule 144A(d)(3) under the
              Securities Act) as the Series 2054 RVMTP Shares are listed on any national securities exchange registered under Section 6 of the Securities Exchange Act of 1934, as amended, or quoted in a U.S. automated inter-dealer quotation system.</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" id="z89c491729d334c0996bf4cdc09cb0441" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
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          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>Assuming the accuracy of the representations and warranties of the Purchaser set forth herein, neither the Issuer, nor, to the Issuer's knowledge, any Person acting on its behalf, has, directly or indirectly, made offers or sales of any
              security (as defined in the Securities Act), or solicited offers to buy any security, under circumstances that would require the registration of the Series 2054 RVMTP Shares under the Securities Act.</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
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        <tr>
          <td style="width: 36pt;"><br>
          </td>
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          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>If the Issuer establishes a Bloomberg screen for the RVMTP Shares, the Issuer will request that Bloomberg, L.P. include the following (or similar) language on each Bloomberg screen containing information about the Series 2054 RVMTP Shares:</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" id="zd48aac16d6f74452997a43dc5ca84674" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 94.5pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; color: rgb(1, 0, 0);">(i)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>the "Note Box" on the bottom of the "Security Display" page describing the Series 2054 RVMTP Shares will state: "Iss'd Under 144A."</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" id="zbd1759a8c2ca40409d020a83f0f2b4a5" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 94.5pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; color: rgb(1, 0, 0);">(ii)</td>
          <td style="width: auto; vertical-align: top;">
            <div>the "Security Display" page will have flashing a red indicator "See Other Available Information."</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" class="BRPFPageNumber">14</font></div>
      <div class="BRPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <table cellspacing="0" cellpadding="0" id="z4fc38c3e1e744c4d976b77305a70fe03" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 94.5pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; color: rgb(1, 0, 0);">(iii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>the indicator will link to the "Additional Security Information" page, which will state that the securities are being offered in reliance on the exemption from registration under Rule 144A of the Securities Act to persons who are qualified
              institutional buyers (as defined in Rule 144A under the Securities Act).</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" id="z17d5b886843147e5acf1883e381d8833" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0);">(e)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>The Issuer's authorized equity capitalization is as set forth, or incorporated by reference, in the Offering Memorandum; the equity capital of the Issuer conforms in all material respects to the description thereof contained, or
              incorporated by reference, in the Offering Memorandum; all outstanding Common Shares have been duly authorized and validly issued and are fully paid and, except as set forth in the Offering Memorandum, nonassessable; and, except as set forth
              in the Offering Memorandum, no options, warrants or other rights to purchase, agreements or other obligations to issue, or rights to convert any obligations into or exchange any securities for, shares of capital stock of or ownership
              interests in the Issuer are outstanding.</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" id="z7c625075473940e0bbc9cbc7eb6bbc33" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0);">(f)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>The statements in the Offering Memorandum under the headings &#8220;Anti-Takeover and Other Provisions of the Declaration of Trust&#8221;, &#8220;Description of Capital Structure&#8221;, and &#8220;Tax Matters&#8221; insofar as such statements summarize matters of United
              States federal law, agreements, documents or proceedings discussed therein, are accurate and fair summaries in all material respects of such matters, agreements, documents or proceedings.</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" id="zf1f8402ab67a4c09aa8819d64a98262f" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0);">(g)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>Each of the filings with the Securities and Exchange Commission that it is required to make under the 1940 Act (each such filing, a "<font style="font-weight: bold;">1940 Act Document</font>") complies in all material respects with the
              requirements of the 1940 Act, and each 1940 Act Document did not at the time of filing with the Securities and Exchange Commission include an untrue statement of a material fact or omit to state a material fact required to be stated therein
              or necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading.</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" id="z85e5dbc862e44066941e19588a95e965" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0);">(h)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>No consent, approval, authorization, filing with or order of any court or governmental agency or body is required by the Issuer in connection with the transactions contemplated in this Agreement, the Calculation and Paying Agent Agreement,
              the Statement and the Offering Memorandum (collectively, the "<font style="font-weight: bold;">Issuer Agreements</font>"), except such as have been made or obtained under Blue Sky laws of the various states and foreign jurisdictions, the
              Securities Act, the 1940 Act and the rules and regulations of the Financial Industry Regulatory Authority, Inc., and except where the failure to obtain such consent, approval, authorization, order, permit or qualification would not have an
              Issuer Material Adverse Effect.</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" class="BRPFPageNumber">15</font></div>
      <div class="BRPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <table cellspacing="0" cellpadding="0" id="z346503280c844f48883942045514f3e9" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0);">(i)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>None of the execution, delivery or performance of any of the Issuer Agreements, nor the consummation of the transactions herein or therein contemplated, nor the fulfillment of the terms hereof or thereof, conflict with, result in a breach
              or violation of, or require or result in imposition of any material lien, charge or encumbrance upon any property or assets of the Issuer pursuant to, (i) the Declaration or the Statement, or (ii) the terms of any material indenture,
              contract, lease, mortgage, deed of trust, note agreement, loan agreement or other agreement, obligation, condition, covenant or instrument to which the Issuer is a party or by which it is bound or to which its property is subject, or
              materially violates or will materially violate any material statute, law, rule, regulation, judgment, order or decree applicable to the Issuer of any court, regulatory body, administrative agency, governmental body, arbitrator or other
              authority having jurisdiction over the Issuer or any of its properties.</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" id="z38ed3b9b81eb49658a25151f1dc2e7d2" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0);">(j)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>The Issuer is not in violation or default of any provision of its Declaration or the Statement, or in material violation of (i) the terms of any material indenture, contract, lease, mortgage, deed of trust, note agreement, loan agreement
              or other agreement, obligation, condition, covenant or instrument to which it is a party or bound or to which its property is subject or (ii) any material statute, law, rule, regulation, judgment, order or decree of any court, regulatory
              body, administrative agency, governmental body, arbitrator or other authority having jurisdiction over the Issuer or any of its properties, except in the case of clause (i) where such violation or default would not have an Issuer Material
              Adverse Effect.</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" id="z984002a1945f4bbdb93acbbe1f2a3b5e" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0);">(k)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>Since the date as of which information is given in the Offering Memorandum, except as otherwise stated therein, (i) no transaction or event has occurred and no change has occurred in the condition (financial or otherwise) or operations of
              the Issuer that would materially and adversely affect its ability to perform its obligations under this Agreement and the other Related Documents to which it is a party or by which it is bound and (ii) there have been no transactions entered
              into by the Issuer which are material to the Issuer other than those in the ordinary course of its business or as described or contemplated in the Offering Memorandum (and any amendment or supplement thereto).</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" id="zdcf0289081d1457db70a028309ded5c6" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0);">(l)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>Pricewaterhouse Coopers LLP, an independent registered public accounting firm, previously audited the Issuer's financial statements dated December 31, 2023.&#160; Pricewaterhouse Coopers LLP has delivered its reports with respect to the audited
              financial statements included or incorporated by reference in the Offering Memorandum.</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" id="z794a8ca7175b40988a738f852b503c87" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0);">(m)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>The Issuer's trustees and officers errors and omissions insurance policy and its fidelity bond required by Rule 17g-1 under the 1940 Act are in full force and effect; the Issuer is in compliance with the terms of such policy and fidelity
              bond in all material respects; and there are no claims by the Issuer under any such policy or fidelity bond as to which any insurance company is denying liability or defending under a reservation of rights clause; the Issuer has not been
              refused any insurance coverage sought or applied for; and the Issuer has no reason to believe that it will not be able to renew its existing insurance coverage and fidelity bond as and when such coverage and fidelity bond expires or to obtain
              similar coverage and fidelity bond from similar insurers as may be necessary to continue its business at a cost that would not have a material adverse effect on the condition (financial or otherwise), business prospects, earnings, business,
              properties, net assets or results of operations of the Issuer (other than as a result of a change in the financial markets generally), whether or not arising from transactions in the ordinary course of business, except as set forth in or
              contemplated in the Offering Memorandum.</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" class="BRPFPageNumber">16</font></div>
      <div class="BRPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <table cellspacing="0" cellpadding="0" id="z071576465a9347c78ff562bbd46a15fc" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0);">(n)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>The Issuer possesses all licenses, certificates, permits and other authorizations issued by the appropriate federal, state or foreign regulatory authorities necessary to conduct its business, and the Issuer has not received any notice of
              proceedings relating to the revocation or modification of any such license, certificate, permit or authorization which, singly or in the aggregate, if the subject of an unfavorable decision, ruling or finding, would have a material adverse
              effect on the condition (financial or otherwise), business prospects, earnings, business or properties of the Issuer (other than as a result of a change in the financial markets generally), whether or not arising from transactions in the
              ordinary course of business, except as set forth in or contemplated in the Offering Memorandum.</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" id="z98dd3bce62be4bbaba4ce13fb230e172" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0);">(o)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>The Issuer maintains and will maintain a system of internal accounting controls sufficient to provide reasonable assurances that (i) transactions are executed in accordance with management's general or specific authorization and with the
              investment objectives, policies and restrictions of the Issuer and the applicable requirements of the 1940 Act and the Code; (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with
              accounting principles generally accepted in the United States, to calculate net asset value, to maintain accountability for assets and to maintain material compliance with the books and records requirements under the 1940 Act; (iii) access to
              assets is permitted only in accordance with management's general or specific authorization; and (iv) the recorded accountability for assets is compared with existing assets at reasonable intervals and appropriate action is taken with respect
              to any differences.&#160; The Issuer employs "internal controls over financial reporting" (as such term is defined in Rule 30a-3 under the 1940 Act) and such internal controls over financial reporting are effective as required the 1940 Act.&#160; The
              Issuer is not aware of any material weakness in its internal controls over financial reporting.</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" id="z4be2b514f1834b22a123df8df742f94c" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0);">(p)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>The Issuer maintains "disclosure controls and procedures" (as such term is defined in Rule 30a-3 under the 1940 Act); such disclosure controls and procedures provide reasonable assurance that the material information required to be
              disclosed by the registrant is recorded, processed, summarized, and reported within the time periods specified in the Securities and Exchange Commission's rules and forms.</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" id="z1a8280be83954ff8b513be3c6c8d2a43" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0);">(q)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>Except as described in the Offering Memorandum, the Issuer has not taken, directly or indirectly, any action designed to or that would constitute or that might reasonably be expected to cause or result in a violation of federal securities
              laws or in stabilization or manipulation of the price of any security of the Issuer to facilitate the resale of the Series 2054 RVMTP Shares, and the Issuer is not aware of any such action taken or to be taken by any affiliates of the Issuer.</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" class="BRPFPageNumber">17</font></div>
      <div class="BRPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <table cellspacing="0" cellpadding="0" id="z6d1c7e6dec7e4553b8d3ae960d1e8d2f" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0);">(r)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>Each of the Custodian Agreement between the Issuer and State Street Bank and Trust Company, dated as of June 27, 2002, as amended, the Investment Management Agreement between the Issuer and the Investment Manager, dated as of September 5,
              2014, as amended (the "<font style="font-weight: bold;">Investment Management Agreement</font>"), and the Calculation and Paying Agent Agreement between the Issuer and the Calculation and Paying Agent, dated as of April 17, 2024 complies in
              all material respects with all applicable provisions of the 1940 Act, the Advisers Act, and the Issuer's trustees and the Issuer's shareholders have approved the Investment Management Agreement in accordance with Sections 15(a) and (c) of the
              1940 Act.</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" id="z8b7a53ca2abe4363b228d8ea586e4075" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0);">(s)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>Except as set forth or incorporated by reference in the Offering Memorandum, no trustee of the Issuer is an "interested person" (as defined in the 1940 Act) of the Issuer.</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" id="z76502baf5051467cb6a4db22f25286fc" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0);">(t)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>The Issuer has filed all foreign, federal, state and local tax returns required to be filed or has properly requested extensions thereof (except in any case in which the failure so to file would not have an Issuer Material Adverse Effect
              (other than as a result of a change in the financial markets generally), whether or not arising from transactions in the ordinary course of business, except as set forth or incorporated by reference in or contemplated in the Offering
              Memorandum) and has paid all taxes required to be paid by it and any other assessment, fine or penalty levied against it, to the extent that any of the foregoing is due and payable, except for any such assessment, fine or penalty that is
              currently being contested in good faith or as would not have an Issuer Material Adverse Effect (other than as a result of a change in the financial markets generally), whether or not arising from transactions in the ordinary course of
              business, except as set forth or incorporated by reference in or contemplated in the Offering Memorandum; and the Issuer has been and is currently in compliance with the requirements of Subchapter M of the Code to qualify as a regulated
              investment company under the Code.</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" id="zf802eb9cb331440db5d0282e3fbd3793" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0);">(u)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>There are no transfer taxes or other similar fees or charges under federal law or the laws of any state, or any political subdivision thereof, required to be paid in connection with the execution and delivery of this Agreement.</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" id="zc4db06e03e6245a6b95fe7410295532f" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0);">(v)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>The Issuer has adopted and implemented written policies and procedures reasonably designed to prevent violation of the Federal Securities Laws (as that term is defined in Rule 38a-1 under the 1940 Act) by the Issuer, including policies and
              procedures that provide oversight of compliance by each investment adviser and transfer agent of the Issuer.</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" id="z2139fdf9d8d142a1a190aeaeed70172d" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0);">(w)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>The offering of the Series 2054 RVMTP Shares in the manner contemplated by the Offering Memorandum has been conducted in a manner by the Issuer and its agents so as not to violate any applicable federal securities laws, including the 1940
              Act, the Advisers Act, or any applicable state laws.</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" class="BRPFPageNumber">18</font></div>
      <div class="BRPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <table cellspacing="0" cellpadding="0" id="ze8befdee36554050b6135d901805d5e2" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">4.8</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-weight: bold;">Complete and Correct Information</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt;">All information, reports and other papers and data with respect to the Issuer furnished to the Purchaser by the Issuer (other than financial information and financial statements, which are covered
      solely by Section 4.4 of this Agreement) were, at the time the same were so furnished, complete and correct in all material respects.&#160; No fact is known to the Issuer that materially and adversely affects or in the future may (so far as it can
      reasonably foresee) materially and adversely affect the RVMTP Shares, or the Issuer's ability to repay when due its obligations under this Agreement, any of the RVMTP Shares and the Related Documents that has not been set forth in the Offering
      Memorandum or in the financial information and other documents referred to in Section 4.4 or this Section 4.8 or in such information, reports, papers and data or otherwise made available or disclosed in writing to the Purchaser.&#160; Taken as a whole,
      the documents furnished and statements made by the Issuer in connection with the negotiation, preparation or execution of this Agreement and the Related Documents do not contain untrue statements of material facts or omit to state material facts
      necessary to make the statements contained therein, in light of the circumstances under which they were made, not misleading.&#160; Notwithstanding the forgoing, this representation and warranty does not apply to statements in or omissions from any such
      information, reports, other papers, data (other than financial information and financial statements), documents furnished or statements made by the Issuer in connection with the negotiation, preparation or execution of this Agreement and the Related
      Documents made in reliance upon or in conformity with information relating to the Purchaser furnished to the Issuer by or on behalf of the Purchaser for use therein.</div>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" id="z88dd4205665648bc9da1c834379ba460" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">4.9</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-weight: bold;">Offering Memorandum</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt;">The Offering Memorandum, true copies of which have heretofore been delivered to the Purchaser, when considered together with this Agreement and the other information made available pursuant to the
      Due Diligence Request or disclosed in writing to the Purchaser prior to the Effective Date in connection with this Agreement, does not contain any untrue statement of a material fact and such Offering Memorandum does not omit to state a material fact
      necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading.&#160; Notwithstanding the forgoing, this representation and warranty does not apply to statements in or omissions from the Offering
      Memorandum, this Agreement and the other information made available pursuant to the Due Diligence Request or disclosed in writing to the Purchaser prior to the Effective Date in connection with this Agreement made in reliance upon or in conformity
      with information relating to the Purchaser furnished to the Issuer by or on behalf of the Purchaser for use therein.</div>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" id="z70e5d652359744bb98a3b2250590147f" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">4.10</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-weight: bold;">1940 Act Registration</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt;">The Issuer is duly registered as a closed-end management investment company under the 1940 Act and such registration is in full force and effect.</div>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" id="zff9f55329788408d9d7f3af1fcdd8419" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">4.11</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-weight: bold;">Effective Leverage Ratio; 1940 Act Asset Coverage</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt;">The Issuer is in compliance with the Effective Leverage Ratio and the 1940 Act Asset Coverage as required by Section 2.4 of the Statement.&#160; For purposes of calculating the Effective Leverage Ratio,
      any Overconcentration Amount has been subtracted from the sum determined pursuant to sub-section (ii) of the definition of Effective Leverage Ratio, set out in Section 2.4(d) of the Statement.</div>
    <div>&#160;</div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" class="BRPFPageNumber">19</font></div>
      <div class="BRPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; margin-left: 36pt;">In connection with calculating the Effective Leverage Ratio, the Issuer's total assets and accrued liabilities reflect the positive or negative net obligations of the Issuer under each Derivative
      Contract determined in accordance with the Issuer's valuation policies.</div>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" id="z93dec5bde0ca4a85a39c0021b6cb785c" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">4.12</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-weight: bold;">Investments</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt;">The Issuer has followed, and is following, a policy to (1) invest at least 80% of its Total Assets in securities that, at the time of investment, were rated "investment grade" by at least one of
      Moody's, S&amp;P or Fitch or, if unrated, determined by the Investment Manager to be of comparable quality; (2) not invest more than 20% of its Total Assets in securities that, at the time of investment, were not rated "investment grade" by any of
      Moody's, S&amp;P or Fitch or, if unrated, determined by the Investment Manager to be of comparable quality; (3) invest at least 90% of its Total Assets in municipal securities that pay interest that, in the opinion of counsel, is exempt from regular
      federal income tax; and (4) not invest more than 10% of its Total Assets in securities of other closed-end investment companies that invest primarily in municipal bonds and other municipal securities of the types in which the Issuer may invest
      directly. For the purposes of this paragraph, "investment grade" means a rating, in the case of Moody's, of Baa3 or higher, or in the case of S&amp;P and Fitch, of BBB- or higher.</div>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" id="z3703eded7d9b4a07987362e780b578a3" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">4.13</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-weight: bold;">Due Diligence</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt;">The Issuer understands that nothing in this Agreement, the Offering Memorandum, or any other materials presented to the Issuer in connection with the purchase and sale of the RVMTP Shares pursuant to
      this Agreement constitutes legal, tax or investment advice from the Purchaser.&#160; The Issuer has consulted such legal, tax and investment advisors as it, in its sole discretion, has deemed necessary or appropriate in connection with its sale of the
      RVMTP Shares pursuant to this Agreement.</div>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" id="z53c864453bd64f6a8cf7ac2deba7f803" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">4.14</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-weight: bold;">Certain Fees</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt;">The Issuer acknowledges that, other than the fees and expenses payable pursuant to this Agreement, no brokerage or finder's fees or commissions are or will be payable by the Issuer or, to the
      Issuer's knowledge, by the Purchaser to any broker, financial advisor or consultant, finder, placement agent, investment banker, bank or other Person with respect to the transactions contemplated by this Agreement.</div>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" id="z36d6b99c38cc4b68af95d3ad2e37ac6d" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">4.15</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-weight: bold;">Eligible Assets</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt;">The Issuer owns only Eligible Assets, as described in Exhibit B to this Agreement.</div>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" id="zb360c2cee931478a9f0d622f7ef735e1" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">4.16</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-weight: bold;">Capital Structure</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt;">After giving effect to the issuance of the RVMTP Shares pursuant to the Statement, the Issuer has a capital structure as set forth in the Offering Memorandum.</div>
    <div>&#160;</div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" class="BRPFPageNumber">20</font></div>
      <div class="BRPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">ARTICLE V</div>
    <div style="text-align: center; font-weight: bold;">REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE PURCHASER</div>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt;">The Purchaser represents, warrants and covenants with respect to itself, as of the date hereof and as of the Effective Date, to the Issuer as follows:</div>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" id="za9b3d79b5208477dbbbf71ae08615e5b" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">5.1</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-weight: bold;">Existence</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt;">The Purchaser is validly existing and in good standing as a corporation under the laws of the State of Delaware, and the Purchaser has full right and power to purchase the RVMTP Shares and to
      execute, deliver and perform its obligations under this Agreement and each Related Document to which it is a party.</div>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" id="z1418f5a766604a639adc10c5e4cf201e" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">5.2</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-weight: bold;">Authorization; Contravention</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt;">The execution, delivery and performance by the Purchaser of this Agreement and each Related Document to which it is a party are within the Purchaser's powers, have been duly authorized by the
      Purchaser, require no consent, approval, authorization, order or permit of, or qualification with, any governmental body, agency or official except such as have been taken or made and do not violate or contravene, or constitute a default under, any
      provision of applicable law, charter, ordinance or regulation or of any material agreement, judgment, injunction, order, decree or other material instrument binding upon the Purchaser, except in the case of an agreement where such violation,
      contravention or default would not have a material adverse effect on the condition (financial or other), business prospects, properties, net assets or results of operations of the Purchaser.</div>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" id="zf50d90a538224aaba826ff3efda7df30" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">5.3</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-weight: bold;">Binding Effect</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt;">Each of this Agreement and the Registration Rights Agreement constitutes a valid and binding agreement of the Purchaser, enforceable in accordance with its terms except as (i) the enforceability
      thereof may be limited by bankruptcy, insolvency or similar laws affecting creditors' rights generally and by general equitable principles (regardless of whether enforceability is considered in a proceeding in equity or at law) and (ii) rights to
      indemnity and contribution thereunder may be limited by federal and state securities laws.</div>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" id="zf95993e132e64592b2723e596bdf3a98" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">5.4</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-weight: bold;">Own Account</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt;">The Purchaser understands that the RVMTP Shares are "restricted securities" and have not been registered under the Securities Act or any applicable state securities laws and the Purchaser is
      acquiring the RVMTP Shares as principal for its own account and not with a view to or for the purpose of distributing or reselling such securities or any part thereof in violation of the Securities Act or any applicable state securities law, has no
      present intention of distributing any of such RVMTP Shares in violation of the Securities Act or any applicable state securities law and has no direct or indirect arrangement or understandings with any other persons to distribute or regarding the
      distribution of such RVMTP Shares in violation of the Securities Act or any applicable state securities law (this representation and warranty not limiting the Purchaser's right to demand registration of the RVMTP Shares under the Securities Act
      pursuant to the Registration Rights Agreement).&#160; The Purchaser acknowledges that it may only transfer the RVMTP Shares in compliance with the transfer limitations of this Agreement and in compliance with applicable federal and state securities laws.</div>
    <div>&#160;</div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" class="BRPFPageNumber">21</font></div>
      <div class="BRPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <table cellspacing="0" cellpadding="0" id="zce8bec23dcec40eaaae8d3f06a20db94" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">5.5</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-weight: bold;">Litigation</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt;">Except as disclosed in a schedule delivered to the Issuer prior to the Effective Date, no material action, suit, proceeding or investigation to which the Purchaser is a party is pending or (to the
      knowledge of the Purchaser) overtly threatened in writing against the Purchaser in any court or before any governmental authority that, if decided adversely, would reasonably be expected to materially adversely affect the validity of this Agreement.</div>
    <div>&#160;</div>
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        <tr>
          <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">5.6</td>
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            <div style="font-weight: bold;">Consents</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt;">All consents, licenses, approvals, validations and authorizations of, and registrations, validations or declarations by or with, any court or any governmental agency, bureau or agency required to be
      obtained or made by the Purchaser in connection with the execution, delivery, performance, validity or enforceability of this Agreement by or against the Purchaser and the purchase of the RVMTP Shares pursuant to this Agreement have been obtained or
      made and are in full force and effect except those that the failure to obtain or make or maintain in full force and effect would not reasonably be expected to have a material adverse effect on the ability of the Purchaser to consummate the
      transactions contemplated hereby or on the ability of the Purchaser to comply with any Related Document or on the enforceability of any Related Document against the Purchaser.</div>
    <div>&#160;</div>
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        <tr>
          <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">5.7</td>
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            <div style="font-weight: bold;">Purchaser Status</div>
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        </tr>

