<SEC-DOCUMENT>0001567619-19-022335.txt : 20191127
<SEC-HEADER>0001567619-19-022335.hdr.sgml : 20191127
<ACCEPTANCE-DATETIME>20191127104139
ACCESSION NUMBER:		0001567619-19-022335
CONFORMED SUBMISSION TYPE:	SC 13D
PUBLIC DOCUMENT COUNT:		8
FILED AS OF DATE:		20191127
DATE AS OF CHANGE:		20191127
GROUP MEMBERS:		BANC OF AMERICA PREFERRED FUNDING CORP

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Invesco California Value Municipal Income Trust
		CENTRAL INDEX KEY:			0000895531
		IRS NUMBER:				367017425
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		SC 13D
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-84513
		FILM NUMBER:		191254014

	BUSINESS ADDRESS:	
		STREET 1:		1555 PEACHTREE STREET, N.E.
		STREET 2:		SUITE 1800
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30309
		BUSINESS PHONE:		404-439-3217

	MAIL ADDRESS:	
		STREET 1:		1555 PEACHTREE STREET, N.E.
		STREET 2:		SUITE 1800
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30309

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Invesco Van Kampen California Value Municipal Income Trust
		DATE OF NAME CHANGE:	20100601

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	VAN KAMPEN CALIFORNIA VALUE MUNICIPAL INCOME TRUST
		DATE OF NAME CHANGE:	19981006

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	VAN KAMPEN AMERICAN CAPITAL CALIFORNIA VALUE MUNIC INC TRUST
		DATE OF NAME CHANGE:	19960102

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BANK OF AMERICA CORP /DE/
		CENTRAL INDEX KEY:			0000070858
		STANDARD INDUSTRIAL CLASSIFICATION:	NATIONAL COMMERCIAL BANKS [6021]
		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>doc1.htm
<DESCRIPTION>NONE
<TEXT>
<html><head><title>Schedule 13D</title><meta name="description" content="Schedule 13D"></meta><meta name="generator" content="EDGARforms by Broadridge Financial Solutions, Inc."></meta></head><body bgcolor="#ffffff" style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><div><hr style="MARGIN-TOP: -5px; COLOR: #000000" noshade="" size="4" /><hr style="MARGIN-TOP: -10px; COLOR: #000000" noshade="" size="1" /></div><div><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 14pt; FONT-WEIGHT: bold">
              UNITED
              STATES
            </font></div><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt; FONT-WEIGHT: bold">
              SECURITIES
              AND EXCHANGE COMMISSION
            </font></div><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
              Washington,
              D.C. 20549
            </font></div><div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /></div><div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /></div><div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /></div><div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 16pt; FONT-WEIGHT: bold">
              SCHEDULE
              13D
            </font></div><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
              Under
              the Securities Exchange Act of 1934
            </font></div><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
              (Amendment
              No.

                  n/a

              )*
            </font></div><div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /></div><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-SIZE: 24pt">Invesco California Value Municipal Income Trust</font></font></div><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><div><hr style="COLOR: black" align="center" noshade="" size="1" width="100%" /></div></div><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">
              (Name of
              Issuer)
            </font></div><div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /></div><div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /></div><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">SERIES 2015/6-VCV VARIABLE RATE MUNI TERM PREFERRED SHARES</font></font></div><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><div><hr style="COLOR: black" align="center" noshade="" size="1" width="100%" /></div></div><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">
              (Title of
              Class of Securities)
            </font></div><div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /></div><div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /></div><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">46132H601</font></div><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><div><hr style="COLOR: black" align="center" noshade="" size="1" width="100%" /></div></div><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">
              (CUSIP
              Number)
            </font></div><div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /></div><div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /></div><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Bank of America Corporation,&#160;
                Bank of America Corporate Center&#160;
                100 North Tryon Street&#160;