    </table>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt;">At the time the Purchaser was offered the RVMTP Shares, the Purchaser was, and as of the Effective Date it is: (i) an &#8220;accredited investor" as defined in Rule 501(a)(1), (a)(2), (a)(3), (a)(7) or
      (a)(8) under the Securities Act and (ii) a "qualified institutional buyer" as defined in Rule 144A(a)(1) under the Securities Act.</div>
    <div>&#160;</div>
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        <tr>
          <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">5.8</td>
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            <div style="font-weight: bold;">Experience of The Purchaser</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt;">The Purchaser has such knowledge, sophistication and experience in business and financial matters so as to be capable of evaluating the merits and risks of the prospective investment in the RVMTP
      Shares, and has so evaluated the merits and risks of such investment.&#160; The Purchaser is able to bear the economic risk of an investment in the RVMTP Shares and, at the present time, is able to afford a complete loss of such investment.</div>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" id="z58c05d7ce91247cba786b5103b0d20a6" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">5.9</td>
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            <div style="font-weight: bold;">General Solicitation</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt;">The Purchaser is not purchasing the RVMTP Shares as a result of any advertisement, article, notice or other communication regarding the RVMTP Shares published in, nor was it offered the RVMTP Shares
      by, any newspaper, magazine or similar media or broadcast over television or radio or presented at any seminar or, to its knowledge, any other general solicitation or general advertisement.</div>
    <div>&#160;</div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
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    </div>
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        <tr>
          <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">5.10</td>
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            <div style="font-weight: bold;">Certain Transactions</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt;">Other than consummating the transactions contemplated by this Agreement, the Purchaser has not directly or indirectly executed, nor has any Person acting on its behalf or pursuant to any
      understanding with such Purchaser to execute, any other purchases of securities of the Issuer which may be integrated with the transactions contemplated by this Agreement.</div>
    <div>&#160;</div>
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        <tr>
          <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">5.11</td>
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            <div style="font-weight: bold;">Certain Fees</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt;">The Purchaser acknowledges that, other than the fees and expenses payable pursuant to this Agreement, no brokerage or finder's fees or commissions are or will be payable by such Purchaser or, to the
      Purchaser's knowledge, by the Issuer to any broker, financial advisor or consultant, finder, placement agent, investment banker, bank or other Person with respect to the transactions contemplated by this Agreement.</div>
    <div>&#160;</div>
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        <tr>
          <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">5.12</td>
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            <div style="font-weight: bold;">Access to Information</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt;">The Purchaser acknowledges that it has had access to and has reviewed all information, documents and records that the Purchaser has deemed necessary in order to make an informed investment decision
      with respect to an investment in the RVMTP Shares.&#160; The Purchaser has had the opportunity to ask representatives of the Issuer certain questions and request certain additional information regarding the terms and conditions of such investment and the
      finances, operations, business and prospects of the Issuer and has had any and all such questions and requests answered to the Purchaser's satisfaction; and the Purchaser understands the risk and other considerations relating to such investment.</div>
    <div>&#160;</div>
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        <tr>
          <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">5.13</td>
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            <div style="font-weight: bold;">Due Diligence</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt;">The Purchaser acknowledges that it has sole responsibility for its own due diligence investigation and its own investment decision relating to the RVMTP Shares.&#160; The Purchaser understands that
      nothing in this Agreement, the Offering Memorandum, or any other materials presented to the Purchaser in connection with the purchase and sale of the RVMTP Shares pursuant to this Agreement constitutes legal, tax or investment advice from the Issuer,
      any PIMCO Person or any of their respective affiliates.&#160; The Purchaser has consulted such legal, tax and investment advisors as it, in its sole discretion, has deemed necessary or appropriate in connection with its purchase of the RVMTP Shares.</div>
    <div>&#160;</div>
    <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">ARTICLE VI</div>
    <div style="text-align: center; font-weight: bold;">COVENANTS OF THE ISSUER</div>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt;">The Issuer agrees that, so long as there is any amount payable hereunder or the Purchaser owns any Outstanding RVMTP Shares:</div>
    <div>&#160;</div>
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          <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">6.1</td>
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            <div style="font-weight: bold;">Information</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt;">Without limitation of the other provisions of this Agreement, the Issuer will deliver, or direct the Calculation and Paying Agent to deliver, to the Purchaser:</div>
    <div>&#160;</div>
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    </div>
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        <tr>
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          <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0);">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>notice of any change in, or suspension or termination of, the ratings on the RVMTP Shares by any Rating Agency (and any corresponding change in the Rating Agency Guidelines applicable to the RVMTP Shares associated with any such change in
              the rating from any Rating Agency) or any change of a Rating Agency rating the RVMTP Shares as promptly as practicable upon the Issuer having knowledge of the occurrence thereof;</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" id="z4cd8dcc3d2ed4ac2beb22e81108ceec4" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt;"><br>
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          <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0);">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>notice of any redemption or other repurchase by the Issuer of any or all of the RVMTP Shares as provided in the Statement;</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" id="zcd3d6d91f5a84641a0126d2a22a98ae0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt;"><br>
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          <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0);">(c)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>subject to Section 6.2, notice of any proposed amendments to any of the Related Documents at such time as the amendments are sent to other third parties (other than the Board of Trustees) whose approval is required for such amendment and
              in any event not less than ten (10) Business Days prior to the effectiveness of any proposed amendment and copies of all actual amendments thereto within ten (10) Business Days of being signed or, in each case, as provided in the relevant
              document;</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
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        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0);">(d)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>notice of any missed, reduced or deferred dividend payment on the RVMTP Shares that remains uncured for more than three (3) Business Days as soon as reasonably practicable, but in no event later than one (1) Business Day after expiration
              of the foregoing grace period;</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" id="z25658c6ae3934fe0a8be6b1ff9a90063" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
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          <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0);">(e)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>notice of the failure to make any deposit provided for under Section 2.6(e) of the Statement in respect of a properly noticed redemption as soon as reasonably practicable, but in no event later than two (2) Business Days after discovery of
              such failure to make any such deposit;</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" id="za20443038e254774a7138fef96f3d270" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt;"><br>
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          <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0);">(f)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>notice of non-compliance with the Rating Agency Guidelines (if applicable) for more than five (5) Business Days as soon as reasonably practicable upon the Issuer having actual knowledge of such non-compliance, but in no event later than
              two (2) Business Days after expiration of the foregoing grace period;</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" id="zf1b5edad58c6479fa51499d6d39bb30e" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0);">(g)</td>
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            <div>if (i) the Issuer provides a Notice of Taxable Allocation to the Calculation and Paying and Paying Agent pursuant to Section 2.11(a) of the Statement, the Notice of Taxable Allocation prior to the Dividend Period with respect to which the
              Notice of Taxable Allocation relates, (ii) the Issuer makes a Taxable Allocation via an Additional Amount Payment pursuant to Section 2.11(b) of the Statement, a notice to the Purchaser delivered as soon as practicable following the Issuer
              becoming aware of such Taxable Allocation, or (iii) the Issuer otherwise directs the Calculation and Paying Agent to send an Additional Amount Payment to any Holders in respect of a Taxable Allocation pursuant to Section 2.11(c) of the
              Statement, a notice to be delivered as soon as practicable following the Issuer becoming aware of such Taxable Allocation;</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
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        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <table cellspacing="0" cellpadding="0" id="z04aaf5ca73d146c8af14fb5af86f769c" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt;"><br>
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          <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0);">(h)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>notice of any replacement of any investment adviser or sub-adviser, if any, of the Issuer within two (2) Business Days after a resignation or a notice of removal has been sent by or to any investment adviser or sub-adviser;</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" id="z02aecc0d2b3b47a58caac0549d451b91" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
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            <div>notice no later than two (2) Business Days after the occurrence thereof of (i) the failure of the Issuer to pay the amount due on any "senior securities" (as defined under the 1940 Act) or other debt at the time outstanding (other than the
              RVMTP Shares), and any period of grace or cure with respect thereto shall have expired; (ii) the failure of the Issuer to pay, or the Issuer admitting in writing its inability to pay, its debts generally as they become due; or (iii) the
              failure of the Issuer to pay accumulated dividends on any Preferred Shares (other than the RVMTP Shares) ranking <font style="font-style: italic;">pari passu</font> with the RVMTP Shares, and any period of grace or cure with respect thereto
              shall have expired;</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" id="zd1303773ae0548c8a06a82e9d8aea75c" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt;"><br>
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          <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0);">(j)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>notice of a material breach of any representation, warranty or covenant of the Issuer contained in this Agreement, the Registration Rights Agreement or the Statement, in each case, only if any officer of the Issuer has actual knowledge of
              such breach as soon as reasonably practicable, but in no event later than five (5) Business Days, after knowledge of any officer of the Issuer or the Investment Manager;</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" id="ze389f581c4344fdb89bc6409113c749c" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt;"><br>
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          <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0);">(k)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>notice of any litigation, administrative proceeding or business development which may reasonably be expected to materially adversely affect the Issuer's business, properties or affairs or the ability of the Issuer to perform its
              obligations as set forth hereunder or under any of the Related Documents to which it is a party as soon as reasonably practicable, but in no event later than ten (10) days after knowledge of any officer of the Issuer thereof;</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" id="zab2512b6e8cd4c1ab5dc5622a5e07a17" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt;"><br>
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          <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0);">(l)</td>
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            <div>unless such information constitutes material non-public information, within seven (7) Business Days after the last day of each month a statement (which may be included with the information provided pursuant to Sections 6.1(n) and 6.1(o)
              below) indicating the number of outstanding preferred shares of the Issuer together with the amount of any increase or decrease in such number since the prior monthly statement;</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" id="zba9c78fc4aa44b4f95370d4f7c46a499" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt;"><br>
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          <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0);">(m)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>upon request of the Purchaser, copies of all certificates that the Issuer has delivered to any Rating Agency pursuant to the respective Rating Agency Guidelines (if applicable) regarding the 1940 Act Asset Coverage and all related
              calculations at such times and containing such information as set forth in the respective Rating Agency Guidelines (if applicable) as soon as reasonably practicable after such certificates have been sent;</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" id="z38c6d41619814cb390707c8206592ef3" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0);">(n)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>within seven (7) Business Days after the last day of each month, a report of portfolio holdings of the Issuer as of the close of business of the last Business Day of such month, prepared on a basis substantially consistent with the
              periodic reports of portfolio holdings of the Issuer prepared for financial reporting purposes;</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
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        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
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        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0);">(o)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>within seven (7) Business Days after the last day of each month, the information set forth in Exhibit D to this Agreement and a calculation of the Effective Leverage Ratio, the 1940 Act Asset Coverage and the Additional Asset Coverage of
              the Issuer as of the close of business of the last Business Day of such month; and upon the failure of the Issuer to maintain 1940 Act Asset Coverage or Additional Asset Coverage as provided in Section 2.4(a) of the Statement or the Effective
              Leverage Ratio as required by Section 2.4(c) of the Statement, notice of such failure within two (2) Business Days of the occurrence thereof; and</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" id="z426e974c973a45b9b45a26ef5b329bd7" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0);">(p)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>from time to time such additional information regarding the financial position, results of operations or prospects of the Issuer as the Purchaser may reasonably request including, without limitation, copies of all offering memoranda or
              other offering material with respect to the sale of any securities of the Issuer as soon as reasonably practicable, but in no event later than twenty (20) calendar days after a request.</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt;">All information, reports and other papers, documentation and data with respect to the Issuer furnished to the Purchaser pursuant to this Section 6.1 shall be, at the time the same are so furnished,
      complete and correct in all material respects and, when considered with all other material delivered to the Purchaser under this Agreement or made available pursuant to the Due Diligence Request, will not contain untrue statements of material facts
      or omit to state material facts necessary to make the statements contained therein, in light of the circumstances under which they were made, not misleading.&#160; For purposes of Sections 6.1(n) and 6.1(o), references to any day that is not a Business
      Day shall mean the next preceding Business Day.</div>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" id="z4bcdf2030a7c43ad8fc2d2b50be7b90c" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">6.2</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-weight: bold;">No Amendment or Certain Other Actions Without Consent of the Purchaser</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt;">To the extent that the Purchaser is the Holder or Designated Owner of at least 51% of the RVMTP Shares then Outstanding, without the prior written consent of the Purchaser, the Issuer will not agree
      to, consent to or permit any amendment, supplement, modification or repeal of the Statement or any provision therein, nor waive any provision thereof.</div>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" id="z671e355adaa04344a0350a79c99eec9b" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">6.3</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-weight: bold;">Maintenance of Existence</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt;">The Issuer shall continue to maintain its existence as a business trust under the laws of the Commonwealth of Massachusetts, with full right and power to issue the RVMTP Shares and to execute,
      deliver and perform its obligations under this Agreement and each Related Document.</div>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" id="z8d37460e3fd249db84fed53d6a51ce35" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">6.4</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-weight: bold;">Tax Status of the Issuer</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt;">The Issuer will qualify as a "regulated investment company" within the meaning of Section 851 of the Code and the dividends made with respect to the RVMTP Shares will qualify as "exempt interest
      dividends" to the extent they are reported as such by the Issuer and permitted by Section 852(b)(5)(A) of the Code.</div>
    <div>&#160;</div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" class="BRPFPageNumber">26</font></div>
      <div class="BRPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <table cellspacing="0" cellpadding="0" id="zf42f8079b230499e9a214365dbc2a390" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">6.5</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-weight: bold;">Payment Obligations</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt;">The Issuer shall promptly pay or cause to be paid all amounts payable by it hereunder and under the Related Documents, according to the terms hereof and thereof, shall take such actions as may be
      necessary to include all payments hereunder and thereunder which are subject to appropriation in its budget and make full appropriations related thereto, and shall duly perform each of its obligations under this Agreement and the Related Documents.&#160;
      All payments of any sums due hereunder shall be made in the amounts required hereunder without any reduction or setoff, notwithstanding the assertion of any right of recoupment or setoff or of any counterclaim by the Issuer.</div>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" id="z0051a7f98dea4e31af900e27ba49a123" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">6.6</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-weight: bold;">Compliance With Law</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt;">The Issuer shall comply with all laws, ordinances, orders, rules and regulations that may be applicable to it if the failure to comply would reasonably be expected to have a material adverse effect
      on the Issuer's ability to pay when due its obligations under this Agreement, any of the RVMTP Shares, or any of the other Related Documents.</div>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" id="ze191f016ab05462091e291b8045dd655" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">6.7</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-weight: bold;">Maintenance of Approvals: Filings, Etc.</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt;">The Issuer shall at all times maintain in effect, renew and comply with all the terms and conditions of all consents, filings, licenses, approvals and authorizations as may be necessary under any
      applicable law or regulation for its execution, delivery and performance of this Agreement and the other Related Documents to which it is a party.</div>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" id="z7f99603e32164b2381cc4c01110e44d8" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">6.8</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-weight: bold;">Inspection Rights; Status of Information</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt;">The Issuer shall, at any reasonable time and from time to time, upon reasonable notice, permit the Purchaser or any agents or representatives thereof, to examine the records and books of account
      related to the transactions contemplated by this Agreement, to visit its properties and to discuss its affairs, finances and accounts with any of its officers and independent accountants, to the extent permitted by law, provided, however, that (i)
      the Issuer shall not be required to permit more than one inspection per fiscal year and (ii) in accordance with the Issuer's internal practice with respect to providing certain confidential information to third parties, the Issuer may, to the extent
      commercially reasonable, redact, omit, or summarize certain confidential information in response to a request by the Purchaser or any agents or representatives thereof for such information.&#160; The Issuer will not unreasonably withhold its authorization
      for its independent accountants to discuss its affairs, finances and accounts with the Purchaser.&#160; All information, reports and other papers, documentation and data with respect to the Issuer furnished to the Purchaser pursuant to this Section 6.8
      shall be, at the time the same are so furnished, complete and correct in all material respects.</div>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt;">All information, reports and other papers, documentation and data with respect to the Issuer furnished to the Purchaser pursuant to Section 6.1 shall be, at the time the same are so furnished,
      complete and correct in all material respects.</div>
    <div>&#160;</div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" class="BRPFPageNumber">27</font></div>
      <div class="BRPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <table cellspacing="0" cellpadding="0" id="z1795f186235049dc9d9711b3ea56bc18" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">6.9</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-weight: bold;">1940 Act Registration</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt;">The Issuer shall maintain its valid registration as a registered closed-end company under the 1940 Act in full force and effect.</div>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" id="zb3545b29f7c04d3f8f20a6d72d3205ca" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">6.10</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-weight: bold;">Investments</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt;">Unless the Issuer receives the prior written consent of the Purchaser (such consent to be determined in the good faith discretion of the Purchaser), the Issuer (1)&#160; will invest at least 80% of its
      Total Assets in securities that, at the time of investment, were rated "investment grade" by at least one of Moody's, S&amp;P or Fitch or, if unrated, determined by the Investment Manager to be of comparable quality; (2) shall not invest more than
      20% of its Total Assets in securities that, at the time of investment, were not rated "investment grade" by any of Moody's, S&amp;P or Fitch or, if unrated, determined by the Investment Manager to be of comparable quality; (3) will invest at least
      90% of its Total Assets in municipal securities that pay interest that, in the opinion of counsel, is exempt from regular federal income tax; and (4) shall not invest more than 10% of its Total Assets in securities of other closed-end investment
      companies that invest primarily in municipal bonds and other municipal securities of the types in which the Issuer may invest directly.&#160; For the purposes of this paragraph, "investment grade" means a rating, in the case of Moody's, of Baa3 or higher,
      or in the case of S&amp;P and Fitch, of BBB- or higher.&#160; Any breach of this Section 6.10 is subject to cure within 30 calendar days of either (i) discovery thereof by the Issuer or (ii) written notice thereof by any Holder.</div>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" id="zf9fa332a1ef842cfac9f1ca18788f2db" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">6.11</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-weight: bold;">Maintenance of Effective Leverage Ratio</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt;">For so long as the Issuer fails to provide the information required under Sections 6.1(n) and 6.1(o) the Purchaser may calculate, for purposes of Section 2.6(b)(ii)(A)(2) of the Statement, the
      Effective Leverage Ratio using the most recently received information required to be delivered pursuant to Sections 6.1(n) and 6.1(o) and the Market Values of securities determined by the third-party pricing service which provided the Market Values
      to the Issuer on the most recent date that information was properly provided by the Issuer pursuant to the requirements of Section 6.1(n) and 6.1(o)&#160; The Effective Leverage Ratio as calculated by the Purchaser in such instances shall be binding on
      the Issuer.&#160; If required, the Issuer shall restore the Effective Leverage Ratio as provided in the Statement.</div>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt;">For purposes of calculating the Effective Leverage Ratio, any Overconcentration Amount shall be subtracted from the sum determined pursuant to sub-section (ii) of the definition of Effective Leverage
      Ratio, set out in Section 2.4(d) of the Statement.&#160; In connection with calculating the Effective Leverage Ratio, the Issuer's total assets and accrued liabilities shall reflect the positive or negative net obligations of the Issuer under each
      Derivative Contract determined in accordance with the Issuer's valuation policies.</div>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" id="z43c2f495de6943d7a9c7233f4ee7c67e" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">6.12</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-weight: bold;">Calculation and Paying Agent</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt;">The Issuer shall use its commercially reasonable best efforts to engage at all times a Calculation and Paying Agent to perform the duties to be performed by the Calculation and Paying Agent specified
      herein and in the Statement.</div>
    <div>&#160;</div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" class="BRPFPageNumber">28</font></div>
      <div class="BRPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <table cellspacing="0" cellpadding="0" id="z79cff266b8d14e50a5c9649d25be0d83" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">6.13</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-weight: bold;">Cooperation in the Sale of the RVMTP Shares</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt;">The Issuer will use commercially reasonable best efforts to comply with reasonable due diligence requests from the Purchaser in connection with any proposed sale by the Purchaser of the RVMTP Shares
      in a transaction exempt from registration under the Securities Act and otherwise permitted by this Agreement, provided that (i) the Issuer need not comply with any such request more than twice in any period of twelve consecutive months, (ii) any
      prospective purchaser of the RVMTP Shares from the Purchaser shall execute a confidentiality agreement substantially to the effect of Section 7.13 hereof prior to receiving any due diligence materials provided pursuant to such due diligence request,
      and (iii) the Purchaser's due diligence requests pursuant to this Section 6.13 and the Issuer's responses thereto will each be similar in scope to the Due Diligence Request and the Issuer's responses thereto, respectively, subject to reasonable
      modifications to such requests and responses, including, without limitation, new requests and responses thereto, in light of the circumstances in which they are made and/or as a result of a change in the facts and circumstances serving as the basis
      of such reasonable due diligence requests.</div>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt;">All information, reports and other papers, documentation and data with respect to the Issuer furnished to the Purchaser pursuant to this Section 6.13 shall be, at the time the same are so furnished,
      complete and correct in all material respects.</div>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" id="z8aaff85bd46540b9b4e6712804e326ca" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">6.14</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-weight: bold;">Use of Proceeds</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt;">The net proceeds from the sale of the RVMTP Shares shall be used to redeem all or a portion of the Auction Rate Preferred Shares and may otherwise be used for any purpose permitted under the
      Declaration, the By-Laws, and this Agreement.</div>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" id="zc532a45a4ab24af4846003d6a57a2d42" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">6.15</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-weight: bold;">Securities Depository</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt;">The Issuer agrees to arrange to maintain settlement of the RVMTP Shares in global book entry form through the Securities Depository or such other clearance system acceptable to the Purchaser.</div>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" id="z822d480f878745f0bebcd90cf5278ebb" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">6.16</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-weight: bold;">Future Agreements</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt;">The Issuer shall promptly, at the request of the Purchaser, enter into an agreement, on terms mutually satisfactory to the Issuer and the Purchaser, of the type specified in Section 12(d)(1)(E)(iii)
      of the 1940 Act, so as to permit the Purchaser or any transferee satisfying the requirements set forth in Section 2.1 to rely on the provisions of Section 12(d)(1)(E)(iii) of the 1940 Act.</div>
    <div>&#160;</div>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" id="zba1c49cf298e4cf6b2a647c89194f58e" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">6.17</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-weight: bold;">Eligible Assets</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt;">The Issuer shall only make investments in the Eligible Assets described in Exhibit B to this Agreement, as it may be amended from time to time with the prior written consent of the Purchaser, in
      accordance with the Issuer's investment objectives and the investment policies set forth in the Offering Memorandum, as such investment objectives and investment policies may be modified in accordance with the 1940 Act and applicable law.</div>
    <div>&#160;</div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" class="BRPFPageNumber">29</font></div>
      <div class="BRPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">ARTICLE VII</div>
    <div style="text-align: center; font-weight: bold;">MISCELLANEOUS</div>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" id="z1df728d1b3a248d39ca321f75e9aa3fb" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">7.1</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-weight: bold;">Notices</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt;">All notices, requests and other communications to any party hereunder shall be in writing (including telecopy, electronic mail or similar writing), except in the case of notices and other
      communications permitted to be given by telephone, and shall be given to such party at its address or telecopy number or email address set forth below or such other address or telecopy number or email address as such party may hereafter specify for
      the purpose by notice to the other parties.&#160; Each such notice, request or other communication shall be effective when delivered at the address specified in this Section; provided that notices to the Purchaser under Section 6.1 shall not be effective
      until received in writing.&#160; Except as otherwise specified, however, notices under Section 6.1 may be given by telephone to the Purchaser at the telephone numbers listed below (or such other telephone numbers as may be designated by the Purchaser, by
      written notice to the Issuer, to receive such notice) and, so long as such telephonic notices are promptly confirmed in writing, including by fax or electronic mail, such notices shall be deemed to be effective as of the time of telephonic notice.&#160;
      The notice address for each party is specified below:</div>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" id="zf75bae65baa249e8ae0f957f0153fb29" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0);">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>if to the Issuer:</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="margin-right: 72pt; margin-left: 72pt;">PIMCO Municipal Income Fund II</div>
    <div style="margin-right: 72pt; margin-left: 72pt;">650 Newport Center Drive</div>
    <div style="margin-right: 72pt; margin-left: 72pt;">Newport Beach, CA 92660</div>
    <div style="margin-left: 72pt;">
      <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; color: #000000; width: 100%;" id="d98258741ad24ba6916873c956151eb3">

          <tr>
            <td style="width: 11%;">Attention:</td>
            <td style="width: 89%;">Ryan Leshaw</td>
          </tr>
          <tr>
            <td style="width: 11%;">Telephone:</td>
            <td style="width: 89%;">949-720-6980</td>
          </tr>
          <tr>
            <td style="width: 11%;">Email:</td>
            <td style="width: 89%;">Ryan.Leshaw@pimco.com</td>
          </tr>

      </table>
    </div>
    <br>
    <table cellspacing="0" cellpadding="0" id="za08cfe023040494b8dc94c134a439ba7" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0);">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>if to the Purchaser or to the DTC Agent, care of the Purchaser:</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="margin-right: 72pt; margin-left: 72pt;">Banc of America Preferred Funding Corporation</div>
    <div style="margin-right: 72pt; margin-left: 72pt;">One Bryant Park</div>
    <div style="margin-right: 72pt; margin-left: 72pt;">1111 Avenue of the Americas, 3rd Floor</div>
    <div style="margin-right: 72pt; margin-left: 72pt;">New York, NY 10036</div>
    <div style="margin-left: 72pt;">
      <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; color: #000000; width: 100%;" id="c5b427c87c8f4a9bbd71c295eb5a6931">

          <tr>
            <td style="width: 11%; text-align: left; vertical-align: top;">Attention:</td>
            <td style="width: 89%;">Thomas J. Visone</td>
          </tr>
          <tr>
            <td style="width: 11%;"><br>
            </td>
            <td style="width: 89%;">Mary Ann Olson</td>
          </tr>
          <tr>
            <td style="width: 11%;"><br>
            </td>
            <td style="width: 89%;">Todd Blasiak</td>
          </tr>
          <tr>
            <td style="width: 11%;" rowspan="1"><br>
            </td>
            <td style="width: 89%;" rowspan="1">Michael Jentis</td>
          </tr>
          <tr>
            <td style="width: 11%;" rowspan="1"><br>
            </td>
            <td style="width: 89%;" rowspan="1">Lisa Irizarry</td>
          </tr>
          <tr>
            <td style="width: 11%;" rowspan="1"><br>
            </td>
            <td style="width: 89%;" rowspan="1">Carl Daniels</td>
          </tr>
          <tr>
            <td style="width: 11%;" rowspan="1"><br>
            </td>
            <td style="width: 89%;" rowspan="1">Patrick Thomas</td>
          </tr>
          <tr>
            <td style="width: 11%;" rowspan="1">Telephone:</td>
            <td style="width: 89%;" rowspan="1">(212) 449-7358</td>
          </tr>
          <tr>
            <td style="width: 11%;" rowspan="1">Email:</td>
            <td style="width: 89%;" rowspan="1">thomas.visone@bofa.com</td>
          </tr>

      </table>
    </div>
    <div>
      <div style="margin-left: 72pt;">
        <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; color: #000000; width: 100%;" id="ccfed20875144572b32b8f437d0c201e">

            <tr>
              <td style="width: 11%;"><br>
              </td>
              <td style="width: 89%;">mary.ann.olson@bofa.com</td>
            </tr>
            <tr>
              <td style="width: 11%;"><br>
              </td>
              <td style="width: 89%;">todd.blasiak@bofa.com</td>
            </tr>
            <tr>
              <td style="width: 11%;"><br>
              </td>
              <td style="width: 89%;">michael.jentis@bofa.com</td>
            </tr>
            <tr>
              <td style="width: 11%;" rowspan="1"><br>
              </td>
              <td style="width: 89%;" rowspan="1">lisa.m.irizarry@bofa.com</td>
            </tr>
            <tr>
              <td style="width: 11%;" rowspan="1"><br>
              </td>
              <td style="width: 89%;" rowspan="1">carl.daniels@bofa.com</td>
            </tr>
            <tr>
              <td style="width: 11%;" rowspan="1"><br>
              </td>
              <td style="width: 89%;" rowspan="1">patrick.r.thomas@bofa.com</td>
            </tr>

        </table>
      </div>
    </div>
    <div><br>
    </div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" class="BRPFPageNumber">30</font></div>
      <div class="BRPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <table cellspacing="0" cellpadding="0" id="zc312076b00684d1fb926cc052f7beedd" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">7.2</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-weight: bold;">No Waivers</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" id="z2e8beef895384f73bbb4cf783fb86bfb" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0);">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>The obligations of the Issuer hereunder shall not in any way be modified or limited by reference to any other document, instrument or agreement (including, without limitation, the RVMTP Shares or any other Related Document).&#160; The rights of
              the Purchaser hereunder are separate from and in addition to any rights that any Holder or Designated Owner of any RVMTP Share may have under the terms of such RVMTP Share or any Related Document or otherwise.</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" id="z61276d49c6ad43ce8a4429d43528ca7f" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0);">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>No failure or delay by the Issuer or the Purchaser in exercising any right, power or privilege hereunder or under the RVMTP Shares shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other or
              further exercise thereof or the exercise of any other right, power or privilege.&#160; No failure or delay by the Issuer or the Purchaser in exercising any right, power or privilege under or in respect of the RVMTP Shares or any other Related
              Document shall affect the rights, powers or privileges of the Issuer or the Purchaser hereunder or shall operate as a limitation or waiver thereof.&#160; The rights and remedies herein provided shall be cumulative and not exclusive of any rights
              or remedies provided by law.</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" id="z5d3015b2e56942d6862543884fb32909" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">7.3</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-weight: bold;">Expenses and Indemnification</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" id="z99fa6499f65146ab8543157fe15bae9f" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0);">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>The Issuer shall upon demand reimburse the Purchaser (to the extent that payments for the following items are not made under the other provisions hereof) for all reasonable out-of-pocket expenses (including reasonable fees and costs of
              outside counsel, and reasonable consulting, accounting, appraisal, investment banking, and similar professional fees and charges) incurred by the Purchaser in connection with the enforcement of or preservation of rights under this Agreement,
              provided, however, that the Issuer shall not be responsible for the Purchaser's costs in connection with any subsequent offer and sale of the RVMTP Shares made by the Purchaser pursuant to Rule 144A under the Securities Act or another
              available exemption from registration under the Securities Act, in a manner not involving any public offering within the meaning of Section 4(a)(2) of the Securities Act. The Issuer shall not be responsible under this Section 7.3(a) for the
              fees and costs of more than one law firm in any one jurisdiction with respect to any one proceeding or set of related proceedings for the Purchaser, unless the Purchaser shall have reasonably concluded that there are legal defenses available
              to it that are different from or additional to those available to the Issuer.</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" class="BRPFPageNumber">31</font></div>
      <div class="BRPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <table cellspacing="0" cellpadding="0" id="z9c32df7701334858b4caa2ae7ebcfc79" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0);">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>The Issuer agrees to indemnify and hold harmless the Purchaser and each other Indemnified Person of the Purchaser from and against any losses, claims, damages, liabilities and reasonable out-of-pocket expenses incurred by them (including
              reasonable fees and disbursements of outside counsel) which are related to or arise out of (A) any material misstatements or any material statements omitted to be made in the Offering Memorandum (including any documents incorporated by
              reference therein) or (B) any claim by any third party relating to the offering or sale of the RVMTP Shares by the Issuer or the holding of the RVMTP Shares by the Purchaser (x) that the Purchaser aided and abetted a breach of a fiduciary
              duty by the Issuer or any director or officer of the Issuer or (y) arising from any act by the Issuer or any director or officer of the Issuer (excluding in any such case of either clauses (A) or (B), claims, losses, liabilities or expenses
              arising out of or resulting from the gross negligence or willful misconduct of any Indemnified Person as determined by a court of competent jurisdiction).</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" id="ze25fde698dd64a739f8520106fa8dbd8" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0);">(c)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>The indemnifying party also agrees that if any indemnification sought by an Indemnified Person pursuant to this Agreement is unavailable or insufficient, for any reason, to hold harmless the Indemnified Persons of such other party in
              respect of any losses, claims, damages or liabilities (or actions in respect thereof), then the indemnifying party, in order to provide for just and equitable contribution, shall contribute to the amount paid or payable by such Indemnified
              Person as a result of such losses, claims, damages and liabilities (or actions in respect thereof) in such proportion as is appropriate to reflect (i) the relative benefits received by the Issuer on the one hand and the Purchaser on the other
              hand from the actual or proposed transactions giving rise to or contemplated by this Agreement or (ii) if the allocation provided by the foregoing clause (i) is not permitted by applicable law, not only such relative benefits but also the
              relative fault of the Issuer on the one hand and the Purchaser on the other, in connection with the statements or omissions or alleged statements or omissions that resulted in such losses, claims, damages, liabilities or expenses (or actions
              in respect thereof), as well as any other relevant equitable considerations; provided that in any event the aggregate contribution of the Purchaser and its Indemnified Persons to all losses, claims, damages, liabilities and expenses with
              respect to which contributions are available hereunder will not exceed the amount of dividends actually received by the Purchaser from the Issuer pursuant to the proposed transactions giving rise to this Agreement.&#160; For purposes of
              determining the relative benefits to the Issuer on the one hand, and the Purchaser on the other, under the proposed transactions giving rise to or contemplated by this Agreement, such benefits shall be deemed to be in the same proportion as
              (i) the net proceeds received or proposed to be received by the Issuer pursuant to the transactions, whether or not consummated bears to (ii) the dividends and Optional Redemption Premium paid by the Issuer to the Purchaser in connection with
              the proposed transactions giving rise to or contemplated by this Agreement.&#160; The relative fault of the parties shall be determined by reference to, among other things, whether the actions taken or omitted to be taken in connection with the
              proposed transactions contemplated by this Agreement (including any misstatement of a material fact or the omission to state a material fact) relates to information supplied by the Issuer on the one hand, or the Purchaser on the other, the
              parties' relative intent, knowledge, access to information and opportunity to correct or prevent such action, misstatement or alleged omission, and any other equitable considerations appropriate in the circumstances.&#160; No Person found liable
              for a fraudulent misrepresentation shall be entitled to contribution from any Person who is not also found liable for such fraudulent misrepresentation.&#160; The indemnity, reimbursement and contribution obligations under this Agreement shall be
              in addition to any rights that any Indemnified Person may have at common law or otherwise.</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" class="BRPFPageNumber">32</font></div>
      <div class="BRPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <table cellspacing="0" cellpadding="0" id="z3b93ac70c651442bb3d0044cfa6bd85c" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0);">(d)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>If any action, suit, proceeding or investigation is commenced, as to which an Indemnified Person proposes to demand indemnification, it shall notify the indemnifying party with reasonable promptness; provided, however, that any failure by
              such Indemnified Person to notify the indemnifying party shall not relieve the indemnifying party from its obligations hereunder (except to the extent that the indemnifying party is materially prejudiced by such failure to promptly notify).&#160;
              The indemnifying party shall be entitled to assume the defense of any such action, suit, proceeding or investigation, including the employment of counsel reasonably satisfactory to the Indemnified Person.&#160; The Indemnified Person shall have
              the right to counsel of its own choice to represent it, but the fees and expenses of such counsel shall be at the expense of such Indemnified Person unless (i) the indemnifying party has failed promptly to assume the defense and employ
              counsel reasonably satisfactory to the Indemnified Person in accordance with the preceding sentence or (ii) the Indemnified Person shall have been advised by counsel that there exist actual or potential conflicting interests between the
              indemnifying party and such Indemnified Person, including situations in which one or more legal defenses may be available to such Indemnified Person that are different from or additional to those available to the indemnifying party; provided,
              however, that the indemnifying party shall not, in connection with any one such action or proceeding or separate but substantially similar actions or proceedings arising out of the same general allegations be liable for fees and expenses of
              more than one separate firm of attorneys at any time for all Indemnified Persons of such other party; and such counsel shall, to the extent consistent with its professional responsibilities, cooperate with the indemnifying party and any
              counsel designated by the indemnifying party.</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 72pt;">Each party further agrees that it will not, without the prior written consent of the other party (the consent of a party shall not be required to the extent such party is neither requesting
      indemnification nor being requested to provide indemnification), settle or compromise or consent to the entry of any judgment in any pending or threatened claim, action, suit or proceeding in respect of which indemnification may be sought hereunder
      (whether or not any Indemnified Person is an actual or potential party to such claim, action, suit or proceeding) unless such settlement, compromise or consent includes an unconditional release of each other Indemnified Person from all liability and
      obligations arising therefrom.&#160; The Issuer further agrees that no Indemnified Person shall have any liability to the Issuer arising out of or in connection with the proposed transactions giving rise to or contemplated by this Agreement except for
      such liability for losses, claims, damages, liabilities or expenses to the extent they have resulted from an Indemnified Person's gross negligence or willful misconduct.&#160; No Indemnified Person shall be responsible or liable to the indemnifying party
      or any other person for consequential, special or punitive damages which may be alleged as a result of this Agreement.</div>
    <div>&#160;</div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" class="BRPFPageNumber">33</font></div>
      <div class="BRPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <table cellspacing="0" cellpadding="0" id="zfcf9ac25f15d4caaaa92fae1ea7fbb84" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0);">(e)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>Nothing in this Section 7.3 is intended to limit any party's obligations contained in other parts of this Agreement or the RVMTP Shares.</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" id="za87fdf27843f434dbc90d90543452071" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">7.4</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-weight: bold;">Amendments and Waivers</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt;">Any provision of this Agreement may be amended or waived if, but only if, such amendment or waiver is in writing and is signed by the Issuer and the Purchaser; provided, that the Issuer shall not
      make or agree to any amendment or waiver to the Declaration or the Statement that materially and adversely affects any preference, right or power of the RVMTP Shares or the Holders or Designated Owners thereof except as permitted under the
      Declaration or the Statement.</div>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" id="z0143df00e6464321bef0041c2d927ff9" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">7.5</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-weight: bold;">Successors and Assigns</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt;">The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns.&#160; Neither the Issuer nor the Purchaser may assign or
      otherwise transfer any of its rights or obligations under this Agreement without the prior written consent of the other party (other than by operation of law), except that (1) any transferee satisfying the requirements set forth in Section 2.1 and
      which has executed and delivered to the Issuer the transferee certificate attached as Exhibit C shall, prior to registration of any RVMTP Shares under the Securities Act, have the rights set forth in Section 6.16 and Section 7.14 and shall, so long
      as such transferee has provided a means for the Issuer to transmit such information electronically to it, be entitled to receive the information delivered pursuant to Sections 6.1(n) and 6.1(o) and such transferees shall be deemed a party to this
      Agreement for purposes of Sections 6.1(n) and 6.1(o)&#160; and the confidentiality provisions herein as specified in the transferee certificate and (2) the Purchaser may assign its rights or obligations to any affiliates of the Purchaser or any tender
      option bond trust (or similar vehicle) in which the Purchaser retains the entire residual interest.&#160; Any assignment without such prior written consent shall be void.</div>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" id="z7456de4f30f34a898d485ef99f994823" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">7.6</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-weight: bold;">Term of this Agreement</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt;">This Agreement shall terminate on the earlier of (a) the registration of any Outstanding RVMTP Shares under the Securities Act and (b) the payment in full of all amounts then due and owing to the
      Purchaser hereunder and under the RVMTP Shares; and notwithstanding any termination of this Agreement, Section 2.6(e), Section 7.3, Section 7.7, Section 7.8, Section 7.10, Section 7.11, the second sentence of Section 7.12, and Section 7.13 (for a
      period of two (2) years after the termination of this Agreement in the case of Section 7.13) shall remain in full force and effect, except that the Purchaser may assign its rights or obligations to any affiliates of the Purchaser or any tender option
      bond trust (or similar vehicle) in which the Purchaser retains the entire residual interest.&#160; For the avoidance of doubt, if the Purchaser sells all of its RVMTP Shares and, in the case of a sale to a tender option bond trust (or similar vehicle),
      neither the Purchaser nor any affiliate of the Purchaser retains any residual interest in any RVMTP Shares sold to such tender option bond trust (or similar vehicle)&#160; other than in connection with the Purchaser's repurchase of the RVMTP Shares from
      the tender option bond trust (or similar vehicle), no further amounts will be due and owing to the Purchaser with respect to such RVMTP Shares for purposes of clause (b) of this Section 7.6.</div>
    <div>&#160;</div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" class="BRPFPageNumber">34</font></div>
      <div class="BRPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <table cellspacing="0" cellpadding="0" id="z8181c80b0e46477db253a5f929118aab" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">7.7</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-weight: bold;">Governing Law</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt;">This Agreement shall be construed in accordance with and governed by the domestic law of the State of New York.</div>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt;">THE PARTIES HERETO HEREBY SUBMIT TO THE NON-EXCLUSIVE JURISDICTION OF THE FEDERAL AND NEW YORK STATE COURTS LOCATED IN THE CITY OF NEW YORK IN CONNECTION WITH ANY DISPUTE RELATED TO THIS AGREEMENT OR
      ANY MATTERS CONTEMPLATED HEREBY.</div>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" id="zdead1b5f1b8c4706983488ae4e5a52cc" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">7.8</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-weight: bold;">Waiver of Jury Trial</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt;">The Issuer, the Purchaser, and the DTC Agent hereby waive trial by jury in any action, proceeding or counterclaim brought by either of the parties hereto against any other on any matters whatsoever
      arising out of or in any way connected with this Agreement.</div>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" id="z0eacc1cdc1e24938a607b70ff017aff0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">7.9</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-weight: bold;">Counterparts</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt;">This Agreement may be signed in counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument.&#160; Any counterpart or other
      signature delivered by facsimile or by electronic mail shall be deemed for all purposes as being a good and valid execution and delivery of this Agreement by that party.&#160; The parties hereto further acknowledge and agree that this Agreement may be
      signed and/or transmitted by e-mail or a .pdf document or using electronic signature technology (e.g., via DocuSign, Adobesign, or other electronic signature technology), and that such signed electronic record shall be valid and as effective to bind
      the party so signing as a paper copy bearing such party's handwritten signature. The parties further consent and agree that (i) to the extent a party signs this Agreement using electronic signature technology, by clicking "SIGN", such party is
      signing this Agreement electronically; and (ii) the electronic signatures appearing on this Agreement shall be treated, for purposes of validity, enforceability and admissibility, the same as handwritten signatures.</div>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" id="zf37696413bbe42068b135ba36e3f566a" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">7.10</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-weight: bold;">Beneficiaries</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt;">This Agreement is not intended and shall not be construed to confer upon any Person other than the parties hereto and their successors and permitted assigns any rights or remedies hereunder.</div>
    <div>&#160;</div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" class="BRPFPageNumber">35</font></div>
      <div class="BRPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <table cellspacing="0" cellpadding="0" id="z5939e3c7dd584f9c8ad481f6e39c03d1" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">7.11</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-weight: bold;">Entire Agreement</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt;">This Agreement shall constitute the entire agreement and understanding between the parties hereto with respect to the matters set forth herein and shall supersede any and all prior agreements and
      understandings relating to the subject matter hereof.</div>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" id="zad7a8a167bc3463e8665a2e357cfba0b" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">7.12</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-weight: bold;">Relationship to the Statement</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt;">The Issuer, the Purchaser, and the DTC Agent agree that the representations, warranties, covenants and agreements contained in this Agreement are in addition to the terms and provisions set forth in
      the Statement.</div>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" id="z62bc8d24d6234b58baf8e8762ec49704" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">7.13</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-weight: bold;">Confidentiality</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt;">Any information delivered by a party to this Agreement to any other party pursuant to this Agreement, including, without limitation, pursuant to Section 6.1 in the case of the Issuer (collectively,
      the "<font style="font-weight: bold;">Information</font>"), shall not be disclosed by such other party (or its affiliates or their respective employees, representatives or agents) to any person or entity (except as required by law or to such of its
      affiliates, employees, officers, directors, agents, or legal counsel who have a need to know such Information and are directed to keep such Information confidential) without the prior written consent of the party delivering the Information.&#160; The
      parties agree that the Information (including, but not limited to, the Information provided pursuant to Sections 6.1(n) and 6.1(o)) shall be used solely for the purposes set forth in this Agreement and the other Related Documents, including the
      purposes set forth in the next paragraph of this Section 7.13, and for no other purpose, including the purchase or sale by the Purchaser (or its affiliates) of the Issuer's Common Shares or any other security.&#160; Without limiting the foregoing, the
      parties hereto expressly agree to maintain the Information in confidence for purposes of Regulation FD promulgated under the Securities Exchange Act of 1934, as amended.&#160; Notwithstanding anything to the contrary in this Agreement, Portfolio
      Information of the Issuer (1) is the confidential property of the Issuer, (2) may not be used for any purpose except in connection with the provision of services to the Issuer or for an agreed-upon legitimate business purpose (which shall be deemed
      to include, for example, credit monitoring and risk management monitoring activities with respect to the RVMTP Shares), and (3) may not be traded upon by any Person in receipt of such Information.&#160; Upon the written request from the Issuer or the
      Investment Manager, the Purchaser shall, and shall direct its affiliates or employees, representatives or agents to, promptly return or destroy any Portfolio Information as requested by the Issuer or the Investment Manager, as applicable, except as
      otherwise required by applicable law, rule, or regulation or the Purchaser's record retention policies and procedures.</div>
    <div>&#160;</div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" class="BRPFPageNumber">36</font></div>
      <div class="BRPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; margin-left: 36pt;">The obligations of confidentiality and use set out in the preceding paragraph do not extend to Information that is or becomes available to the public or is or becomes available to the party receiving
      the Information on a non-confidential basis or is disclosed to Holders or Designated Owners or potential Holders or Designated Owners (including potential investors in tender option bond trusts (or similar vehicles) where such trust is a potential
      Holder or Designated Owner), in each case in their capacity as such, in the offering documents of the Issuer, in notices to Holders or Designated Owners pursuant to one or more of the Related Documents, was or is independently developed by the party
      receiving the Information without use or reference to the Information provided by the disclosing party, or pursuant to the Issuer's or the Purchaser's informational obligations under Rule 144A(d)(4) or other reporting obligation of the Securities and
      Exchange Commission; or is required or requested to be disclosed (i) by a regulatory agency (including self-regulatory agencies) or in connection with an examination of either party or its representatives by regulatory authorities (including
      self-regulatory authorities), (ii) pursuant to judicial order, subpoena or other legal, regulatory, or self-regulatory process, (iii) by an authorized government agency, (iv) to its independent attorneys or auditors, (v) as requested or required by
      any NRSRO, (vi) as otherwise required by, or requested to be disclosed pursuant to, law, rule, or regulation, (vii) in connection with the exercise of any remedies hereunder or in any suit, action or proceeding relating to this Agreement and the
      enforcement of rights hereunder, (viii) to an affiliate, director, officer, employee, or agent (including professional advisor) of the disclosing party that is subject to a written agreement containing provisions substantially similar to those of
      this Section 7.13, (ix) by or to a prospective purchaser of the RVMTP Shares that is (a) a transferee that would be permitted pursuant to Section 2.1(b) of this Agreement and (b) aware of the confidentiality provisions of this Section 7.13 and is
      subject to an agreement with the transferor containing provisions substantially similar thereto and that states that the Issuer is an express third party beneficiary thereof, and (x) subject to an agreement containing provisions substantially similar
      to those of this Section 7.13 and with the prior written consent of the other party to this Agreement, which consent shall not be unreasonably withheld, to any actual or prospective counterparty in any swap or derivative transactions; provided that,
      notwithstanding the foregoing, each Purchaser (and its affiliates or their respective employees, representatives or agents) may only disclose Portfolio Information to its employees and agents who are subject to a duty, and/or have been directed, to
      keep and treat such information as confidential.&#160; In the event that Information is disclosed pursuant to any of clauses (i), (ii), (iii), (v), (vi), and (vii) above, the party disclosing such Information shall (A) furnish only that portion of the
      Information which the party disclosing the Information is advised by outside legal counsel is legally required or advisable, (B) inform the recipient of the Information that the Information is confidential, (C) make commercially reasonable efforts to
      encourage the recipient of the Information to maintain the confidential and proprietary nature of the Information, and (D) conspicuously and clearly mark all of the Information as confidential before disclosing the Information.&#160; For the avoidance of
      doubt, Information disclosed to the Purchaser as a Holder or Designated Owner on a confidential basis in the offering documents relating to the RVMTP Shares or pursuant to the Related Documents is subject to the obligations of confidentiality set out
      in the preceding paragraph except to the extent otherwise provided above in this paragraph.&#160; For the avoidance of doubt, references in this Section 7.13 to "regulatory agency," "regulatory authorities," "government agency" and "law or regulation"
      shall be deemed to include the Internal Revenue Service and state taxation authorities.</div>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt;">Notwithstanding anything herein to the contrary, permitted recipients of Information and/or Portfolio Information (and each employee, representative or other agent of such recipients) may disclose to
      any and all Persons, without limitation of any kind, the U.S. tax treatment and tax structure of the transaction contemplated by this Agreement.&#160; For this purpose, "tax structure" is limited to any facts relevant to the U.S. federal income tax
      treatment of the transaction and does not include information relating to the specific identity of the parties.</div>
    <div>&#160;</div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" class="BRPFPageNumber">37</font></div>
      <div class="BRPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; margin-left: 36pt;">Pursuant to Section 7.6 above, the confidentiality obligations set forth in this Section 7.13 shall survive for a period of two (2) years following the termination of this Agreement.</div>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" id="za9e4c471a0824e52b39ef9e1b9b472f1" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">7.14</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-weight: bold;">Severability</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt;">In case any provision of this Agreement shall be invalid, illegal, or unenforceable, the validity, legality, and enforceability of the remaining provisions shall not in any way be affected or
      impaired thereby so long as the intent of the parties to this Agreement shall be preserved.</div>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" id="z299588f73c204d9286fb024986ab43df" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">7.15</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-weight: bold;">Consent Rights of the Majority Participants to Certain Actions.</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt;">For so long as none of the RVMTP Shares have been registered under the Securities Act, without the affirmative vote or consent of the Majority Participants, neither the Issuer nor the Board of
      Trustees will take or authorize the taking of any of the actions set forth under clauses (a) through (e) of this Section 7.15:</div>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" id="zec9b90907f8442f095796b7557d97f05" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0);">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>The termination by the Issuer of any Rating Agency or the selection of any Other Rating Agency, either in replacement for a Rating Agency or as an additional Rating Agency with respect to the RVMTP Shares.</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" id="zbe1da67189c14f498d8277be3e4f5426" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0);">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>The Issuer issuing or permitting to exist any &#8220;senior security&#8221; (as defined in the 1940 Act as of the date hereof or, in the event such definition shall be amended, with such changes to the definition thereof as consented to by the
              Majority Participants) other than the RVMTP Shares issued and sold pursuant to this Agreement or indebtedness for borrowed money of the Issuer, except (i) borrowings for temporary purposes in an amount not to exceed 5% of the assets of the
              Issuer, which borrowings are repaid within sixty (60) days of the incurrence thereof, (ii) the issuance of senior securities or the incurrence of indebtedness for borrowed money, the proceeds of which will be used for the exchange,
              retirement, redemption or repurchase of the RVMTP Shares, and costs incurred in connection therewith, (iii) the Issuer's previously issued and outstanding Auction Rate Preferred Shares, if any, and Remarketable Variable Rate MuniFund Term
              Preferred Shares, if any, (iv) the issuance of additional series of Remarketable Variable Rate MuniFund Term Preferred Shares (including, but not limited to, any additional Series of RVMTP Shares) or other Preferred Shares and (v) as may be
              otherwise approved or consented to by the Majority Participants, provided that if any such "senior security" is created or incurred by the Issuer it shall not require the approval of the Majority Participants if the Issuer exchanges, redeems,
              retires or terminates such "senior security" or otherwise cures such non-compliance within ten (10) Business Days of receiving notice of the existence thereof.</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" class="BRPFPageNumber">38</font></div>
      <div class="BRPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <table cellspacing="0" cellpadding="0" id="z81efc6e0093b40c48ee9cc8a903176a4" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0);">(c)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>The Issuer (i) creating or incurring or permitting to be incurred or to exist any lien on any other funds, accounts or other property held under the Declaration or the Statement, except as permitted by the Declaration or the Statement or
              (ii) except for any lien for the benefit of the Custodian of the Issuer on the assets of the Issuer held by such Custodian, or any lien arising by operation of law, pledging any portfolio security to secure any senior securities or other
              liabilities to be incurred by the Issuer (including under any tender option bond trust (or similar vehicle) of which the residual floating rate trust certificates will be owned by the Issuer) unless the securities pledged pursuant to all such
              pledge or other security arrangements are valued for purposes of such security arrangements in an aggregate amount not less than 70% of their aggregate Market Value for purposes of determining the value of the collateral required to be posted
              or otherwise provided under all such security arrangements; provided, that the required collateral value under such security arrangements shall not exceed the Market Value of the exposure of each secured party to the credit of the Issuer; and
              provided further, that it shall not require the approval of the Majority Participants if any pledge or security interest in violation of the preceding sentence is created or incurred by the Issuer and the Issuer cures such violation within
              ten (10) Business Days of receiving notice of the existence thereof.</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" id="zbed2972c03ff4617adbc1ceb78421123" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0);">(d)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>Approval of any amendment, alteration or repeal of any provision of the Declaration or the Statement, whether by merger, consolidation or otherwise, that would affect any preference, right or power of the RVMTP Shares or the Holders
              thereof provided, however, that (i) a change in the capitalization of the Issuer in accordance with Section 2.9 of the Statement shall not be considered to affect the rights and preferences of the RVMTP Shares, and (ii) a division of an RVMTP
              Share<font style="font-weight: bold;">&#160;</font>shall be deemed to affect such preferences, rights or powers only if the terms of such division materially and adversely affect the Holders of the RVMTP Shares.&#160; For purposes of the foregoing, no
              matter shall be deemed to affect any preference, right or power of an RVMTP Share of any Series or the Holder thereof unless such matter (A) alters or abolishes any preferential right of such RVMTP Share, or (B) creates, alters or abolishes
              any right in respect of redemption of such RVMTP Share (other than solely as a result of a division of an RVMTP Share).</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" id="z9bcad6dd4ae64f42a6d944a76e026d57" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0);">(e)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>Approval of any action to be taken pursuant to Sections 2.6(h) and 2.16 of the Statement other than the issuance of additional series of Remarketable Variable Rate MuniFund Term Preferred Shares, including, but not limited to, any
              additional Series of RVMTP Shares, or other Preferred Shares.</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">In addition, if the Board of Trustees shall designate a replacement to the S&amp;P Municipal Bond 7 Day High Grade Rate Index pursuant to the definition of SIFMA Municipal Swap Index contained in the
      Statement, the Issuer shall notify the Holders of the RVMTP Shares within five (5) Business Days of such designation, and if within thirty (30) days of such notice the Majority Participants shall have objected in writing to the designated
      replacement, the Board of Trustees shall designate a replacement to such index as agreed to between the Issuer and the Majority Participants.&#160; In such event, the replacement index initially approved by the Board of Trustees shall be the index in
      effect for purposes of the Statement until a new index has been approved by the Issuer and the Majority Participants.</div>
    <div>&#160;</div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" class="BRPFPageNumber">39</font></div>
      <div class="BRPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <table cellspacing="0" cellpadding="0" id="zd0b7261b57b4496886479b5c834f12fc" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">7.16</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-weight: bold;">No Individual Liability</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">This Agreement is executed by or on behalf of the Board of Trustees of the Issuer solely in their capacity as such trustees and shall not constitute their personal obligation either jointly or
      severally in their individual capacities.&#160; In accordance with the Declaration, no trustee, shareholder, officer, employee or agent of the Issuer shall be held to any personal liability, nor shall resort be had to their private property for the
      satisfaction of any obligation or claim or otherwise under this Agreement, and the Issuer shall be solely liable therefor and all parties hereto shall look solely to the Issuer's property for the payment of any claim, or the performance of any
      obligation, hereunder.</div>
    <div>&#160;</div>
    <div style="text-align: center;">[The remainder of this page has been intentionally left blank.]</div>
    <div>&#160;</div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" class="BRPFPageNumber">40</font></div>
      <div class="BRPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; font-size: 12pt;"><font style="font-size: 10pt; font-weight: bold;">IN WITNESS WHEREOF</font><font style="font-size: 10pt;">, the parties hereto have caused this Agreement to be duly executed by their
        respective authorized officers as of the day and year first above written.</font></div>
    <div>&#160;</div>
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        <tr>
          <td style="width: 40%; vertical-align: top;">&#160;</td>
          <td style="vertical-align: top;" colspan="4">
            <div style="font-weight: bold;">PIMCO MUNICIPAL INCOME FUND II</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 40%; vertical-align: top;"><br>
          </td>
          <td rowspan="1" style="vertical-align: top;" colspan="4"><br>
          </td>
        </tr>
        <tr>
          <td style="width: 40%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
          <td style="width: 5%; vertical-align: top; padding-bottom: 2px;">
            <div>By:</div>
          </td>
          <td style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
            <div style="margin-left: 27pt;">/s/ Joshua D. Ratner<u><br>
              </u></div>
          </td>
          <td style="width: 37%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 40%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;"><br>
          </td>
          <td style="vertical-align: top; width: 5%;">
            <div>Name:</div>
          </td>
          <td style="vertical-align: top; width: 13%;">
            <div>Joshua D. Ratner</div>
          </td>
          <td style="vertical-align: top; width: 37%;"><br>
          </td>
        </tr>
        <tr>
          <td style="width: 40%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;"><br>
          </td>
          <td style="vertical-align: top; width: 5%;">
            <div>Title:</div>
          </td>
          <td style="vertical-align: top; width: 13%;">
            <div>President</div>
          </td>
          <td style="vertical-align: top; width: 37%;"><br>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div>
      <div style="text-align: center;">[Signature Page to Purchase Agreement]</div>
    </div>
    <div><br>
    </div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div class="BRPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);" id="57c8172f65bf4d869d01505fffbb9287">