                Charlotte,&#160;
                North Carolina&#160;
                28255&#160;
                </font></font></div><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><div><hr style="COLOR: black" align="center" noshade="" size="1" width="100%" /></div></div><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">
              (Name,
              Address and Telephone Number of Person Authorized to Receive Notices and
              Communications)
            </font></div><div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /></div><div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /></div><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">November&#160;18,&#160;2019</font></font></div><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><div><hr style="COLOR: black" align="center" noshade="" size="1" width="100%" /></div></div><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">
              (Date of
              Event which Requires Filing of this Statement)
            </font></div><div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /></div><div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /></div><div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /></div><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">
              If the
              filing person has previously filed a statement on Schedule 13G to report the
              acquisition that is the subject of this Schedule 13D, and is filing this
              schedule because of &#167;&#167;240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the
              following box.&#160;&#160;&#160;
              <font style="DISPLAY: inline;" face="Wingdings">o</font></font></div><div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /></div><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Note</font>: Schedules filed in paper
              format shall include a signed original and five copies of the schedule,
              including all exhibits. See &#167;240.13d-7 for other parties to whom copies are to
              be sent.
            </font></div><div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /></div><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">
              * 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.
            </font></div><div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /></div><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">
              The
              information required on 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).
            </font></div><div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div><div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><div id="FTR"><div id="GLFTR" style="WIDTH: 100%" align="left"></div></div><div id="PN" style="PAGE-BREAK-AFTER: always"><div style="TEXT-ALIGN: center; WIDTH: 100%"></div><div style="TEXT-ALIGN: center; WIDTH: 100%"><hr style="COLOR: black" noshade="" size="2" /></div></div><div id="HDR"><div id="GLHDR" style="WIDTH: 100%" align="right"></div></div></div></div><div><br /><div align="left"><table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><tr style="HEIGHT: 16pt;"><td rowspan="4" valign="middle" width="7%" style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1pt solid; BORDER-TOP: black 1pt solid"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 18pt; FONT-WEIGHT: bold">1</font></div></td><td align="left" colspan="3" valign="middle" width="86%" style="BORDER-LEFT: black 1pt solid; PADDING-BOTTOM: 1pt; BORDER-TOP: black 1pt solid"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">
                      NAMES
                      OF REPORTING PERSONS
                    </font></div></td><td valign="middle" width="2%" style="PADDING-BOTTOM: 1pt; BORDER-TOP: black 1pt solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                    &#160;
                  </font></td><td valign="top" width="5%" style="PADDING-BOTTOM: 1pt; BORDER-TOP: black 1pt solid; BORDER-RIGHT: black 1pt solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                    &#160;
                  </font></td></tr><tr><td align="left" colspan="3" valign="middle" width="86%" style="BORDER-LEFT: black 1pt solid; PADDING-BOTTOM: 1pt"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">
                      I.R.S.
                      IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
                    </font></div></td><td valign="middle" width="2%" style="PADDING-BOTTOM: 1pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                    &#160;
                  </font></td><td valign="top" width="5%" style="BORDER-RIGHT: black 1pt solid">&#160;</td></tr><tr><td align="left" colspan="3" rowspan="2" valign="middle" width="86%" style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1pt solid; PADDING-LEFT: 0pt; MARGIN-LEFT: 446pt"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">BANK OF AMERICA CORP /DE/<br />56-0906609</font></div></td><td valign="middle" width="2%" style="PADDING-BOTTOM: 1pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                    &#160;
                  </font></td><td valign="top" width="5%" style="PADDING-BOTTOM: 1pt; BORDER-RIGHT: black 1pt solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                    &#160;
                  </font></td></tr><tr><td valign="middle" width="2%" style="BORDER-BOTTOM: black 1pt solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                    &#160;
                  </font></td><td valign="top" width="5%" style="BORDER-BOTTOM: black 1pt solid; BORDER-RIGHT: black 1pt solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                    &#160;
                  </font></td></tr><tr style="HEIGHT: 19pt;"><td rowspan="3" valign="middle" width="7%" style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1pt solid"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 18pt; FONT-WEIGHT: bold">2</font></div></td><td align="left" colspan="3" valign="middle" width="86%" style="BORDER-LEFT: black 1pt solid; PADDING-BOTTOM: 1pt"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">
                      CHECK
                      THE APPROPRIATE BOX IF A MEMBER OF A GROUP
                    </font></div></td><td valign="middle" width="2%" style="TEXT-ALIGN: center; PADDING-BOTTOM: 1pt"><div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt">(a)</font></font></div></td><td align="left" valign="middle" width="5%" style="PADDING-BOTTOM: 1pt; BORDER-RIGHT: black 1pt solid"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: wingdings 2, serif; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: wingdings">o</font></font></div></td></tr><tr style="HEIGHT: 19pt;"><td align="left" colspan="3" rowspan="2" valign="middle" width="86%" style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1pt solid; PADDING-LEFT: 0pt; MARGIN-LEFT: 446pt"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">
                      &#160;
                      </font></font></div></td><td valign="middle" width="2%" style="TEXT-ALIGN: center; PADDING-BOTTOM: 1pt"><div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt">(b)</font></font></div></td><td align="left" valign="middle" width="5%" style="PADDING-BOTTOM: 1pt; BORDER-RIGHT: black 1pt solid"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: wingdings 2, serif; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: wingdings">x</font></font></div></td></tr><tr><td valign="middle" width="2%" style="BORDER-BOTTOM: black 1pt solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                    &#160;
                  </font></td><td valign="top" width="5%" style="BORDER-BOTTOM: black 1pt solid; BORDER-RIGHT: black 1pt solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                    &#160;
                  </font></td></tr><tr style="HEIGHT: 18pt;"><td rowspan="3" valign="middle" width="7%" style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1pt solid"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 18pt; FONT-WEIGHT: bold">3</font></div></td><td align="left" colspan="3" valign="middle" width="86%" bgcolor="#bfbfbf" style="BORDER-LEFT: black 1pt solid; PADDING-BOTTOM: 1pt"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">
                      SEC
                      USE ONLY
                    </font></div></td><td valign="middle" width="2%" bgcolor="#bfbfbf" style="PADDING-BOTTOM: 1pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                    &#160;
                  </font></td><td valign="top" width="5%" bgcolor="#bfbfbf" style="PADDING-BOTTOM: 1pt; BORDER-RIGHT: black 1pt solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                    &#160;
                  </font></td></tr><tr bgcolor="#bfbfbf" style="HEIGHT: 18pt;"><td colspan="3" rowspan="2" valign="middle" width="86%" style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1pt solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                    &#160;
                  </font></td><td valign="middle" width="2%" style="PADDING-BOTTOM: 1pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                    &#160;
                  </font></td><td valign="top" width="5%" style="PADDING-BOTTOM: 1pt; BORDER-RIGHT: black 1pt solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                    &#160;
                  </font></td></tr><tr bgcolor="#bfbfbf"><td valign="middle" width="2%" style="BORDER-BOTTOM: black 1pt solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                    &#160;
                  </font></td><td valign="top" width="5%" style="BORDER-BOTTOM: black 1pt solid; BORDER-RIGHT: black 1pt solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                    &#160;
                  </font></td></tr><tr style="HEIGHT: 18pt;"><td rowspan="3" valign="middle" width="7%" style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1pt solid"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 18pt; FONT-WEIGHT: bold">4</font></div></td><td align="left" colspan="3" valign="middle" width="86%" style="BORDER-LEFT: black 1pt solid; PADDING-BOTTOM: 1pt"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">
                      SOURCE
                      OF FUNDS
                    </font></div></td><td valign="middle" width="2%" style="PADDING-BOTTOM: 1pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                    &#160;
                  </font></td><td valign="top" width="5%" style="PADDING-BOTTOM: 1pt; BORDER-RIGHT: black 1pt solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                    &#160;
                  </font></td></tr><tr style="HEIGHT: 18pt;"><td align="left" colspan="3" rowspan="2" valign="middle" width="86%" style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1pt solid; PADDING-LEFT: 0pt; MARGIN-LEFT: 446pt"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">WC</font></div></td><td valign="middle" width="2%" style="PADDING-BOTTOM: 1pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                    &#160;
                  </font></td><td valign="top" width="5%" style="PADDING-BOTTOM: 1pt; BORDER-RIGHT: black 1pt solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                    &#160;
                  </font></td></tr><tr><td valign="middle" width="2%" style="BORDER-BOTTOM: black 1pt solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                    &#160;
                  </font></td><td valign="top" width="5%" style="BORDER-BOTTOM: black 1pt solid; BORDER-RIGHT: black 1pt solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                    &#160;
                  </font></td></tr><tr style="HEIGHT: 18pt;"><td rowspan="3" valign="middle" width="7%" style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1pt solid"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 18pt; FONT-WEIGHT: bold">5</font></div></td><td align="left" colspan="3" valign="middle" width="86%" style="BORDER-LEFT: black 1pt solid; PADDING-BOTTOM: 1pt"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">
                      CHECK
                      BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(e)
                      or 2(f)
                    </font></div></td><td valign="middle" width="2%" style="PADDING-BOTTOM: 1pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                    &#160;
                  </font></td><td align="left" valign="middle" width="5%" style="PADDING-BOTTOM: 1pt; BORDER-RIGHT: black 1pt solid"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: wingdings 2, serif; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: wingdings">x</font></font></div></td></tr><tr style="HEIGHT: 18pt;"><td align="left" colspan="3" rowspan="2" valign="middle" width="86%" style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1pt solid; PADDING-LEFT: 0pt; MARGIN-LEFT: 446pt"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">
                      &#160;
                    </font></div></td><td valign="middle" width="2%" style="PADDING-BOTTOM: 1pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                    &#160;
                  </font></td><td valign="top" width="5%" style="PADDING-BOTTOM: 1pt; BORDER-RIGHT: black 1pt solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                    &#160;
                  </font></td></tr><tr><td valign="middle" width="2%" style="BORDER-BOTTOM: black 1pt solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                    &#160;
                  </font></td><td valign="top" width="5%" style="BORDER-BOTTOM: black 1pt solid; BORDER-RIGHT: black 1pt solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                    &#160;
                  </font></td></tr><tr style="HEIGHT: 18pt;"><td rowspan="3" valign="middle" width="7%" style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1pt solid"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 18pt; FONT-WEIGHT: bold">6</font></div></td><td align="left" colspan="3" valign="middle" width="86%" style="BORDER-LEFT: black 1pt solid; PADDING-BOTTOM: 1pt"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">
                      CITIZENSHIP
                      OR PLACE OF ORGANIZATION
                    </font></div></td><td valign="middle" width="2%" style="PADDING-BOTTOM: 1pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                    &#160;
                  </font></td><td valign="top" width="5%" style="PADDING-BOTTOM: 1pt; BORDER-RIGHT: black 1pt solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                    &#160;
                  </font></td></tr><tr style="HEIGHT: 18pt;"><td align="left" colspan="3" rowspan="2" valign="middle" width="86%" style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1pt solid; PADDING-LEFT: 0pt; MARGIN-LEFT: 446pt"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">Delaware</font></div></td><td valign="middle" width="2%" style="PADDING-BOTTOM: 1pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                    &#160;
                  </font></td><td valign="top" width="5%" style="PADDING-BOTTOM: 1pt; BORDER-RIGHT: black 1pt solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                    &#160;
                  </font></td></tr><tr><td valign="middle" width="2%" style="BORDER-BOTTOM: black 1pt solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                    &#160;
                  </font></td><td valign="top" width="5%" style="BORDER-BOTTOM: black 1pt solid; BORDER-RIGHT: black 1pt solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                    &#160;
                  </font></td></tr><tr style="HEIGHT: 18pt;"><td colspan="2" rowspan="12" valign="middle" width="14%" style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1pt solid"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">
                      NUMBER
                      OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
                    </font></div></td><td rowspan="3" valign="middle" width="7%" style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1pt solid"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 18pt; FONT-WEIGHT: bold">7</font></div></td><td align="left" valign="middle" width="72%" style="BORDER-LEFT: black 1pt solid; PADDING-BOTTOM: 1pt"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">
                      SOLE
                      VOTING POWER
                    </font></div></td><td valign="middle" width="2%" style="PADDING-BOTTOM: 1pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                    &#160;
                  </font></td><td valign="top" width="5%" style="PADDING-BOTTOM: 1pt; BORDER-RIGHT: black 1pt solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                    &#160;
                  </font></td></tr><tr style="HEIGHT: 18pt;"><td align="left" rowspan="2" valign="middle" width="72%" style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1pt solid; PADDING-LEFT: 0pt; MARGIN-LEFT: 446pt"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">0</font></div></td><td valign="middle" width="2%" style="PADDING-BOTTOM: 1pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                    &#160;
                  </font></td><td valign="top" width="5%" style="PADDING-BOTTOM: 1pt; BORDER-RIGHT: black 1pt solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                    &#160;
                  </font></td></tr><tr><td valign="middle" width="2%" style="BORDER-BOTTOM: black 1pt solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                    &#160;
                  </font></td><td valign="top" width="5%" style="BORDER-BOTTOM: black 1pt solid; BORDER-RIGHT: black 1pt solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                    &#160;
                  </font></td></tr><tr style="HEIGHT: 18pt;"><td rowspan="3" valign="middle" width="7%" style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1pt solid"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 18pt; FONT-WEIGHT: bold">8</font></div></td><td align="left" valign="middle" width="72%" style="BORDER-LEFT: black 1pt solid; PADDING-BOTTOM: 1pt"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">
                      SHARED
                      VOTING POWER
                    </font></div></td><td valign="middle" width="2%" style="PADDING-BOTTOM: 1pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                    &#160;
                  </font></td><td valign="top" width="5%" style="PADDING-BOTTOM: 1pt; BORDER-RIGHT: black 1pt solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                    &#160;
                  </font></td></tr><tr style="HEIGHT: 18pt;"><td align="left" rowspan="2" valign="middle" width="72%" style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1pt solid; PADDING-LEFT: 0pt; MARGIN-LEFT: 446pt"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">2,083</font></div></td><td valign="middle" width="2%" style="PADDING-BOTTOM: 1pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                    &#160;
                  </font></td><td valign="top" width="5%" style="PADDING-BOTTOM: 1pt; BORDER-RIGHT: black 1pt solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                    &#160;
                  </font></td></tr><tr><td valign="middle" width="2%" style="BORDER-BOTTOM: black 1pt solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                    &#160;
                  </font></td><td valign="top" width="5%" style="BORDER-BOTTOM: black 1pt solid; BORDER-RIGHT: black 1pt solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                    &#160;
                  </font></td></tr><tr style="HEIGHT: 18pt;"><td rowspan="3" valign="middle" width="7%" style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1pt solid"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 18pt; FONT-WEIGHT: bold">9</font></div></td><td align="left" valign="middle" width="72%" style="BORDER-LEFT: black 1pt solid; PADDING-BOTTOM: 1pt"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">
                      SOLE
                      DISPOSITIVE POWER
                    </font></div></td><td valign="middle" width="2%" style="PADDING-BOTTOM: 1pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                    &#160;
                  </font></td><td valign="top" width="5%" style="PADDING-BOTTOM: 1pt; BORDER-RIGHT: black 1pt solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                    &#160;
                  </font></td></tr><tr style="HEIGHT: 18pt;"><td align="left" rowspan="2" valign="middle" width="72%" style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1pt solid; PADDING-LEFT: 0pt; MARGIN-LEFT: 446pt"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">0</font></div></td><td valign="middle" width="2%" style="PADDING-BOTTOM: 1pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                    &#160;
                  </font></td><td valign="top" width="5%" style="PADDING-BOTTOM: 1pt; BORDER-RIGHT: black 1pt solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                    &#160;
                  </font></td></tr><tr><td valign="middle" width="2%" style="BORDER-BOTTOM: black 1pt solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                    &#160;
                  </font></td><td valign="top" width="5%" style="BORDER-BOTTOM: black 1pt solid; BORDER-RIGHT: black 1pt solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                    &#160;
                  </font></td></tr><tr style="HEIGHT: 18pt;"><td rowspan="3" valign="middle" width="7%" style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1pt solid"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 18pt; FONT-WEIGHT: bold">10</font></div></td><td align="left" valign="middle" width="72%" style="BORDER-LEFT: black 1pt solid; PADDING-BOTTOM: 1pt"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">
                      SHARED
                      DISPOSITIVE POWER
                    </font></div></td><td valign="middle" width="2%" style="PADDING-BOTTOM: 1pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                    &#160;
                  </font></td><td valign="top" width="5%" style="PADDING-BOTTOM: 1pt; BORDER-RIGHT: black 1pt solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                    &#160;
                  </font></td></tr><tr style="HEIGHT: 18pt;"><td align="left" rowspan="2" valign="middle" width="72%" style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1pt solid; PADDING-LEFT: 0pt; MARGIN-LEFT: 446pt"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">2,083</font></div></td><td valign="middle" width="2%" style="PADDING-BOTTOM: 1pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                    &#160;
                  </font></td><td valign="top" width="5%" style="PADDING-BOTTOM: 1pt; BORDER-RIGHT: black 1pt solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                    &#160;
                  </font></td></tr><tr><td valign="middle" width="2%" style="BORDER-BOTTOM: black 1pt solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                    &#160;
                  </font></td><td valign="top" width="5%" style="BORDER-BOTTOM: black 1pt solid; BORDER-RIGHT: black 1pt solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                    &#160;
                  </font></td></tr><tr style="HEIGHT: 18pt;"><td rowspan="3" valign="middle" width="7%" style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1pt solid"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 18pt; FONT-WEIGHT: bold">11</font></div></td><td align="left" colspan="3" valign="middle" width="86%" style="BORDER-LEFT: black 1pt solid; PADDING-BOTTOM: 1pt"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">
                      AGGREGATE
                      AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
                    </font></div></td><td valign="middle" width="2%" style="PADDING-BOTTOM: 1pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                    &#160;
                  </font></td><td valign="top" width="5%" style="PADDING-BOTTOM: 1pt; BORDER-RIGHT: black 1pt solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                    &#160;
                  </font></td></tr><tr style="HEIGHT: 18pt;"><td align="left" colspan="3" rowspan="2" valign="middle" width="86%" style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1pt solid; PADDING-LEFT: 0pt; MARGIN-LEFT: 446pt"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">2,083</font></div></td><td valign="middle" width="2%" style="PADDING-BOTTOM: 1pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                    &#160;
                  </font></td><td valign="top" width="5%" style="PADDING-BOTTOM: 1pt; BORDER-RIGHT: black 1pt solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                    &#160;
                  </font></td></tr><tr><td valign="middle" width="2%" style="BORDER-BOTTOM: black 1pt solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                    &#160;
                  </font></td><td valign="top" width="5%" style="BORDER-BOTTOM: black 1pt solid; BORDER-RIGHT: black 1pt solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                    &#160;
                  </font></td></tr><tr style="HEIGHT: 18pt;"><td rowspan="3" valign="middle" width="7%" style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1pt solid"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 18pt; FONT-WEIGHT: bold">12</font></div></td><td align="left" colspan="3" valign="middle" width="86%" style="BORDER-LEFT: black 1pt solid; PADDING-BOTTOM: 1pt"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">
                      CHECK
                      BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
                      SHARES
                    </font></div></td><td valign="middle" width="2%" style="PADDING-BOTTOM: 1pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                    &#160;
                  </font></td><td align="left" valign="middle" width="5%" style="PADDING-BOTTOM: 1pt; BORDER-RIGHT: black 1pt solid"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: wingdings 2, serif; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: wingdings">o</font></font></div></td></tr><tr style="HEIGHT: 18pt;"><td align="left" colspan="3" rowspan="2" valign="middle" width="86%" style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1pt solid; PADDING-LEFT: 0pt; MARGIN-LEFT: 446pt"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">
                      &#160;
                    </font></div></td><td valign="middle" width="2%" style="PADDING-BOTTOM: 1pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                    &#160;
                  </font></td><td valign="top" width="5%" style="PADDING-BOTTOM: 1pt; BORDER-RIGHT: black 1pt solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                    &#160;
                  </font></td></tr><tr><td valign="middle" width="2%" style="BORDER-BOTTOM: black 1pt solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                    &#160;
                  </font></td><td valign="top" width="5%" style="BORDER-BOTTOM: black 1pt solid; BORDER-RIGHT: black 1pt solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                    &#160;
                  </font></td></tr><tr style="HEIGHT: 18pt;"><td rowspan="3" valign="middle" width="7%" style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1pt solid"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 18pt; FONT-WEIGHT: bold">13</font></div></td><td align="left" colspan="3" valign="middle" width="86%" style="BORDER-LEFT: black 1pt solid; PADDING-BOTTOM: 1pt"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">
                      PERCENT
                      OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
                    </font></div></td><td valign="middle" width="2%" style="PADDING-BOTTOM: 1pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                    &#160;
                  </font></td><td valign="top" width="5%" style="PADDING-BOTTOM: 1pt; BORDER-RIGHT: black 1pt solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                    &#160;
                  </font></td></tr><tr style="HEIGHT: 18pt;"><td align="left" colspan="3" rowspan="2" valign="middle" width="86%" style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1pt solid; PADDING-LEFT: 0pt; MARGIN-LEFT: 446pt"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">100%
						  </font></div></div></td><td valign="middle" width="2%" style="PADDING-BOTTOM: 1pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                    &#160;
                  </font></td><td valign="top" width="5%" style="PADDING-BOTTOM: 1pt; BORDER-RIGHT: black 1pt solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                    &#160;
                  </font></td></tr><tr><td valign="middle" width="2%" style="BORDER-BOTTOM: black 1pt solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                    &#160;
                  </font></td><td valign="top" width="5%" style="BORDER-BOTTOM: black 1pt solid; BORDER-RIGHT: black 1pt solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                    &#160;
                  </font></td></tr><tr style="HEIGHT: 18pt;"><td rowspan="3" valign="middle" width="7%" style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1pt solid"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 18pt; FONT-WEIGHT: bold">14</font></div></td><td align="left" colspan="3" valign="middle" width="86%" style="BORDER-LEFT: black 1pt solid; PADDING-BOTTOM: 1pt"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">
                      TYPE
                      OF REPORTING PERSON
                    </font></div></td><td valign="middle" width="2%" style="PADDING-BOTTOM: 1pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                    &#160;
                  </font></td><td valign="top" width="5%" style="PADDING-BOTTOM: 1pt; BORDER-RIGHT: black 1pt solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                    &#160;
                  </font></td></tr><tr style="HEIGHT: 18pt;"><td align="left" colspan="3" rowspan="2" valign="middle" width="86%" style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1pt solid"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">HC</font></div></div></td><td valign="middle" width="2%" style="PADDING-BOTTOM: 1pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                    &#160;
                  </font></td><td valign="top" width="5%" style="PADDING-BOTTOM: 1pt; BORDER-RIGHT: black 1pt solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                    &#160;
                  </font></td></tr><tr><td valign="middle" width="2%" style="BORDER-BOTTOM: black 1pt solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                    &#160;
                  </font></td><td valign="top" width="5%" style="BORDER-BOTTOM: black 1pt solid; BORDER-RIGHT: black 1pt solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                    &#160;
                  </font></td></tr></table><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"></font></div><div>&#160;</div></div><div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><div id="FTR"><div id="GLFTR" style="WIDTH: 100%" align="left"></div></div><div id="PN" style="PAGE-BREAK-AFTER: always"><div style="TEXT-ALIGN: center; WIDTH: 100%"></div></div><div id="HDR"><div id="GLHDR" style="WIDTH: 100%" align="right"></div></div></div><div align="left"><table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><tr style="HEIGHT: 16pt;"><td rowspan="4" valign="middle" width="7%" style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1pt solid; BORDER-TOP: black 1pt solid"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 18pt; FONT-WEIGHT: bold">1</font></div></td><td align="left" colspan="3" valign="middle" width="86%" style="BORDER-LEFT: black 1pt solid; PADDING-BOTTOM: 1pt; BORDER-TOP: black 1pt solid"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">
                      NAMES
                      OF REPORTING PERSONS
                    </font></div></td><td valign="middle" width="2%" style="PADDING-BOTTOM: 1pt; BORDER-TOP: black 1pt solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                    &#160;
                  </font></td><td valign="top" width="5%" style="PADDING-BOTTOM: 1pt; BORDER-TOP: black 1pt solid; BORDER-RIGHT: black 1pt solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                    &#160;
                  </font></td></tr><tr><td align="left" colspan="3" valign="middle" width="86%" style="BORDER-LEFT: black 1pt solid; PADDING-BOTTOM: 1pt"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">
                      I.R.S.
                      IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
                    </font></div></td><td valign="middle" width="2%" style="PADDING-BOTTOM: 1pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                    &#160;
                  </font></td><td valign="top" width="5%" style="BORDER-RIGHT: black 1pt solid">&#160;</td></tr><tr><td align="left" colspan="3" rowspan="2" valign="middle" width="86%" style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1pt solid; PADDING-LEFT: 0pt; MARGIN-LEFT: 446pt"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">BANC OF AMERICA PREFERRED FUNDING CORP<br />75-2939570</font></div></td><td valign="middle" width="2%" style="PADDING-BOTTOM: 1pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                    &#160;
                  </font></td><td valign="top" width="5%" style="PADDING-BOTTOM: 1pt; BORDER-RIGHT: black 1pt solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                    &#160;
                  </font></td></tr><tr><td valign="middle" width="2%" style="BORDER-BOTTOM: black 1pt solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                    &#160;
                  </font></td><td valign="top" width="5%" style="BORDER-BOTTOM: black 1pt solid; BORDER-RIGHT: black 1pt solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                    &#160;
                  </font></td></tr><tr style="HEIGHT: 19pt;"><td rowspan="3" valign="middle" width="7%" style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1pt solid"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 18pt; FONT-WEIGHT: bold">2</font></div></td><td align="left" colspan="3" valign="middle" width="86%" style="BORDER-LEFT: black 1pt solid; PADDING-BOTTOM: 1pt"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">
                      CHECK
                      THE APPROPRIATE BOX IF A MEMBER OF A GROUP
                    </font></div></td><td valign="middle" width="2%" style="TEXT-ALIGN: center; PADDING-BOTTOM: 1pt"><div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt">(a)</font></font></div></td><td align="left" valign="middle" width="5%" style="PADDING-BOTTOM: 1pt; BORDER-RIGHT: black 1pt solid"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: wingdings 2, serif; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: wingdings">o</font></font></div></td></tr><tr style="HEIGHT: 19pt;"><td align="left" colspan="3" rowspan="2" valign="middle" width="86%" style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1pt solid; PADDING-LEFT: 0pt; MARGIN-LEFT: 446pt"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">
                      &#160;
                      </font></font></div></td><td valign="middle" width="2%" style="TEXT-ALIGN: center; PADDING-BOTTOM: 1pt"><div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt">(b)</font></font></div></td><td align="left" valign="middle" width="5%" style="PADDING-BOTTOM: 1pt; BORDER-RIGHT: black 1pt solid"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: wingdings 2, serif; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: wingdings">x</font></font></div></td></tr><tr><td valign="middle" width="2%" style="BORDER-BOTTOM: black 1pt solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                    &#160;
                  </font></td><td valign="top" width="5%" style="BORDER-BOTTOM: black 1pt solid; BORDER-RIGHT: black 1pt solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                    &#160;
                  </font></td></tr><tr style="HEIGHT: 18pt;"><td rowspan="3" valign="middle" width="7%" style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1pt solid"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 18pt; FONT-WEIGHT: bold">3</font></div></td><td align="left" colspan="3" valign="middle" width="86%" bgcolor="#bfbfbf" style="BORDER-LEFT: black 1pt solid; PADDING-BOTTOM: 1pt"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">
                      SEC
                      USE ONLY
                    </font></div></td><td valign="middle" width="2%" bgcolor="#bfbfbf" style="PADDING-BOTTOM: 1pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                    &#160;
                  </font></td><td valign="top" width="5%" bgcolor="#bfbfbf" style="PADDING-BOTTOM: 1pt; BORDER-RIGHT: black 1pt solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                    &#160;
                  </font></td></tr><tr bgcolor="#bfbfbf" style="HEIGHT: 18pt;"><td colspan="3" rowspan="2" valign="middle" width="86%" style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1pt solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                    &#160;
                  </font></td><td valign="middle" width="2%" style="PADDING-BOTTOM: 1pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                    &#160;
                  </font></td><td valign="top" width="5%" style="PADDING-BOTTOM: 1pt; BORDER-RIGHT: black 1pt solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                    &#160;
                  </font></td></tr><tr bgcolor="#bfbfbf"><td valign="middle" width="2%" style="BORDER-BOTTOM: black 1pt solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                    &#160;
                  </font></td><td valign="top" width="5%" style="BORDER-BOTTOM: black 1pt solid; BORDER-RIGHT: black 1pt solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                    &#160;
                  </font></td></tr><tr style="HEIGHT: 18pt;"><td rowspan="3" valign="middle" width="7%" style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1pt solid"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 18pt; FONT-WEIGHT: bold">4</font></div></td><td align="left" colspan="3" valign="middle" width="86%" style="BORDER-LEFT: black 1pt solid; PADDING-BOTTOM: 1pt"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">
                      SOURCE
                      OF FUNDS
                    </font></div></td><td valign="middle" width="2%" style="PADDING-BOTTOM: 1pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                    &#160;
                  </font></td><td valign="top" width="5%" style="PADDING-BOTTOM: 1pt; BORDER-RIGHT: black 1pt solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                    &#160;
                  </font></td></tr><tr style="HEIGHT: 18pt;"><td align="left" colspan="3" rowspan="2" valign="middle" width="86%" style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1pt solid; PADDING-LEFT: 0pt; MARGIN-LEFT: 446pt"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">WC</font></div></td><td valign="middle" width="2%" style="PADDING-BOTTOM: 1pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                    &#160;
                  </font></td><td valign="top" width="5%" style="PADDING-BOTTOM: 1pt; BORDER-RIGHT: black 1pt solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                    &#160;
                  </font></td></tr><tr><td valign="middle" width="2%" style="BORDER-BOTTOM: black 1pt solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                    &#160;
                  </font></td><td valign="top" width="5%" style="BORDER-BOTTOM: black 1pt solid; BORDER-RIGHT: black 1pt solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                    &#160;
                  </font></td></tr><tr style="HEIGHT: 18pt;"><td rowspan="3" valign="middle" width="7%" style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1pt solid"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 18pt; FONT-WEIGHT: bold">5</font></div></td><td align="left" colspan="3" valign="middle" width="86%" style="BORDER-LEFT: black 1pt solid; PADDING-BOTTOM: 1pt"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">
                      CHECK
                      BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(e)
                      or 2(f)
                    </font></div></td><td valign="middle" width="2%" style="PADDING-BOTTOM: 1pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                    &#160;
                  </font></td><td align="left" valign="middle" width="5%" style="PADDING-BOTTOM: 1pt; BORDER-RIGHT: black 1pt solid"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: wingdings 2, serif; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: wingdings">o</font></font></div></td></tr><tr style="HEIGHT: 18pt;"><td align="left" colspan="3" rowspan="2" valign="middle" width="86%" style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1pt solid; PADDING-LEFT: 0pt; MARGIN-LEFT: 446pt"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">
                      &#160;
                    </font></div></td><td valign="middle" width="2%" style="PADDING-BOTTOM: 1pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                    &#160;
                  </font></td><td valign="top" width="5%" style="PADDING-BOTTOM: 1pt; BORDER-RIGHT: black 1pt solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                    &#160;
                  </font></td></tr><tr><td valign="middle" width="2%" style="BORDER-BOTTOM: black 1pt solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                    &#160;
                  </font></td><td valign="top" width="5%" style="BORDER-BOTTOM: black 1pt solid; BORDER-RIGHT: black 1pt solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                    &#160;
                  </font></td></tr><tr style="HEIGHT: 18pt;"><td rowspan="3" valign="middle" width="7%" style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1pt solid"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 18pt; FONT-WEIGHT: bold">6</font></div></td><td align="left" colspan="3" valign="middle" width="86%" style="BORDER-LEFT: black 1pt solid; PADDING-BOTTOM: 1pt"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">
                      CITIZENSHIP
                      OR PLACE OF ORGANIZATION
                    </font></div></td><td valign="middle" width="2%" style="PADDING-BOTTOM: 1pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                    &#160;
                  </font></td><td valign="top" width="5%" style="PADDING-BOTTOM: 1pt; BORDER-RIGHT: black 1pt solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                    &#160;
                  </font></td></tr><tr style="HEIGHT: 18pt;"><td align="left" colspan="3" rowspan="2" valign="middle" width="86%" style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1pt solid; PADDING-LEFT: 0pt; MARGIN-LEFT: 446pt"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">Delaware</font></div></td><td valign="middle" width="2%" style="PADDING-BOTTOM: 1pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                    &#160;
                  </font></td><td valign="top" width="5%" style="PADDING-BOTTOM: 1pt; BORDER-RIGHT: black 1pt solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                    &#160;
                  </font></td></tr><tr><td valign="middle" width="2%" style="BORDER-BOTTOM: black 1pt solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                    &#160;
                  </font></td><td valign="top" width="5%" style="BORDER-BOTTOM: black 1pt solid; BORDER-RIGHT: black 1pt solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                    &#160;
                  </font></td></tr><tr style="HEIGHT: 18pt;"><td colspan="2" rowspan="12" valign="middle" width="14%" style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1pt solid"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">
                      NUMBER
                      OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
                    </font></div></td><td rowspan="3" valign="middle" width="7%" style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1pt solid"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 18pt; FONT-WEIGHT: bold">7</font></div></td><td align="left" valign="middle" width="72%" style="BORDER-LEFT: black 1pt solid; PADDING-BOTTOM: 1pt"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">
                      SOLE
                      VOTING POWER
                    </font></div></td><td valign="middle" width="2%" style="PADDING-BOTTOM: 1pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                    &#160;
                  </font></td><td valign="top" width="5%" style="PADDING-BOTTOM: 1pt; BORDER-RIGHT: black 1pt solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                    &#160;
                  </font></td></tr><tr style="HEIGHT: 18pt;"><td align="left" rowspan="2" valign="middle" width="72%" style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1pt solid; PADDING-LEFT: 0pt; MARGIN-LEFT: 446pt"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">0</font></div></td><td valign="middle" width="2%" style="PADDING-BOTTOM: 1pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                    &#160;
                  </font></td><td valign="top" width="5%" style="PADDING-BOTTOM: 1pt; BORDER-RIGHT: black 1pt solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                    &#160;
                  </font></td></tr><tr><td valign="middle" width="2%" style="BORDER-BOTTOM: black 1pt solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                    &#160;
                  </font></td><td valign="top" width="5%" style="BORDER-BOTTOM: black 1pt solid; BORDER-RIGHT: black 1pt solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                    &#160;
                  </font></td></tr><tr style="HEIGHT: 18pt;"><td rowspan="3" valign="middle" width="7%" style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1pt solid"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 18pt; FONT-WEIGHT: bold">8</font></div></td><td align="left" valign="middle" width="72%" style="BORDER-LEFT: black 1pt solid; PADDING-BOTTOM: 1pt"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">
                      SHARED
                      VOTING POWER
                    </font></div></td><td valign="middle" width="2%" style="PADDING-BOTTOM: 1pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                    &#160;
                  </font></td><td valign="top" width="5%" style="PADDING-BOTTOM: 1pt; BORDER-RIGHT: black 1pt solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                    &#160;
                  </font></td></tr><tr style="HEIGHT: 18pt;"><td align="left" rowspan="2" valign="middle" width="72%" style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1pt solid; PADDING-LEFT: 0pt; MARGIN-LEFT: 446pt"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">2,083</font></div></td><td valign="middle" width="2%" style="PADDING-BOTTOM: 1pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                    &#160;
                  </font></td><td valign="top" width="5%" style="PADDING-BOTTOM: 1pt; BORDER-RIGHT: black 1pt solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                    &#160;
                  </font></td></tr><tr><td valign="middle" width="2%" style="BORDER-BOTTOM: black 1pt solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                    &#160;
                  </font></td><td valign="top" width="5%" style="BORDER-BOTTOM: black 1pt solid; BORDER-RIGHT: black 1pt solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                    &#160;
                  </font></td></tr><tr style="HEIGHT: 18pt;"><td rowspan="3" valign="middle" width="7%" style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1pt solid"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 18pt; FONT-WEIGHT: bold">9</font></div></td><td align="left" valign="middle" width="72%" style="BORDER-LEFT: black 1pt solid; PADDING-BOTTOM: 1pt"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">
                      SOLE
                      DISPOSITIVE POWER
                    </font></div></td><td valign="middle" width="2%" style="PADDING-BOTTOM: 1pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                    &#160;
                  </font></td><td valign="top" width="5%" style="PADDING-BOTTOM: 1pt; BORDER-RIGHT: black 1pt solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                    &#160;
                  </font></td></tr><tr style="HEIGHT: 18pt;"><td align="left" rowspan="2" valign="middle" width="72%" style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1pt solid; PADDING-LEFT: 0pt; MARGIN-LEFT: 446pt"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">0</font></div></td><td valign="middle" width="2%" style="PADDING-BOTTOM: 1pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                    &#160;
                  </font></td><td valign="top" width="5%" style="PADDING-BOTTOM: 1pt; BORDER-RIGHT: black 1pt solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                    &#160;
                  </font></td></tr><tr><td valign="middle" width="2%" style="BORDER-BOTTOM: black 1pt solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                    &#160;
                  </font></td><td valign="top" width="5%" style="BORDER-BOTTOM: black 1pt solid; BORDER-RIGHT: black 1pt solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                    &#160;
                  </font></td></tr><tr style="HEIGHT: 18pt;"><td rowspan="3" valign="middle" width="7%" style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1pt solid"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 18pt; FONT-WEIGHT: bold">10</font></div></td><td align="left" valign="middle" width="72%" style="BORDER-LEFT: black 1pt solid; PADDING-BOTTOM: 1pt"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">
                      SHARED
                      DISPOSITIVE POWER
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                    &#160;
                  </font></td><td valign="top" width="5%" style="PADDING-BOTTOM: 1pt; BORDER-RIGHT: black 1pt solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                    &#160;
                  </font></td></tr><tr style="HEIGHT: 18pt;"><td align="left" rowspan="2" valign="middle" width="72%" style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1pt solid; PADDING-LEFT: 0pt; MARGIN-LEFT: 446pt"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">2,083</font></div></td><td valign="middle" width="2%" style="PADDING-BOTTOM: 1pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                    &#160;
                  </font></td><td valign="top" width="5%" style="PADDING-BOTTOM: 1pt; BORDER-RIGHT: black 1pt solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                    &#160;
                  </font></td></tr><tr><td valign="middle" width="2%" style="BORDER-BOTTOM: black 1pt solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                    &#160;