        <tr>
          <td style="width: 40%; vertical-align: top;"><br>
          </td>
          <td style="vertical-align: top;" colspan="3">
            <div style="font-weight: bold;">BANC OF AMERICA PREFERRED FUNDING CORPORATION</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 40%; vertical-align: top;"><br>
          </td>
          <td rowspan="1" style="vertical-align: top;" colspan="3"><br>
          </td>
        </tr>
        <tr>
          <td style="width: 40%; vertical-align: top; padding-bottom: 2px;"><br>
          </td>
          <td style="width: 5%; vertical-align: top; padding-bottom: 2px;">
            <div>By:</div>
          </td>
          <td style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); width: 18%;">
            <div style="margin-left: 9pt;">/s/ Michael Jentis</div>
          </td>
          <td style="vertical-align: top; width: 37%; padding-bottom: 2px;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 40%; vertical-align: top;"><br>
          </td>
          <td style="width: 5%; vertical-align: top;"><br>
          </td>
          <td style="vertical-align: top;" rowspan="1" colspan="2">
            <div>Name: Michael Jentis</div>
          </td>
        </tr>
        <tr>
          <td style="width: 40%; vertical-align: top;"><br>
          </td>
          <td style="width: 5%; vertical-align: top;"><br>
          </td>
          <td style="vertical-align: top;" rowspan="1" colspan="2">
            <div>Title: Authorized Signatory</div>
          </td>
        </tr>

    </table>
    <div> <br>
    </div>
    <div>
      <div style="text-align: center;">[Signature Page to Purchase Agreement]</div>
    </div>
    <div> <br>
    </div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div class="BRPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);" id="aee502f166a7424bb0285c99e05574fb">

        <tr>
          <td style="width: 40%; vertical-align: top;"><br>
          </td>
          <td style="vertical-align: top;" colspan="3">
            <div style="font-weight: bold;">BOFA SECURITIES, INC.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 40%; vertical-align: top;" rowspan="1">&#160;</td>
          <td style="vertical-align: top;" colspan="3" rowspan="1">
            <div>(solely with respect to Section 2.5 and Article VII of this Agreement)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 40%; vertical-align: top;" rowspan="1">&#160;</td>
          <td style="vertical-align: top;" colspan="3" rowspan="1">&#160;</td>
        </tr>
        <tr>
          <td style="width: 40%; vertical-align: top; padding-bottom: 2px;"><br>
          </td>
          <td style="width: 5%; vertical-align: top; padding-bottom: 2px;">
            <div>By:</div>
          </td>
          <td style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); width: 18%;">/s/ Michael Jentis</td>
          <td style="vertical-align: top; width: 37%; padding-bottom: 2px;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 40%; vertical-align: top;"><br>
          </td>
          <td style="width: 5%; vertical-align: top;"><br>
          </td>
          <td style="vertical-align: top;" rowspan="1" colspan="2">
            <div>Name: Michael Jentis</div>
          </td>
        </tr>
        <tr>
          <td style="width: 40%; vertical-align: top;"><br>
          </td>
          <td style="width: 5%; vertical-align: top;"><br>
          </td>
          <td style="vertical-align: top;" rowspan="1" colspan="2">
            <div>Title: Authorized Signatory</div>
          </td>
        </tr>

    </table>
    <div> <br>
    </div>
    <div>
      <div>
        <div style="text-align: center;">[Signature Page to Purchase Agreement]</div>
      </div>
    </div>
    <div> <br>
    </div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div class="BRPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: center; font-weight: bold;">SCHEDULE 1</div>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" border="0" id="zdb472eba738d49ae85285159e4112727" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);">

        <tr>
          <td style="width: 25%; vertical-align: top;">
            <div style="text-align: justify;">Description of RVMTP Shares:</div>
          </td>
          <td style="width: 75%; vertical-align: top;">
            <div style="text-align: justify;">2,530 PIMCO Municipal Income Fund II Remarketable Variable Rate MuniFund Term Preferred Shares, Series 2054 with a Liquidation Preference of $100,000 per share, issued in exchange for the Purchase Price. With
              CUSIP: 72200W882.</div>
          </td>
        </tr>

    </table>
    <div> <br>
    </div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div class="BRPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: center; text-indent: -162pt; margin-left: 162pt; font-weight: bold;">SCHEDULE 2</div>
    <div>&#160;</div>
    <div style="text-align: center; text-indent: -162pt; margin-left: 162pt; font-weight: bold;">RVMTP SHARES TO BE CREDITED PURSUANT TO PARTICIPANT INSTRUCTIONS</div>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" border="0" id="z0462788fdc994686abc9f9d52002d664" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

        <tr>
          <td nowrap="nowrap" colspan="1" style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);"><br>
          </td>
          <td nowrap="nowrap" style="width: 13%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">Legal Name </div>
            <div style="font-weight: bold;">of Purchaser</div>
          </td>
          <td style="width: 1%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          <td style="width: 14%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">Address of </div>
            <div style="font-weight: bold;">Purchaser</div>
          </td>
          <td nowrap="nowrap" style="width: 1%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          <td nowrap="nowrap" style="width: 13%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">Purchaser's </div>
            <div style="font-weight: bold;">Taxpayer </div>
            <div style="font-weight: bold;">Identification </div>
            <div style="font-weight: bold;">Number</div>
          </td>
          <td style="width: 1%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          <td style="width: 13%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">DTC</div>
            <div style="font-weight: bold;">Participant</div>
            <div style="font-weight: bold;">Number</div>
          </td>
          <td nowrap="nowrap" style="width: 1%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          <td nowrap="nowrap" style="width: 13%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">FFC Account</div>
            <div style="font-weight: bold;"> Number</div>
            <div style="font-weight: bold;"> Account</div>
            <div style="font-weight: bold;"> Number at</div>
            <div style="font-weight: bold;"> Bank/Broker</div>
          </td>
          <td nowrap="nowrap" style="width: 1%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          <td nowrap="nowrap" style="width: 13%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">Principal</div>
            <div style="font-weight: bold;"> Amount of</div>
            <div style="font-weight: bold;"> Securities to</div>
            <div style="font-weight: bold;"> be Credited</div>
          </td>
          <td nowrap="nowrap" style="width: 1%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          <td nowrap="nowrap" style="width: 14%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">CUSIP Number</div>
            <div style="font-weight: bold;"> of Securities to</div>
            <div style="font-weight: bold;"> be Credited</div>
          </td>
        </tr>
        <tr>
          <td colspan="1" style="width: 1%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);"><br>
          </td>
          <td style="width: 13%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div>Banc of America Preferred Funding Corporation</div>
          </td>
          <td style="width: 1%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          <td style="width: 14%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div>One Bryant Park</div>
            <div>1111 Avenue of the Americas, 3rd Floor</div>
            <div>New York, NY 10036</div>
          </td>
          <td style="width: 1%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          <td style="width: 13%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div>75-2939570</div>
          </td>
          <td style="width: 1%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          <td style="width: 13%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div>901</div>
          </td>
          <td style="width: 1%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          <td style="width: 13%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div>790946</div>
          </td>
          <td style="width: 1%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          <td style="width: 13%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div>$253,000,000</div>
          </td>
          <td style="width: 1%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          <td style="width: 14%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0);">2,530</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div class="BRPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: center; font-weight: bold;">ANNEX A</div>
    <div>&#160;</div>
    <div style="text-align: center; font-weight: bold;">ISSUER WIRE TRANSFER INSTRUCTIONS</div>
    <div style="text-align: center; font-weight: bold;">(dated April 17, 2024)</div>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" border="0" id="z411dd01838764351b813944dbbd340a7" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