                  </font></td><td valign="top" width="5%" style="BORDER-BOTTOM: black 1pt solid; BORDER-RIGHT: black 1pt solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                    &#160;
                  </font></td></tr><tr style="HEIGHT: 18pt;"><td rowspan="3" valign="middle" width="7%" style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1pt solid"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 18pt; FONT-WEIGHT: bold">11</font></div></td><td align="left" colspan="3" valign="middle" width="86%" style="BORDER-LEFT: black 1pt solid; PADDING-BOTTOM: 1pt"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">
                      AGGREGATE
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                    &#160;
                  </font></td><td valign="top" width="5%" style="PADDING-BOTTOM: 1pt; BORDER-RIGHT: black 1pt solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                    &#160;
                  </font></td></tr><tr style="HEIGHT: 18pt;"><td align="left" colspan="3" rowspan="2" valign="middle" width="86%" style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1pt solid; PADDING-LEFT: 0pt; MARGIN-LEFT: 446pt"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">2,083</font></div></td><td valign="middle" width="2%" style="PADDING-BOTTOM: 1pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                    &#160;
                  </font></td><td valign="top" width="5%" style="PADDING-BOTTOM: 1pt; BORDER-RIGHT: black 1pt solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                    &#160;
                  </font></td></tr><tr><td valign="middle" width="2%" style="BORDER-BOTTOM: black 1pt solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                    &#160;
                  </font></td><td valign="top" width="5%" style="BORDER-BOTTOM: black 1pt solid; BORDER-RIGHT: black 1pt solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                    &#160;
                  </font></td></tr><tr style="HEIGHT: 18pt;"><td rowspan="3" valign="middle" width="7%" style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1pt solid"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 18pt; FONT-WEIGHT: bold">12</font></div></td><td align="left" colspan="3" valign="middle" width="86%" style="BORDER-LEFT: black 1pt solid; PADDING-BOTTOM: 1pt"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">
                      CHECK
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                      SHARES
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                    &#160;
                  </font></td><td align="left" valign="middle" width="5%" style="PADDING-BOTTOM: 1pt; BORDER-RIGHT: black 1pt solid"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: wingdings 2, serif; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: wingdings">o</font></font></div></td></tr><tr style="HEIGHT: 18pt;"><td align="left" colspan="3" rowspan="2" valign="middle" width="86%" style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1pt solid; PADDING-LEFT: 0pt; MARGIN-LEFT: 446pt"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">
                      &#160;
                    </font></div></td><td valign="middle" width="2%" style="PADDING-BOTTOM: 1pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                    &#160;
                  </font></td><td valign="top" width="5%" style="PADDING-BOTTOM: 1pt; BORDER-RIGHT: black 1pt solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                    &#160;
                  </font></td></tr><tr><td valign="middle" width="2%" style="BORDER-BOTTOM: black 1pt solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                    &#160;
                  </font></td><td valign="top" width="5%" style="BORDER-BOTTOM: black 1pt solid; BORDER-RIGHT: black 1pt solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                    &#160;
                  </font></td></tr><tr style="HEIGHT: 18pt;"><td rowspan="3" valign="middle" width="7%" style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1pt solid"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 18pt; FONT-WEIGHT: bold">13</font></div></td><td align="left" colspan="3" valign="middle" width="86%" style="BORDER-LEFT: black 1pt solid; PADDING-BOTTOM: 1pt"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">
                      PERCENT
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                    &#160;
                  </font></td><td valign="top" width="5%" style="PADDING-BOTTOM: 1pt; BORDER-RIGHT: black 1pt solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                    &#160;
                  </font></td></tr><tr style="HEIGHT: 18pt;"><td align="left" colspan="3" rowspan="2" valign="middle" width="86%" style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1pt solid; PADDING-LEFT: 0pt; MARGIN-LEFT: 446pt"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">100%
						  </font></div></div></td><td valign="middle" width="2%" style="PADDING-BOTTOM: 1pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                    &#160;
                  </font></td><td valign="top" width="5%" style="PADDING-BOTTOM: 1pt; BORDER-RIGHT: black 1pt solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                    &#160;
                  </font></td></tr><tr><td valign="middle" width="2%" style="BORDER-BOTTOM: black 1pt solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                    &#160;
                  </font></td><td valign="top" width="5%" style="BORDER-BOTTOM: black 1pt solid; BORDER-RIGHT: black 1pt solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                    &#160;
                  </font></td></tr><tr style="HEIGHT: 18pt;"><td rowspan="3" valign="middle" width="7%" style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1pt solid"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 18pt; FONT-WEIGHT: bold">14</font></div></td><td align="left" colspan="3" valign="middle" width="86%" style="BORDER-LEFT: black 1pt solid; PADDING-BOTTOM: 1pt"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">
                      TYPE
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                    &#160;
                  </font></td><td valign="top" width="5%" style="PADDING-BOTTOM: 1pt; BORDER-RIGHT: black 1pt solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                    &#160;
                  </font></td></tr><tr style="HEIGHT: 18pt;"><td align="left" colspan="3" rowspan="2" valign="middle" width="86%" style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1pt solid"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">CO</font></div></div></td><td valign="middle" width="2%" style="PADDING-BOTTOM: 1pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                    &#160;
                  </font></td><td valign="top" width="5%" style="PADDING-BOTTOM: 1pt; BORDER-RIGHT: black 1pt solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                    &#160;
                  </font></td></tr><tr><td valign="middle" width="2%" style="BORDER-BOTTOM: black 1pt solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                    &#160;
                  </font></td><td valign="top" width="5%" style="BORDER-BOTTOM: black 1pt solid; BORDER-RIGHT: black 1pt solid"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                    &#160;
                  </font></td></tr></table><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"></font></div><div>&#160;</div></div><div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><div id="FTR"><div id="GLFTR" style="WIDTH: 100%" align="left"></div></div><div id="PN" style="PAGE-BREAK-AFTER: always"><div style="TEXT-ALIGN: center; WIDTH: 100%"></div></div><div id="HDR"><div id="GLHDR" style="WIDTH: 100%" align="right"></div></div></div></div><div><div>&#160;</div><div align="center">&#160;</div><div style="TEXT-INDENT: 0pt; DISPLAY: block"><div><div style="TEXT-INDENT: 0pt; DISPLAY: block"><div style="TEXT-INDENT: 0pt; DISPLAY: block"><div align="center"><table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><tr><td align="left" valign="top" width="4%"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Item&#160;1.</font></div></td><td align="left" valign="top" width="96%"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"></font><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Security&#160;and&#160;Issuer</font></div></div></div></td></tr><tr><td align="left" valign="top" width="4%" style="TEXT-INDENT: 45pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td><td align="left" valign="top" width="96%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td></tr></table></div></div></div><div style="TEXT-INDENT: 0pt; DISPLAY: block"><div><table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><tr><td align="left" valign="top" width="3%"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></div></td><td align="left" valign="top" width="3%"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></div></td><td align="left" valign="top" width="94%"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">This Statement on Schedule 13D (this &#8220;Statement&#8221;) relates to the purchase of 2,083 Series 2015/6-VCV Variable Rate Muni Term Preferred Shares (CUSIP No. 46132H 601) (&#8220;VMTP Shares&#8221;) of Invesco California Value Municipal Income Trust (the &#8220;Issuer&#8221; or the &#8220;Company&#8221;).  This Statement is being filed by the Reporting Persons (as defined below) as a result of the purchase of VMTP Shares by BAPFC (as defined below).  The Issuer&#8217;s principal executive offices are located at 1555 Peachtree Street, N.E., Suite 1800 Atlanta, Georgia 30309.</font></div></div></td></tr></table></div></div><div style="TEXT-INDENT: 0pt; DISPLAY: block"><div>&#160;</div></div></div><div align="center"><table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><tr><td align="left" valign="top" width="4%"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Item&#160;2.</font></div></td><td align="left" valign="top" width="96%"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Identity&#160;and&#160;Background</font></div></div></td></tr><tr><td align="left" valign="top" width="4%" style="TEXT-INDENT: 45pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td><td align="left" valign="top" width="96%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td></tr></table></div><div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div></div><div><table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><tr><td align="left" valign="top" width="3%"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></div></td><td align="left" valign="top" width="3%"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(a)</font></div></td><td align="left" valign="top" width="94%"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">This Statement is being filed on behalf of each of the following persons (together, the &#8220;Reporting Persons&#8221;):
<br />
<br />(i)	Bank of America Corporation (&#8220;BAC&#8221;); and
<br />
<br />(ii)	Banc of America Preferred Funding Corporation (&#8220;BAPFC&#8221;).
<br />
<br />This Statement relates to the VMTP Shares that were purchased for the account of BAPFC.</font></div></td></tr></table></div><div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /></div><div><table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><tr><td align="left" valign="top" width="3%"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></div></td><td align="left" valign="top" width="3%"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(b)</font></div></td><td align="left" valign="top" width="94%"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The address of the principal business office of BAC is:
<br />
<br />Bank of America Corporate Center
<br />100 North Tryon Street
<br />Charlotte, North Carolina 28255
<br />
<br />The address of the principal business office of BAPFC is:
<br />
<br />214 North Tryon Street
<br />Charlotte, North Carolina 28255</font></div></td></tr></table></div><div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /></div><div><table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><tr><td align="left" valign="top" width="3%"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></div></td><td align="left" valign="top" width="3%"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(c)</font></div></td><td align="left" valign="top" width="94%"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">BAC and its subsidiaries provide diversified global financial services and products. The principal business of BAPFC is to make investments and provide loans to clients.  Information concerning each executive officer, director and controlling person (the &#8220;Listed Persons&#8221;) of the Reporting Persons is listed on Schedule I hereto, and is incorporated by reference herein.</font></div></div></td></tr></table></div><div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /></div><div><table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><tr><td align="left" valign="top" width="3%"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></div></td><td align="left" valign="top" width="3%"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(d)</font></div></td><td align="left" valign="top" width="94%"><div style="TEXT-INDENT: 0pt; 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FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><tr><td align="left" valign="top" width="3%"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></div></td><td align="left" valign="top" width="3%"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(e)</font></div></td><td align="left" valign="top" width="94%"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Other than as set forth on Schedule II hereto, which is incorporated by reference herein, 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.</font></div></td></tr></table></div><div style="TEXT-INDENT: 0pt; 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DISPLAY: block"><div style="TEXT-INDENT: 0pt; DISPLAY: block"><div>&#160;</div><div align="center"><table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><tr><td align="left" valign="top" width="4%"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Item&#160;3.</font></div></td><td align="left" valign="top" width="96%"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
                            Source
                            and Amount of Funds or Other Consideration
                          </font></div></div></td></tr><tr><td align="left" valign="top" width="4%" style="TEXT-INDENT: 45pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td><td align="left" valign="top" width="96%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td></tr></table></div></div></div><div style="TEXT-INDENT: 0pt; DISPLAY: block"><div><table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><tr><td align="left" valign="top" width="3%"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></div></td><td align="left" valign="top" width="3%"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></div></td><td align="left" valign="top" width="94%"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The aggregate amount of funds used by the Reporting Persons to purchase the securities reported herein was approximately $208.5 million. The source of funds was the working capital of the Reporting Persons.
<br />
<br />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 Securities Exchange Act of 1934 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.</font></div></div></td></tr></table></div></div><div style="TEXT-INDENT: 0pt; DISPLAY: block"><div>&#160;</div><div align="center"><table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><tr><td align="left" valign="top" width="4%"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Item&#160;4.</font></div></td><td align="left" valign="top" width="96%"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
                          Purpose
                          of Transaction
                        </font></div></div></td></tr><tr><td align="left" valign="top" width="4%" style="TEXT-INDENT: 45pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td><td align="left" valign="top" width="96%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td></tr></table></div></div><div><table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><tr><td align="left" valign="top" width="3%"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></div></td><td align="left" valign="top" width="3%"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"></font></div></td><td align="left" valign="top" width="94%"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">BAPFC purchased the VMTP Shares for investment purposes.  The VMTP Shares were acquired by BAPFC from a third party on November 19, 2019.  In connection with the transaction, BAPFC entered into a Variable Rate Muni Term Preferred Shares Purchase Agreement, dated as of November 19, 2019, to set forth certain terms of the VMTP Shares purchased by BAPFC, a copy of which is filed herewith as Exhibit 99.5.
<br />
<br />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.</font></div></td></tr></table></div><div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /></div><div><table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><tr><td align="left" valign="top" width="3%"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></div></td><td align="left" valign="top" width="3%"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(a)</font></div></td><td align="left" valign="top" width="94%"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"></font></div></td></tr></table></div><div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /></div><div><table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><tr><td align="left" valign="top" width="3%"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></div></td><td align="left" valign="top" width="3%"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(b)</font></div></td><td align="left" valign="top" width="94%"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; 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DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(h)</font></div></td><td align="left" valign="top" width="94%"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"></font></div></td></tr></table></div><div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /></div><div><table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><tr><td align="left" valign="top" width="3%"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></div></td><td align="left" valign="top" width="3%"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; 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DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"></font></div></td></tr></table></div><div style="TEXT-INDENT: 0pt; DISPLAY: block"><div>&#160;</div><div align="center"><table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><tr><td align="left" valign="top" width="4%"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Item&#160;5.</font></div></td><td align="left" valign="top" width="96%"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
                          Interest
                          in Securities of the Issuer
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The Reporting Persons have not effected any other transactions in the VMTP Shares during the past sixty (60) days.</font></div></td></tr></table></div><div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /></div><div><table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><tr><td align="left" valign="top" width="3%"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></div></td><td align="left" valign="top" width="3%"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></div></td><td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center; WIDTH: 31%"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Transaction Date</font></td><td style="PADDING-BOTTOM: 2px; 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                                  Contracts,
                                  Arrangements, Understandings or Relationships with Respect to Securities
                                  of the Issuer
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                                      Material
                                      to Be Filed as Exhibits
                                    </font></div></div></div></td></tr><tr><td align="left" valign="top" width="4%" style="TEXT-INDENT: 45pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td><td align="left" valign="top" width="96%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;</font></td></tr></table></div></div></div><div style="TEXT-INDENT: 0pt; DISPLAY: block"><div><table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><tr><td align="left" valign="top" width="3%"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></div></td><td align="left" valign="top" width="3%"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;</font></div></td><td align="left" valign="top" width="94%"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Exhibit 99.1	Joint Filing Agreement, dated as of November 26, 2019, by and between Bank of America Corporation and Banc of America Preferred Funding Corporation.
<br />
<br />Exhibit 99.2	Limited Power of Attorney of Bank of America Corporation, dated November 29, 2018.
<br />
<br />Exhibit 99.3	Voting Trust Agreement, dated as of November 19, 2019, by and among Lord Securities Corporation, as trustee, Banc of America Preferred Funding Corporation and Institutional Shareholder Services Inc.
<br />
<br />Exhibit 99.4	Registration Rights Agreement, dated as of November 19, 2019, by and between Invesco California Value Municipal Income Trust and Banc of America Preferred Funding Corporation.
<br />
<br />Exhibit 99.5	Variable Rate Muni Term Preferred Shares Purchase Agreement, dated as of November 19, 2019, by and among Invesco California Value Municipal Income Trust and Banc of America Preferred Funding Corporation.</font></div></div></td></tr></table></div></div><div style="TEXT-INDENT: 0pt; DISPLAY: block"><div>&#160;</div></div></div></div></div></div><div id="PN" style="PAGE-BREAK-AFTER: always"><div style="TEXT-ALIGN: center; WIDTH: 100%"></div><div style="TEXT-ALIGN: center; WIDTH: 100%"><hr style="COLOR: black" noshade="" size="2" /></div></div><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Signature</font></div><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-STYLE: italic">&#160;</font></div><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">
                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.
              </font></div></div><div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /></div><div align="left"><table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><tr><td valign="top" width="50%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                    &#160;
                  </font></td><td align="left" colspan="2" valign="top" width="44%"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">BANK OF AMERICA CORPORATION</font></div></td><td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                    &#160;
                  </font></td></tr><tr><td valign="top" width="50%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                    &#160;
                  </font></td><td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                    &#160;
                  </font></td><td valign="top" width="40%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                    &#160;
                  </font></td><td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                    &#160;
                  </font></td></tr><tr><td align="left" valign="top" width="50%"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">November&#160;27,&#160;2019</font></div></td><td align="left" valign="top" width="4%"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">By:</font></div></td><td valign="top" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; WIDTH: 40%"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                      /s/
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                    &#160;
                  </font></td></tr><tr><td valign="top" width="50%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                    &#160;
                  </font></td><td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                    &#160;
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                    &#160;
                  </font></td></tr><tr><td valign="top" width="50%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                    &#160;
                  </font></td><td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                    &#160;
                  </font></td><td valign="top" width="40%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                    &#160;
                  </font></td><td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                    &#160;
                  </font></td></tr><tr><td valign="top" width="50%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                    &#160;
                  </font></td><td align="left" colspan="2" valign="top" width="44%"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">BANC OF AMERICA PREFERRED FUNDING CORPORATION</font></div></td><td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                    &#160;
                  </font></td></tr><tr><td valign="top" width="50%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                    &#160;
                  </font></td><td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
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                    &#160;
                  </font></td><td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                    &#160;
                  </font></td></tr><tr><td align="left" valign="top" width="50%"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">November&#160;27,&#160;2019</font></div></td><td align="left" valign="top" width="4%"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">By:</font></div></td><td valign="top" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left; WIDTH: 40%"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                      /s/
                      Michael Jentis</font></div></td><td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                    &#160;
                  </font></td></tr><tr><td valign="top" width="50%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                    &#160;
                  </font></td><td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                    &#160;
                  </font></td><td align="left" valign="bottom" width="40%"><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Authorized Signatory</font></div></td><td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                    &#160;
                  </font></td></tr><tr><td valign="top" width="50%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                    &#160;
                  </font></td><td valign="top" width="4%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                    &#160;
                  </font></td><td valign="top" width="40%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                    &#160;
                  </font></td><td valign="top" width="6%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">
                    &#160;
                  </font></td></tr></table></div><div style="TEXT-INDENT: 0pt; DISPLAY: block">&#160;</div><div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">
              The
              original statement shall be signed by each person on whose behalf the statement
              is filed or his authorized representative. If the statement is signed on behalf
              of a person by his authorized representative (other than an executive officer or
              general partner of the filing person), evidence of the representative&#8217;s
              authority to sign on behalf of such person shall be filed with the statement:
              provided, however, that a power of attorney for this purpose which is already on
              file with the Commission may be incorporated by reference. The name and any
              title of each person who signs the statement shall be typed or printed beneath
              his signature.
            </font></div><div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /></div><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Footnotes:&#160;</font></font></div><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">
              Attention:
              Intentional misstatements or omissions of fact constitute Federal criminal
              violations (See 18 U.S.C. 1001)
            </font></div><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div><div><hr style="MARGIN-TOP: -5px; COLOR: #000000" noshade="" size="1" /><hr style="MARGIN-TOP: -13px; COLOR: #000000" noshade="" size="4" /></div></div></body></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-1.1
<SEQUENCE>2
<FILENAME>schI.htm
<DESCRIPTION>EX-1.1
<TEXT>
<html>
  <head>
    <title></title>
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<body style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000;" bgcolor="#ffffff">
  <div>
    <div style="text-align: center; font-size: 12pt; font-weight: bold;"><u>Schedule I</u></div>
    <div><br>
    </div>
    <div style="text-align: center; font-size: 12pt; font-weight: bold;">EXECUTIVE OFFICERS AND DIRECTORS OF THE REPORTING PERSONS</div>
    <div><br>
    </div>
    <div style="text-indent: 36pt; font-size: 12pt;">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 style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="z4a48cb4b941343dc8df9bc158a307277" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 25.56%; vertical-align: bottom; border-bottom: 2px solid black;">
            <div style="text-align: center;">Name</div>
          </td>
          <td style="width: 2.66%; vertical-align: top;">&#160;</td>
          <td style="width: 27.52%; vertical-align: bottom; border-bottom: 2px solid black;">
            <div style="text-align: center;">Position with Bank of America Corporation</div>
          </td>
          <td style="width: 2.66%; vertical-align: top;">&#160;</td>
          <td style="width: 41.6%; vertical-align: bottom; border-bottom: 2px solid black;">
            <div style="text-align: center;">Principal Occupation</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25.56%; vertical-align: top;">
            <div>Brian T. Moynihan</div>
          </td>
          <td style="width: 2.66%; vertical-align: top;">&#160;</td>
          <td style="width: 27.52%; vertical-align: top;">
            <div>Chairman of the Board, Chief Executive Officer, President and Director</div>
          </td>
          <td style="width: 2.66%; vertical-align: top;">&#160;</td>
          <td style="width: 41.6%; vertical-align: top;">
            <div>Chairman of the Board, Chief Executive Officer, and President of Bank of America Corporation</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25.56%; vertical-align: top;">
            <div>Dean C. Athanasia</div>
          </td>
          <td style="width: 2.66%; vertical-align: top;">&#160;</td>
          <td style="width: 27.52%; vertical-align: top;">
            <div>President,&#160; Retail and Preferred &amp; Small Business Banking</div>
          </td>
          <td style="width: 2.66%; vertical-align: top;">&#160;</td>
          <td style="width: 41.6%; vertical-align: top;">
            <div>President, Retail and Preferred &amp; Small Business Banking of Bank of America Corporation</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25.56%; vertical-align: top;">
            <div>Catherine P. Bessant</div>
          </td>
          <td style="width: 2.66%; vertical-align: top;">&#160;</td>
          <td style="width: 27.52%; vertical-align: top;">
            <div>Chief Operations and Technology Officer</div>
          </td>
          <td style="width: 2.66%; vertical-align: top;">&#160;</td>
          <td style="width: 41.6%; vertical-align: top;">
            <div>Chief Operations and Technology Officer of Bank of America Corporation</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25.56%; vertical-align: top;">
            <div>Sheri Bronstein</div>
          </td>
          <td style="width: 2.66%; vertical-align: top;">&#160;</td>
          <td style="width: 27.52%; vertical-align: top;">
            <div>Chief Human Resources Officer</div>
          </td>
          <td style="width: 2.66%; vertical-align: top;">&#160;</td>
          <td style="width: 41.6%; vertical-align: top;">
            <div>Chief Human Resources Officer of Bank of America Corporation</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25.56%; vertical-align: top;">
            <div>Paul M. Donofrio</div>
          </td>
          <td style="width: 2.66%; vertical-align: top;">&#160;</td>
          <td style="width: 27.52%; vertical-align: top;">
            <div>Chief Financial Officer</div>
          </td>
          <td style="width: 2.66%; vertical-align: top;">&#160;</td>
          <td style="width: 41.6%; vertical-align: top;">
            <div>Chief Financial Officer of Bank of America Corporation</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25.56%; vertical-align: top;">
            <div>Geoffrey Greener</div>
          </td>
          <td style="width: 2.66%; vertical-align: top;">&#160;</td>
          <td style="width: 27.52%; vertical-align: top;">
            <div>Chief Risk Officer</div>
          </td>
          <td style="width: 2.66%; vertical-align: top;">&#160;</td>
          <td style="width: 41.6%; vertical-align: top;">
            <div>Chief Risk Officer of Bank of America Corporation</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25.56%; vertical-align: top;">
            <div>Kathleen A. Knox</div>
          </td>
          <td style="width: 2.66%; vertical-align: top;">&#160;</td>
          <td style="width: 27.52%; vertical-align: top;">
            <div>President, Private Bank</div>
          </td>
          <td style="width: 2.66%; vertical-align: top;">&#160;</td>
          <td style="width: 41.6%; vertical-align: top;">
            <div>President, Private Bank of Bank of America Corporation</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25.56%; vertical-align: top;">
            <div>David Leitch</div>
          </td>
          <td style="width: 2.66%; vertical-align: top;">&#160;</td>
          <td style="width: 27.52%; vertical-align: top;">
            <div>Global General Counsel</div>
          </td>
          <td style="width: 2.66%; vertical-align: top;">&#160;</td>
          <td style="width: 41.6%; vertical-align: top;">
            <div>Global General Counsel of Bank of America Corporation</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25.56%; vertical-align: top;">
            <div>Thomas K. Montag</div>
          </td>
          <td style="width: 2.66%; vertical-align: top;">&#160;</td>
          <td style="width: 27.52%; vertical-align: top;">
            <div>Chief Operating Officer</div>
          </td>
          <td style="width: 2.66%; vertical-align: top;">&#160;</td>
          <td style="width: 41.6%; vertical-align: top;">
            <div>Chief Operating Officer of Bank of America Corporation</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25.56%; vertical-align: top;">
            <div>Thong M. Nguyen</div>
          </td>
          <td style="width: 2.66%; vertical-align: top;">&#160;</td>
          <td style="width: 27.52%; vertical-align: top;">
            <div>Vice Chairman</div>
          </td>
          <td style="width: 2.66%; vertical-align: top;">&#160;</td>
          <td style="width: 41.6%; vertical-align: top;">
            <div>Vice Chairman of Bank of America Corporation</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25.56%; vertical-align: top;">
            <div>Andrew M. Sieg</div>
          </td>
          <td style="width: 2.66%; vertical-align: top;">&#160;</td>
          <td style="width: 27.52%; vertical-align: top;">
            <div>President, Merrill Lynch Wealth Management</div>
          </td>
          <td style="width: 2.66%; vertical-align: top;">&#160;</td>
          <td style="width: 41.6%; vertical-align: top;">
            <div>President, Merrill Lynch Wealth Management</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25.56%; vertical-align: top;">
            <div>Andrea B. Smith</div>
          </td>
          <td style="width: 2.66%; vertical-align: top;">&#160;</td>
          <td style="width: 27.52%; vertical-align: top;">
            <div>Chief Administrative Officer</div>
          </td>
          <td style="width: 2.66%; vertical-align: top;">&#160;</td>
          <td style="width: 41.6%; vertical-align: top;">
            <div>Chief Administrative Officer of Bank of America Corporation</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25.56%; vertical-align: top;">
            <div>Sharon L. Allen</div>
          </td>
          <td style="width: 2.66%; vertical-align: top;">&#160;</td>
          <td style="width: 27.52%; vertical-align: top;">
            <div>Director</div>
          </td>
          <td style="width: 2.66%; vertical-align: top;">&#160;</td>
          <td style="width: 41.6%; vertical-align: top;">
            <div>Former Chairman of Deloitte LLP</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25.56%; vertical-align: top;">
            <div>Susan S. Bies</div>
          </td>
          <td style="width: 2.66%; vertical-align: top;">&#160;</td>
          <td style="width: 27.52%; vertical-align: top;">
            <div>Director</div>
          </td>
          <td style="width: 2.66%; vertical-align: top;">&#160;</td>
          <td style="width: 41.6%; vertical-align: top;">
            <div>Former Member, Board of Governors of the Federal Reserve System</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25.56%; vertical-align: top;">
            <div>Jack O. Bovender, Jr.</div>
          </td>
          <td style="width: 2.66%; vertical-align: top;">&#160;</td>
          <td style="width: 27.52%; vertical-align: top;">
            <div>Lead Independent Director</div>
          </td>
          <td style="width: 2.66%; vertical-align: top;">&#160;</td>
          <td style="width: 41.6%; vertical-align: top;">
            <div>Former Chairman and Chief Executive Officer of HCA Inc.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25.56%; vertical-align: top;">
            <div>Frank P. Bramble, Sr.</div>
          </td>
          <td style="width: 2.66%; vertical-align: top;">&#160;</td>
          <td style="width: 27.52%; vertical-align: top;">
            <div>Director</div>
          </td>
          <td style="width: 2.66%; vertical-align: top;">&#160;</td>
          <td style="width: 41.6%; vertical-align: top;">
            <div>Former Executive Vice Chairman, MBNA Corporation</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25.56%; vertical-align: top;">
            <div>Pierre de Weck<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup></div>
          </td>
          <td style="width: 2.66%; vertical-align: top;">&#160;</td>
          <td style="width: 27.52%; vertical-align: top;">
            <div>Director</div>
          </td>
          <td style="width: 2.66%; vertical-align: top;">&#160;</td>
          <td style="width: 41.6%; vertical-align: top;">
            <div>Former Chairman and Global Head of Private Wealth Management, Deutsche Bank AG</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25.56%; vertical-align: top;">
            <div>Arnold W. Donald</div>
          </td>
          <td style="width: 2.66%; vertical-align: top;">&#160;</td>
          <td style="width: 27.52%; vertical-align: top;">
            <div>Director</div>
          </td>
          <td style="width: 2.66%; vertical-align: top;">&#160;</td>
          <td style="width: 41.6%; vertical-align: top;">
            <div>President and Chief Executive Officer, Carnival Corporation &amp; plc</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25.56%; vertical-align: top;">
            <div>Linda P. Hudson</div>
          </td>
          <td style="width: 2.66%; vertical-align: top;">&#160;</td>
          <td style="width: 27.52%; vertical-align: top;">
            <div>Director</div>
          </td>
          <td style="width: 2.66%; vertical-align: top;">&#160;</td>
          <td style="width: 41.6%; vertical-align: top;">
            <div>Executive Officer, The Cardea Group, LLC and Former President and Chief Executive Officer of BAE Systems, Inc.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25.56%; vertical-align: top;">
            <div>Monica C. Lozano</div>
          </td>
          <td style="width: 2.66%; vertical-align: top;">&#160;</td>
          <td style="width: 27.52%; vertical-align: top;">
            <div>Director</div>
          </td>
          <td style="width: 2.66%; vertical-align: top;">&#160;</td>
          <td style="width: 41.6%; vertical-align: top;">
            <div>Chief Executive Officer, College Futures Foundation and Former Chairman, US Hispanic Media Inc.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25.56%; vertical-align: top;">
            <div>Thomas J. May</div>
          </td>
          <td style="width: 2.66%; vertical-align: top;">&#160;</td>
          <td style="width: 27.52%; vertical-align: top;">
            <div>Director</div>
          </td>
          <td style="width: 2.66%; vertical-align: top;">&#160;</td>
          <td style="width: 41.6%; vertical-align: top;">
            <div>Chairman, Viacom Inc.; Former Chairman, President, and Chief Executive Officer of Eversource Energy</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25.56%; vertical-align: top;">
            <div>Lionel L. Nowell, III</div>
          </td>
          <td style="width: 2.66%; vertical-align: top;">&#160;</td>
          <td style="width: 27.52%; vertical-align: top;">
            <div>Director</div>
          </td>
          <td style="width: 2.66%; vertical-align: top;">&#160;</td>
          <td style="width: 41.6%; vertical-align: top;">
            <div>Former Senior Vice President and Treasurer,&#160; PepsiCo Inc.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25.56%; vertical-align: top;">
            <div>Denise L. Ramos</div>
          </td>
          <td style="width: 2.66%; vertical-align: top;">&#160;</td>
          <td style="width: 27.52%; vertical-align: top;">
            <div>Director</div>
          </td>
          <td style="width: 2.66%; vertical-align: top;">&#160;</td>
          <td style="width: 41.6%; vertical-align: top;">
            <div>Former Chief Executive Officer and President of ITT</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25.56%; vertical-align: top;">
            <div>Clayton S. Rose</div>
          </td>
          <td style="width: 2.66%; vertical-align: top;">&#160;</td>
          <td style="width: 27.52%; vertical-align: top;">
            <div>Director</div>
          </td>
          <td style="width: 2.66%; vertical-align: top;">&#160;</td>
          <td style="width: 41.6%; vertical-align: top;">
            <div>President of Bowdoin College</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25.56%; vertical-align: top;">
            <div>Michael D. White</div>
          </td>
          <td style="width: 2.66%; vertical-align: top;">&#160;</td>
          <td style="width: 27.52%; vertical-align: top;">
            <div>Director</div>
          </td>
          <td style="width: 2.66%; vertical-align: top;">&#160;</td>
          <td style="width: 41.6%; vertical-align: top;">
            <div>Former Chairman, President and Chief Executive Officer of DIRECTV</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25.56%; vertical-align: top;">
            <div>Thomas D. Woods<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">2</sup></div>
          </td>
          <td style="width: 2.66%; vertical-align: top;">&#160;</td>
          <td style="width: 27.52%; vertical-align: top;">
            <div>Director</div>
          </td>
          <td style="width: 2.66%; vertical-align: top;">&#160;</td>
          <td style="width: 41.6%; vertical-align: top;">
            <div>Former Vice Chairman and Senior Vice President of Canadian Imperial Bank of Commerce</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25.56%; vertical-align: top;">
            <div>R. David Yost</div>
          </td>
          <td style="width: 2.66%; vertical-align: top;">&#160;</td>
          <td style="width: 27.52%; vertical-align: top;">
            <div>Director</div>
          </td>
          <td style="width: 2.66%; vertical-align: top;">&#160;</td>
          <td style="width: 41.6%; vertical-align: top;">
            <div>Former Chief Executive Officer of AmerisourceBergen Corp.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25.56%; vertical-align: top;">
            <div>Maria T. Zuber</div>
          </td>
          <td style="width: 2.66%; vertical-align: top;">&#160;</td>
          <td style="width: 27.52%; vertical-align: top;">
            <div>Director</div>
          </td>
          <td style="width: 2.66%; vertical-align: top;">&#160;</td>
          <td style="width: 41.6%; vertical-align: top;">
            <div>Vice President for Research and E.A., Griswold Professor of Geophysics, MIT</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <br>
    <br>
    <hr style="background-color: #000000; border: 0px; height: 1px; width: 2in; margin-left: 0pt; margin-right: auto; color: #000000;" align="left" noshade="noshade">
    <div><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup> Mr. de Weck is a citizen of Switzerland.</div>
    <div><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">2</sup> Mr. Woods is a citizen of Canada.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div style="text-indent: 36pt; font-size: 12pt;">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 style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="zc6473a0c7aff4dac906abe352ef2cae1" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 25.71%; vertical-align: bottom; border-bottom: 2px solid black;">
            <div style="text-align: center;">Name</div>
          </td>
          <td style="width: 2.66%; vertical-align: top;">&#160;</td>
          <td style="width: 27.49%; vertical-align: bottom;">
            <div style="text-align: center;">Position with Banc of America Preferred Funding Corporation</div>
          </td>
          <td style="width: 2.66%; vertical-align: top;">&#160;</td>
          <td style="width: 41.49%; vertical-align: bottom; border-bottom: 2px solid black;">
            <div style="text-align: center;">Principal Occupation</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25.71%; vertical-align: top;">
            <div>John J. Lawlor</div>
          </td>
          <td style="width: 2.66%; vertical-align: top;">&#160;</td>
          <td style="width: 27.49%; vertical-align: top;">
            <div>Director and President</div>
          </td>
          <td style="width: 2.66%; vertical-align: top;">&#160;</td>
          <td style="width: 41.49%; vertical-align: top;">
            <div>Managing Director, Municipal Markets and Public Sector Banking Executive of Merrill Lynch, Pierce, Fenner &amp; Smith Incorporated and Bank of
              America, National Association</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25.71%; vertical-align: top;">
            <div>Edward H. Curland</div>
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          <td style="width: 2.66%; vertical-align: top;">&#160;</td>
          <td style="width: 27.49%; vertical-align: top;">
            <div>Director and Managing Director</div>
          </td>
          <td style="width: 2.66%; vertical-align: top;">&#160;</td>
          <td style="width: 41.49%; vertical-align: top;">
            <div>Managing Director, Municipal Markets Executive for Trading of Merrill Lynch, Pierce, Fenner &amp; Smith Incorporated and Bank of America, National
              Association</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25.71%; vertical-align: top;">
            <div>Michael I. Jentis</div>
          </td>
          <td style="width: 2.66%; vertical-align: top;">&#160;</td>
          <td style="width: 27.49%; vertical-align: top;">
            <div>Managing Director</div>
          </td>
          <td style="width: 2.66%; vertical-align: top;">&#160;</td>
          <td style="width: 41.49%; vertical-align: top;">
            <div>Managing Director, Head of Sales &#8211; Public Finance of Merrill Lynch, Pierce, Fenner &amp; Smith Incorporated and Bank of America, National Association</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25.71%; vertical-align: top;">
            <div>Mona Payton</div>
          </td>
          <td style="width: 2.66%; vertical-align: top;">&#160;</td>
          <td style="width: 27.49%; vertical-align: top;">
            <div>Managing Director</div>
          </td>
          <td style="width: 2.66%; vertical-align: top;">&#160;</td>
          <td style="width: 41.49%; vertical-align: top;">
            <div>Managing Director, Municipal Markets Executive for Short-Term Trading of Merrill Lynch, Pierce, Fenner &amp; Smith Incorporated and Bank of America,
              National Association</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25.71%; vertical-align: top;">
            <div>Edward J. Sisk</div>
          </td>
          <td style="width: 2.66%; vertical-align: top;">&#160;</td>
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            <div>Director and Managing Director</div>
          </td>
          <td style="width: 2.66%; vertical-align: top;">&#160;</td>
          <td style="width: 41.49%; vertical-align: top;">
            <div>Managing Director, Public Finance Executive of Merrill Lynch, Pierce, Fenner &amp; Smith Incorporated and Bank of America, National Association</div>
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        </tr>
        <tr>
          <td style="width: 25.71%; vertical-align: top;">
            <div>John B. Sprung</div>
          </td>
          <td style="width: 2.66%; vertical-align: top;">&#160;</td>
          <td style="width: 27.49%; vertical-align: top;">
            <div>Director</div>
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          <td style="width: 2.66%; vertical-align: top;">&#160;</td>
          <td style="width: 41.49%; vertical-align: top;">
            <div>Corporate Director</div>
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        <tr>
          <td style="width: 25.71%; vertical-align: top;">
            <div>David A. Stephens</div>
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          <td style="width: 2.66%; vertical-align: top;">&#160;</td>
          <td style="width: 27.49%; vertical-align: top;">
            <div>Director and Managing Director</div>
          </td>
          <td style="width: 2.66%; vertical-align: top;">&#160;</td>
          <td style="width: 41.49%; vertical-align: top;">
            <div>Managing Director, Executive for Public Finance and Public Sector Credit Products of Merrill Lynch, Pierce, Fenner &amp; Smith Incorporated and Bank
              of America, National Association</div>
          </td>
        </tr>

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<DOCUMENT>
<TYPE>EX-1.2
<SEQUENCE>3
<FILENAME>schII.htm
<DESCRIPTION>EX-1.2
<TEXT>
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  <head>
    <title></title>
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    <p class="SigLine" style="margin:0in;margin-bottom:.0001pt; text-align:center;text-indent:0in;mso-pagination:none;tab-stops:lined 6.5in" align="center"><b style="mso-bidi-font-weight:normal"><u>Schedule II</u></b></p>
    <p class="SigLine" style="margin:0in;margin-bottom:.0001pt; text-align:center;text-indent:0in;mso-pagination:none;tab-stops:lined 6.5in" align="center">&#160;</p>
    <p class="SigLine" style="margin:0in;margin-bottom:.0001pt; text-align:center;text-indent:0in;mso-pagination:none;tab-stops:lined 6.5in" align="center"><b style="mso-bidi-font-weight:normal">SCHEDULE OF LITIGATION</b></p>
    <p class="SigLine" style="margin:0in;margin-bottom:.0001pt;text-indent:0in; mso-pagination:none;tab-stops:lined 6.5in">&#160;</p>
    <p class="SigLine" style="margin:0in;margin-bottom:.0001pt;text-indent:0in; mso-pagination:none;tab-stops:lined 6.5in">&#160;</p>
    <p class="MsoNormal"><u>New York Attorney General Investor Protection Bureau Masking
        Settlement 3/22/2018</u></p>
    <p class="MsoNormal">&#160;</p>
    <p class="MsoNormal">On March 22, 2018, the Attorney General of the State of New York
      Investor Protection Bureau (&#8220;NYAG&#8221;) alleged that Bank of America Corporation (&#8220;BAC&#8221;)
      and Merrill Lynch, Pierce, Fenner &amp; Smith Incorporated (&#8220;MLPF&amp;S&#8221;) (1)
      concealed from its institutional clients that orders were routed to and
      executed by &#8220;electronic liquidity providers,&#8221; (2) misstated the composition of
      orders and trades in its dark pool, and (3) did not accurately describe its use
      of a proprietary &#8220;venue ranking&#8221; analysis, in violation of the Martin Act and Executive
      Law &#167; 63(12).<font style="mso-spacerun:yes">&#160; </font>In connection with the
      agreement, BAC and MLPF&amp;S agreed (1) not to engage, or attempt to engage,
      in conduct in violation of any applicable laws, including but not limited to
      the Martin Act and Executive Law &#167; 63(12); (2) to pay a penalty in the amount
      of $42,000,000; and (3) provide the NYAG a summary of the review of its
      electronic trading policies and procedures.</p>
    <p class="MsoNormal"><u><font style="text-decoration:none">&#160;</font></u></p>
    <p class="MsoNormal"><u>BANA Servicemembers Civil Relief Act Settlement 5/29/2015</u></p>
    <p class="MsoNormal"><u><font style="text-decoration:none">&#160;</font></u></p>
    <p class="MsoNormal"><font style="color:black">On May 29, 2015, the Office of the
        Comptroller of the Currency of the United States of America (&#8220;OCC&#8221;) issued an
        Order to Cease and Desist and Order of Assessment of a Civil Money Penalty
        (together, the &#8220;Orders&#8221;) against </font>Bank of America, N.A. (&#8220;BANA&#8221;) relating
      to the Servicemembers Civil Relief Act (&#8220;SCRA&#8221;) and BANA&#8217;s sworn document and
      collections litigation practices.<font style="mso-spacerun:yes">&#160; </font>In the
      Orders, the OCC identified (i) unsafe or unsound practices in connection with
      BANA&#8217;s efforts to comply with the SCRA, (ii) SCRA violations, and (iii) unsafe
      or unsound practices in connection with BANA&#8217;s sworn document and collections
      litigation practices.<font style="mso-spacerun:yes">&#160; </font>Regarding the
      SCRA, the Orders stated BANA failed to have effective policies and procedures
      to ensure compliance with SCRA; failed to devote sufficient financial,
      staffing, and managerial resources to ensure proper administration of its SCRA
      compliance processes; failed to devote to its SCRA compliance processes
      adequate internal controls, compliance risk management, internal audit, third
      party management, and training; and engaged in violations of the SCRA.<font style="mso-spacerun:yes">&#160; </font>Regarding the sworn document and collections
      litigation process, the Orders stated that BANA filed or caused to be filed in
      courts affidavits executed by its employees or employees of third party service
      providers making assertions that, in many cases, were not based on personal knowledge
      or review of relevant books and records; filed or caused to be filed in court
      affidavits when BANA did not follow proper notary procedures; failed to devote
      sufficient financial, staffing, and managerial resources to ensure proper
      administration of its sworn document and collections litigation processes; and
      failed to sufficiently oversee outside counsel and other third-party providers
      handling sworn document and collections litigation services.<font style="mso-spacerun:yes">&#160; </font>In the Orders, BANA agreed to pay a civil
      money penalty in the total amount of $30 million, has begun corrective action,
      and is committed to taking all necessary and appropriate steps to remedy the
      deficiencies, unsafe or unsound practices, and violations of law identified by
      the OCC, and to enhance its SCRA compliance practices and sworn document and
      collections litigation practices.<font style="mso-spacerun:yes">&#160;
      </font>Specifically, BANA agreed to: (a) appoint and maintain a compliance
      committee to monitor and oversee BANA&#8217;s compliance with the Orders and to
      approve measures to ensure compliance; (b) submit an acceptable plan containing
      a complete description of the actions to achieve compliance with the Orders;
      (c) submit a written plan to effectively implement an enterprise-wide
      compliance risk management program regarding compliance with all applicable
      laws, regulations, and regulatory guidance; (d) conduct a written,
      comprehensive assessment of its risk in SCRA compliance operations, including
      but not limited to, operational, compliance, legal, and reputational risks; (e)
      submit acceptable written plans to ensure its compliance with the SCRA and with
      regard to collections litigation; (f) submit plans to conduct a SCRA review and
      a collections litigation review of accounts, SCRA and collections litigation
      remediation, and SCRA internal audit; (g) submit policies and procedures for
      SCRA third party management and improvements to its management information
      systems for SCRA compliance activities, and to provide certain reports to the
      compliance committee; (h) submit written plans, programs, policies, and
      procedures required by the Orders; and (i) submit a written progress report
      dealing the form and manner of all actions taken to secure compliance with the
      provision of the Orders and the results thereof.<font style="mso-spacerun:yes">&#160; </font><font style="color:black">In settlement of
        this matter, BANA consented and agreed to the issuance of the Orders, which the
        OCC has determined to accept and has issued.<font style="mso-spacerun:yes">&#160;
        </font>BANA neither admits nor denies the findings in the Orders.<font style="mso-spacerun:yes">&#160; </font></font></p>
    <p class="MsoNormal"><u><font style="text-decoration:none">&#160;</font></u></p>
    <p class="MsoNormal"><u>BAC Foreign Exchange Settlement 5/20/2015</u></p>
    <p class="MsoNormal">&#160;</p>
    <p class="MsoNormal"><font style="color:black">On May 20, 2015, the </font>Board
      of Governors of the Federal Reserve System<font style="color:black"> (&#8220;FRB&#8221;)
        issued an Order to Cease and Desist and Order of Assessment of a Civil Money
        Penalty against </font>BAC relating to its foreign exchange (&#8220;FX&#8221;) activities
      (&#8220;Order&#8221;) from 2008 through 2013.<font style="mso-spacerun:yes">&#160; </font>The
      Order states that (a) BAC lacked adequate firm-wide governance, risk
      management, compliance and audit policies and procedures to ensure that certain
      of the firm&#8217;s<font style="mso-spacerun:yes">&#160; </font>FX activities complied
      with safe and sound banking practices, applicable U.S. laws and regulations,
      including policies and procedures to prevent potential violations of the U.S.
      commodities, antitrust and criminal fraud laws, and applicable internal
      policies; (b) BAC&#8217;s deficient policies and procedures prevented BAC from
      detecting and addressing periodic conduct by BANA&#8217;s traders relating to certain
      communications by these traders; and (c) as a result of deficient policies and
      procedures described above, BAC engaged in unsafe and unsound banking
      practices.<font style="mso-spacerun:yes">&#160; </font>In the Order, BAC agreed to
      pay a civil money penalty in the total amount of $205 million and continue to
      implement additional improvements in its internal controls, compliance, risk
      management, and audit programs for the FX activities in order to comply with
      BAC policies, safe and sound banking practices, and applicable U.S. laws/regulation.
      Specifically, BAC agreed: (a) BAC shall submit a written plan to improve senior
      management&#8217;s oversight of BAC&#8217;s compliance with applicable U.S.
      laws/regulations and internal policies in connection with certain wholesale
      trading and sales activities; (b) BAC shall submit an enhanced written internal
      controls and compliance program to comply with applicable U.S. laws/regulations
      with respect to certain wholesale trading and sales activities; (c) BAC shall
      submit a written plan to improve its compliance risk management program with
      regard to compliance with applicable U.S. laws/regulations with respect to
      certain wholesale trading and sales activities; (d) BAC management shall
      annually conduct a review of compliance policies and procedures applicable to
      certain wholesale trading and sales activities and their implementation and an
      appropriate risk-focused sampling of other key controls for certain wholesale
      trading and sales activities; (e) BAC shall submit an enhanced written internal
      audit program with respect to compliance with U.S. laws/regulations in certain
      wholesale trading and sales activities; and (f) BAC shall not in the future
      directly or indirectly retain any individual as an officer, employee, agent,
      consultant, or contractor of BAC or of any subsidiary who, based on the
      investigative record compiled by U.S. authorities, participated in the
      misconduct underlying the Order, has been subject to formal disciplinary action
      as a result of BAC&#8217;s internal disciplinary review or performance review in
      connection with the conduct, and has either separated from BAC or any
      subsidiary thereof or had his/her employment terminated in connection with the
      conduct.<font style="mso-spacerun:yes">&#160; </font><font style="color:black">In
        settlement of this matter, BAC consented and agreed to the issuance of the
        Order, which the FRB has determined to accept and has issued.<font style="mso-spacerun:yes">&#160; </font></font></p>
    <p class="MsoNormal"><font style="color:black">&#160;</font></p>
    <p class="MsoNormal"><u>BOAMS Injunctive Action 11/25/2014</u></p>
    <p class="MsoNormal">&#160;</p>
    <p class="MsoNormal">On November 25, 2014, the U.S. District Court for the
      Western District of North Carolina issued a Final Judgment as to MLPF&amp;S and
      other entities, including BANA (collectively the &#8220;Entities&#8221;) (the &#8220;SEC Final
      Judgment&#8221;) in the civil injunctive action for which a complaint was filed by
      the U.S. Securities and Exchange Commission (&#8220;SEC&#8221;) on August 6, 2013 against the
      Entities (the &#8220;SEC Complaint&#8221;).<font style="mso-spacerun:yes">&#160; </font>The SEC
      Complaint alleged that the Entities made material misrepresentations and
      omissions in connection with the sale of Residential Mortgage-Backed Securities
      (&#8220;RMBS&#8221;).<font style="mso-spacerun:yes">&#160; </font>Specifically, the SEC
      Complaint alleged that the Entities failed to disclose the disproportionate
      concentration of wholesale loans underlying the RMBS as compared to prior RMBS
      offerings.<font style="mso-spacerun:yes">&#160; </font>The SEC Complaint also
      alleged that the concentration of wholesale loans in the RMBS included higher
      likelihood that the loans would be subject to material underwriting errors, become
      severely delinquent, fail early in the life of the loan, or prepay.<font style="mso-spacerun:yes">&#160; </font>The SEC Complaint further alleged that the
      entities violated Regulation S-K and Subpart Regulation AB of the Securities
      Act of 1933 (&#8220;Securities Act&#8221;) by failing to disclose material characteristics
      of the pool of loans underlying the RMBS, that the Entities made material
      misrepresentations and omissions in their public files and in the loan tapes
      provided to investors and rating agencies, and that Entities not including BANA
      violated section 5(b)(1) of the Securities Act by failing to file with the SEC
      certain loan tapes that were provided only to select investors. The Entities
      consented to the entry of the SEC Final Judgment without admitting or denying
      the allegations in the SEC Complaint.<font style="mso-spacerun:yes">&#160;
      </font>The SEC Final Judgment states that the Entities are permanently
      restrained and enjoined from violating Sections 17(a)(2) and 17(a)(3) of the
      Securities Act, and jointly and severally liable for disgorgement of
      $109,220,000, prejudgment interest of $6,620,000 and a civil penalty of
      $109,220,000 (together the &#8220;Funds&#8221;); the District Court retained jurisdiction
      over the administration of any distribution of the Funds.<font style="mso-spacerun:yes">&#160; </font></p>
    <p class="MsoNormal"><u><font style="text-decoration:none">&#160;</font></u></p>
    <p class="MsoNormal" style="mso-layout-grid-align:none;text-autospace:none">&#160;</p>
    <p class="MsoNormal" style="mso-layout-grid-align:none;text-autospace:none"><b style="mso-bidi-font-weight:normal">NOTE</b>:<font style="mso-spacerun:yes">&#160;
      </font>In addition, Bank of America Corporation and certain of its affiliates, including
      MLPF&amp;S and BANA, 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 MLPF&amp;S Form BD as filed with the SEC, which
      descriptions are hereby incorporated by reference.</p>
    <p class="MsoNormal">&#160;</p>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>4
<FILENAME>jfa.htm
<DESCRIPTION>EX-99.1
<TEXT>
<html>
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    <title></title>
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  <div>
    <div style="text-align: right; font-size: 12pt; font-weight: bold;">Exhibit 99.1</div>
    <div><br>
    </div>
    <div style="text-align: center; font-size: 12pt; font-weight: bold;">JOINT FILING AGREEMENT</div>
    <div style="font-size: 12pt;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; font-size: 12pt;">Pursuant to and in accordance with the Securities Exchange Act of 1934, as amended (the &#8220;<font style="font-weight: bold;">Exchange Act</font>&#8221;), 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.&#160; 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><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; font-size: 12pt;">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><br>
    </div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="z86580f1e54384231afb16ddb3c1f2396" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div style="font-size: 12pt;">Dated:&#160; November 27, 2019</div>
          </td>
          <td style="width: 50%; vertical-align: top; border-bottom: 2px solid black;">
            <div style="font-size: 12pt; font-weight: bold;">BANK OF AMERICA CORPORATION</div>
            <div style="font-size: 12pt;">&#160;</div>
            <div style="font-size: 12pt;">&#160;</div>
            <div><font style="font-size: 12pt;">By:&#160;&#160;&#160; </font><font style="font-size: 12pt;"><u>/s/ Ally Pecarro</u>____________________</font></div>
            <div style="text-indent: 27pt; font-size: 12pt;">Name: Ally Pecarro</div>
            <div style="text-indent: 27pt; font-size: 12pt;">Title:&#160; Attorney-in-fact</div>
            <div>&#160;</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="ze6d0a75119bb405a89c4297e49f2b961" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div style="font-size: 12pt;">Dated:&#160; November 27, 2019</div>
          </td>
          <td style="width: 50%; vertical-align: top; border-bottom: 2px solid black;">
            <div style="font-size: 12pt; font-weight: bold;">BANC OF AMERICA PREFERRED FUNDING CORPORATION</div>
            <div style="font-size: 12pt;">&#160;</div>
            <div style="font-size: 12pt;">&#160;</div>
            <div><font style="font-size: 12pt;">By:&#160;&#160;&#160; </font><font style="font-size: 12pt;"><u>/s/ Michael Jentis</u>___________________</font></div>
            <div style="text-indent: 27pt; font-size: 12pt;">Name:&#160; Michael Jentis</div>
            <div style="text-indent: 27pt; font-size: 12pt;">Title:&#160; Authorized Signatory</div>
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="margin-bottom: 10pt;"><br>
    </div>
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<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>5
<FILENAME>poa.htm
<DESCRIPTION>EX-99.2
<TEXT>
<html>
  <head>
    <title></title>
    <!-- Licensed to: Bank of America
         Document created using EDGARfilings PROfile 6.3.0.0
         Copyright 1995 - 2019 Broadridge -->
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  <div>
    <div style="text-align: right; margin-bottom: 11pt; font-size: 12pt; font-weight: bold;">Exhibit 99.2</div>
    <div style="text-align: center; margin-bottom: 12pt; font-size: 12pt; font-weight: bold;">BANK OF AMERICA CORPORATION</div>
    <div style="text-align: center; margin-bottom: 12pt; font-size: 12pt; font-weight: bold;">LIMITED POWER OF ATTORNEY</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;"><font style="font-weight: bold;">BANK OF AMERICA
        CORPORATION</font>, a Delaware corporation (the &#8220;Corporation&#8221;), does hereby make, constitute, and appoint each of Kim Louise Oakley Heslop, Kelvin Kwok, Ronnie Ojera, Ally Pecarro, and Tolu Tade 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 their execution of those agreements, forms and documents related specifically to Section 13 and Section 16 of the
      Securities Exchange Act of 1934, and other large shareholder and short position regulatory reporting requirements in other jurisdictions. </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">Any documents executed by an 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 style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">This Limited Power of Attorney shall automatically terminate as to the authority of Kim Louise Oakley Heslop,
      Kelvin Kwok, Ronnie Ojera, Ally Pecarro, and Tolu Tade upon the earlier of the attorney-in-fact's resignation or termination from or transfer out of the Compliance Department; however; any such resignation, termination or transfer shall have no
      impact on any documents or instruments executed by any attorney-in-fact named above for the Corporation prior to such resignation, termination or transfer.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">This Limited Power of Attorney shall revoke the Limited Power of Attorney executed by the Corporation on January
      12, 2016; however such revocation shall have no impact on any actions taken pursuant to that Power of Attorney.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 48pt; font-size: 12pt;"><font style="font-weight: bold;">IN WITNESS WHEREOF</font>,
      this Power of Attorney has been executed and delivered by the Corporation to each Attorney-in-Fact on this 29<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> day of November, 2018.</div>
    <div style="margin-left: 180pt; margin-bottom: 12pt; font-size: 12pt; font-weight: bold;">BANK OF AMERICA CORPORATION</div>
    <div style="margin-left: 180pt; margin-bottom: 8pt; font-size: 12pt;">By:<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 12pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 12pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>/s/ Allison L. Gilliam</u><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 12pt" id="TRGRRTFtoHTMLTab">&#160;</font></div>
    <div style="margin-left: 180pt; margin-bottom: 8pt; font-size: 12pt;">Name:<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 12pt" id="TRGRRTFtoHTMLTab">&#160;</font>Allison
      L. Gilliam</div>
    <div style="margin-left: 180pt; margin-bottom: 60pt; font-size: 12pt;">Title:<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 12pt" id="TRGRRTFtoHTMLTab">&#160;</font>Senior
      Vice President and Assistant Secretary</div>
    <div style="margin-bottom: 11pt; font-size: 12pt;">(Corporate Seal)</div>
  </div>
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<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>6
<FILENAME>vta.htm
<DESCRIPTION>EX-99.3
<TEXT>
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    <div style="text-align: right; margin-right: 5.6pt; margin-top: 4.2pt; font-size: 8pt; font-weight: bold;">Exhibit 99.3</div>
    <div style="margin-top: 4.2pt;"><br>
    </div>
    <div style="margin-top: 0.05pt;"><br>
    </div>
    <div style="text-align: center; margin-right: 168.4pt; margin-left: 168.05pt; margin-top: 5.4pt; font-size: 8pt; font-weight: bold;">VOTING TRUST AGREEMENT</div>
    <div style="margin-top: 0.5pt;"><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-right: 5.55pt; margin-left: 5.25pt; font-size: 8pt;"><font style="font-weight: bold;">THIS
        VOTING TRUST AGREEMENT </font>(this "<font style="font-weight: bold;">Agreement</font>") is made and entered into effective for all purposes and in all respects as of November 19, 2019
      by and among Lord Securities Corporation, as trustee (the "<font style="font-weight: bold;">Trustee</font>" or any successor thereto), Banc of America Preferred Funding Corporation, a
      Delaware corporation, including its successors and assigns by operation of law ("<font style="font-weight: bold;">PFC</font>" or the "<font style="font-weight: bold;">Purchaser</font>") and Institutional Shareholder Services Inc. (the "<font style="font-weight: bold;">Voting Consultant</font>" or any successor
      thereto).</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-right: 5.55pt; margin-left: 5.25pt; font-size: 8pt;"><font style="font-weight: bold;">WHEREAS</font>,
      the Purchaser is the legal and Beneficial Owner of Variable Rate Muni Term Preferred Shares ("<font style="font-weight: bold;">VMTP Shares</font>") of Invesco California Value Municipal
      Income Trust (the "<font style="font-weight: bold;">Fund</font>") which VMTP Shares are covered by the terms of the Variable Rate Muni Term Preferred Shares Purchase Agreement, dated as of
      November 19, 2019, between the Purchaser and the Fund (the "<font style="font-weight: bold;">Purchase Agreement</font>");</div>
    <div style="margin-top: 0.25pt;"><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-right: 5.6pt; margin-left: 5.25pt; margin-top: 0.05pt; font-size: 8pt;"><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) VMTP Shares acquired by the Purchaser and covered by the Purchase Agreement (such VMTP Shares, when owned by the Purchaser, the "<font style="font-weight: bold;">Subject Shares</font>") and (ii) any additional shares of VMTP Shares or preferred shares of any class or series of the Fund 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 Fund having voting powers being "<font style="font-weight: bold;">Additional Shares</font>" and when so acquired will become a part of the "<font style="font-weight: bold;">Subject Shares</font>"
      covered by this Agreement);</div>
    <div style="margin-top: 0.05pt;"><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-right: 5.55pt; margin-left: 5.25pt; font-size: 8pt;"><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 style="margin-top: 0.25pt;"><br>
    </div>
    <div style="margin-left: 41.25pt; font-size: 8pt;"><font style="font-weight: bold;">WHEREAS</font>, the Voting Consultant and
      the Trustee are Independent of the Purchaser; and</div>
    <div style="margin-top: 0.5pt;"><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-right: 5.6pt; margin-left: 5.25pt; font-size: 8pt;"><font style="font-weight: bold;">WHEREAS</font>,
      the parties hereto desire to set forth in writing their understandings and agreements.</div>
    <div style="margin-top: 0.15pt;"><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-right: 5.55pt; margin-left: 5.25pt; font-size: 8pt;"><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 style="margin-top: 0.5pt;"><br>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zbc1fd40139fd451b929a6c04fee7334d" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 77.25pt; vertical-align: top; align: right;">
              <div style="margin-left: 41.25pt; font-size: 8pt; font-weight: bold;">1.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-size: 8pt; font-weight: bold;">Creation of Trust</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="margin-top: 0.25pt;"><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-right: 5.6pt; margin-left: 5.25pt; margin-top: 0.05pt; font-size: 8pt;">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 "<font style="font-weight: bold;">Voting Matters</font>"):</div>
    <div style="margin-top: 0.55pt;"><br>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z2a140adfdf0a4864b5826be8c25a961d" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 5.25pt; vertical-align: top; align: right;">
              <div style="margin-left: 77.25pt; font-size: 8pt;">(a)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; text-indent: 113.45pt; font-size: 8pt;">the election of the two members of the Board of Trustees for which holders of VMTP Shares are exclusively entitled to vote
                under Section 18(a)(2)(C) of the Investment Company Act of 1940, as amended (the "<font style="font-weight: bold;">1940 Act</font>") and all other rights given to holders of VMTP
                Shares with respect to the election of the Board of Trustees of the Fund;</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 4.6pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf0a4b393920246c09fe3dec37569a87e" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 5.25pt; vertical-align: top; align: right;">
              <div style="margin-left: 77.25pt; margin-top: 4.6pt;">(b)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; text-indent: 113.45pt; margin-top: 4.6pt; font-size: 8pt;">the conversion of the Fund from a closed-end management company to an open-end management company, or to
                change the Fund's classification from diversified to non- diversified, each pursuant to Section 13(a)(1) of the 1940 Act (any of the foregoing, a "<font style="font-weight: bold;">Conversion</font>"), together with any additional voting or consent right under the Statement and the Purchase Agreement that relates solely to any action or amendment to the Statement 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 style="font-style: italic;">provided </font>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;</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="margin-top: 0.15pt;"><br>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z3d4a31e2924f46cf83820d08a729adff" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 5.25pt; vertical-align: top; align: right;">
              <div style="margin-left: 77.25pt; font-size: 8pt;">(c)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; text-indent: 113.45pt; font-size: 8pt;">the deviation from a policy in respect of concentration of investments in any particular industry or group of industries as
                recited in the Fund's registration statement, pursuant to Section 13(a)(3) of the 1940 Act (a "<font style="font-weight: bold;">Deviation</font>"), together with any additional
                voting or consent right under the Statement and the Purchase Agreement that relates solely to any action or amendment to the Statement 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 style="font-style: italic;">provided </font>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;</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="margin-top: 0.5pt;"><br>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z88d12bf007cd478184f5f168ef9cb41f" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 5.25pt; vertical-align: top; align: right;">
              <div style="margin-left: 77.25pt; font-size: 8pt;">(d)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; text-indent: 113.45pt; font-size: 8pt;">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 Fund's registration statement, pursuant to Section 13(a)(2) of the 1940 Act (any of the foregoing, a "<font style="font-weight: bold;">Policy Change</font>"), together with any additional voting or consent right under the Statement and the Purchase Agreement that relates solely to
                any action or amendment to the Statement 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 style="font-style: italic;">provided </font>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</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z7767d45a38e24348853b51bb6c394d52" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 5.25pt; vertical-align: top; align: right;">
              <div style="margin-left: 77.25pt; font-size: 8pt;">(e)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; text-indent: 113.45pt; font-size: 8pt;">any matters described in 12 C.F.R. Section 225.2(q)(1).</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="margin-top: 0.25pt;"><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-right: 5.5pt; margin-left: 5.25pt; font-size: 8pt;">In order to effect the transfer of voting and consent rights with respect to the Voting
      Matters, PFC hereby irrevocably appoints and constitutes, and will cause each of its Affiliates who are Beneficial Owners of any Subject Shares to irrevocably appoint and constitute, 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 Voting
      Trust Agreement.</div>
    <div style="margin-top: 0.5pt;"><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-right: 5.65pt; margin-left: 5.25pt; font-size: 8pt;">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 VMTP Shares. 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 style="font-style: italic;">provided</font> that any Additional Shares will become part of the Subject Shares covered by this Agreement.</div>
    <div style="margin-top: 0.5pt;"><br>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd42238c89fc54af984cc75147d47540e" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 77.25pt; vertical-align: top; align: right;">
              <div style="margin-left: 41.25pt; font-size: 8pt; font-weight: bold;">2.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-size: 8pt; font-weight: bold;">Definitions</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="margin-top: 0.25pt;"><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-right: 5.6pt; margin-left: 5.25pt; font-size: 8pt;">"<font style="font-weight: bold;">Affiliate</font>"
      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, "control" 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 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 "Affiliate" shall include a tender option bond trust of which the Purchaser and/or one or more of its Affiliates collectively own a majority of the residual interests.</div>
    <div style="margin-top: 0.2pt;"><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-right: 5.55pt; margin-left: 5.25pt; font-size: 8pt;">"<font style="font-weight: bold;">Beneficial Owner</font>" 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 style="margin-top: 4.6pt;"><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-right: 5.6pt; margin-left: 5.25pt; margin-top: 4.6pt; font-size: 8pt;">"<font style="font-weight: bold;">Board of Trustees</font>" means the Board of Trustees of the Fund or any duly authorized committee thereof.</div>
    <div style="margin-top: 0.15pt;"><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-right: 5.4pt; margin-left: 5.25pt; font-size: 8pt;">"<font style="font-weight: bold;">Independent</font>"
      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. 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. With respect to item (i) above, "material direct or material indirect financial
      interest" means, (1) as to any Person, owning directly or indirectly (as principal for such Person'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 "<font style="font-weight: bold;">Investor</font>") owning directly or indirectly (as principal for the Investor'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 style="margin-top: 0.25pt;"><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-right: 5.5pt; margin-left: 5.25pt; font-size: 8pt;">"<font style="font-weight: bold;">Person</font>"
      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 style="margin-top: 0.5pt;"><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-right: 5.75pt; margin-left: 5.25pt; font-size: 8pt;">"<font style="font-weight: bold;">Statement</font>" means the Fund's Amended and Restated Statement of Preferences of Variable Rate Muni Term Preferred Shares, as amended from time to time in accordance with the provisions thereof.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-right: 5.7pt; margin-left: 5.25pt; font-size: 8pt;">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 style="margin-top: 0.15pt;"><br>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z20af7aa9fb5f48a0b1db2e74fb0655e1" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 77.25pt; vertical-align: top; align: right;">
              <div style="margin-left: 41.25pt; font-size: 8pt; font-weight: bold;">3.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-size: 8pt; font-weight: bold;">Right to Transfer</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="margin-top: 0.5pt;"><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-right: 5.55pt; margin-left: 5.25pt; font-size: 8pt;">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. 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 unless otherwise notified to the contrary by the Purchaser to the other parties hereto.</div>
    <div style="margin-top: 0.25pt;"><br>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zc49644e2628c498a907b77ff6d065869" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 77.25pt; vertical-align: top; align: right;">
              <div style="margin-left: 41.25pt; font-size: 8pt; font-weight: bold;">4.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-size: 8pt; font-weight: bold;">Trustee</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="margin-top: 0.5pt;"><br>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z9ab13ade06d743fabc5edd6fbdafe2b2" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 5.25pt; vertical-align: top; align: right;">
              <div style="margin-left: 77.25pt; font-size: 8pt;">(a)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; text-indent: 113.45pt; font-size: 8pt;"><font style="font-weight: bold;">Rights And Powers Of
                  Trustee. </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 VMTP 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.
                The Trustee shall be obligated to vote any Voting Matter in accordance with the provisions of this Agreement.</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="margin-top: 0.5pt;"><br>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z37991b2510f744abb42ad659b58a3b59" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 5.05pt; vertical-align: top; align: right;">
              <div style="margin-left: 77.05pt; font-size: 8pt;">(b)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; text-indent: 113.65pt; font-size: 8pt;"><font style="font-weight: bold;">Liability Of Trustee. </font>In
                exercising the rights and powers of the Trustee, the Trustee will exercise any rights and powers in the Trustee'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's agent, except for liability arising from
                the Trustee's bad faith, willful misconduct or gross negligence. The Trustee shall not be required to give any bond or other security for the discharge of the Trustee's duties.</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 4.6pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zdea1995ececc4d4d994e2c0d9458d4b3" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 5.25pt; vertical-align: top; align: right;">
              <div style="margin-left: 77.25pt; margin-top: 4.6pt;">(c)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; text-indent: 113.45pt; margin-top: 4.6pt; font-size: 8pt;"><font style="font-weight: bold;">Resignation
                  of and Successor Trustee.</font>&#160; The Trustee may at any time resign the Trustee'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. 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 "Trustee" hereunder. No such resignation shall become effective until such time as a successor Trustee has been appointed and such appointment has been accepted. The fact that any Trustee has
                resigned such Trustee'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>
            </td>
          </tr>