        <tr>
          <td style="width: 25.4%; vertical-align: top;">
            <div style="font-weight: bold;">Fund</div>
          </td>
          <td style="width: 13%; vertical-align: top;">
            <div style="font-weight: bold;">NYSE </div>
            <div style="font-weight: bold;">Ticker</div>
          </td>
          <td style="width: 17%; vertical-align: top;">
            <div style="font-weight: bold;">Amount of </div>
            <div style="font-weight: bold;">Proceeds</div>
          </td>
          <td style="width: 45%; vertical-align: top;">
            <div style="font-weight: bold;">Fund Federal Reserve Wire </div>
            <div style="font-weight: bold;">Information</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25.4%; vertical-align: top;">
            <div>PIMCO Municipal Income Fund II</div>
          </td>
          <td style="width: 13%; vertical-align: top;">
            <div>PML</div>
          </td>
          <td style="width: 17%; vertical-align: top;">
            <div>$253,000,000</div>
          </td>
          <td style="width: 45%; vertical-align: top;">
            <div>Bank Name:&#160; State Street Bank and Trust Company, Boston</div>
            <div>ABA No.: 011000028</div>
            <div>Beneficiary Acct. : 54570155</div>
            <div>Beneficiary Name: P228 PIMCO Municipal Income Fund II (PML)</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div class="BRPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <!--PROfilePageNumberReset%Num%1%A-%%-->
    <div style="text-align: center; font-weight: bold;">EXHIBIT A</div>
    <div>&#160;</div>
    <div style="text-align: center; font-weight: bold;">FORMS OF OPINIONS OF COUNSEL FOR THE ISSUER</div>
    <div>&#160;</div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" class="BRPFPageNumber">A-1</font></div>
      <div class="BRPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
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    <!--PROfilePageNumberReset%Num%1%A-1-%%-->
    <div style="text-align: center; font-weight: bold;">EXHIBIT A-1</div>
    <div>&#160;</div>
    <div style="text-align: center; font-weight: bold;">FORM OF CORPORATE AND 1940 ACT OPINION</div>
    <div style="text-align: center; font-weight: bold;"> <br>
    </div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" class="BRPFPageNumber">A-1-1</font></div>
      <div class="BRPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
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    <!--PROfilePageNumberReset%Num%1%A-2-%%-->
    <div style="text-align: center; font-weight: bold;">EXHIBIT A-2</div>
    <div>&#160;</div>
    <div style="text-align: center; font-weight: bold;">FORM OF TAX OPINION</div>
    <div>&#160;</div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" class="BRPFPageNumber">A-2-1</font></div>
      <div class="BRPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <!--PROfilePageNumberReset%Num%1%A-3-%%-->
    <div style="text-align: center; font-weight: bold;">EXHIBIT A-3</div>
    <div>&#160;</div>
    <div style="text-align: center; font-weight: bold;">FORM OF OPINION OF COUNSEL FOR THE CALCULATION AND PAYING AGENT</div>
    <div style="text-align: center; font-weight: bold;"> <br>
    </div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" class="BRPFPageNumber">A-3-1</font></div>
      <div class="BRPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <!--PROfilePageNumberReset%Num%1%B-%%-->
    <div style="text-align: center; font-weight: bold;">EXHIBIT B</div>
    <div>&#160;</div>
    <div style="text-align: center; font-weight: bold;">ELIGIBLE ASSETS</div>
    <div>&#160;</div>
    <div style="text-align: justify;">On the Effective Date and at all times thereafter:</div>
    <div>&#160;</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="zc1336bcd1fa542b5bd2f1befa4d59a61" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 18pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top;">1.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>&#8220;Eligible Assets&#8221; are hereby defined to consist only of the following as of the time of investment:</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; text-indent: 36pt;"><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="z370f05c061a94761ad52417ce361ba10" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top;">A.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>Debt obligations</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="z65e9c9d66e014d1d9b3ee359f28354e0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 58.5pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top;">i.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>"Municipal securities," defined as obligations of a State, the District of Columbia, a U.S. territory or a political subdivision thereof, and including general obligations, limited obligation bonds, revenue bonds, and obligations that
              satisfy the requirements of section 142(b)(1) of the Internal Revenue Code of 1986 issued by or on behalf of any State, the District of Columbia, any U.S. territory or any political subdivision thereof, including any municipal corporate
              instrumentality of 1 or more States, or any public agency or authority of any State, the District of Columbia, any U.S. territory or any political subdivision of thereof, including obligations of any of the foregoing types related to
              financing a 501(c)(3) organization. For the purposes of the foregoing, "municipal securities" may include, "municipal securities" acquired via origination or acquisition by the Fund, loan assignments, loan participations or similar interests
              that may not be considered "securities" as defined under the Securities Act (such securities, "Municipal Loan Investments"), provided that the Fund (i) will not invest more than 10% of the Fund's total assets in such Municipal Loan
              Investments and (ii) will not invest in a Municipal Loan Investment if it would result in more than 3% of the Fund's total assets being loaned, directly or indirectly, to a particular borrower (in each case measured at the time of
              investment). The purchase of any municipal security will be based upon the Investment Manager's assessment of an asset's relative value in terms of current yield, price, credit quality, and future prospects; and the Investment Manager will
              monitor the Issuer's creditworthiness of its portfolio investments and analyze economic, political and demographic trends affecting the markets for such assets. Eligible Assets shall include any municipal securities that at the time of
              purchase are paying scheduled principal and interest or if at the time of purchase are in payment default, then in the sole judgment of the Investment Manager are expected to produce payments of principal and interest whose present value
              exceeds the purchase price.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="ze13fac710ad94fe2819f7a1198a61e91" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 58.5pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top;">ii.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>Debt obligations of the United States.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="z0d2b7a5e9bdd41e69034920c4eccb483" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 58.5pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top;">iii.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>Debt obligations issued, insured, or guaranteed by a department or an agency of the U.S. Government, if the obligation, insurance, or guarantee commits the full faith and credit of the United States for the repayment of the obligation.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" class="BRPFPageNumber">B-1</font></div>
      <div class="BRPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <table cellspacing="0" cellpadding="0" id="zf1dd7e1f48724d94be11ee29edc7196b" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 58.5pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top;">iv.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>Debt obligations of the Washington Metropolitan Area Transit Authority guaranteed by the Secretary of Transportation under Section 9 of the National Capital Transportation Act of 1969.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="zea3787f7cfb44f18915e47a4eb81a75d" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 58.5pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top;">v.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>Debt obligations of the Federal Home Loan Banks.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="z6b46ed67338f41d0af85f2f0d7a29681" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 58.5pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top;">vi.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>Debt obligations, participations or other instruments of or issued by the Federal National Mortgage Association or the Government National Mortgage Association.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="zb905d54fe1ff432fb88f4b7d22436cb3" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 58.5pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top;">vii.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>Debt obligations which are or ever have been sold by the Federal Home Loan Mortgage Corporation pursuant to sections 305 or 306 of the Federal Home Loan Mortgage Corporation Act.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="zd0168a75c2c841cf9adc35669c392315" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 58.5pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top;">viii.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>Debt obligations of any agency named in 12 U.S.C. &#167; 24(Seventh) as eligible to issue obligations that a national bank may underwrite, deal in, purchase and sell for the bank's own account, including qualified Canadian government
              obligations.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="z3096cd9cd3074dba8156fdcee76c25d9" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 58.5pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top;">ix.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>Debt obligations of issuers other than those specified in (i) through (viii) above that are not "distressed or in default" and that are "marketable." For these purposes, an obligation is</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 22.5pt;">(aa)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160; "marketable" if:</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 81pt;">(A) it is registered under the Securities Act;</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 81pt;">(B) it is offered and sold pursuant to Securities and Exchange Commission Rule 144A; 17 CFR 230.144A; or</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 81pt;">(C) it can be sold with reasonable promptness at a price that corresponds reasonably to its fair value; and</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 63pt;">(bb)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;not "distressed or in default" if:</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 81pt;">(A) it has received an investment grade rating from an NRSRO or, if not rated by an NRSRO, from the Investment Manager's internal rating analysis,</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 81pt;">(B) the obligor had adequate capacity to meet financial commitments under the security for the projected life of the asset or exposure as solely determined by the Investment Manager based on the
      Investment Manager's internal credit due diligence, which capacity is presumed if the risk of default by the obligor is low and the full and timely repayment of principal and interest at the time of acquisition by the Issuer was expected, or</div>
    <div><br>
    </div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" class="BRPFPageNumber">B-2</font></div>
      <div class="BRPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; margin-left: 81pt;">(C) it is purchased by the Issuer at a price that the Investment Manager believes is below the aggregate principal and interest expected to be received on the obligation, provided that, with respect
      to assets qualifying as "not 'distressed or in default'" by way of this clause (C), the Issuer may not invest more than 5% of its total assets in such assets.</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="z39d52d6b817640e390fa3faa8d0b2662" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 54pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top;">x.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>Other assets that are not described in (i) through (viii) above, if the Investment Manager provides written notice to the Purchaser indicating the Issuer's intent to invest in such asset and describing such asset in reasonable detail at
              least five Business Days prior to such investment and the Purchaser affirmatively approves such investment. The Purchaser will use commercially reasonable efforts to respond to the Investment Manager's request within such five Business Day
              period.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="zf03028ca3b084b34850c8338aaf83491" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 54pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top;">xi.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>Certificates or other securities evidencing ownership interests in a municipal bond trust structure (generally referred to as a tender option bond structure) that invests in (a) debt obligations of the types described in (i) above or (b)
              depository receipts reflecting ownership interests in accounts holding debt obligations of the types described in (i) above.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="z92622be129944c00a2ed58268e75ac29" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 54pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top;">xii.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>Bank capital securities of both non-U.S. (foreign) and U.S. issuers, other obligations including without limitation certificates of deposit, bankers' acceptances and fixed time deposits.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify;">The bonds, notes and other debt securities referenced in (A) above shall be defined as Eligible</div>
    <div style="text-align: justify;">Assets. An asset shall not lose its status as an Eligible Asset solely by virtue of the fact that:</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="z65a60363817146d5be828917bd721191" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 54pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>it provides for repayment of principal and interest in any form including fixed and floating rate, zero interest, capital appreciation, discount, leases, and payment in kind; or</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="zf3a71bfea53044c2b750a0ac0c7f5673" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 54pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>it is for long-term or short-term financing purposes.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="zdfcf376c49b34eeda23af1a0ffce1b03" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top;">B.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>Derivatives</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="zce881902bfb44a62801840a170e94e32" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 54pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top;">i.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>Interest rate derivatives;</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="z8d46cada095f4590a2cc14a268933c20" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 54pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top;">ii.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>Swaps, futures, forwards, structured notes, options and swaptions related to Eligible Assets or on an index related to Eligible Assets; or</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="zf4e374ae68fd478cb9d430b6ede1cf01" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 54pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top;">iii.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>Credit default swaps.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="z9e7378f4991d4eb0801bd367380e44dc" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top;">C.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>Other Assets</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="zfd2dcec0d7ed4232a5ed912621e63a43" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 54pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top;">i.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>Cash;</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="zee79db606eb1440aa256582f0aacb138" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 54pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top;">ii.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>Repurchase agreements on assets described in A above; or</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" class="BRPFPageNumber">B-3</font></div>
      <div class="BRPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <table cellspacing="0" cellpadding="0" id="z832c84842c7f49eb9936c56e5f4bcfcf" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 54pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top;">iii.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>Taxable fixed-income securities, for the purpose of acquiring control of an issuer whose municipal bonds (a) the Issuer already owns and (b) have deteriorated or are expected shortly to deteriorate that such investment should enable the
              Issuer to better maximize its existing investment in such Issuer, provided that the Issuer may invest no more than 0.5% of its total assets in such securities.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="z62080fb03e9448039e06b41fa30af9ae" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top;">D.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>Assets not otherwise covered in A, B or C above that the Investment Manager may determine are in the best interest of shareholders of the Issuer to acquire in pursuing a workout arrangement with issuers (of the types described in A above)
              of defaulted obligations, including, but not limited to, loans to the defaulted issuer or another party pursuant to the workout arrangement, or a debt, equity or other interest in the defaulted issuer or other party to the workout
              arrangement, provided that the Issuer may not invest more than 2% of its total assets in any such assets (as measured at the time of investment). The Issuer agrees that it will only acquire equity securities pursuant to this Section 1.D. that
              it reasonably expects at the time of acquisition to hold for a period not to exceed five (5) years from the date of acquisition.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="zd7db2ddf1fba404a80e52a80d625d2c4" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top;">E.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>Other assets, upon written agreement of all Holders of the RVMTP Shares ("Holders") that such assets are eligible for purchase by the Holders.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="z1c6142ec6a8049fdb92524c58ca679f5" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top;">F.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>Shares of any investment company registered under the 1940 Act sub-classified as a "closed-end company" pursuant to Section 5(a)(2) of the 1940 Act that has adopted and disclosed an investment policy to invest, under normal circumstances,
              at least 80% of the value of its Assets (as defined in Rule 35d-1 under the 1940 Act) in municipal securities.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="z67e0707979164e608250e05a8ec1dcbe" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top;">G.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>Shares of any investment company registered under the 1940 Act sub-classified as an "open-end company" pursuant to Section 5(a)(1) of the 1940 Act that has adopted and disclosed in its registration statement an investment policy to invest,
              under normal circumstances, at least 80% of the value of its Assets (as defined in Rule 35d-1 under the 1940 Act) in municipal securities.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="zb85ed24675d14c579248f65b0dd23845" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 18pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top;">2.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>The Investment Manager has instituted policies and procedures that it believes are sufficient to ensure that the Issuer and it comply with the representations, warranties and covenants contained in this Exhibit B to the Agreement.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="z4d032b72b4ef4bb89848968478c30d5b" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 18pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top;">3.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>The Issuer will, upon request, provide the Holder(s) and their internal and external auditors and inspectors as the Holder(s) may from time to time designate, with all reasonable assistance and access to information and records of the
              Issuer relevant to the Issuer&#8217;s compliance with and performance of the representations, warranties and covenants contained in this Exhibit B to the Agreement, but only for the purposes of internal and external audit.</div>
          </td>
        </tr>

    </table>
    <div> <br>
    </div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" class="BRPFPageNumber">B-4</font></div>
      <div class="BRPFPageBreak" style="page-break-after: always;">
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    </div>
    <!--PROfilePageNumberReset%Num%1%C-%%-->
    <div style="text-align: center; font-weight: bold;">EXHIBIT C</div>
    <div>&#160;</div>
    <div style="text-align: center; font-weight: bold;">TRANSFEREE CERTIFICATE</div>
    <div>&#160;</div>
    <div style="text-align: justify;">PIMCO Municipal Income Fund II</div>
    <div style="text-align: justify;">650 Newport Center Drive</div>
    <div style="text-align: justify;">Newport Beach, CA 92660</div>
    <div style="text-align: justify;">Attention: Ryan Leshaw</div>
    <div>&#160;</div>
    <div style="text-align: justify;">Ladies and Gentlemen:</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">Reference is hereby made to the RVMTP Purchase Agreement (the "Purchase Agreement"), dated as of April 17, 2024, between PIMCO Municipal Income Fund II, a closed-end fund organized as a Massachusetts
      business trust (the "Fund") and Banc of America Preferred Funding Corporation, a Delaware corporation, including its successors by merger or operation (the "Transferor").&#160; Capitalized terms used but not defined herein shall have the meanings given
      them in the Purchase Agreement.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">In connection with the proposed sale by the Transferor of _______________ RVMTP Shares (the "Transferred Shares") to the undersigned transferee (the "Transferee"), the undersigned agrees and
      acknowledges, on its own behalf, and makes the representations and warranties, on its own behalf, as set forth in this certificate (this "Transferee Certificate") to the Fund and the Transferor:</div>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt;">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Transferee certifies to one of the following (check a box):</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt; font-size: 12pt;"><font style="font-size: 10pt;">&#10065;&#160; it is a "<font style="font-weight: bold;">qualified institutional buyer</font>" (a "QIB") (as defined in Rule 144A under the Securities Act or any
        successor provision) ("Rule 144A") that is a registered closed-end management investment company the shares of which are traded on a national securities exchange (a "Closed-End Fund"), a bank or an entity that is a 100% direct or indirect
        subsidiary of a bank's publicly traded holding company (a "Bank"), insurance company or registered open-end management investment company, in each case, to which any offer and sale is being made pursuant to Rule 144A or another available exemption
        from registration under the U.S. Securities Act of 1933, as amended (the "Securities Act"), in a manner not involving any public offering within the meaning of Section 4(a)(2) of the Securities Act;</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt; font-size: 12pt;"><font style="font-size: 10pt;">&#10065;&#160; it is a tender option bond trust (or similar vehicle) in which all investors are QIBs that are Closed-End Funds, Banks, insurance companies, or
        registered open-end management investment companies; or</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt; font-size: 12pt;"><font style="font-size: 10pt;">&#10065;&#160; it is a person which the Fund has consented in writing to permit to be the holder of the Transferred Shares.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 36pt;">2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Transferee certifies that it (check a box):</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt; font-size: 12pt;"><font style="font-size: 10pt;">&#10065;&#160; is not a PIMCO Person that after such sale and transfer, would own more than 20% of the Outstanding RVMTP Shares; or</font></div>
    <div>&#160;</div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" class="BRPFPageNumber">C-1</font></div>
      <div class="BRPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; text-indent: 72pt; font-size: 12pt;"><font style="font-size: 10pt;">&#10065;&#160; has received the prior written consent of the Fund.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">3.&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Transferee understands and acknowledges that the Transferred Shares are "restricted securities" and have not been registered under the Securities Act or any other applicable securities
      law, are being offered for sale pursuant to Rule 144A of the Securities Act or another available exemption from registration under the Securities Act, in a manner not involving any public offering with the meaning of Section 4(a)(2) of the Securities
      Act, and may not be offered, sold or otherwise transferred except in compliance with the registration requirements of the Securities Act or any other applicable securities law, pursuant to an exemption therefrom or in a transaction not subject
      thereto and in each case in compliance with the conditions for transfer set forth in this Transferee Certificate.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Transferee is purchasing the Transferred Shares for its own account for investment, and not with a view to, or for offer or sale in connection with, any distribution thereof in
      violation of the Securities Act, subject to any requirements of law that the disposition of its property be at all times within its or their control and subject to its or their ability to resell such securities pursuant to Rule 144A or any exemption
      from registration available under the Securities Act.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">5.&#160; &#160; &#160;&#160;&#160;&#160; The Transferee agrees on its own behalf and on behalf of each subsequent holder or owner of the Transferred Shares by its acceptance thereof will agree to offer, sell or otherwise transfer
      the Transferred Shares only to Persons that are (A)(i) QIBs that are Closed-End Funds, Banks, insurance companies or registered open-end management investment companies, (ii) tender option bond trusts (or similar vehicles) in which all investors are
      QIBS that are Closed-End Funds, Banks, insurance companies, or registered open-end management investment companies, in each case, pursuant to Rule 144A or another available exemption from registration under the Securities Act, in a manner not
      involving any public offering within the meaning of Section 4(a)(2) of the Securities Act, or (iii) other investors which the Fund has consented in writing to permit to be a holder of the Transferred Shares and (B) unless the prior written consent of
      the Fund has been obtained, not PIMCO Persons, if such PIMCO Persons would, after such sale and transfer, own more than 20% of the Outstanding RVMTP Shares.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">6.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Transferee acknowledges that the RVMTP Shares were issued in book-entry form and are represented by one global certificate and that the global certificate representing the RVMTP Shares
      (unless sold to the public in an underwritten offering of the RVMTP Shares pursuant to a registration statement filed under the Securities Act) contains a legend substantially to the following effect:</div>
    <div>&#160;</div>
    <div style="text-align: justify;">THE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR ANY STATE SECURITIES LAW.&#160; NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE
      REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, REGISTRATION.</div>
    <div>&#160;</div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" class="BRPFPageNumber">C-2</font></div>
      <div class="BRPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify;">THE HOLDER OF THIS SECURITY BY ITS ACCEPTANCE HEREOF AGREES TO OFFER, SELL OR OTHERWISE TRANSFER SUCH SECURITY ONLY TO (1)(A) A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A "QUALIFIED INSTITUTIONAL BUYER" THAT IS A
      REGISTERED CLOSED-END MANAGEMENT INVESTMENT COMPANY, THE SHARES OF WHICH ARE TRADED ON A NATIONAL SECURITIES EXCHANGE, BANKS, INSURANCE COMPANIES OR REGISTERED OPEN-END MANAGEMENT INVESTMENT COMPANIES, IN EACH CASE, IN AN OFFER AND SALE MADE PURSUANT
      TO RULE 144A OR ANOTHER AVAILABLE EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT, IN A MANNER NOT INVOLVING ANY PUBLIC OFFERING WITHIN THE MEANING OF SECTION 4(a)(2) OF THE SECURITIES ACT;&#160; (B) A TENDER OPTION BOND TRUST (OR SIMILAR VEHICLE) IN
      WHICH ALL INVESTORS ARE PERSONS THE HOLDER REASONABLY BELIEVES ARE QUALIFIED INSTITUTIONAL BUYERS THAT ARE REGISTERED CLOSED-END MANAGEMENT INVESTMENT COMPANIES, THE SHARES OF WHICH ARE TRADED ON A NATIONAL SECURITIES EXCHANGE, BANKS, INSURANCE
      COMPANIES, OR REGISTERED OPEN-END MANAGEMENT INVESTMENT COMPANIES; OR (C) A PERSON THAT THE ISSUER OF THE SECURITY HAS APPROVED IN WRITING TO BE THE HOLDER OF THE SECURITY AND (2) UNLESS THE PRIOR WRITTEN CONSENT OF THE ISSUER OF THE SECURITY IS
      OBTAINED, NOT A PIMCO PERSON (AS DEFINED IN THE PURCHASE AGREEMENT, DATED APRIL 17, 2024, BETWEEN THE ISSUER OF THE SECURITY AND BANC OF AMERICA PREFERRED FUNDING CORPORATION), IF SUCH PIMCO PERSON WOULD, AFTER SUCH SALE AND TRANSFER, OWN MORE THAN
      20% OF THE OUTSTANDING RVMTP SHARES.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">7.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Transferee has such knowledge, sophistication and experience in business and financial matters so as to be capable of evaluating the merits and risks of the prospective investment in
      the Transferred Shares, and has so evaluated the merits and risks of such investment.&#160; The Transferee is able to bear the economic risk of an investment in the Transferred Shares and, at the present time, is able to afford a complete loss of such
      investment.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">8.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Transferee acknowledges that it has received a copy of the Purchase Agreement and Appendices thereto and agrees to abide by any obligations therein binding on a transferee of the
      RVMTP Shares and the confidentiality obligations therein with respect to information relating to the Fund as if it were the Transferor.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">9.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Transferee acknowledges that it has received a copy of the Registration Rights Agreement and agrees to abide by any obligations therein binding on a transferee of the RVMTP Shares.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">10.&#160;&#160;&#160;&#160;&#160; The Transferee acknowledges that it has been given the opportunity to obtain from the Fund the information referred to in Rule 144A(d)(4) under the Securities Act, and has either declined
      such opportunity or has received such information and has had access to and has reviewed all information, documents and records that it has deemed necessary in order to make an informed investment decision with respect to an investment in the
      Transferred Shares and that the Transferee understands the risk and other considerations relating to such investment.</div>
    <div>&#160;</div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" class="BRPFPageNumber">C-3</font></div>
      <div class="BRPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">11.&#160;&#160;&#160;&#160;&#160;&#160; The Transferee acknowledges that it has sole responsibility for its own due diligence investigation and its own investment decision relating to the Transferred Shares.&#160; The Transferee
      understands that any materials presented to the Transferee in connection with the purchase and sale of the Transferred Shares does not constitute legal, tax or investment advice from the Fund.&#160; The Transferee has consulted such legal, tax and
      investment advisors as it, in its sole discretion, has deemed necessary or appropriate in connection with the purchase of the Transferred Shares.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">12.&#160;&#160;&#160;&#160;&#160;&#160; The Transferee is not purchasing the Transferred Shares as a result of any advertisement, article, notice or other communication regarding the Transferred Shares published in, nor was it
      offered the Transferred Shares by, any newspaper, magazine or similar media or broadcast over television or radio or presented at any seminar or, to its knowledge, any other general solicitation or general advertisement.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">13.&#160;&#160;&#160;&#160;&#160;&#160; Other than consummating the purchase of the Transferred Shares, the Transferee has not directly or indirectly, nor has any person acting on behalf of or pursuant to any understanding with
      the Transferee, executed any other purchases of securities of the Fund which may be integrated with the proposed purchase of the Transferred Shares by the Transferee.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">14.&#160;&#160;&#160;&#160; The Transferee acknowledges that each of Transferor and the Fund and their respective affiliates and others will rely on the acknowledgments, representations and warranties contained in this
      Transferee's Certificate as a basis for exemption of the sale of the Transferred Shares under the Securities Act, under the securities laws of all applicable states, and for other purposes.&#160; The Transferee agrees to promptly notify the Fund and the
      Transferor if any of the acknowledgments, representations or warranties set forth herein are no longer accurate.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">15.&#160;&#160;&#160;&#160;&#160;&#160;&#160; This Transferee's Certificate shall be governed by and construed in accordance with the laws of the State of New York.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">16.&#160;&#160;&#160;&#160; &#160;&#160; If the Transferee is acquiring the Transferred Shares as a fiduciary or agent for one or more investor accounts, it represents that it has sole investment discretion with respect to each
      such account and that it has full power to make the foregoing acknowledgments, representations and agreements on behalf of each such account.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">17.&#160;&#160;&#160;&#160; &#160;&#160; The Transferee agrees to provide, together with this completed and signed Transferee's Certificate, a completed and signed IRS Form W-9, Form W-8 or successor form, as applicable.&#160; The
      Transferee agrees to provide, together with this completed and signed Transferee's Certificate or at a later date or dates as requested by the Fund, any other documentation, certifications or information requested by the Fund for the Fund to comply
      with the reporting requirements of the Foreign Account Tax Compliance Act, as codified in Sections 1471 through 1474 of the Internal Revenue Code of 1986, as amended, and any Treasury Regulations or other guidance issued thereunder ("FATCA").&#160; The
      Transferee understands that, if the Transferee fails to provide such documentation, certifications or information, the Fund may be required to withhold on payments to the Transferee, including payments of dividends or redemption proceeds, as required
      by FATCA.&#160; The Transferee further understands that the Fund may disclose information provided by the Transferee to the Internal Revenue Service or other parties as necessary to comply with FATCA.</div>
    <div>&#160;</div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" class="BRPFPageNumber">C-4</font></div>
      <div class="BRPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">18.&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Transferee certifies that it is (check a box):</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt;">&#9744; (1) an entity taxed as a corporation that (i) joins in filing a consolidated federal corporate income tax return with the Transferor, or (ii) is otherwise an affiliate of the Transferor and is
      taxed as a corporation (excluding any such entity that is taxed as a regulated investment company under Subchapter M of the Code), or (2) an entity that is a direct or indirect wholly-owned subsidiary of one or more of the entities described in
      clause (1) (each of the entities described in clauses (1) or (2), a "Corporate Affiliate"); or</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt;">&#9744; not a Corporate Affiliate.</div>
    <div>&#160;</div>
    <div style="text-align: center; margin-left: 36pt;">[Signature Page Follows.]</div>
    <div>&#160;</div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" class="BRPFPageNumber">C-5</font></div>
      <div class="BRPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify;">The undersigned has provided a completed and signed IRS Form W-9, Form W-8 or successor form, as applicable, and has caused this Transferee's Certificate to be executed by its duly authorized representative as of the
      date set forth below.</div>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" border="0" id="z0a2e23fc4cba41d98380dc234f5080f4" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