      </table>
    </div>
    <div style="margin-top: 0.5pt;"><br>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf346ec5a6b73427b944978981399b5dc" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 5.25pt; vertical-align: top; align: right;">
              <div style="margin-left: 77.25pt; font-size: 8pt;">(d)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; text-indent: 113.45pt; font-size: 8pt;"><font style="font-weight: bold;">Removal.</font>&#160; 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>
            </td>
          </tr>

      </table>
    </div>
    <div style="margin-top: 0.25pt;"><br>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0.05pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zfed73bac93044dbc94a43b0bbad41612" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 118.7pt; vertical-align: top; align: right;">
              <div style="margin-left: 77.25pt; margin-top: 0.05pt; font-size: 8pt;">(e)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="margin-top: 0.05pt; font-size: 8pt;"><font style="font-weight: bold;">Independent.&#160; </font>The Trustee
                represents that it is Independent of PFC.</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="margin-top: 0.55pt;"><br>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z5a490be21b3743b7bf83290bd2ee90f7" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 77.25pt; vertical-align: top; align: right;">
              <div style="margin-left: 41.25pt; font-size: 8pt; font-weight: bold;">5.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-size: 8pt; font-weight: bold;">Voting Consultant</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="margin-top: 0.3pt;"><br>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z344f49b090d24442ba48f446d704617e" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 5.25pt; vertical-align: top; align: right;">
              <div style="margin-left: 77.25pt; font-size: 8pt;">(a)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; text-indent: 113.45pt; font-size: 8pt;"><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's best judgment with respect to the Voting Matters for the VMTP
                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's agent, except for liability arising from the Voting Consultant's bad faith, willful misconduct or gross negligence.&#160; For the
                avoidance of doubt, the Voting Consultant'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's sole discretion and no monetary damages shall be due or payable. 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>
            </td>
          </tr>

      </table>
    </div>
    <div style="margin-top: 0.5pt;"><br>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0.05pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z5fb50648cc334981b790fbf93e01a9b2" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 5.25pt; vertical-align: top; align: right;">
              <div style="margin-left: 77.25pt; margin-top: 0.05pt; font-size: 8pt;">(b)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; text-indent: 113.45pt; margin-top: 0.05pt; font-size: 8pt;"><font style="font-weight: bold;">Resignation
                  of and Successor Voting Consultant. </font>The Voting Consultant may at any time resign the Voting Consultant'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. Upon receipt of the Voting Consultant'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'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>
            </td>
          </tr>

      </table>
    </div>
    <div style="margin-top: 0.3pt;"><br>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z8d2f97e6ffa848f09f069b1227901183" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 5.25pt; vertical-align: top; align: right;">
              <div style="margin-left: 77.25pt; font-size: 8pt;">(c)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; text-indent: 113.45pt; font-size: 8pt;"><font style="font-weight: bold;">Removal. </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>
            </td>
          </tr>

      </table>
    </div>
    <div style="margin-top: 0.5pt;"><br>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zce99e869871c4d40b44a7a7c1675f755" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 5.25pt; vertical-align: top; align: right;">
              <div style="margin-left: 77.25pt; font-size: 8pt;">(d)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; text-indent: 113.45pt; font-size: 8pt;"><font style="font-weight: bold;">Contract. </font><font style="font-size: 10pt;">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 "</font><font style="font-size: 10pt; font-weight: bold;">Master Agreement</font><font style="font-size: 10pt;">"),sets forth additional details, including fees, pursuant to which the Voting Consultant is providing the services contemplated hereunder.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="margin-top: 0.25pt;"><br>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 4.6pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zc3a1805c7a0646e69bcb03f150e48662" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 5.25pt; vertical-align: top; align: right;">
              <div style="margin-left: 77.25pt; margin-top: 4.6pt;">(e)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; text-indent: 113.45pt; margin-top: 4.6pt; font-size: 8pt;"><font style="font-weight: bold;">Independent.
                </font>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. 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>
            </td>
          </tr>

      </table>
    </div>
    <div style="margin-top: 0.25pt;"><br>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zca78a738c10e4397a631ac9a07e45fec" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 77.25pt; vertical-align: top; align: right;">
              <div style="margin-left: 41.25pt; font-size: 8pt; font-weight: bold;">6.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-size: 8pt; font-weight: bold;">Amount of Subject Shares Notification</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="margin-top: 0.5pt;"><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-right: 5.6pt; margin-left: 5.25pt; font-size: 8pt;">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 VMTP Shares that the Purchaser then owns.</div>
    <div style="margin-top: 0.5pt;"><br>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z0fb0b422bf4c40d588012b955fe34f43" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 77.25pt; vertical-align: top; align: right;">
              <div style="margin-left: 41.25pt; font-size: 8pt; font-weight: bold;">7.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-size: 8pt; font-weight: bold;">Voting Communications</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="margin-top: 0.3pt;"><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-right: 5.55pt; margin-left: 5.25pt; font-size: 8pt;">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 VMTP 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 style="margin-top: 0.5pt;"><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-right: 5.55pt; margin-left: 5.25pt; font-size: 8pt;">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. 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. 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 style="margin-top: 0.5pt;"><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-right: 5.6pt; margin-left: 5.25pt; font-size: 8pt;">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. 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 style="margin-top: 0.5pt;"><br>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zcbec10c069e44ffb8c1d06bf967a80ae" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 77.25pt; vertical-align: top; align: right;">
              <div style="margin-left: 41.25pt; font-size: 8pt; font-weight: bold;">8.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-size: 8pt; font-weight: bold;">Indemnification</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="margin-top: 0.25pt;"><br>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z9c493d979dba40e19b9f05fa8939a742" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 5.25pt; vertical-align: top; align: right;">
              <div style="margin-left: 77.25pt; font-size: 8pt;">(a)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; text-indent: 113.45pt; font-size: 8pt;"><font style="font-weight: bold;">Of the Trustee and the
                  Voting Consultant. </font>The Purchaser shall indemnify and hold the Trustee and the Voting Consultant and such Trustee's and such Voting Consultant'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. In no event shall the Purchaser be liable for special, incidental, indirect or consequential damages.</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="margin-top: 0.5pt;"><br>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 4.6pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zc86c7f6871e240acb09500411cf85b7e" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 5.25pt; vertical-align: top; align: right;">
              <div style="margin-left: 77.25pt; margin-top: 4.6pt;">(b)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; text-indent: 113.45pt; margin-top: 4.6pt; font-size: 8pt;"><font style="font-weight: bold;">Of the
                  Purchaser and the Voting Consultant. </font>The Trustee shall indemnify and hold the Purchaser and the Voting Consultant and the Purchaser's and the Voting Consultant'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. In no event shall the Trustee be liable for special, incidental, indirect or consequential damages.</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="margin-top: 0.5pt;"><br>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z63c10c316bcb45f88ac891baa95613a5" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 5.25pt; vertical-align: top; align: right;">
              <div style="margin-left: 77.25pt; font-size: 8pt;">(c)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; text-indent: 113.45pt; font-size: 8pt;"><font style="font-weight: bold;">Of the Purchaser and the
                  Trustee. </font>The Voting Consultant shall indemnify and hold the Purchaser and the Trustee and the Purchaser's and the Trustee'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'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>
            </td>
          </tr>

      </table>
    </div>
    <div style="margin-top: 0.25pt;"><br>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0.05pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za725038cc6fb498dbb94dd278e0f5254" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 5.25pt; vertical-align: top; align: right;">
              <div style="margin-left: 77.25pt; margin-top: 0.05pt; font-size: 8pt;">(d)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; text-indent: 113.45pt; margin-top: 0.05pt; font-size: 8pt;"><font style="font-weight: bold;">Conditions
                  to Indemnification. </font>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's written consent.</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="margin-top: 0.55pt;"><br>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z234ff757dfaf437587fb09c37d3e4b05" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 77.25pt; vertical-align: top; align: right;">
              <div style="margin-left: 41.25pt; font-size: 8pt; font-weight: bold;">9.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-size: 8pt; font-weight: bold;">Termination of Agreement</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="margin-top: 0.3pt;"><br>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z922236cad881422892e555f94f852082" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 5.25pt; vertical-align: top; align: right;">
              <div style="margin-left: 77.25pt; font-size: 8pt;">(a)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; text-indent: 113.45pt; font-size: 8pt;">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 VMTP Shares for two years, (ii) at the option of PFC, upon PFC and its Affiliates owning less than 20% of the Outstanding VMTP Shares or (iii) as provided with respect to certain
                transfers of Subject Shares in Section 3 above.</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="margin-top: 0.25pt;"><br>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z7f48f3cf536844b19665d0acd4b1134c" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 5.25pt; vertical-align: top; align: right;">
              <div style="margin-left: 77.25pt; font-size: 8pt;">(b)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; text-indent: 113.45pt; font-size: 8pt;">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>
            </td>
          </tr>