        <tr>
          <td style="width: 5%; vertical-align: top; padding-bottom: 2px;">
            <div>Date: <br>
            </div>
          </td>
          <td style="width: 30%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);"><br>
          </td>
          <td style="width: 15%; vertical-align: top; padding-bottom: 2px;"><br>
          </td>
          <td style="width: 50%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
        </tr>
        <tr>
          <td style="vertical-align: top;" colspan="3">&#160;</td>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="vertical-align: top;" colspan="3">&#160;</td>
          <td style="width: 50%; vertical-align: top;">
            <div style="text-align: justify;">Name of Transferee (use exact name in which Transferred Shares are to be registered):</div>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: top; padding-bottom: 2px;" colspan="3">&#160;</td>
          <td style="width: 50%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: justify;"><br>
            </div>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: top;" colspan="3">&#160;</td>
          <td style="width: 50%; vertical-align: top;">
            <div style="text-align: justify;"><br>
            </div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="vertical-align: top; padding-bottom: 2px;" colspan="3">&#160;</td>
          <td rowspan="1" style="width: 50%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="vertical-align: top;" colspan="3">&#160;</td>
          <td style="width: 50%; vertical-align: top;">
            <div style="text-align: justify;">Authorized Signature</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="vertical-align: top;" colspan="3">&#160;</td>
          <td rowspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="vertical-align: top; padding-bottom: 2px;" colspan="3">&#160;</td>
          <td style="width: 50%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: justify;"><br>
            </div>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: top;" colspan="3">&#160;</td>
          <td style="width: 50%; vertical-align: top;">
            <div style="text-align: justify;">Print Name and Title</div>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: top;" colspan="3" rowspan="1">&#160;</td>
          <td style="width: 50%; vertical-align: top;" rowspan="1">&#160;</td>
        </tr>
        <tr>
          <td style="vertical-align: top;" colspan="3">&#160;</td>
          <td style="width: 50%; vertical-align: top;">
            <div style="text-align: justify;">Address of Transferee for Registration of Transferred Shares:</div>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: top; padding-bottom: 2px;" colspan="3">&#160;</td>
          <td style="width: 50%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);"><br>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="vertical-align: top;" colspan="3">&#160;</td>
          <td rowspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="vertical-align: top; padding-bottom: 2px;" colspan="3">&#160;</td>
          <td style="width: 50%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);"><br>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="vertical-align: top;" colspan="3">&#160;</td>
          <td rowspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="vertical-align: top; padding-bottom: 2px;" colspan="3">&#160;</td>
          <td style="width: 50%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);"><br>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: top;" colspan="3">&#160;</td>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="vertical-align: top;" colspan="3">&#160;</td>
          <td style="width: 50%; vertical-align: top;">
            <div style="text-align: justify;">Transferee's taxpayer identification number:</div>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: top; padding-bottom: 2px;" colspan="3">&#160;</td>
          <td style="width: 50%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: justify;"><br>
            </div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;" class="BRPFPageNumber">C-6</font></div>
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    <div style="text-align: center; font-weight: bold;">EXHIBIT D</div>
    <div>&#160;</div>
    <div style="text-align: center; font-weight: bold;">INFORMATION TO BE PROVIDED BY THE ISSUER</div>
    <div>&#160;</div>
    <div style="text-align: justify;">
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          <tr>
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            <td style="width: 10%; border-bottom: 2px solid rgb(0, 0, 0);"><br>
            </td>
            <td style="width: 80%; padding-bottom: 2px;">&#160;</td>
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      </table>
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    <div>&#160;</div>
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        <tr>
          <td nowrap="nowrap" style="width: 10%; padding-bottom: 2px;">TOB Floaters: $</td>
          <td style="width: 10%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 80%; padding-bottom: 2px;">&#160;</td>
        </tr>