      </table>
    </div>
    <div style="margin-top: 0.25pt;"><br>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za441eef38cc44038a0ef1b1807a24b58" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 77.25pt; vertical-align: top; align: right;">
              <div style="margin-left: 41.25pt; font-size: 8pt; font-weight: bold;">10.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-size: 8pt; font-weight: bold;">Trustee's Compensation</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="margin-top: 0.5pt;"><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-right: 10.05pt; margin-left: 5.25pt; margin-top: 0.05pt; font-size: 8pt;">The Trustee shall be entitled to the compensation set forth in the letter
      agreement between the Purchaser and the Trustee dated as of November 19, 2019, as may be amended from time to time.</div>
    <div style="margin-top: 0.2pt;"><br>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf83c50556ba3461e85a26ae8be6afa0a" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 77.25pt; vertical-align: top; align: right;">
              <div style="margin-left: 41.25pt; font-size: 8pt; font-weight: bold;">11.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-size: 8pt; font-weight: bold;">Voting Consultant's Compensation</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="margin-top: 0.5pt;"><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-right: 9.25pt; margin-left: 5.25pt; margin-top: 0.05pt; font-size: 8pt;">The Voting Consultant shall be entitled to the compensation pursuant to
      the Master Agreement.</div>
    <div><br>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0.05pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z1ab61f59fc3f413f88c7bcb44d4936f2" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 77.25pt; vertical-align: top; align: right;">
              <div style="margin-left: 41.25pt; margin-top: 0.05pt; font-size: 8pt; font-weight: bold;">12.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="margin-top: 0.05pt; font-size: 8pt; font-weight: bold;">Tax Treatment</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="margin-top: 0.3pt;"><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-right: 5.65pt; margin-left: 5.25pt; font-size: 8pt;">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><br>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 4.6pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z378b52aa09bf46748f9ab947cf8834ec" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 77.25pt; vertical-align: top; align: right;">
              <div style="margin-left: 41.25pt; margin-top: 4.6pt; font-size: 8pt; font-weight: bold;">13.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="margin-top: 4.6pt; font-size: 8pt; font-weight: bold;">Notices</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="margin-top: 0.5pt;"><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-right: 5.55pt; margin-left: 5.25pt; font-size: 8pt;">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 style="margin-top: 0.5pt;"><br>
    </div>
    <div style="margin-left: 41.25pt; font-size: 8pt;">if to the Purchaser:</div>
    <div style="margin-top: 0.25pt;"><br>
    </div>
    <div style="margin-right: 211.5pt; margin-left: 41.25pt; margin-top: 0.05pt; font-size: 8pt;">Banc of America Preferred Funding Corporation One Bryant Park</div>
    <div style="margin-left: 41.25pt; font-size: 8pt;">1111 Avenue of the Americas, 9th Floor</div>
    <div style="margin-left: 41.25pt; margin-top: 0.7pt; font-size: 8pt;">New York, New York 10036</div>
    <div style="margin-right: 171.75pt; margin-left: 41.25pt; margin-top: 0.7pt;"><font style="font-size: 8pt;">Attention:</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-size: 8pt;">Thomas Visone</font></div>
    <div style="text-indent: 72pt; margin-right: 171.75pt; margin-left: 41.25pt; margin-top: 0.7pt; font-size: 8pt;">Mary Ann Olson</div>
    <div style="text-indent: 108pt; font-size: 8pt;">&#160;&#160;Todd Blasiak</div>
    <div style="text-indent: 108pt; font-size: 8pt;">&#160;&#160;Michael Jentis</div>
    <div style="text-indent: 72pt; margin-right: 171.75pt; margin-left: 41.25pt; margin-top: 0.7pt; font-size: 8pt;">Lisa Irizarry</div>
    <div><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 8pt;">&#160;&#160;Telephone:&#160;(212) 449-7358 (Visone, Blasiak, Irizarry)</font></div>
    <div style="text-indent: 108pt; font-size: 8pt;">&#160;(980) 388-4186 (Olson)</div>
    <div style="text-indent: 72pt; margin-right: 171.75pt; margin-left: 41.25pt; margin-top: 0.7pt; font-size: 8pt;">(212) 449-8300 (Jentis)</div>
    <div style="margin-left: 41.25pt;"><font style="font-size: 8pt;">Email:</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-size: 8pt;">thomas.visone@bofa.com</font></div>
    <div style="text-indent: 66.75pt; margin-left: 41.25pt; font-size: 8pt;">&#160;&#160;mary.ann.olson@bofa.com</div>
    <div style="text-indent: 66.75pt; margin-left: 41.25pt; font-size: 8pt;">&#160;&#160;todd.blasiak@bofa.com</div>
    <div style="text-indent: 66.75pt; margin-left: 41.25pt; font-size: 8pt;">&#160;&#160;lisa.m.irizarry@bofa.com</div>
    <div style="text-indent: -41.25pt; margin-right: 211.5pt; margin-left: 154.5pt; margin-top: 0.4pt; font-size: 8pt;">michael.jentis@bofa.com</div>
    <div style="margin-top: 0.5pt;"><br>
    </div>
    <div style="margin-left: 41.25pt; font-size: 8pt;">if to the Trustee:</div>
    <div style="margin-top: 0.5pt;"><br>
    </div>
    <div style="margin-right: 305.45pt; margin-left: 41.25pt; margin-top: 0.05pt; font-size: 8pt;">Lord Securities Corporation 48 Wall Street</div>
    <div style="margin-right: 286pt; margin-left: 41.25pt; margin-top: 0.2pt; font-size: 8pt;">New York, New York 10005 Attention:<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 12pt" id="TRGRRTFtoHTMLTab">&#160;</font>Edward O'Connell Telephone:<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 12pt" id="TRGRRTFtoHTMLTab">&#160;</font>(212) 346-9018</div>
    <div style="margin-right: 214.9pt; margin-left: 41.25pt; margin-top: 0.05pt;"><font style="font-size: 8pt;">Email:</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 72pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 8pt;">edward.oconnell@tmf-group.com if to the Voting Consultant:</font></div>
    <div style="margin-right: 248.95pt; margin-left: 41.25pt; margin-top: 0.15pt; font-size: 8pt;">Institutional Shareholder Services Inc. 1177 Avenue of the Americas, 2nd Floor New York, New
      York 10036</div>
    <div style="margin-right: 214.3pt; margin-left: 41.25pt;"><font style="font-size: 8pt;">Attention:</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 72pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 8pt;">Lorraine Kelly, Executive Director Telephone:<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 12pt" id="TRGRRTFtoHTMLTab">&#160;</font>(646) 680-6355</font></div>
    <div style="margin-left: 41.25pt; margin-top: 0.15pt;"><font style="font-size: 8pt;">Email:</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 72pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 8pt;">lorraine.kelly@issgovernance.com</font></div>
    <div style="margin-top: 0.35pt;"><br>
    </div>
    <div style="margin-left: 41.25pt; margin-top: 5.4pt; font-size: 8pt;">with a copy to:</div>
    <div style="margin-top: 0.5pt;"><br>
    </div>
    <div style="margin-right: 248.95pt; margin-left: 41.25pt; margin-top: 0.05pt; font-size: 8pt;">Institutional Shareholder Services Inc. 702 King Farm Blvd., Suite 400</div>
    <div style="margin-right: 305.45pt; margin-left: 41.25pt; margin-top: 0.2pt; font-size: 8pt;">Rockville, MD 20850 Attention:<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 12pt" id="TRGRRTFtoHTMLTab">&#160;</font>General Counsel Telephone:&#160; (301) 556-0420</div>
    <div style="margin-left: 41.25pt; margin-top: 0.05pt;"><font style="font-size: 8pt;">Email:</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 57.35pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 8pt;">steven.friedman@issgovernance.com</font></div>
    <div style="margin-top: 0.25pt;"><br>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z69ddec2c29ef4d3198e96d1b9e7fd1da" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 77.25pt; vertical-align: top; align: right;">
              <div style="margin-left: 41.25pt; font-size: 8pt; font-weight: bold;">14.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-size: 8pt; font-weight: bold;">Modification</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="margin-top: 0.5pt;"><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-right: 5.55pt; margin-left: 5.25pt; font-size: 8pt;">No modification of this Agreement shall be effective unless in writing and signed by all of
      the parties hereto. Without the prior written consent of the Fund (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 Fund shall not be unreasonably withheld or delayed.</div>
    <div style="margin-top: 0.15pt;"><br>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z5e08e1b0cb654af995b0d923fabd52a2" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 77.25pt; vertical-align: top; align: right;">
              <div style="margin-left: 41.25pt; font-size: 8pt; font-weight: bold;">15.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-size: 8pt; font-weight: bold;">Benefit and Burden</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="margin-top: 0.5pt;"><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-right: 5.55pt; margin-left: 5.25pt; font-size: 8pt;">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 style="margin-top: 0.25pt;"><br>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z097f4919527d4fb980d6c9a7e3379216" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 77.25pt; vertical-align: top; align: right;">
              <div style="margin-left: 41.25pt; font-size: 8pt; font-weight: bold;">16.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-size: 8pt; font-weight: bold;">Severability</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="margin-top: 0.5pt;"><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-right: 5.55pt; margin-left: 5.25pt; margin-top: 0.05pt; font-size: 8pt;">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 style="margin-top: 0.55pt;"><br>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z6dc5c484f52742ec8f5654bca68cb270" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 77.25pt; vertical-align: top; align: right;">
              <div style="margin-left: 41.25pt; font-size: 8pt; font-weight: bold;">17.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-size: 8pt; font-weight: bold;">Headings</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="margin-top: 0.3pt;"><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-right: 5.55pt; margin-left: 5.25pt; font-size: 8pt;">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 style="margin-top: 0.15pt;"><br>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z800c5c04bbda4844b5ede05ed9cc2f41" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 77.25pt; vertical-align: top; align: right;">
              <div style="margin-left: 41.25pt; font-size: 8pt; font-weight: bold;">18.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-size: 8pt; font-weight: bold;">Applicable Law</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="margin-top: 0.5pt;"><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-right: 5.7pt; margin-left: 5.25pt; font-size: 8pt;">This Agreement shall be construed and enforced in accordance with and governed by the law of
      the State of New York.</div>
    <div style="margin-top: 0.15pt;"><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-right: 5.7pt; margin-left: 5.25pt; font-size: 8pt;">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 style="margin-top: 0.25pt;"><br>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z4251005f4f5f458a936df56fc8ed2530" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 77.25pt; vertical-align: top; align: right;">
              <div style="margin-left: 41.25pt; font-size: 8pt; font-weight: bold;">19.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-size: 8pt; font-weight: bold;">Waiver</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="margin-top: 0.5pt;"><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-right: 5.65pt; margin-left: 5.25pt; font-size: 8pt;">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 style="margin-top: 0.25pt;"><br>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf88a7b3971084261903e7f1f0f4c0ecd" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 77.25pt; vertical-align: top; align: right;">
              <div style="margin-left: 41.25pt; font-size: 8pt; font-weight: bold;">20.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-size: 8pt; font-weight: bold;">Assignment</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="margin-top: 0.5pt;"><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-right: 5.6pt; margin-left: 5.25pt; font-size: 8pt;">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's assets.&#160; Any assignment other than in accordance with this Section shall be void.</div>
    <div style="margin-top: 0.25pt;"><br>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z48379fd04f3549f6baefc3370a9083da" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 77.25pt; vertical-align: top; align: right;">
              <div style="margin-left: 41.25pt; font-size: 8pt; font-weight: bold;">21.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-size: 8pt; font-weight: bold;">Conflicts with Other Documents</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="margin-top: 0.5pt;"><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-right: 5.75pt; margin-left: 5.05pt; font-size: 8pt;">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 style="margin-top: 0.5pt;"><br>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z54500684252d446ebe134a0256f47f4f" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 77.25pt; vertical-align: top; align: right;">
              <div style="margin-left: 41.25pt; font-size: 8pt; font-weight: bold;">22.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-size: 8pt; font-weight: bold;">Counterparts</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="margin-top: 0.3pt;"><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-right: 2pt; margin-left: 5.25pt; font-size: 8pt;">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><br>
    </div>
    <div style="margin-left: 99.1pt; margin-top: 9.35pt; font-size: 8pt; font-weight: bold;">[The rest of this page has been intentionally left blank]</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 34.95pt; margin-right: 5.7pt; margin-left: 6.25pt; margin-top: 3.2pt; font-size: 8pt;"><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><br>
    </div>
    <div><br>
    </div>
    <div style="margin-top: 0.55pt;"><br>
    </div>
    <div style="margin-left: 6.15pt; font-size: 8pt;">BANC OF AMERICA PREFERRED FUNDING CORPORATION, as Purchaser</div>
    <div><br>
    </div>
    <div style="margin-top: 0.25pt;"><br>
    </div>
    <div style="margin-right: 293.05pt; margin-left: 6.5pt; margin-top: 7.7pt;"><font style="font-size: 8pt;">By:</font><font style="font-size: 8pt;"><u>/s/ Michael Jentis</u></font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 173.5pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 8pt;"><br>
        Name: Michael Jentis<br>
        Title: Authorized Signatory</font></div>
    <div><br>
    </div>
    <div style="margin-left: 6.6pt; margin-top: 7.95pt; font-size: 8pt;">LORD SECURITIES CORPORATION, as Trustee</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-indent: 0.25pt; margin-right: 293.3pt; margin-left: 6.6pt; margin-top: 7.7pt;"><font style="font-size: 8pt;">By:</font><font style="font-size: 8pt;"><u>/s/ Edward O&#8217;Connell</u></font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 173.15pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 8pt;"><br>
        Name: Edward O&#8217;Connell</font></div>
    <div style="margin-left: 6.35pt; font-size: 8pt;">Title: Senior Vice President</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="margin-top: 0.05pt;"><br>
    </div>
    <div style="margin-left: 6.45pt; font-size: 8pt;">INSTITUTIONAL SHAREHOLDER SERVICES INC., as Voting Consultant</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-indent: 0.25pt; margin-right: 293.3pt; margin-left: 6.6pt; margin-top: 7.7pt;"><font style="font-size: 8pt;">By:</font><font style="font-size: 8pt;"><u>/s/ Allen Heery</u></font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 173.15pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 8pt;">
        Name: Allen Heery</font></div>
    <div style="margin-left: 6.85pt; font-size: 8pt;">Title: CFO</div>
    <div><br>
    </div>
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<DOCUMENT>
<TYPE>EX-99.4
<SEQUENCE>7
<FILENAME>rra.htm
<DESCRIPTION>EX-99.4
<TEXT>
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  <div>
    <div>
      <div style="text-align: right; font-size: 12pt; font-weight: bold;">Exhibit 99.4</div>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: center; font-size: 12pt; font-weight: bold;">REGISTRATION RIGHTS AGREEMENT</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">THIS REGISTRATION RIGHTS AGREEMENT (this &#8220;<font style="font-weight: bold;">Agreement</font>&#8221;), executed as of November 19, 2019, is made by and between Invesco California Value Municipal Income Trust, a Delaware statutory trust (the &#8220;<font style="font-weight: bold;">Fund</font>&#8221;), and Banc of America Preferred Funding Corporation, a Delaware corporation, including its successors by merger or operation of law (&#8220;<font style="font-weight: bold;">Banc of America</font>&#8221; or the &#8220;<font style="font-weight: bold;">Shareholder</font>&#8221;).</div>
    <div style="text-align: center; font-size: 12pt; font-weight: bold;">RECITALS</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; font-size: 12pt;">A. The Fund and the Shareholder have entered into that
        certain Variable Rate Muni Term Preferred Shares Purchase Agreement, dated as of November 19, 2019 (the &#8220;<font style="font-weight: bold;">Purchase Agreement</font>&#8221;), regarding the purchase of the VMTP Shares (defined below) by Banc of America and certain other rights and obligations of the parties thereto as set forth therein.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; font-size: 12pt;">NOW THEREFORE, the Parties are entering into this
      Agreement to provide for certain registration rights as follows:</div>
    <div><br>
    </div>
    <div style="text-indent: 36pt;"><font style="font-size: 12pt; font-weight: bold;">1.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 12pt;"><font style="font-weight: bold;">Certain Definitions</font>.&#160; As used in this Agreement, the following terms have
        the following respective meanings:</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt; font-size: 12pt;">&#8220;<font style="font-weight: bold;">Affiliate</font>&#8221; 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 &#8220;<font style="font-weight: bold;">Affiliates</font>&#8221; shall have correlative meaning.&#160; For the purpose of this definition, the term &#8220;<font style="font-weight: bold;">Control</font>&#8221; (including with correlative
      meanings, the terms &#8220;<font style="font-weight: bold;">Controlling</font>&#8221;, &#8220;<font style="font-weight: bold;">Controlled by</font>&#8221;
      and<font style="font-weight: bold;">&#160;</font>&#8220;<font style="font-weight: bold;">under common Control with</font>&#8221;), 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><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt; font-size: 12pt;">&#8220;<font style="font-weight: bold;">Agreement</font>&#8221; has the meaning set
      forth in the preamble to this Agreement.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt; font-size: 12pt;">&#8220;<font style="font-weight: bold;">Banc of America</font>&#8221; has the meaning
      set forth in the preamble to this Agreement.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt; font-size: 12pt;">&#160;&#8220;<font style="font-weight: bold;">Blue Sky</font>&#8221; means the statutes of
      any state regulating the sale of corporate securities within that state.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt; font-size: 12pt;">&#8220;<font style="font-weight: bold;">Board</font>&#8221; means the board of
      trustees of the Fund or any duly authorized committee thereof.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt; font-size: 12pt;">&#8220;<font style="font-weight: bold;">Commission</font>&#8221; means the United
      States Securities and Exchange Commission.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt; font-size: 12pt;">&#8220;<font style="font-weight: bold;">Demand Registration</font>&#8221; has the
      meaning set forth in <u>Section 3.1</u>.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt; font-size: 12pt;">&#8220;<font style="font-weight: bold;">Designated Representative</font>&#8221; has
      the meaning set forth in <u>Section 6(j)(v)</u>.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt; font-size: 12pt;">&#8220;<font style="font-weight: bold;">Effective Date</font>&#8221; means the date
      of this Agreement.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt; font-size: 12pt;">&#8220;<font style="font-weight: bold;">FINRA</font>&#8221; shall mean the Financial
      Industry Regulatory Authority or any successor.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt; font-size: 12pt;">&#8220;<font style="font-weight: bold;">Form N-2</font>&#8221; means such form under
      the Securities Act as in effect on the date hereof or any successor registration form under the Securities Act subsequently adopted by the Commission.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt; font-size: 12pt;">&#8220;<font style="font-weight: bold;">Fund</font>&#8221; has the meaning set forth
      in the preamble to this Agreement.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 11pt; font-size: 12pt;">&#8220;<font style="font-weight: bold;">Fund Indemnified
        Persons</font>&#8221; means the Fund and its affiliates and trustees, officers, partners, employees, agents, representatives and control persons entitled to indemnification by the Holders under <u>Section 7</u>.</div>
    <div style="text-align: justify; text-indent: 72pt; font-size: 12pt;">&#8220;<font style="font-weight: bold;">Holder</font>&#8221; means the Shareholder
      and any Permitted Transferees of the&#160; Shareholder entitled to the rights, and bound by the obligations under, this Agreement, in accordance with <u>Section 8.11</u>.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 11pt; font-size: 12pt;">&#8220;<font style="font-weight: bold;">Holder Indemnified
        Persons</font>&#8221; means, with respect to each Holder, such Holder and its affiliates and directors, officers, partners, trustees, employees, agents, representatives and control persons entitled to indemnification by the Fund under <u>Section 7</u>.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 11pt; font-size: 12pt;">&#8220;<font style="font-weight: bold;">Indemnified Party</font>&#8221;
      has the meaning set forth in <u>Section 7.3</u>.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 11pt; font-size: 12pt;">&#8220;<font style="font-weight: bold;">Indemnifying Party</font>&#8221;
      has the meaning set forth in <u>Section 7.3</u>.</div>
    <div style="text-align: justify; text-indent: 72pt; font-size: 12pt;">&#8220;<font style="font-weight: bold;">Initiating Holder(s)</font>&#8221; has the
      meaning set forth in <u>Section 3.1</u>.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt; font-size: 12pt;">&#8220;<font style="font-weight: bold;">Invesco Persons</font>&#8221; means the Fund,
      the Investment Adviser or any of their respective Affiliates.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 11pt; font-size: 12pt;">&#8220;<font style="font-weight: bold;">Investment Adviser</font>&#8221;
      means Invesco Advisers, Inc., or any successor company or entity thereto, and any successor investment adviser to the Fund.</div>
    <div style="text-align: justify; text-indent: 72pt; font-size: 12pt;">&#8220;<font style="font-weight: bold;">Majority Holders</font>&#8221; means the
      Holder(s) of more than 50% of the Outstanding VMTP Shares.</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 72pt; margin-bottom: 11pt; font-size: 12pt;">&#8220;<font style="font-weight: bold;">1940 Act</font>&#8221;
      means the Investment Company Act of 1940, as amended.</div>
    <div style="text-align: justify; margin-left: 72pt; margin-bottom: 11pt; font-size: 12pt;">&#8220;<font style="font-weight: bold;">Outstanding</font>&#8221;
      has the meaning set forth in the Statement.</div>
    <div style="text-align: justify; text-indent: 72pt; font-size: 12pt;">&#8220;<font style="font-weight: bold;">Parties</font>&#8221; 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 &#8220;<font style="font-weight: bold;">Party</font>&#8221;.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt; font-size: 12pt;">&#8220;<font style="font-weight: bold;">Permitted Transferee</font>&#8221; means, on any date prior to the VMTP Shares having been registered under the Securities
      Act, any Person permitted to be a transferee of VMTP Shares pursuant to Section 2.18 of the Statement to which VMTP Shares are transferred in compliance with <u>Section 8.11</u>.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt; font-size: 12pt;">&#8220;<font style="font-weight: bold;">Person</font>&#8221; means and includes an
      individual, a partnership, 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><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt; font-size: 12pt;">&#8220;<font style="font-weight: bold;">Prospectus</font>&#8221; shall mean the
      prospectus included in a Registration Statement, including any preliminary prospectus, any prospectus filed by the Fund under Rule 430A or Rule 497 of the rules and regulations of the Commission under the Securities Act in connection therewith, and
      any advertising or sales material prepared by the Fund and filed under Rule 482 of the rules and regulations of the Commission under the Securities Act in connection therewith, including in each such case all amendments and supplements to any such
      prospectus, advertising or sales material, and in each case including all material incorporated by reference therein.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt; font-size: 12pt;">&#8220;<font style="font-weight: bold;">Public Offering</font>&#8221; means an
      offering of Registrable Securities pursuant to an effective registration statement under the Securities Act.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt; font-size: 12pt;">&#8220;<font style="font-weight: bold;">Purchase Agreement</font>&#8221; has the
        meaning set forth in the recitals to this Agreement.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt; font-size: 12pt;">&#8220;<font style="font-weight: bold;">Registration</font>&#8221; means a
        registration effected by preparing and filing a Registration Statement and the declaration or ordering of the effectiveness of that Registration Statement, and the
        terms &#8220;<font style="font-weight: bold;">Register</font>&#8221; and &#8220;<font style="font-weight: bold;">Registered</font>&#8221; have meanings correlative with the foregoing.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt; font-size: 12pt;">&#8220;<font style="font-weight: bold;">Registrable Securities</font>&#8221; means
      (i) VMTP Shares owned by the Shareholder or any Permitted Transferee, and (ii) VMTP 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 VMTP Shares
      referred to in clause (i).</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt; font-size: 12pt;">&#8220;<font style="font-weight: bold;">Registration Expenses</font>&#8221; means all
      expenses incurred by the Fund in complying with <u>Section 3</u>, including 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 (selected by the Shareholder so long as it is a Holder; otherwise selected by the Majority Holders) up to an amount not to exceed
      U.S.$25,000, Blue Sky-related 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 in excess of such $25,000 amount referenced above.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt; font-size: 12pt;">&#8220;<font style="font-weight: bold;">Registration Statement</font>&#8221; means a
      registration statement prepared on Form N-2 under the Securities Act including the related preliminary prospectus or prospectuses.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt; font-size: 12pt;">&#8220;<font style="font-weight: bold;">Securities Act</font>&#8221; means the
      Securities Act of 1933, as amended, and the rules and regulations of the Commission promulgated thereunder, all as from time to time in effect.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt; font-size: 12pt;">&#8220;<font style="font-weight: bold;">Shareholder</font>&#8221; has the meaning set
        forth in the preamble to this Agreement.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt; font-size: 12pt;">&#8220;<font style="font-weight: bold;">Statement</font>&#8221; means the Fund&#8217;s
      Amended and Restated Statement of Preferences of Variable Rate Muni Term Preferred Shares, including the Appendix thereto, effective as of November 19, 2019, with respect to the VMTP Shares, as the same may be amended, restated, supplemented or
      otherwise modified from time to time in accordance with the terms thereof.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt; font-size: 12pt;">&#8220;<font style="font-weight: bold;">Underwriters&#8217; Representative</font>&#8221;
      has the meaning set forth in <u>Section 3.3(b)</u>.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt; font-size: 12pt;">&#8220;<font style="font-weight: bold;">U.S.$</font>&#8221; or &#8220;<font style="font-weight: bold;">USD</font>&#8221; means United States dollars.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt; font-size: 12pt;">&#8220;<font style="font-weight: bold;">VMTP Shares</font>&#8221; means the <font style="background-color: #FFFFFF;">Variable Rate Muni Term Preferred Shares</font>, Series 2015/6-VCV, of the Fund, no par value per share and a liquidation preference of U.S.$100,000
      per share.</div>
    <div><br>
    </div>
    <div style="text-indent: 36pt;"><font style="font-size: 12pt; font-weight: bold;">2.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 12pt;"><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.</font></div>
    <div><br>
    </div>
    <div style="text-indent: 36pt;"><font style="font-size: 12pt; font-weight: bold;">3.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 12pt; font-weight: bold;">Demand Registration.</font></div>
    <div><br>
    </div>
    <div style="text-indent: 72pt;"><font style="font-size: 12pt;">3.1.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 12pt;"><font style="font-style: italic;">Request for Registration</font>.&#160; If the Fund receives from the Majority Holders
        (referred to as the &#8220;<font style="font-weight: bold;">Initiating Holder(s)</font>&#8221;) 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)&#160;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 but, in any
        event, within thirty (30) days following receipt of such written request, use its commercially reasonable best efforts to effect Registration of those Registrable Securities (&#8220;<font style="font-weight: bold;">Demand Registration</font>&#8221;) 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 twenty (20) days after receiving written notice from the Fund, subject to the limitations of this <u>Section 3</u>.&#160; The Fund shall not be
        obligated to take any action to effect any Registration pursuant to this <u>Section 3.1</u> after the Fund has effected one Registration pursuant to this <u>Section 3.1</u> and such Registration has been declared or ordered effective (and has not been subject to a &#8220;stop order&#8221; of the Commission).&#160; The substantive
        provisions of <u>Section 3.3</u> shall be applicable to any Registration initiated under this <u>Section 3.1</u>.</font></div>
    <div><br>
    </div>
    <div style="text-indent: 72pt;"><font style="font-size: 12pt;">3.2.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 12pt;"><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 if the Fund furnishes to those Holders requesting Registration of Registrable Securities a certificate signed by the chief executive officer or chairman of the board of the Fund
        stating that in the good faith judgment of the Board it would be seriously detrimental to the Fund or its shareholders for a Registration Statement to be filed in the near future. In such event, the Fund&#8217;s obligation to use its commercially
        reasonable best efforts to file a Registration Statement shall be deferred for a period not to exceed ninety (90) days from the receipt of the request to file the registration by the Initiating Holder(s); <u>provided</u>, that the Fund shall not exercise the right to delay a request contained in this <u>Section 3.2</u> more
        than once in any 12 month period, and <u>provided further</u>, that during such deferral period, the Fund shall not file a Registration Statement with respect to
        any preferred shares of the Fund.</font></div>
    <div><br>
    </div>
    <div style="text-indent: 72pt;"><font style="font-size: 12pt;">3.3.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 12pt;"><font style="font-style: italic;">Underwriting in Demand Registration</font>.</font></div>
    <div><br>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z146a034adf734aeeb4f92c90eb8b9b47" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 72pt; font-size: 12pt;">(a)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; text-indent: 72pt; font-size: 12pt;"><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 <u>Section 3</u>, and the Fund shall include that information in the written notice referred to in <u>Section
                    3.1</u>.&#160; The right of any Holder to Registration pursuant to this <u>Section 3</u> shall be conditioned upon such Holder&#8217;s agreement to
                participate in the underwriting and the inclusion of that Holder&#8217;s Registrable Securities in the underwriting to the extent provided herein.</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zca94457253ea4f5b91c064cbb84c4714" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 72pt; font-size: 12pt;">(b)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; text-indent: 72pt; font-size: 12pt;"><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 &#8220;<font style="font-weight: bold;">Underwriters&#8217;
                  Representative</font>&#8221;) selected for the underwriting by the Initiating Holder(s) with the consent of the Fund, not to be unreasonably withheld.</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb6ffd57e3b644b73a4b3f8f5fd08205b" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 72pt; font-size: 12pt;">(c)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; text-indent: 72pt; font-size: 12pt;"><font style="font-style: italic;">Marketing Limitation in
                  Demand Registration</font>.&#160; Notwithstanding any other provision of this <u>Section 3</u>, in the event the Underwriters&#8217; Representative advises the Fund
                in writing that market factors (including the aggregate number of VMTP Shares requested to be Registered, the general condition of the market, and 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)); <u>provided</u>, <u>however</u>,
                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 Invesco Persons are first entirely excluded from the
                underwriting.&#160; Unless the prior written consent of the Majority Holders has been obtained, the number of Registrable Securities included in any such underwriting shall not be reduced to less than ninety percent (90%) of the number of the
                Registrable Securities requested to be included. Any Registrable Securities or other securities excluded from the underwriting by reason of this <u>Section 3.3(c)</u>
                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>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z9636918751504244a0fe95f8f494ff1b" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 72pt; font-size: 12pt;">(d)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; text-indent: 72pt; font-size: 12pt;"><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&#8217; 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; The securities so withdrawn shall also be
                withdrawn from the Registration Statement.</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div style="text-indent: 36pt;"><font style="font-size: 12pt; font-weight: bold;">4.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 12pt;"><font style="font-weight: bold;">Expenses of Registration</font>.&#160; All Registration Expenses incurred in
        connection with any Registration pursuant to <u>Section 3.1</u> shall be borne by the Fund.</font></div>
    <div><br>
    </div>
    <div style="text-indent: 36pt;"><font style="font-size: 12pt; font-weight: bold;">5.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 12pt; font-weight: bold;">Assignability of Registration Rights; Termination of Registration Rights; Limitation on Subsequent Registration Rights.</font></div>
    <div><br>
    </div>
    <div style="text-indent: 72pt;"><font style="font-size: 12pt;">5.1.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 12pt;"><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-style: italic;">Assignability of Registration Rights.</font>&#160; Except as provided in <u>Section 8.11</u>, 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.</font></div>
    <div><br>
    </div>
    <div style="text-indent: 72pt;"><font style="font-size: 12pt;">5.2.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 12pt;"><font style="font-style: italic;">Termination of Registration Rights. </font> The rights to cause the Fund to
        register Registrable Securities granted under <u>Section 3</u> and to receive notices pursuant to <u>Section 3</u>, shall terminate on the earliest of (i) the twenty-seven (27) month anniversary of the Effective Date, unless extended, (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, or the repurchase by the Fund (including by exchange of securities) of and cancellation of all of the Registrable Securities or
        (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,
        subject to <u>Section 3.3(d)</u>, all Holders have withdrawn from the Demand Registration.</font></div>
    <div><br>
    </div>
    <div style="text-indent: 36pt;"><font style="font-size: 12pt; font-weight: bold;">6.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 12pt;"><font style="font-weight: bold;">Registration Procedures and Obligations</font>.&#160; Whenever required under this
        Agreement to effect the Registration of any Registrable Securities, the Fund shall, as expeditiously as commercially reasonably possible:</font></div>
    <div><br>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zc153fe030ae746afbd0abcdee285ae4b" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 72pt; font-size: 12pt;">(a)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; text-indent: 72pt; font-size: 12pt;">(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&#8217; Representative to be included therein relating to the underwriters and plan of
                distribution for the Registrable Securities, (ii) use its commercially reasonable best efforts to cause such Registration Statement to become effective and remain effective for up to ninety (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>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z3e9ce967db5b48a58322c00ef39c5a58" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 72pt; font-size: 12pt;">(b)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; text-indent: 72pt; font-size: 12pt;">subject to <u>Section 6(a)</u>, 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; 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 in accordance with the intended method or methods of distribution by the selling Holders thereof, as set forth in such registration statement;</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z604eba07d1f648d69e05973f61a7a2d2" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 72pt; font-size: 12pt;">(c)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; text-indent: 72pt; font-size: 12pt;">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 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 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>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z411f7f0d9b384c1895d96ba318e0097d" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 72pt; font-size: 12pt;">(d)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; text-indent: 72pt; font-size: 12pt;">(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&#8217; 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>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zedac1bd73b0842269a4ff704d89d46b5" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 72pt; font-size: 12pt;">(e)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; text-indent: 72pt; font-size: 12pt;">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)&#160;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>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z34458ad7b3bf482da7c51ab51755098e" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 72pt; font-size: 12pt;">(f)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; text-indent: 72pt; font-size: 12pt;">furnish a designated single counsel for each 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>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z4c0b8234ad7a4aefb66be4fe8fc1d379" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 72pt; font-size: 12pt;">(g)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; text-indent: 72pt; font-size: 12pt;">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>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z889019a841d1482293ce7a4b15012ab5" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 72pt; font-size: 12pt;">(h)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; text-indent: 72pt; font-size: 12pt;">upon request, furnish to the Underwriters&#8217; Representative of an underwritten Public Offering of the Registrable Securities, if
                any, without charge, at least one signed copy of such Registration Statement and any post-effective amendment thereto, including financial statements and schedules, all documents incorporated therein by reference and all exhibits; and
                furnish to each Holder for which the Registrable Securities are being registered, without charge, at least one conformed copy of each Registration Statement and any post-effective amendment&#160; thereto (without documents incorporated therein
                by reference or exhibits thereto, unless requested);</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z1c8efd49913f4487a64600e55c385e13" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 72pt; font-size: 12pt;">(i)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; text-indent: 72pt; font-size: 12pt;">upon the occurrence of any event contemplated by clause (iv) of <u>Section 6(e)</u>, 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>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z3f9b2cccfb694af5a3c48507c078b7ca" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 72pt; font-size: 12pt;">(j)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; text-indent: 72pt; font-size: 12pt;">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>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf3f3574ed91d4b849dad12c8001de947" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 72pt; vertical-align: top; align: right;">
              <div style="margin-left: 108pt; font-size: 12pt;">(i)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; text-indent: 72pt; font-size: 12pt;">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 and, as applicable, selling
                shareholders in similar underwritten offerings;</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z5540c76dde41495cafe8b86b474d5144" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 72pt; vertical-align: top; align: right;">
              <div style="margin-left: 108pt; font-size: 12pt;">(ii)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; text-indent: 72pt; font-size: 12pt;">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&#8217; Representative, if any, and, where relevant, the Majority Holders of the
                Registrable Securities being sold);</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z342e56a049b84bba8f604a9dfc6d5c40" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 72pt; vertical-align: top; align: right;">
              <div style="margin-left: 108pt; font-size: 12pt;">(iii)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; text-indent: 72pt; font-size: 12pt;">in the case of any underwritten Public Offering, obtain &#8220;comfort&#8221; letters or &#8220;agreed-upon procedures&#8221; letters and updates
                thereof from the Fund&#8217;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>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf1864029d5b44b2780d61a578912957c" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 72pt; vertical-align: top; align: right;">
              <div style="margin-left: 108pt; font-size: 12pt;">(iv)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; text-indent: 72pt; font-size: 12pt;">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>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z50756d5e826f4ef1b0a39057365acf4b" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 72pt; vertical-align: top; align: right;">
              <div style="margin-left: 108pt; font-size: 12pt;">(v)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; text-indent: 72pt; font-size: 12pt;">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 &#8220;<font style="font-weight: bold;">Designated Representative</font>&#8221;) or by the Underwriters&#8217; Representative, if
                any;</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z821f409f2f3e4559a987d281290ffe25" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 72pt; font-size: 12pt;">(k)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; text-indent: 72pt; font-size: 12pt;">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 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>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze4a703b213794591ab300ccf5f69784b" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 72pt; font-size: 12pt;">(l)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; text-indent: 72pt; font-size: 12pt;">within a reasonable time prior to the filing of any Registration Statement, any Prospectus, any amendment to a Registration
                Statement or any 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&#8217; 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&#8217; Representative available for discussion of such document;</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zfa0434b93d934ba28ed8292c7cba1d0c" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 72pt; font-size: 12pt;">(m)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; text-indent: 72pt; font-size: 12pt;">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 twelve (12) months which shall satisfy the provisions of the Securities Act and the rules thereunder;</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb7db606827404fe6a3c3307a77f63cc7" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 72pt; font-size: 12pt;">(n)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; text-indent: 72pt; font-size: 12pt;">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>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zbc5dae54cd97483f96e192c108ffd29d" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 72pt; font-size: 12pt;">(o)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; text-indent: 72pt; font-size: 12pt;">use its commercially reasonable best efforts to facilitate the distribution and sale of any Registrable Securities to be
                offered pursuant to this Agreement, including 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>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt; font-size: 12pt;">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 if it has received the notification contemplated by <u>Section 6(e)(iv)</u> until such time as the Fund notifies such Holder that it has complied with <u>Section 6(i)</u> above.</div>
    <div><br>
    </div>
    <div style="text-indent: 36pt;"><font style="font-size: 12pt; font-weight: bold;">7.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 12pt;"><font style="font-weight: bold;">Indemnification</font>.</font></div>
    <div><br>
    </div>
    <div style="text-indent: 72pt;"><font style="font-size: 12pt;">7.1.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 12pt;"><font style="font-style: italic;">Fund&#8217;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 expenses incurred by them (including reasonable fees and disbursements of outside counsel) which are related to or arise out
        of any untrue or alleged untrue statement of a material fact contained in a Registration Statement, any Prospectus or 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&#8217;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 any amendment or supplement thereto or (ii)&#160;in the case of an occurrence of an event of the type specified in clause (iv) of <u>Section 6(e)</u>, 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 the notice contemplated by the last sentence of <u>Section&#160;6</u> above.</font></div>
    <div><br>
    </div>
    <div style="text-indent: 72pt;"><font style="font-size: 12pt;">7.2.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 12pt;"><font style="font-style: italic;">Holders&#8217; 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)
        which are related to or arise out of any untrue or alleged untrue statement of a material fact contained in a Registration Statement, any Prospectus or 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)&#160;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&#8217;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 any amendment or supplement thereto or (B)&#160;in the case of an occurrence of an event of the type specified in clause (iv) of <u>Section&#160;6(e)</u>, 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 the notice contemplated by the last sentence of <u>Section&#160;6</u> above.&#160; In no event shall the liability of any selling Holder under this <u>Section&#160;7.2</u> 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><br>
    </div>
    <div style="text-indent: 72pt;"><font style="font-size: 12pt;">7.3.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 12pt;"><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 &#8220;<font style="font-weight: bold;">Indemnified Party</font>&#8221;), such Indemnified Party
        shall notify the Person from whom indemnity is sought (the &#8220;<font style="font-weight: bold;">Indemnifying Party</font>&#8221;) 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.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 70.3pt; margin-bottom: 11pt; font-size: 12pt;">The Indemnifying Party shall not be
        liable for any settlement of any such action, suit, proceeding or investigation effected without its written consent, which consent shall not be unreasonably withheld, conditioned or delayed.&#160;&#160; 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 style="text-indent: 72pt;"><font style="font-size: 12pt;">7.4.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 12pt;"><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 Person 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 Holders on the other, the parties&#8217; 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; In no event shall the liability of any selling Holder under this <u>Section&#160;7.4</u> 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; 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.</font></div>
    <div><br>
    </div>
    <div style="text-indent: 72pt;"><font style="font-size: 12pt;">7.5.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 12pt;"><font style="font-style: italic;">No Limitations.</font>&#160; Nothing in this <u>Section 7</u> is intended to limit any Party&#8217;s obligations contained in other parts of this Agreement or any other agreements or instruments with respect to the VMTP Shares, provided that
        no amount shall be reimbursed twice in any event.</font></div>
    <div><br>
    </div>
    <div style="text-indent: 72pt;"><font style="font-size: 12pt;">7.6.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 12pt;"><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.</font></div>
    <div><br>
    </div>
    <div style="text-indent: 36pt;"><font style="font-size: 12pt; font-weight: bold;">8.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 12pt; font-weight: bold;">Miscellaneous.</font></div>
    <div><br>
    </div>
    <div style="text-indent: 72pt;"><font style="font-size: 12pt;">8.1.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 12pt;"><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 without regard to conflicts of law principles that would require the application of the laws of another jurisdiction.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt; font-size: 12pt;">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><br>
    </div>
    <div style="text-indent: 72pt;"><font style="font-size: 12pt;">8.2.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 12pt; font-style: italic;">No Waivers.</font></div>
    <div><br>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 11pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z81aeb1c500474512a90d45fad90373fa" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 108pt; vertical-align: top; align: right;">
              <div style="margin-left: 72pt; margin-bottom: 11pt; font-size: 12pt;">(a)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; margin-bottom: 11pt; font-size: 12pt;">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 the VMTP Shares).&#160; The rights of the Shareholder hereunder are separate from and in addition to any rights that any holder of any VMTP Share may have under the
                terms of such VMTP Share or otherwise.</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 11pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z3b9340b46ce54af18a69c157512cb2f7" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 108pt; vertical-align: top; align: right;">
              <div style="margin-left: 72pt; margin-bottom: 11pt; font-size: 12pt;">(b)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; margin-bottom: 11pt; font-size: 12pt;">No failure or delay by the Fund or the Shareholder in exercising any right, power or privilege hereunder or under the VMTP
                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 Fund or the
                Shareholder in exercising any right, power or privilege under or in respect of the VMTP Shares 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>
    <div style="text-indent: 72pt;"><font style="font-size: 12pt;">8.3.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 12pt;"><font style="font-style: italic;">Specific Performance</font>.&#160; Each Party hereby acknowledges that the remedies
        at law of the other Party 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.</font></div>
    <div><br>
    </div>
    <div style="text-indent: 72pt;"><font style="font-size: 12pt;">8.4.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 12pt;"><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.</font></div>
    <div><br>
    </div>
    <div style="text-indent: 72pt;"><font style="font-size: 12pt;">8.5.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 12pt;"><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.</font></div>
    <div><br>
    </div>
    <div style="text-indent: 72pt;"><font style="font-size: 12pt;">8.6.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 12pt;"><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 &#8220;including&#8221; or &#8220;include&#8221; shall in all cases herein mean &#8220;including, without limitation&#8221; or &#8220;include, without limitation,&#8221; respectively.&#160; Reference to any Person includes such Person&#8217;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 &#8220;hereunder,&#8221; &#8220;hereof,&#8221; &#8220;hereto&#8221; and words of similar import shall refer to this Agreement as a whole and not to any particular Section or clause of&#160; this Agreement.</font></div>
    <div><br>
    </div>
    <div style="text-indent: 72pt;"><font style="font-size: 12pt;">8.7.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 12pt;"><font style="font-style: italic;">Notices</font>.&#160; All notices, requests and other communications to any party
        hereunder shall be in writing (including telecopy, electronic mail or similar writing), 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 party.&#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:</font></div>
    <div><br>
    </div>
    <div style="text-indent: 72pt; font-size: 12pt;">If to the Fund, to:</div>
    <div><br>
    </div>
    <div style="margin-left: 72pt; font-size: 12pt;">Invesco California Value Municipal Income Trust<br>
      1555 Peachtree Street</div>
    <div style="margin-left: 72pt; font-size: 12pt;">Atlanta, GA 30309</div>
    <div style="margin-left: 72pt; margin-bottom: 12pt; font-size: 12pt;">Attention: Legal Department<br>
      <font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>&#160;&#160;&#160;&#160;&#160;Jeffrey Kupor, Senior Vice President<br>
      Telephone: (404) 439-3463<br>
      Telecopy: (713) 993-9185<br>
      Email:<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>Jeffrey.Kupor@Invesco.com</div>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div style="text-indent: 72pt; font-size: 12pt;">If to the Shareholder, to:</div>
    <div><br>
    </div>
    <div style="margin-right: 121.5pt; margin-left: 72pt; margin-top: 0.05pt; font-size: 12pt;">Banc of America Preferred Funding Corporation</div>
    <div style="margin-right: 211.5pt; margin-left: 72pt; margin-top: 0.05pt; font-size: 12pt;">One Bryant Park</div>
    <div style="margin-left: 72pt; font-size: 12pt;">1111 Avenue of the Americas, 9th Floor</div>
    <div style="margin-left: 72pt; margin-top: 0.7pt; font-size: 12pt;">New York, New York 10036</div>
    <div style="margin-right: 171.75pt; margin-left: 72pt; margin-top: 0.7pt;"><font style="font-size: 12pt;">Attention:</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-size: 12pt;">Thomas Visone</font></div>
    <div style="text-indent: 72pt; margin-right: 171.75pt; margin-left: 72pt; margin-top: 0.7pt; font-size: 12pt;">Mary Ann Olson</div>
    <div style="text-indent: 72pt; margin-left: 72pt; font-size: 12pt;">Todd Blasiak</div>
    <div style="text-indent: 72pt; margin-left: 72pt; font-size: 12pt;">Michael Jentis</div>
    <div style="text-indent: 72pt; margin-right: 171.75pt; margin-left: 72pt; margin-top: 0.7pt; font-size: 12pt;">Lisa Irizarry</div>
    <div style="margin-left: 72pt;"><font style="font-size: 12pt;">Telephone:</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-size: 12pt;">(212) 449-7358
        (Visone, Blasiak, Irizarry)</font></div>
    <div style="text-indent: 72pt; margin-left: 72pt; font-size: 12pt;">(980) 388-4186 (Olson)</div>
    <div style="text-indent: 72pt; margin-right: 171.75pt; margin-left: 72pt; margin-top: 0.7pt; font-size: 12pt;">(212) 449-8300 (Jentis)</div>
    <div style="margin-left: 72pt;"><font style="font-size: 12pt;">Email:</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-size: 12pt;">thomas.visone@bofa.com</font></div>
    <div style="text-indent: 72pt; margin-left: 72pt; font-size: 12pt;">mary.ann.olson @bofa.com</div>
    <div style="text-indent: 72pt; margin-left: 72pt; font-size: 12pt;">todd.blasiak@bofa.com</div>
    <div style="text-indent: 72pt; margin-left: 72pt; font-size: 12pt;">lisa.m.irizarry@bofa.com</div>
    <div style="text-indent: 72pt; margin-left: 72pt; font-size: 12pt;">michael.jentis@bofa.com</div>
    <div style="margin-bottom: 11pt;"><br>
    </div>
    <div style="text-indent: 72pt;"><font style="font-size: 12pt;">8.8.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 12pt;"><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).</font></div>
    <div><br>
    </div>
    <div style="text-indent: 72pt;"><font style="font-size: 12pt;">8.9.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 12pt;"><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 is preserved.</font></div>
    <div><br>
    </div>
    <div style="text-indent: 72pt;"><font style="font-size: 12pt;">8.10.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 12pt;"><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.</font></div>
    <div><br>
    </div>
    <div style="text-indent: 72pt;"><font style="font-size: 12pt;">8.11.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 12pt;"><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 VMTP Shares being registered under the Securities Act, any transferee of VMTP 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.</font></div>
    <div><br>
    </div>
    <div style="text-indent: 72pt;"><font style="font-size: 12pt;">8.12.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 12pt;"><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.</font></div>
    <div><br>
    </div>
    <div style="text-indent: 72pt;"><font style="font-size: 12pt;">8.13.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 12pt;"><font style="font-style: italic;">Liability of Officers, Trustees and Shareholders</font><font style="font-weight: bold;">.&#160; </font>This Agreement has been executed on behalf of the Fund by an officer of the Fund in such capacity and not individually, and the obligations of the Fund under this
        Agreement are not binding upon such officer, any of the trustees or the shareholders individually but are binding only upon the assets and property of the Fund.</font></div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: center; font-size: 12pt;">[<font style="font-style: italic;">Signatures follow on the next page.</font>]</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt; font-size: 12pt;">IN WITNESS WHEREOF, the parties to this Agreement have executed this Agreement on the date first written above.</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="z3d7620861cb34bb9af1c210e7b16002e" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 100%; vertical-align: top; border-bottom: 2px solid black;">
            <div style="font-size: 12pt; font-weight: bold;">THE FUND:</div>
            <div>&#160;</div>
            <div style="font-size: 12pt;">Invesco California Value Municipal Income Trust</div>
            <div>&#160;</div>
            <div>&#160;</div>
            <div style="font-size: 12pt;">By:&#160; /s/ Amanda Roberts_________</div>
            <div style="font-size: 12pt;">Name: Amanda Roberts</div>
            <div style="font-size: 12pt;">Title:&#160;&#160; Assistant Secretary</div>
          </td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: top; border-bottom: 2px solid black;">
            <div>&#160;</div>
            <div>&#160;</div>
            <div style="font-size: 12pt; font-weight: bold;">THE SHAREHOLDER:</div>
            <div>&#160;</div>
            <div style="font-size: 12pt;">Banc of America Preferred Funding Corporation</div>
            <div>&#160;</div>
            <div>&#160;</div>
            <div style="font-size: 12pt;">By:&#160; /s/ Michael Jentis___________</div>
            <div style="font-size: 12pt;">Name: Michael Jentis</div>
            <div style="font-size: 12pt;">Title:&#160; Authorized Signatory</div>
            <div>&#160;</div>
            <div>&#160;</div>
            <div>&#160;</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div><br>
    </div>
  </div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.5
<SEQUENCE>8
<FILENAME>pa.htm
<DESCRIPTION>EX-99.5
<TEXT>
<html>
  <head>
    <title></title>
    <!-- Licensed to: Bank of America
         Document created using EDGARfilings PROfile 6.3.0.0
         Copyright 1995 - 2019 Broadridge -->
  </head>
<body style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000;" bgcolor="#ffffff">
  <div>
    <div style="font-size: 18pt;">
      <div style="text-align: right; font-size: 12pt; font-weight: bold;">Exhibit 99.5</div>
    </div>
    <div style="font-size: 18pt;">Variable Rate Muni Term Preferred Shares Purchase Agreement</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="font-size: 14pt; font-weight: bold;">Invesco California Value Municipal Income Trust</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="font-size: 14pt; font-weight: bold;">and</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="font-size: 14pt; font-weight: bold;">Banc of America Preferred Funding Corporation</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="font-size: 14pt; font-weight: bold;">November 19, 2019</div>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="z3392fcdab97043c2943831a1c82b980e" cellpadding="0" cellspacing="0">