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        <tr>
          <td style="width: 14.19%; vertical-align: top;">
            <div style="text-align: center; font-weight: bold;">CUSIP</div>
          </td>
          <td style="width: 14.37%; vertical-align: top;">
            <div style="text-align: center; font-weight: bold;">Portfolio </div>
            <div style="text-align: center; font-weight: bold;">Name</div>
          </td>
          <td style="width: 14.99%; vertical-align: top;">
            <div style="text-align: center; font-weight: bold;">Description</div>
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            <div style="text-align: center; font-weight: bold;">Par Value</div>
          </td>
          <td style="width: 14.16%; vertical-align: top;">
            <div style="text-align: center; font-weight: bold;">Rating</div>
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          <td style="width: 15%; vertical-align: top;">
            <div style="text-align: center; font-weight: bold;">State</div>
          </td>
        </tr>
        <tr>
          <td style="width: 14.19%; vertical-align: top;" rowspan="1">&#160;</td>
          <td style="width: 14.37%; vertical-align: top;" rowspan="1">&#160;</td>
          <td style="width: 14.99%; vertical-align: top;" rowspan="1">&#160;</td>
          <td style="width: 14.24%; vertical-align: top;" rowspan="1">&#160;</td>
          <td style="width: 14.07%; vertical-align: top;" rowspan="1">&#160;</td>
          <td style="width: 14.16%; vertical-align: top;" rowspan="1">&#160;</td>
          <td style="width: 15%; vertical-align: top;" rowspan="1">&#160;</td>
        </tr>
        <tr>
          <td style="width: 14.19%; vertical-align: top;">
            <div style="text-align: center;">[&#9679;]</div>
          </td>
          <td style="width: 14.37%; vertical-align: top;">
            <div style="text-align: center;">[&#9679;]</div>
          </td>
          <td style="width: 14.99%; vertical-align: top;">
            <div style="text-align: center;">[&#9679;]</div>
          </td>
          <td style="width: 14.24%; vertical-align: top;">
            <div style="text-align: center;">[&#9679;]</div>
          </td>
          <td style="width: 14.07%; vertical-align: top;">
            <div style="text-align: center;">[&#9679;]</div>
          </td>
          <td style="width: 14.16%; vertical-align: top;">
            <div style="text-align: center;">[&#9679;]</div>
          </td>
          <td style="width: 15%; vertical-align: top;">
            <div style="text-align: center;">[&#9679;]</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div><br>
    </div>
    <div>
      <div style="text-align: center;">&#160;<font style="font-size: 8pt; color: rgb(0, 0, 0); font-weight: normal; font-style: normal;" class="BRPFPageNumber">D-1</font></div>
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.5
<SEQUENCE>6
<FILENAME>ef20027443_ex99-5.htm
<DESCRIPTION>EXHIBIT 99.5
<TEXT>
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    <title></title>
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         Document created using Broadridge PROfile 24.3.1.5224
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  <div>
    <div style="text-align: right; font-weight: bold;"> Exhibit 99.5<br>
    </div>
    <div style="text-align: center; font-weight: bold;"> <br>
    </div>
    <div style="text-align: center; font-weight: bold;">
      <div style="text-align: right; text-indent: 32.9pt; margin-left: 39.1pt; font-variant: small-caps;">Execution version</div>
      <br>
    </div>
    <div style="text-align: center; font-weight: bold;">REGISTRATION RIGHTS AGREEMENT</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">THIS REGISTRATION RIGHTS AGREEMENT (this "<font style="font-weight: bold;">Agreement</font>"), executed as of April 17, 2024, is made between PIMCO MUNICIPAL INCOME FUND II, a Massachusetts business
      trust, as issuer (the "Fund"), and BANC OF AMERICA PREFERRED FUNDING CORPORATION, a Delaware corporation, including its successors by merger or operation of law (and not merely by assignment of all or part of this Agreement (as defined below)) (the "<font style="font-weight: bold;">Shareholder</font>").</div>
    <div>&#160;</div>
    <div style="text-align: center; font-weight: bold;">RECITALS</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">A.&#160;&#160;&#160;&#160;&#160;&#160; &#160; &#160; As of the date hereof, the Shareholder holds 2,530 RVMTP Shares issued by the Fund; and</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">B.&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160; The Fund and the Shareholder have entered into that certain RVMTP Purchase Agreement dated as of April 17, 2024 (the "<font style="font-weight: bold;">Purchase Agreement</font>"),
      regarding the purchase of the RVMTP Shares of the Fund and certain other rights and obligations of the parties thereto as set forth therein.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="color: rgb(0, 0, 0);">NOW THEREFORE, </font>the Parties hereby agree to enter into this Agreement to provide for certain registration rights as follows<font style="color: rgb(0, 0, 0);">:</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold;">1.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160; <font style="font-weight: bold;">Certain Definitions</font>.&#160; As used in this Agreement, the following terms have the following respective
      meanings:</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt;">"<font style="font-weight: bold;">Affiliate</font>" means, with respect to any Person, any other Person directly or indirectly Controlling, Controlled by, or under common Control with such Person
      (including any subsidiary) and "<font style="font-weight: bold;">Affiliates</font>" shall have correlative meaning.&#160; For the purpose of this definition, the term "<font style="font-weight: bold;">Control</font>" (including with correlative meanings,
      the terms "<font style="font-weight: bold;">Controlling</font>", "<font style="font-weight: bold;">Controlled by</font>" and<font style="font-weight: bold;">&#160;</font>"<font style="font-weight: bold;">under common Control with</font>"), as used with
      respect to any Person, shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such Person, whether through the ownership of voting securities or by contract or otherwise.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt;">"<font style="font-weight: bold;">Agreement</font>" has the meaning set forth in the preamble to this Agreement.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt;">"<font style="font-weight: bold;">Blue Sky</font>" means the statutes of any state regulating the sale of corporate securities within that state.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt;">"<font style="font-weight: bold;">Board</font>" means the board of Trustees of the Fund or any duly authorized committee thereof.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt;">"<font style="font-weight: bold;">Business Day</font>" has the meaning set forth in the Statement.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt;">"<font style="font-weight: bold;">Commission</font>" means the United States Securities and Exchange Commission.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt;">"<font style="font-weight: bold;">Demand Registration</font>" has the meaning set forth in Section 3.1 of this Agreement.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt;">"<font style="font-weight: bold;">Designated Representative</font>" has the meaning set forth in Section 6(i)(v) of this Agreement.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt;">"<font style="font-weight: bold;">Effective Date</font>" means the date of this Agreement.</div>
    <div>&#160;</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">1</font></div>
      <div style="page-break-after: always;" class="BRPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; text-indent: 72pt;">"<font style="font-weight: bold;">Effective Time</font>" has the meaning set forth in the definition of "Registration Statement" in Section 1 of this Agreement.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt;">"<font style="font-weight: bold;">FINRA</font>" shall mean the Financial Industry Regulatory Authority or any successor.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt;">"<font style="font-weight: bold;">Form N-2</font>" means such form under the Securities Act (as defined herein) as in effect on the date hereof or any successor registration form under the Securities
      Act subsequently adopted by the Commission.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt;">"<font style="font-weight: bold;">Fund</font>" has the meaning set forth in the preamble to this Agreement.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt;">"<font style="font-weight: bold;">Fund Indemnified Persons</font>" means, the Fund and its affiliates and trustees, officers, partners, employees, agents (including the Investment Adviser and
      Distributor, as defined in the Fund's Registration Statement), representatives and control persons, entitled to indemnification by the Holders under Section 7 of this Agreement.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt;">"<font style="font-weight: bold;">Fund Losses</font>" has the meaning set forth in Section 7.2 of this Agreement.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt;">"<font style="font-weight: bold;">Holder</font>" means the Shareholder and any Permitted Transferees of the Shareholder entitled to the rights, and bound by the obligations under this Agreement, in
      accordance with Section 8.11 of this Agreement.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt;">"<font style="font-weight: bold;">Holder Indemnified Persons</font>" means, with respect to each Holder, such Holder and its affiliates and trustees, officers, partners, employees, agents,
      representatives and control persons, entitled to indemnification by the Fund under Section 7 of this Agreement.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt;">"<font style="font-weight: bold;">Holder Losses</font>" has the meaning set forth in Section 7.1 of this Agreement.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt;">"<font style="font-weight: bold;">Indemnified Party</font>" has the meaning set forth in Section 7.3 of this Agreement.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt;">"<font style="font-weight: bold;">Indemnifying Party</font>" has the meaning set forth in Section 7.3 of this Agreement.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt;">"<font style="font-weight: bold;">Initiating Holder</font>" has the meaning set forth in Section 3.1 of this Agreement.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt;">"<font style="font-weight: bold;">Investment Adviser</font>" means Pacific Investment Management Company LLC, a Delaware limited liability company, or any successor company or entity thereto, and any
      successor investment adviser to the Fund, including, as appropriate, any sub-adviser duly appointed by the Investment Adviser.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt;">"<font style="font-weight: bold;">Majority Holders</font>" means the Holder(s) of more than 50% of the Outstanding RVMTP Shares.</div>
    <div>&#160;</div>
    <div style="text-align: justify; margin-left: 72pt;">"<font style="font-weight: bold;">Outstanding</font>" has the meaning set forth in the Statement.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt;">"<font style="font-weight: bold;">Parties</font>" means collectively the Fund, the Shareholder and any Permitted Transferee who becomes a party to this Agreement.&#160; Each of the Parties shall be
      referred to as a "<font style="font-weight: bold;">Party</font>."</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt;"><font style="color: rgb(0, 0, 0);">"</font><font style="font-weight: bold; color: rgb(0, 0, 0);">Permitted Transferee</font><font style="color: rgb(0, 0, 0);">" means, on any date </font>prior to
      the RVMTP Shares having been registered under the Securities Act, <font style="color: rgb(0, 0, 0);">any Person permitted to be a Holder of RVMTP Shares pursuant to Section 2.19 of the </font>Statement and Section 2.1(b) of the Purchase Agreement
      to which RVMTP Shares are transferred in compliance with Section 8.11 of this Agreement.</div>
    <div>&#160;</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">2</font></div>
      <div style="page-break-after: always;" class="BRPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; text-indent: 72pt;">"<font style="font-weight: bold;">Person</font>" means and includes an individual, a partnership, the Fund, a trust, a corporation, a limited liability company, an unincorporated association, a joint
      venture or other entity or a government or any agency or political subdivision thereof.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt;">"<font style="font-weight: bold;">PIMCO Persons</font>" means the Investment Adviser and affiliated persons of the Investment Adviser&#160; (as defined in Section 2(a)(3) of the 1940 Act).</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt;">"<font style="font-weight: bold;">Prospectus</font>" shall mean the final prospectus (including the statement of additional information incorporated therein by reference) as filed by the Fund with
      the Commission (i) pursuant to Rule 424(b) under the Securities Act on or before the second Business Day after the earlier of the date of the determination of the offering price or the date it is first used after effectiveness in connection with a
      Public Offering or sales (or such other time as may be required under the Securities Act) or (ii) pursuant to Rule 424(b) under the Securities Act on or before the fifth Business Day after the effective date of a registration statement or the
      commencement of a public offering after the effective date of a registration statement, whichever occurs later (or such earlier time as may be required under the Securities Act), or, if no such filing is required, the final prospectus (including the
      final statement of additional information) included in the Registration Statement at the Effective Time.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt;">"<font style="font-weight: bold;">Public Offering</font>" means an offering of Registrable Securities pursuant to an effective registration statement under the U.S. Securities Act of 1933, as
      amended.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt;"><font style="color: rgb(0, 0, 0);">"</font><font style="font-weight: bold; color: rgb(0, 0, 0);">Purchase Agreement</font><font style="color: rgb(0, 0, 0);">" has </font>the<font style="color: rgb(0, 0, 0);"> meaning set forth in the recitals to this Agreement.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt;"><font style="color: rgb(0, 0, 0);">"</font><font style="font-weight: bold; color: rgb(0, 0, 0);">Registration</font><font style="color: rgb(0, 0, 0);">" means a registration effected by preparing and
        filing a Registration Statement and the declaration or </font>ordering<font style="color: rgb(0, 0, 0);"> of the effectiveness of that Registration Statement, and the terms "</font><font style="font-weight: bold; color: rgb(0, 0, 0);">Register</font><font style="color: rgb(0, 0, 0);">" and "</font><font style="font-weight: bold; color: rgb(0, 0, 0);">Registered</font><font style="color: rgb(0, 0, 0);">" have meanings correlative with the foregoing.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt;">"<font style="font-weight: bold;">Registrable Securities</font>" means (i) RVMTP Shares owned by the Shareholder or any Permitted Transferee, and (ii) RVMTP Shares or any other securities of the Fund
      issued as a dividend or other distribution with respect to, or in exchange for, or in replacement of, the RVMTP Shares referred to in clause (i).</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt;">"<font style="font-weight: bold;">Registration Expenses</font>" means all expenses incurred by the Fund in complying with Section 3 of this Agreement, including, without limitation, all Registration,
      qualification, and filing fees, printing expenses, fees and disbursements of counsel for the Fund, reasonable fees and disbursements of one special counsel for all Holders (if different from counsels to the Fund) up to an amount not to exceed
      U.S.$25,000, Blue Sky fees and expenses, the expense of any reasonably necessary special audits or comfort letters incident to or required by a Registration and the reasonable costs and expenses of attending domestic road show presentations.&#160;
      Registration Expenses do not include any underwriting discounts or commissions or any fees or expenses of counsel to the Holders referenced above in excess of U.S.$25,000.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt;">"<font style="font-weight: bold;">Registration Statement</font>" means a registration statement, as amended at the time of such registration statement's effectiveness for purposes of Section 11 of
      the Securities Act, (the "Effective Time"), including (i) all documents filed as a part thereof or incorporated by reference therein, (ii) any information contained in a prospectus subsequently filed with the Commission pursuant to Rule 424(b) under
      the Securities Act and deemed to be part of the registration statement at the Effective Time, and (iii) any registration statement filed to register the offer and sale of RVMTP Shares pursuant to Rule 462(b) under the Securities Act.</div>
    <div>&#160;</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">3</font></div>
      <div style="page-break-after: always;" class="BRPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; text-indent: 72pt;">"<font style="font-weight: bold;">RVMTP Shares</font>" means the remarketable variable rate munifund term preferred shares Series 2054 of the Fund, with par value of U.S.$0.00001 per share and a
      liquidation preference of U.S.$100,000 per share.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt;">"<font style="font-weight: bold;">Securities Act</font>" means the United States Securities Act of 1933, as amended, and the rules and regulations of the Commission promulgated thereunder, all as
      from time to time in effect.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt;"><font style="color: rgb(0, 0, 0);">"</font><font style="font-weight: bold; color: rgb(0, 0, 0);">Shareholder</font><font style="color: rgb(0, 0, 0);">" has the meaning </font>set<font style="color: rgb(0, 0, 0);"> forth in the preamble to this Agreement.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt;">"<font style="font-weight: bold;">Statement</font>" means the Statement Establishing and Fixing the Rights and Preferences of the Series 2054 RVMTP Shares, as the same may be amended, restated,
      supplemented or otherwise modified from time to time in accordance with the terms thereof and hereof.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt;">"<font style="font-weight: bold;">Underwriters' Representative</font>" has the meaning set forth in Section 3.3(b) of this Agreement.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt;">"<font style="font-weight: bold;">U.S.$</font>" or "<font style="font-weight: bold;">USD</font>" means United States dollars.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold;">2.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-weight: bold;">Registration Rights; Applicability of Rights.</font>&#160; The Holders shall be entitled to the rights with respect to
      the registration of the Registrable Securities set forth in this Agreement.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold;">3.</font>&#160;&#160;&#160; &#160; &#160;&#160;&#160;&#160; <font style="font-weight: bold;">Demand Registration.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt;">3.1. <font style="font-style: italic;">Request for Registration</font>.&#160; If the Fund receives from the Majority Holders (referred to as the "<font style="font-weight: bold;">Initiating Holder(s)</font>")
      a request in writing that the Fund effect any Registration with respect to the Registrable Securities, subject to the terms of this Agreement, the Fund shall (i) within ten (10) days of receipt of such written request, give written notice of the
      proposed Registration to all other Holders, and (ii) as soon as practicable, use its commercially reasonable best efforts to file a Registration Statement with respect to those Registrable Securities ("<font style="font-weight: bold;">Demand
        Registration</font>") which the Fund has been so requested to register, together with all other Registrable Securities which the Fund has been requested to register by Holders thereof by written request given to the Fund within fifteen (15) days
      after receiving written notice from the Fund, subject to the limitations of this Section 3.&#160; The Fund shall not be obligated to take any action to effect any Registration pursuant to this Section 3.1 after the Fund has effected one Registration
      pursuant to this Section 3.1 and such Registration has been declared or ordered effective (and has not been subject to a "stop order" of the Commission).&#160; The substantive provisions of Section 3.3 shall be applicable to any Registration initiated
      under this Section 3.1.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt;">3.2. <font style="font-style: italic;">Right of Deferral</font>.&#160; Notwithstanding the foregoing, the Fund shall not be obligated to file a Registration Statement pursuant to this Section 3 or take
      any action pursuant to Section 6 if the Fund furnishes to those Holders a certificate signed by the president or chairman of the Board of the Fund stating that in the good faith judgment of the Board it would be materially detrimental to the Fund or
      its shareholders for a Registration Statement to be filed in the near future.&#160; In such event, the Fund's obligation to use its commercially reasonable best efforts to file a Registration Statement shall be deferred for a period not to exceed 90 days
      from the receipt of the request to file the registration by that Holder; <font style="font-style: italic;">provided</font>, that the Fund shall not exercise the right to delay a request contained in this Section 3.2 more than once in any 12 month
      period, and <font style="font-style: italic;">provided further</font>, that during such 90 day period, the Fund shall not file a Registration Statement with respect to any preferred shares of the Fund except as otherwise may be agreed in writing by
      the Parties; and provided further, that notwithstanding anything to the contrary contained herein, the Fund shall not be required to file a Registration Statement at any time when the Fund reasonably believes upon the advice of counsel that doing so
      would violate applicable law or the rules and regulations of the Securities and Exchange Commission or other regulatory entity.</div>
    <div>&#160;</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">4</font></div>
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    </div>
    <div style="text-indent: 72pt;">3.3. <font style="font-style: italic;">Underwriting in Demand Registration</font>.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-style: italic;">Notice of Underwriting</font>.&#160; If the Initiating Holder(s) intend to distribute the Registrable Securities covered by their request
      by means of an underwriting, they shall so advise the Fund as a part of their request made pursuant to this Section 3, and the Fund shall include that information in the written notice referred to in Section 3.1 of this Agreement.&#160; The right of any
      Holder to have their Registrable Securities included in a Registration pursuant to this Section 3 shall be conditioned upon such Holder's agreement to participate in the underwriting and the inclusion of that Holder's Registrable Securities in the
      underwriting to the extent provided herein.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-style: italic;">Selection of Underwriter in Demand Registration</font>.&#160; The Fund shall (together with all Holders proposing to distribute their
      securities through the underwriting) enter into an underwriting agreement in customary form for an underwritten offering made solely by selling shareholders with the underwriter or, if more than one, the lead underwriter acting as the representative
      of the underwriters (the "<font style="font-weight: bold;">Underwriters' Representative</font>") selected for the underwriting by the Initiating Holder and with the consent of the Fund, not to be unreasonably withheld.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-style: italic;">Marketing Limitation in Demand Registration</font>.&#160; Notwithstanding any other provision of this Section 3, in the event the
      Underwriters' Representative advises the Fund in writing that market factors (including, without limitation, the aggregate number of RVMTP Shares requested to be Registered, the general condition of the market, and/or the status of the Persons
      proposing to sell securities pursuant to the Registration) require a limitation of the number of shares to be underwritten, then the Fund shall so advise all Holders of Registrable Securities that would otherwise be underwritten pursuant hereto, and
      the number of shares of Registrable Securities that may be included in the Registration and underwriting shall be allocated among all Holders of such Registrable Securities on a pro rata basis based on the number of Registrable Securities requested
      to be included in the Registration by all such selling Holders (including the Initiating Holder(s)); <font style="font-style: italic;">provided, however</font>, that the number of Registrable Securities to be included in any such underwriting held
      by Holders shall not be reduced unless all other securities of the Fund, its Affiliates and PIMCO Persons are first entirely excluded from the underwriting.&#160; Unless the prior written consent of the Majority Holders has been obtained, the number of
      the Registrable Securities included in any such underwriting shall not be reduced to less than 90% of the number of the Registrable Securities requested to be included.&#160; Any Registrable Securities or other securities excluded from the underwriting by
      reason of this Section 3.3(c) shall be withdrawn from the Registration.&#160; To facilitate the allocation of shares in accordance with the foregoing, the Fund or the underwriters may round the number of shares allocated to any Holder to the nearest one
      share.</div>
    <div>&#160;</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">5</font></div>
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    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-style: italic;">Right of Withdrawal in Demand Registration</font>.&#160; If any Holder of Registrable Securities (other than the Initiating Holder(s))
      disapproves of the terms of the underwriting, such Holder may elect to withdraw therefrom by written notice to the Fund and the Underwriters' Representative proposing to distribute their securities through the underwriting, delivered at least twenty
      (20) days prior to the effective date of the Registration Statement.&#160; If any Initiating Holder elects to withdraw, such withdrawal shall be conditioned on the payment by such withdrawing Initiating Holder to the Fund of the Registration Expenses
      incurred in connection with such withdrawal (which Registration Expenses are to be calculated on a per share basis according to the total Registration Expenses then incurred and the total number of Registrable Securities and, once calculated, such
      allocation of the Registration Expenses to the withdrawal to be made proportionally based on the number of withdrawn securities to the total number of Registrable Securities).&#160; Such payment obligation shall be allocated severally among the
      withdrawing Initiating Holders (such allocation to be made proportionally among the withdrawing Initiating Holders based on the number of withdrawn securities held by each of such holders and the total number of withdrawn securities held by all
      withdrawing Initiating Holders), and the payment shall be made within thirty (30) days after the delivery to the withdrawing Initiating Holders of an invoice stating such Registration Expense in reasonable detail.&#160; The securities so withdrawn shall
      also be withdrawn from the Registration Statement.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold;">4.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold;">Expenses of Registration</font>.&#160; All Registration Expenses incurred in connection with any Registration pursuant
      to Section 3.1 shall be borne by the Fund.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold;">5.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold;">Assignability of Registration Rights; Termination of Registration Rights; Limitation on Subsequent Registration
        Rights</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt;">5.1.&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-style: italic;">Assignability of Registration Rights.</font>&#160; Except as provided in Section 8.11, no Party may assign, delegate or otherwise transfer any of its rights
      or obligations under this Agreement without the written consent of the other Party to this Agreement.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt;">5.2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-style: italic;">Termination of Registration Rights. </font> The rights to cause the Fund to register Registrable Securities granted under Section 3 of this Agreement
      and to receive notices pursuant to Section 3 of this Agreement, shall terminate on the earliest of (i) the date that is twelve (12) months prior to the then current Term Redemption Date or Early Term Redemption Date (each as defined in the Statement
      and as each definition may be amended therein from time to time), (ii) a notice of redemption having been issued by the Fund under the Statement for the redemption of all of the Registrable Securities unless a Redemption Default (as defined in the
      Statement) has occurred and remains outstanding, or the repurchase by the Fund (including by exchange of securities) and cancellation of all of the Registrable Securities and (iii) the date a Demand Registration has been effected and the Registrable
      Securities have been sold or otherwise disposed of in accordance with the plan of distribution set forth in the Registration Statement and Prospectus relating thereto or all Holders have withdrawn from the Demand Registration.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold;">6.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold;">Registration Procedures and Obligations</font>.&#160; Whenever required under this Agreement to effect the Registration
      of any Registrable Securities pursuant to Section 3.1, the Fund shall, as soon as practicable, use commercially reasonable best efforts to:</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(a)&#160;&#160;&#160;&#160;&#160; &#160; &#160;&#160; (i) prepare and file a Registration Statement with the Commission which (x) shall be on Form N-2, if available, (y) shall be available for the sale or exchange of the
      Registrable Securities in accordance with the intended method or methods of distribution by the selling Holders thereof, and (z) shall comply as to form with the requirements of the applicable form and include all financial statements required by the
      Commission to be filed therewith and all other information reasonably requested by the Underwriters' Representative to be included therein relating to the underwriters and plan of distribution for the Registrable Securities, (ii) cause such
      Registration Statement to become effective and remain effective for up to 90 days or, if earlier, until the Holder or Holders have completed the distribution thereto or withdrawn from such plan of distribution, (iii) cause each Registration
      Statement, as of the effective date of such Registration Statement, (x) to comply in all material respects with any requirements of the Securities Act and (y) not to contain any untrue statement of a material fact or omit to state a material fact
      required to be stated therein or necessary to make the statements therein not misleading and (iv) cause each Prospectus, as of the date thereof, (x) to comply in all material respects with any requirements of the Securities Act and (y) not to contain
      any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading;</div>
    <div>&#160;</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">6</font></div>
      <div style="page-break-after: always;" class="BRPFPageBreak">
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    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; subject to Section 6(a), prepare and file with the Commission such amendments and post-effective amendments to such Registration Statement as may be necessary to keep
      such Registration Statement effective for the applicable period set forth in Section 6(a)(ii); cause each such Prospectus to be supplemented by any required prospectus supplement, and as so supplemented to be filed pursuant to applicable rules under
      the Securities Act; and comply with the provisions of the Securities Act with respect to the disposition of all Registrable Securities covered by such Registration Statement during the applicable period set forth in Section 6(a)(ii) in accordance
      with the intended method or methods of distribution by the selling Holders thereof, as set forth in such registration statement;</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;furnish to each Holder for which the Registrable Securities are being registered and to each underwriter of an underwritten offering of the Registrable Securities, if
      any, without charge, as many copies of each Prospectus, including, without limitation, each preliminary Prospectus, and any amendments or supplements thereto and such other documents as such Holder or underwriter may reasonably request in order to
      facilitate the public sale or other disposition of the Registrable Securities; the Fund hereby consents to the use of the Prospectus, including, without limitation, each preliminary Prospectus, by each Holder for which the Registrable Securities are
      being registered and each underwriter of an underwritten Public Offering of the Registrable Securities, if any, in connection with the offering and sale of the Registrable Securities covered by the Prospectus or the preliminary Prospectus, as
      applicable;</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(i) use its commercially reasonable best efforts to register or qualify the Registrable Securities, no later than the time the applicable Registration Statement is
      declared effective by the Commission, under all applicable state securities or Blue Sky laws of such United States jurisdictions as the Underwriters' Representative, if any, or any Holder having Registrable Securities covered by a Registration
      Statement, shall reasonably request; (ii) use its commercially reasonable best efforts to keep each such registration or qualification effective during the period such Registration Statement is required to be kept effective; and (iii) do any and all
      other acts and things which may be reasonably necessary or advisable to enable each underwriter, if any, and any such Holder to consummate the disposition in each such jurisdiction of such Registrable Securities the registration of which such Holder
      is requesting; <font style="font-style: italic;">provided</font>, <font style="font-style: italic;">however</font>, that the Fund shall not be obligated to qualify to do business or to a file a general consent to service of process in any such
      state or jurisdiction, unless the Fund is already subject to service in such jurisdiction and except as may be required by the Securities Act;</div>
    <div>&#160;</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">7</font></div>
      <div style="page-break-after: always;" class="BRPFPageBreak">
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    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; notify each Holder for which the Registrable Securities are being registered promptly, and, if requested by such Holder, confirm such advice in writing, (i) when such
      Registration Statement has become effective and when any post-effective amendments and supplements thereto become effective, (ii) of the issuance by the Commission or any state securities authority of any stop order, injunction or other order or
      requirement suspending the effectiveness of such Registration Statement or the initiation of any proceedings for that purpose, (iii) if, between the effective date of such Registration Statement and the closing of any sale of Registrable Securities
      covered thereby pursuant to any agreement to which the Fund is a party relating to such sale, the representations and warranties of the Fund contained in such agreement cease to be true and correct in all material respects or if the Fund receives any
      notification with respect to the suspension of the qualification of the Registrable Securities for sale in any jurisdiction or the initiation of any proceeding for such purpose, and (iv) of the happening of any event during the period such
      Registration Statement is effective as a result of which such Registration Statement or the related Prospectus contains any untrue statement of a material fact or omits to state any material fact required to be stated therein or necessary to make the
      statements therein, in light of the circumstances under which they were made, not misleading;</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(f)&#160;&#160;&#160;&#160;&#160;&#160;&#160; furnish to a designated single counsel representing all of the underwriters, if any, and for the Holders for which the Registrable Securities are being registered,
      copies of any request by the Commission or any state securities authority for amendments or supplements to a Registration Statement and Prospectus or for additional information;</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(g)&#160;&#160;&#160;&#160;&#160;&#160;&#160; use its commercially reasonable best efforts to obtain the withdrawal of any order suspending the effectiveness of a Registration Statement at the earliest possible
      time;</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(h)&#160;&#160;&#160;&#160;&#160;&#160;&#160; upon the occurrence of any event contemplated by paragraph (e)(iv) of this Section, use commercially reasonable best efforts to prepare a supplement or post-effective
      amendment to such Registration Statement or the related Prospectus, or any document incorporated therein by reference, or file any other required document so that, as thereafter delivered to the purchasers of the Registrable Securities, such
      Prospectus will not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not
      misleading;</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(i)&#160;&#160; &#160; &#160;&#160;&#160;&#160;&#160; with respect to each requirement in this Section 6(i), in a form reasonably satisfactory to the Fund's legal counsel, enter into customary agreements (including, in
      the case of an underwritten Public Offering, underwriting agreements in customary form for sales only by selling shareholders, and including provisions with respect to indemnification and contribution in customary form and consistent with the
      provisions relating to indemnification and contribution contained herein) and take all other customary and appropriate actions that are commercially reasonable in order to expedite or facilitate the disposition of such Registrable Securities in
      accordance with the plan of distribution set forth in the Registration Statement and the Prospectus, and in connection therewith:</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;in the case of any underwritten Public Offering, make such representations and warranties to (x) the underwriters and (y) insofar as they relate to the nature and the
      validity of the offering, the selling Holders of such Registrable Securities, in form, substance and scope as are customarily made by issuers to underwriters in similar underwritten offerings;</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160; in the case of any underwritten Public Offering, obtain opinions of counsel to the Fund and updates thereof addressed to (x) the underwriters and (y) insofar as they
      relate to the nature and the validity of the offering, each selling Holder, covering the matters customarily covered in opinions requested in similar underwritten offerings and such other matters as may be reasonably requested by underwriters and
      such Holders (and which opinions (in form, scope and substance) shall be reasonably satisfactory to the Underwriters' Representative, and, if addressed to the selling Holders pursuant to clause (y), the Majority Holders of the Registrable Securities
      being sold);</div>
    <div>&#160;</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">8</font></div>
      <div style="page-break-after: always;" class="BRPFPageBreak">
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    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt;">(iii)&#160;&#160;&#160;&#160;&#160;&#160;&#160; in the case of any underwritten Public Offering, obtain "comfort" letters or "agreed-upon procedures" letters and updates thereof from the Fund's independent certified
      public accountants addressed to the selling Holders of the Registrable Securities, if permissible, and underwriters, which letters shall be customary in form and shall cover matters of the type customarily covered in such letters to underwriters and
      such Holders in connection with firm commitment underwritten offerings;</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt;">(iv)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; to the extent requested and customary for the relevant transaction, enter into a securities sales agreement with the selling Holders providing for, among other things,
      the appointment of such representative as agent for the selling Holders for the purpose of soliciting purchases of the Registrable Securities, which agreement shall be customary in form, substance and scope and shall contain customary
      representations, warranties and covenants relating to the nature and validity of the offering; and</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 72pt;">(v)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;deliver such customary documents and certificates as may be reasonably requested by a designated representative of the Majority Holders of the Registrable Securities
      being sold (the "<font style="font-weight: bold;">Designated Representative</font>") or by the Underwriters' Representative, if any;</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(j)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;make available for inspection by the Designated Representative and by any underwriters participating in any disposition pursuant to such Registration Statement and a
      single counsel or accountant retained by such Holders or by counsel to such underwriters, all relevant financial and other records, pertinent corporate documents and properties of the Fund that are customarily requested and cause the respective
      officers, trustees and employees of the Fund to supply all information reasonably requested by such Designated Representative, underwriter, counsel or accountant in connection with such Registration Statement;</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(k)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;within a reasonable time prior to the filing of any Registration Statement, any Prospectus, any amendment to a Registration Statement or amendment or supplement to a
      Prospectus, provide copies of such document to the selling Holders of the Registrable Securities and to counsel to such Holders and to the underwriter or underwriters of a underwritten Public Offering of the Registrable Securities, if any; fairly
      consider such reasonable changes in any such document prior to or after the filing thereof as the counsel to the Holders or the underwriter or the underwriters may request and not file any such document in a form to which the Majority Holders of the
      Registrable Securities being registered or any Underwriters' Representative shall reasonably object unless required by law; and make such of the representatives of the Fund as shall be reasonably requested by the Designated Representative or the
      Underwriters' Representative available for discussion of such document;</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(l)&#160; &#160;&#160; &#160;&#160; otherwise use its commercially reasonable best efforts to comply with all applicable rules and regulations of the Commission, including making available to its security
      holders an earnings statement covering at least 12 months which shall satisfy the provisions of the Securities Act and the rules thereunder;</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(m)&#160;&#160;&#160;&#160;&#160; cooperate and assist in any filings required to be made with FINRA and in the performance of any due diligence investigation by any underwriter in an underwritten
      offering; and</div>
    <div>&#160;</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">9</font></div>
      <div style="page-break-after: always;" class="BRPFPageBreak">
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    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt;">(n)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;use its commercially reasonable best efforts to facilitate the distribution and sale of any Registrable Securities to be offered pursuant to this Agreement, including
      without limitation by participating in domestic road show presentations, holding meetings with potential investors and taking such other actions as shall be reasonably requested by the Designated Representative or the lead managing underwriter of an
      underwritten offering.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt;">Each selling Holder of the Registrable Securities as to which any Registration is being effected pursuant to this Agreement agrees, as a condition to the Registration obligations with respect to such
      Holder provided herein, to furnish to the Fund such information regarding such Holder required to be included in the Registration Statement, the ownership of the Registrable Securities by such Holder (including information on the Persons having
      voting and dispositive control thereof) and the proposed distribution by such Holder of such Registrable Securities as the Fund may from time to time reasonably request in writing.&#160; Each selling Holder of the Registrable Securities as to which any
      Registration is being effected pursuant to this Agreement also agrees, as a condition to the Registration obligations with respect to such Holder provided herein, to suspend use of any Prospectus (a) if it has received the notification contemplated
      by Section 6(e)(iv) until such time as the Fund notifies such Holder that it has complied with Section 6(h) above or (b) if the Fund exercises its right of deferral under Section 3.2 hereof.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold;">7.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-weight: bold;">Indemnification</font>.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt;">7.1.&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-style: italic;">Fund's Indemnification of Holders</font>.&#160; The Fund agrees to indemnify and hold harmless each Holder and each other Holder Indemnified Person from and
      against any losses, claims, damages, liabilities or reasonable out-of-pocket expenses incurred by them (including reasonable fees and disbursements of outside counsel) ("<font style="font-weight: bold;">Holder Losses</font>") which are related to or
      arise out of <font style="color: rgb(0, 0, 0);">any untrue or alleged untrue statement of a material fact contained in a Registration Statement, any Prospectus or in any amendment or supplement thereto, or arise out of or relate to any omission or
        alleged omission of a material fact required to be stated therein or necessary to make the statements therein (in the case of any Prospectus or supplement thereto, in light of the circumstances under which they were made) not misleading, except to
        the extent, but only to the extent, that (i) such untrue statements or omissions are based solely upon information regarding such Holder or its Affiliates furnished in writing to the Fund by such Holder expressly for use therein, or to the extent
        that such information relates to such Holder or its Affiliates, or such Holder's proposed method of distribution of Registrable Securities and was reviewed and expressly approved in writing by such Holder expressly for use in a Registration
        Statement, such Prospectus or in any amendment or supplement thereto or (ii) in the case of an occurrence of an event of the type specified in Section 6(e)(iv), the use by such Holder of an outdated, defective or otherwise unavailable Prospectus
        after the Fund has notified such Holder in writing that the Prospectus is unavailable for use by such Holder and prior to the receipt by such Holder of a notice that the Fund has complied with Section 6(h) above or (iii) such Holder Losses were
        incurred in connection with any offer and sale made during a period when the Fund has exercised its right of deferral pursuant to Section 3.2 above.</font></div>
    <div>&#160;</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">10</font></div>
      <div style="page-break-after: always;" class="BRPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; text-indent: 72pt;">7.2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-style: italic;">Holders' Indemnification of Fund</font>.&#160; Each Holder, severally and not jointly, agrees to indemnify and hold harmless the Fund and each other Fund
      Indemnified Person from and against any losses, claims, damages, liabilities or expenses incurred by them (including reasonable fees and disbursements of outside counsel) ("<font style="font-weight: bold;">Fund Losses</font>") which are related to or
      arise out of <font style="color: rgb(0, 0, 0);">any untrue or alleged untrue statement of a material fact contained in a Registration Statement, any Prospectus or in any amendment or supplement thereto, or arise out of or relate to any omission or
        alleged omission of a material fact required to be stated therein or necessary to make the statements therein (in the case of any Prospectus or supplement thereto, in light of the circumstances under which they were made) not misleading, to the
        extent, but only to the extent, that (A) such untrue statements or omissions are based solely upon information regarding such Holder or its Affiliates furnished in writing to the Fund by such Holder expressly for use therein, or to the extent that
        such information relates to such Holder or its Affiliates or such Holder's proposed method of distribution of Registrable Securities and was reviewed and expressly approved in writing by such Holder expressly for use in a Registration Statement,
        such Prospectus or in any amendment or supplement thereto; (B) in the case of an occurrence of an event of the type specified in Section 6(e)(iv), the use by such Holder of an outdated, defective or otherwise unavailable Prospectus after the Fund
        has notified such Holder in writing that the Prospectus is unavailable for use by such Holder and prior to the receipt by such Holder of a notice that the Fund has complied with Section 6(h) above or (C) such Fund Losses were incurred in connection
        with any offer and sale made during a period when the Fund has exercised its right of deferral pursuant to Section 3.2 above.&#160; In no event shall the liability of any selling Holder under this Section 7.2 be greater in amount than the dollar amount
        of the net proceeds received by such Holder upon the sale of the Registrable Securities giving rise to such indemnification obligation, except in the case of fraud or willful misconduct.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt;">7.3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-style: italic;">Indemnification Procedure</font>.&#160; If any action, suit, proceeding or investigation shall be brought or asserted against any Person entitled to
      indemnity hereunder (the "<font style="font-weight: bold;">Indemnified Party</font>"), such Indemnified Party shall notify the Person from whom indemnity is sought (the "<font style="font-weight: bold;">Indemnifying Party</font>") in writing with
      reasonable promptness; <font style="font-style: italic;">provided</font>, <font style="font-style: italic;">however</font>, that any failure by an Indemnified Party to notify the Indemnifying Party shall not relieve the Indemnifying Party from its
      obligations hereunder (except to the extent that the Indemnifying Party is materially prejudiced by such failure to promptly notify).&#160; The Indemnifying Party shall be entitled to assume the defense of any such action, suit, proceeding or
      investigation, including the employment of counsel reasonably satisfactory to the Indemnified Party.&#160; The Indemnified Party shall have the right to separate counsel of its own choice to represent it, but the fees and expenses of such counsel shall be
      at the expense of such Indemnified Party unless (i) the Indemnifying Party has failed promptly to assume the defense and employ counsel reasonably satisfactory to the Indemnified Party in accordance with the preceding sentence or (ii) the Indemnified
      Party shall have been advised by counsel that there exist actual or potential conflicting interests between the Indemnifying Party and such Indemnified Party, including situations in which one or more legal defenses may be available to such
      Indemnified Party that are different from or additional to those available to the Indemnifying Party; <font style="font-style: italic;">provided</font>, <font style="font-style: italic;">however</font>, that the Indemnifying Party shall not, in
      connection with any one such action or proceeding or separate but substantially similar actions or proceedings arising out of the same general allegations be liable for fees and expenses of more than one separate firm of attorneys at any time for all
      Indemnified Parties of the other party; and such counsel shall, to the extent consistent with its professional responsibilities, cooperate with the Indemnifying Party and any counsel designated by the Indemnifying Party.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 70.3pt;">The Indemnifying Party shall not be liable for any settlement of any such<font style="color: rgb(0, 0, 0);"> action, suit, proceeding or investigation effected without its written consent, which
        consent shall not be unreasonably withheld, conditioned or delayed.&#160; </font>No Indemnifying Party will, without the prior written consent of the Indemnified Party, settle or compromise or consent to the entry of any judgment in any pending or
      threatened action, suit, proceeding or investigation in respect of which indemnification may be sought by the Indemnified Party hereunder (whether or not any Indemnified Party is an actual or potential party to such action, suit, proceeding or
      investigation) unless such settlement, compromise or consent includes an unconditional release of each Indemnified Party from all liability and obligations arising therefrom.</div>
    <div>&#160;</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">11</font></div>
      <div style="page-break-after: always;" class="BRPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; text-indent: 72pt;">7.4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-style: italic;">Contribution</font>.&#160; Each Indemnifying Party also agrees that if any indemnification sought by an Indemnified Party pursuant to this Agreement is
      unavailable or insufficient, for any reason, to hold harmless the Indemnified Party in respect of any losses, claims, damages or liabilities (or actions in respect thereof), then the Indemnifying Party, in order to provide for just and equitable
      contribution, shall contribute to the amount paid or payable by such Indemnified Party as a result of such losses, claims, liabilities, damages and expenses (or actions in respect thereof) in such proportion as is appropriate to reflect the relative
      fault of the Fund on the one hand and the Holders on the other, in connection with the statements or omissions or alleged statements or omissions that resulted in such losses, claims, damages, liabilities or expenses (or actions in respect thereof),
      as well as any other relevant equitable considerations.&#160; The relative fault of the parties shall be determined by reference to, among other things, whether the actions taken or omitted to be taken in connection with the proposed transactions
      contemplated by this Agreement (including any misstatement of a material fact or the omission to state a material fact) relates to information supplied by the Fund on the one hand, or the Holder on the other, the parties' relative intent, knowledge,
      access to information and opportunity to correct or prevent such action, misstatement or alleged omission, and any other equitable considerations appropriate in the circumstances.&#160; No Person found liable for a fraudulent misrepresentation shall be
      entitled to contribution from any Person who is not also found liable for such fraudulent misrepresentation.&#160; <font style="color: rgb(0, 0, 0);">In no event shall the liability of any selling Holder under this Section 7.4 be greater in amount than
        the dollar amount of the net proceeds received by such Holder upon the sale of the Registrable Securities giving rise to such contribution obligation, except in the case of fraud or willful misconduct.&#160; </font>The indemnity, reimbursement and
      contribution obligations under this Agreement shall be in addition to any rights that any Indemnified Party may have at common law or otherwise.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt;">7.5&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-style: italic;">No Limitations.</font>&#160; Nothing in this Section 7 is intended to limit any Party's obligations contained in other parts of this Agreement or the RVMTP
      Shares, provided that no amount shall be reimbursed twice in any event.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt;">7.6.&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-style: italic;">Conflicts</font>.&#160; Notwithstanding the foregoing, to the extent that provisions on indemnification and contribution contained in the underwriting
      agreement entered into in connection with the underwritten public offering are in conflict with the foregoing provisions, the provisions in the underwriting agreement shall control.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold;">8.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160; <font style="font-weight: bold;">Miscellaneous.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt;">8.1.&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-style: italic;">Governing Law</font>.&#160; This Agreement shall be construed in accordance with and governed by the domestic law of the State of New York.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt;">THE PARTIES HERETO HEREBY SUBMIT TO THE NON-EXCLUSIVE JURISDICTION OF THE FEDERAL AND NEW YORK STATE COURTS LOCATED IN THE CITY OF NEW YORK IN CONNECTION WITH ANY DISPUTE RELATED TO THIS AGREEMENT OR
      ANY MATTERS CONTEMPLATED HEREBY.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt;">8.2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-style: italic;">No Waivers.</font></div>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z1550f968477b4b4c97681dd80f9832a2">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>The obligations of the Fund and the Shareholder and its Permitted Transferees hereunder shall not in any way be modified or limited by reference to any other document, instrument or agreement (including, without limitation, the RVMTP
              Shares).&#160; The rights of the Shareholder hereunder are separate from and in addition to any rights that any Holder of any RVMTP Share may have under the terms of such RVMTP Share or otherwise.</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">12</font></div>
      <div style="page-break-after: always;" class="BRPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z1e2671c31a414baf9b6fb33927eeda42">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>No failure or delay by the Fund or the Shareholder in exercising any right, power or privilege hereunder or under the RVMTP Shares or any other agreement shall operate as a waiver thereof nor shall any single or partial exercise thereof
              preclude any other or further exercise thereof or the exercise of any other right, power or privilege.&#160; No failure or delay by the Fund or the Shareholder in exercising any right, power or privilege under or in respect of the RVMTP Shares or
              any other agreement shall affect the rights, powers or privileges of the Fund or the Shareholder hereunder or shall operate as a limitation or waiver thereof.&#160; The rights and remedies herein provided shall be cumulative and not exclusive of
              any rights or remedies provided by law.</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt;">8.3.&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-style: italic;">Specific Performance</font>.&#160; Each Party hereby acknowledges that the remedies at law of the other Parties for a breach or threatened breach of this
      Agreement would be inadequate and, in recognition of this fact, any Party, without posting any bond, and in addition to all other remedies that may be available, shall be entitled to seek equitable relief in the form of specific performance,
      injunctions or any other equitable remedy.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt;">8.4.&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-style: italic;">Waiver of Jury Trial</font>.&#160; The Fund and the Shareholder hereby waive trial by jury in any action, proceeding or counterclaim brought by either of the
      parties hereto against the other on any matters whatsoever arising out of or in any way connected with this Agreement.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt;">8.5.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-style: italic;">Counterparts and Facsimile Execution</font>.&#160; This Agreement may be signed in counterparts, each of which shall be an original, with the same effect as
      if the signatures thereto and hereto were upon the same instrument.&#160; Any counterpart or other signature delivered by facsimile or electronic mail shall be deemed for all purposes as being a good and valid execution and delivery of this Agreement by
      that Party.&#160; Moreover, the parties hereto further acknowledge and agree that this Agreement may be signed and/or transmitted by e-mail or a .pdf document or using electronic signature technology (e.g., via DocuSign, Adobesign, or other electronic
      signature technology), and that such signed electronic record shall be valid and as effective to bind the Party so signing as a paper copy bearing such Party&#8217;s 14 handwritten signature. The parties further consent and agree that (i) to the extent a
      Party signs this Agreement using electronic signature technology, by clicking "SIGN", such Party is signing this Agreement electronically; and (ii) the electronic signatures appearing on this Agreement shall be treated, for purposes of validity,
      enforceability and admissibility, the same as handwritten signatures.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt;">8.6.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-style: italic;">Interpretation</font>.&#160; The headings preceding the text of Sections included in this Agreement are for convenience only and shall not be deemed part of
      this Agreement or be given any effect in interpreting this Agreement.&#160; The use of the masculine, feminine or neuter gender or the singular or plural form of words herein shall not limit any provision of this Agreement.&#160; The use of the terms
      "including" or "include" shall in all cases herein mean "including, without limitation" or "include, without limitation," respectively.&#160; Reference to any Person includes such Person's successors and assigns to the extent such successors and assigns
      are permitted by the terms of any applicable agreement, and reference to a Person in a particular capacity excludes such Person in any other capacity or individually.&#160; Reference to any agreement (including this Agreement), document or instrument
      means such agreement, document or instrument as amended or modified and in effect from time to time in accordance with the terms thereof and, if applicable, the terms hereof.&#160; Reference to any law means such law as amended, modified, codified,
      replaced or re-enacted, in whole or in part, including rules, regulations, enforcement procedures and any interpretations promulgated thereunder.&#160; Underscored references to Sections shall refer to those portions of this Agreement.&#160; The use of the
      terms "hereunder," "hereof," "hereto" and words of similar import shall refer to this Agreement as a whole and not to any particular Section or clause of this Agreement.</div>
    <div>&#160;</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">13</font></div>
      <div style="page-break-after: always;" class="BRPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; text-indent: 72pt;">8.7.&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-style: italic;">Notices</font>.&#160; All notices, requests and other communications to any party hereunder shall be in writing (including electronic mail or similar
      writing), and shall be given to such party at its address or email address set forth below or such other address or telecopy number or email address as such party may hereafter specify for the purpose by notice to the other parties.&#160; Each such
      notice, request or other communication shall be effective when delivered at the address specified in this Section.&#160; The notice address for each party is specified below:</div>
    <div>&#160;</div>
    <div style="text-indent: 72pt;">If to the Fund, to:</div>
    <div>&#160;</div>
    <div style="margin-left: 72pt;">PIMCO MUNICIPAL INCOME FUND II</div>
    <div style="margin-left: 72pt;">650 Newport Center Drive</div>
    <div style="margin-left: 72pt;">
      <div>Newport Beach, CA 92660</div>
    </div>
    <div style="margin-left: 72pt;">
      <table cellspacing="0" cellpadding="0" border="0" id="73c2b71e20e84781a98ffed42759040b" style="font-family: 'Times New Roman'; font-size: 10pt; color: #000000; width: 100%;">

          <tr>
            <td style="width: 11%;">Attention:</td>
            <td style="width: 89%;">Ryan Leshaw</td>
          </tr>
          <tr>
            <td style="width: 11%;">Telephone:</td>
            <td style="width: 89%;">949-720-6980</td>
          </tr>
          <tr>
            <td style="width: 11%;">Email:</td>
            <td style="width: 89%;">Ryan.Leshaw@pimco.com</td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div style="margin-left: 72pt;">If to the Shareholder, to:</div>
    <div>&#160;</div>
    <div style="margin-left: 70.3pt;">Banc of America Preferred Funding Corporation</div>
    <div style="margin-left: 70.3pt;">One Bryant Park</div>
    <div style="margin-left: 70.3pt;">1111 Avenue of the Americas, 3rd Floor</div>
    <div style="margin-left: 70.3pt;">New York, New York 10036</div>
    <div style="margin-left: 72pt;">
      <table cellspacing="0" cellpadding="0" border="0" id="7b5d48cef2c44eedb51dcbd164e72993" style="font-family: 'Times New Roman'; font-size: 10pt; color: #000000; width: 100%;">

          <tr>
            <td style="width: 10%; text-align: left; vertical-align: top;">Attention:</td>
            <td style="width: 90%;">Thomas J. Visone</td>
          </tr>
          <tr>
            <td style="width: 10%;"><br>
            </td>
            <td style="width: 90%;">Mary Ann Olson</td>
          </tr>
          <tr>
            <td style="width: 10%;"><br>
            </td>
            <td style="width: 90%;">Todd Blasiak</td>
          </tr>
          <tr>
            <td rowspan="1" style="width: 10%;"><br>
            </td>
            <td rowspan="1" style="width: 90%;">Michael Jentis</td>
          </tr>
          <tr>
            <td rowspan="1" style="width: 10%;"><br>
            </td>
            <td rowspan="1" style="width: 90%;">Lisa Irizarry</td>
          </tr>
          <tr>
            <td rowspan="1" style="width: 10%;"><br>
            </td>
            <td rowspan="1" style="width: 90%;">Carl Daniels</td>
          </tr>
          <tr>
            <td rowspan="1" style="width: 10%;"><br>
            </td>
            <td rowspan="1" style="width: 90%;">Patrick Thomas</td>
          </tr>
          <tr>
            <td rowspan="1" style="width: 10%;">Telephone:</td>
            <td rowspan="1" style="width: 90%;">(212) 449-7358</td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; color: #000000; width: 100%;">

          <tr>
            <td rowspan="1" style="width: 8%;">Email:</td>
            <td rowspan="1" style="width: 92%;">thomas.visone@bofa.com</td>
          </tr>
          <tr>
            <td rowspan="1" style="width: 8%;">&#160;</td>
            <td rowspan="1" style="width: 92%;">mary.ann.olson@bofa.com</td>
          </tr>
          <tr>
            <td rowspan="1" style="width: 8%;">&#160;</td>
            <td rowspan="1" style="width: 92%;">todd.blasiak@bofa.com</td>
          </tr>
          <tr>
            <td rowspan="1" style="width: 8%;">&#160;</td>
            <td rowspan="1" style="width: 92%;">lisa.m.irazarry@bofa.com</td>
          </tr>
          <tr>
            <td rowspan="1" style="width: 8%;">&#160;</td>
            <td rowspan="1" style="width: 92%;">michael.jentis@bofa.com</td>
          </tr>
          <tr>
            <td rowspan="1" style="width: 8%;">&#160;</td>
            <td rowspan="1" style="width: 92%;">carl.daniels@bofa.com</td>
          </tr>
          <tr>
            <td rowspan="1" style="width: 8%;">&#160;</td>
            <td rowspan="1" style="width: 92%;">patrick.r.thomas@bofa.com</td>
          </tr>

      </table>
    </div>
    <br>
    <div style="text-align: justify; text-indent: 72pt;">8.8. <font style="font-style: italic;">Amendments and Waivers</font>.&#160; Any provision of this Agreement may be amended or waived if, but only if, such amendment or waiver is in writing and is signed
      by the Fund and the Holders of not less than a majority of the Registrable Securities (calculated on an as-converted basis).</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt;">8.9. <font style="font-style: italic;">Severability</font>.&#160; In case any provision of this Agreement shall be invalid, illegal, or unenforceable, the validity, legality, and enforceability of the
      remaining provisions shall not in any way be affected or impaired thereby so long as the intent of the Parties to this Agreement be preserved.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt;">8.10. <font style="font-style: italic;">Entire Agreement.</font>&#160; This Agreement and the Purchase Agreement shall constitute the entire agreement and understanding between the parties hereto with
      respect to the matters set forth herein and shall supersede any and all prior agreements and understandings relating to the subject matter hereof.</div>
    <div>&#160;</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">14</font></div>
      <div style="page-break-after: always;" class="BRPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; text-indent: 72pt;">8.11. <font style="font-style: italic;">Successors and Assigns; Assignment</font>.&#160; The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their
      respective successors and assigns by merger or the operation of law.&#160; Neither the Fund nor the Shareholder may assign or otherwise transfer any of its rights or obligations under this Agreement without the prior written consent of the other party
      (other than by merger or operation of law), except that prior to the RVMTP Shares being registered under the Securities Act, any transferee of RVMTP Shares satisfying the requirements set forth in Section 2.1(b) of the Purchase Agreement shall have
      the rights of a Holder hereunder so long as it has executed a transferee certificate in the form contemplated by the Purchase Agreement and otherwise agrees to be bound by the provisions of this Agreement.&#160; Any assignment without such prior written
      consent shall be void.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt;">8.12. <font style="font-style: italic;">Transfers to TOBs.</font>&#160; In the event that the Shareholder transfers, in accordance with Section 2.1(b) of the Purchase Agreement, RVMTP Shares to a tender
      option bond trust (or similar vehicle) in which the Shareholder or an Affiliate thereof retains a residual interest, for so long as no event has occurred that results in the termination of such tender option bond trust (or similar vehicle), for
      purposes of the rights granted to Holders under this Agreement, the Shareholder, and not such tender option bond trust (or similar vehicle), shall be deemed to be the actual owner of such RVMTP Shares.</div>
    <div>&#160;</div>
    <div style="text-indent: 72pt;">8.13. <font style="font-style: italic;">Effectiveness of this Agreement.&#160; </font>This Agreement shall be effective as of the Effective Date and the rights and obligations of the Parties contained herein in each case
      shall be binding as of the Effective Date.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 72pt;">8.14. <font style="font-style: italic;">No Individual Liability</font>.&#160; This Agreement is executed by or on behalf of the trustees of the Fund solely in their capacity as such trustees and shall
      not constitute their personal obligation either jointly or severally in their individual capacities.&#160; In accordance with the Agreement and Declaration of Trust of the Fund, no trustee, shareholder, officer, employee or agent of the Fund shall be held
      to any personal liability, nor shall resort be had to their private property for the satisfaction of any obligation or claim or otherwise under this Agreement, and the Fund shall be solely liable therefor and all parties hereto shall look solely to
      the Fund's property for the payment of any claim, or the performance of any obligation, hereunder.</div>
    <div style="text-align: justify; text-indent: 72pt;"> <br>
    </div>
    <div>
      <div style="text-align: center;">[<font style="font-style: italic;">Signatures follow on the next page.</font>] </div>
      <div> <br>
        <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">15</font></div>
          <div class="BRPFPageBreak" style="page-break-after: always;">
            <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
        </div>
        <div style="text-align: justify; text-indent: 72pt;">IN WITNESS WHEREOF, the parties to this Agreement have executed this Agreement on the date first written above.</div>
        <div>&#160;</div>
        <table cellspacing="0" cellpadding="0" border="0" id="beb70ba0fda547329901ec8218f80145" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);">

            <tr>
              <td style="width: 50%; vertical-align: top;"><br>
              </td>
              <td colspan="3" style="vertical-align: top;">
                <div style="font-weight: bold;">THE FUND:</div>
              </td>
            </tr>
            <tr>
              <td rowspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
              <td rowspan="1" colspan="3" style="vertical-align: top;">&#160;</td>
            </tr>
            <tr>
              <td rowspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
              <td rowspan="1" colspan="3" style="vertical-align: top;">
                <div>PIMCO MUNICIPAL INCOME FUND II</div>
              </td>
            </tr>
            <tr>
              <td rowspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
              <td rowspan="1" colspan="3" style="vertical-align: top;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 50%; vertical-align: top; padding-bottom: 2px;"><br>
              </td>
              <td style="width: 5%; vertical-align: top; padding-bottom: 2px;">By:</td>
              <td style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); width: 35%;">/s/ Joshua D. Ratner</td>
              <td style="width: 10%; vertical-align: top; padding-bottom: 2px;"><br>
              </td>
            </tr>
            <tr>
              <td style="width: 50%; vertical-align: top;"><br>
              </td>
              <td style="width: 5%; vertical-align: top;" rowspan="1">Name:</td>
              <td style="vertical-align: top; width: 35%;">Joshua D. Ratner</td>
              <td style="vertical-align: top; width: 10%;"><br>
              </td>
            </tr>
            <tr>
              <td style="width: 50%; vertical-align: top;"><br>
              </td>
              <td style="width: 5%; vertical-align: top;" rowspan="1">Title:</td>
              <td style="vertical-align: top; width: 35%;">President</td>
              <td style="vertical-align: top; width: 10%;"><br>
              </td>
            </tr>

        </table>
        <div> <br>
        </div>
        <table cellspacing="0" cellpadding="0" border="0" id="9cdba49441764ffaa697a40b531da55e" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);">

            <tr>
              <td style="width: 50%; vertical-align: top;"><br>
              </td>
              <td colspan="3" style="vertical-align: top;">
                <div style="font-weight: bold;">THE SHAREHOLDER:</div>
              </td>
            </tr>
            <tr>
              <td rowspan="1" style="width: 50%; vertical-align: top;"><br>
              </td>
              <td colspan="3" rowspan="1" style="vertical-align: top;"><br>
              </td>
            </tr>
            <tr>
              <td rowspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
              <td colspan="3" rowspan="1" style="vertical-align: top;">
                <div>Banc of America Preferred Funding Corporation</div>
              </td>
            </tr>
            <tr>
              <td rowspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
              <td colspan="3" rowspan="1" style="vertical-align: top;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 50%; vertical-align: top; padding-bottom: 2px;"><br>
              </td>
              <td style="width: 5%; vertical-align: top; padding-bottom: 2px;">By:</td>
              <td style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); width: 35%;">/s/ Michael Jentis</td>
              <td style="vertical-align: top; width: 10%; padding-bottom: 2px;"><br>
              </td>
            </tr>
            <tr>
              <td style="width: 50%; vertical-align: top;"><br>
              </td>
              <td style="vertical-align: top;" rowspan="1" colspan="3">
                <div>Name: Michael Jentis</div>
              </td>
            </tr>
            <tr>
              <td style="width: 50%; vertical-align: top;"><br>
              </td>
              <td style="vertical-align: top;" rowspan="1" colspan="3">
                <div>Title: Authorized Signatory</div>
              </td>
            </tr>

        </table>
        <div> <br>
        </div>
        <div> <br>
        </div>
        <div>
          <div style="text-align: center;">[Signature Page to Registration Rights Agreement]</div>
        </div>
      </div>
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</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