          <tr>
            <td colspan="3" rowspan="1" style="width: 30.27%; vertical-align: top;">
              <div style="text-align: center; font-size: 12pt; font-weight: bold;">TABLE OF CONTENTS</div>
              &#160;</td>
          </tr>
          <tr>
            <td style="width: 30.27%; vertical-align: top;">&#160;</td>
            <td style="width: 59.5%; vertical-align: top;">&#160;</td>
            <td style="width: 10.23%; vertical-align: top;">
              <div style="font-size: 12pt; font-weight: bold;">Page</div>
            </td>
          </tr>
          <tr>
            <td style="width: 30.27%; vertical-align: top;">
              <div style="font-weight: bold;">ARTICLE&#160; I DEFINITIONS</div>
            </td>
            <td style="width: 59.5%; vertical-align: top;">&#160;</td>
            <td style="width: 10.23%; vertical-align: top;">
              <div style="text-align: right; font-weight: bold;">1</div>
            </td>
          </tr>
          <tr>
            <td style="width: 30.27%; vertical-align: top;">
              <div>1.1</div>
            </td>
            <td style="width: 59.5%; vertical-align: top;">
              <div>Incorporation of Certain Definitions by Reference</div>
            </td>
            <td style="width: 10.23%; vertical-align: top;">
              <div style="text-align: right;">6</div>
            </td>
          </tr>
          <tr>
            <td colspan="2" style="width: 89.77%; vertical-align: top;">
              <div style="font-weight: bold;">ARTICLE&#160; II PURCHASE, EXCHANGE AND TRANSFERS, COSTS AND EXPENSES; ADDITIONAL FEES</div>
            </td>
            <td style="width: 10.23%; vertical-align: top;">
              <div style="text-align: right; font-weight: bold;">6</div>
            </td>
          </tr>
          <tr>
            <td style="width: 30.27%; vertical-align: top;">
              <div>2.1</div>
            </td>
            <td style="width: 59.5%; vertical-align: top;">
              <div>Purchase, Exchange and Transfer of the VMTP Shares</div>
            </td>
            <td style="width: 10.23%; vertical-align: top;">
              <div style="text-align: right;">6</div>
            </td>
          </tr>
          <tr>
            <td style="width: 30.27%; vertical-align: top;">
              <div>2.2</div>
            </td>
            <td style="width: 59.5%; vertical-align: top;">
              <div>Operating Expenses; Fees</div>
            </td>
            <td style="width: 10.23%; vertical-align: top;">
              <div style="text-align: right;">7</div>
            </td>
          </tr>
          <tr>
            <td style="width: 30.27%; vertical-align: top;">
              <div>2.3</div>
            </td>
            <td style="width: 59.5%; vertical-align: top;">
              <div>Additional Fee for Failure to Comply with Reporting Requirement or&#160; Registration Rights Failure</div>
            </td>
            <td style="width: 10.23%; vertical-align: top;">
              <div style="text-align: right;">7</div>
            </td>
          </tr>
          <tr>
            <td style="width: 30.27%; vertical-align: top;">
              <div style="font-weight: bold;">ARTICLE&#160; III CONDITIONS TO EFFECTIVE DATE</div>
            </td>
            <td style="width: 59.5%; vertical-align: top;">&#160;</td>
            <td style="width: 10.23%; vertical-align: top;">
              <div style="text-align: right; font-weight: bold;">8</div>
            </td>
          </tr>
          <tr>
            <td colspan="2" style="width: 89.77%; vertical-align: top;">
              <div style="font-weight: bold;">ARTICLE&#160; IV REPRESENTATIONS AND WARRANTIES OF THE FUND</div>
            </td>
            <td style="width: 10.23%; vertical-align: top;">
              <div style="text-align: right; font-weight: bold;">9</div>
            </td>
          </tr>
          <tr>
            <td style="width: 30.27%; vertical-align: top;">
              <div>4.1</div>
            </td>
            <td style="width: 59.5%; vertical-align: top;">
              <div>Existence</div>
            </td>
            <td style="width: 10.23%; vertical-align: top;">
              <div style="text-align: right;">9</div>
            </td>
          </tr>
          <tr>
            <td style="width: 30.27%; vertical-align: top;">
              <div>4.2</div>
            </td>
            <td style="width: 59.5%; vertical-align: top;">
              <div>Authorization; Contravention</div>
            </td>
            <td style="width: 10.23%; vertical-align: top;">
              <div style="text-align: right;">9</div>
            </td>
          </tr>
          <tr>
            <td style="width: 30.27%; vertical-align: top;">
              <div>4.3</div>
            </td>
            <td style="width: 59.5%; vertical-align: top;">
              <div>Binding Effect</div>
            </td>
            <td style="width: 10.23%; vertical-align: top;">
              <div style="text-align: right;">10</div>
            </td>
          </tr>
          <tr>
            <td style="width: 30.27%; vertical-align: top;">
              <div>4.4</div>
            </td>
            <td style="width: 59.5%; vertical-align: top;">
              <div>Financial Information</div>
            </td>
            <td style="width: 10.23%; vertical-align: top;">
              <div style="text-align: right;">10</div>
            </td>
          </tr>
          <tr>
            <td style="width: 30.27%; vertical-align: top;">
              <div>4.5</div>
            </td>
            <td style="width: 59.5%; vertical-align: top;">
              <div>Litigation</div>
            </td>
            <td style="width: 10.23%; vertical-align: top;">
              <div style="text-align: right;">10</div>
            </td>
          </tr>
          <tr>
            <td style="width: 30.27%; vertical-align: top;">
              <div>4.6</div>
            </td>
            <td style="width: 59.5%; vertical-align: top;">
              <div>Consents</div>
            </td>
            <td style="width: 10.23%; vertical-align: top;">
              <div style="text-align: right;">11</div>
            </td>
          </tr>
          <tr>
            <td style="width: 30.27%; vertical-align: top;">
              <div>4.7</div>
            </td>
            <td style="width: 59.5%; vertical-align: top;">
              <div>Offering of VMTP Shares</div>
            </td>
            <td style="width: 10.23%; vertical-align: top;">
              <div style="text-align: right;">11</div>
            </td>
          </tr>
          <tr>
            <td style="width: 30.27%; vertical-align: top;">
              <div>4.8</div>
            </td>
            <td style="width: 59.5%; vertical-align: top;">
              <div>Complete and Correct Information</div>
            </td>
            <td style="width: 10.23%; vertical-align: top;">
              <div style="text-align: right;">11</div>
            </td>
          </tr>
          <tr>
            <td style="width: 30.27%; vertical-align: top;">
              <div>4.9</div>
            </td>
            <td style="width: 59.5%; vertical-align: top;">
              <div>Offering Memorandum</div>
            </td>
            <td style="width: 10.23%; vertical-align: top;">
              <div style="text-align: right;">12</div>
            </td>
          </tr>
          <tr>
            <td style="width: 30.27%; vertical-align: top;">
              <div>4.1</div>
            </td>
            <td style="width: 59.5%; vertical-align: top;">
              <div>1940 Act Registration</div>
            </td>
            <td style="width: 10.23%; vertical-align: top;">
              <div style="text-align: right;">12</div>
            </td>
          </tr>
          <tr>
            <td style="width: 30.27%; vertical-align: top;">
              <div>4.11</div>
            </td>
            <td style="width: 59.5%; vertical-align: top;">
              <div>Effective Leverage Ratio; Asset Coverage</div>
            </td>
            <td style="width: 10.23%; vertical-align: top;">
              <div style="text-align: right;">12</div>
            </td>
          </tr>
          <tr>
            <td style="width: 30.27%; vertical-align: top;">
              <div>4.12</div>
            </td>
            <td style="width: 59.5%; vertical-align: top;">
              <div>Eligible Assets</div>
            </td>
            <td style="width: 10.23%; vertical-align: top;">
              <div style="text-align: right;">12</div>
            </td>
          </tr>
          <tr>
            <td style="width: 30.27%; vertical-align: top;">
              <div>4.13</div>
            </td>
            <td style="width: 59.5%; vertical-align: top;">
              <div>Credit Quality</div>
            </td>
            <td style="width: 10.23%; vertical-align: top;">
              <div style="text-align: right;">12</div>
            </td>
          </tr>
          <tr>
            <td style="width: 30.27%; vertical-align: top;">
              <div>4.14</div>
            </td>
            <td style="width: 59.5%; vertical-align: top;">
              <div>Due Diligence</div>
            </td>
            <td style="width: 10.23%; vertical-align: top;">
              <div style="text-align: right;">13</div>
            </td>
          </tr>
          <tr>
            <td style="width: 30.27%; vertical-align: top;">
              <div>4.15</div>
            </td>
            <td style="width: 59.5%; vertical-align: top;">
              <div>Capital Structure</div>
            </td>
            <td style="width: 10.23%; vertical-align: top;">
              <div style="text-align: right;">13</div>
            </td>
          </tr>
          <tr>
            <td style="width: 30.27%; vertical-align: top;">
              <div>4.16</div>
            </td>
            <td style="width: 59.5%; vertical-align: top;">
              <div>Certain Fees</div>
            </td>
            <td style="width: 10.23%; vertical-align: top;">
              <div style="text-align: right;">13</div>
            </td>
          </tr>
          <tr>
            <td style="width: 30.27%; vertical-align: top;">
              <div>4.17</div>
            </td>
            <td style="width: 59.5%; vertical-align: top;">
              <div>Intent to Issue Equity</div>
            </td>
            <td style="width: 10.23%; vertical-align: top;">
              <div style="text-align: right;">13</div>
            </td>
          </tr>
          <tr>
            <td colspan="2" style="width: 89.77%; vertical-align: top;">
              <div style="font-weight: bold;">ARTICLE&#160; V REPRESENTATIONS AND WARRANTIES&#160; OF THE PURCHASER</div>
            </td>
            <td style="width: 10.23%; vertical-align: top;">
              <div style="text-align: right; font-weight: bold;">13</div>
            </td>
          </tr>
          <tr>
            <td style="width: 30.27%; vertical-align: top;">
              <div>5.1</div>
            </td>
            <td style="width: 59.5%; vertical-align: top;">
              <div>Existence</div>
            </td>
            <td style="width: 10.23%; vertical-align: top;">
              <div style="text-align: right;">13</div>
            </td>
          </tr>
          <tr>
            <td style="width: 30.27%; vertical-align: top;">
              <div>5.2</div>
            </td>
            <td style="width: 59.5%; vertical-align: top;">
              <div>Authorization; Contravention</div>
            </td>
            <td style="width: 10.23%; vertical-align: top;">
              <div style="text-align: right;">14</div>
            </td>
          </tr>
          <tr>
            <td style="width: 30.27%; vertical-align: top;">
              <div>5.3</div>
            </td>
            <td style="width: 59.5%; vertical-align: top;">
              <div>Binding Effect</div>
            </td>
            <td style="width: 10.23%; vertical-align: top;">
              <div style="text-align: right;">14</div>
            </td>
          </tr>
          <tr>
            <td style="width: 30.27%; vertical-align: top;">
              <div>5.4</div>
            </td>
            <td style="width: 59.5%; vertical-align: top;">
              <div>Own Account</div>
            </td>
            <td style="width: 10.23%; vertical-align: top;">
              <div style="text-align: right;">14</div>
            </td>
          </tr>
          <tr>
            <td style="width: 30.27%; vertical-align: top;">
              <div>5.5</div>
            </td>
            <td style="width: 59.5%; vertical-align: top;">
              <div>Litigation</div>
            </td>
            <td style="width: 10.23%; vertical-align: top;">
              <div style="text-align: right;">14</div>
            </td>
          </tr>
          <tr>
            <td style="width: 30.27%; vertical-align: top;">
              <div>5.6</div>
            </td>
            <td style="width: 59.5%; vertical-align: top;">
              <div>Consents</div>
            </td>
            <td style="width: 10.23%; vertical-align: top;">
              <div style="text-align: right;">15</div>
            </td>
          </tr>
          <tr>
            <td style="width: 30.27%; vertical-align: top;">
              <div>5.7</div>
            </td>
            <td style="width: 59.5%; vertical-align: top;">
              <div>Experience of the Purchaser</div>
            </td>
            <td style="width: 10.23%; vertical-align: top;">
              <div style="text-align: right;">15</div>
            </td>
          </tr>
          <tr>
            <td style="width: 30.27%; vertical-align: top;">
              <div>5.8</div>
            </td>
            <td style="width: 59.5%; vertical-align: top;">
              <div>Access to Information</div>
            </td>
            <td style="width: 10.23%; vertical-align: top;">
              <div style="text-align: right;">15</div>
            </td>
          </tr>
          <tr>
            <td style="width: 30.27%; vertical-align: top;">
              <div>5.9</div>
            </td>
            <td style="width: 59.5%; vertical-align: top;">
              <div>Certain Transactions</div>
            </td>
            <td style="width: 10.23%; vertical-align: top;">
              <div style="text-align: right;">15</div>
            </td>
          </tr>
          <tr>
            <td style="width: 30.27%; vertical-align: top;">
              <div>5.1</div>
            </td>
            <td style="width: 59.5%; vertical-align: top;">
              <div>Due Diligence</div>
            </td>
            <td style="width: 10.23%; vertical-align: top;">
              <div style="text-align: right;">15</div>
            </td>
          </tr>
          <tr>
            <td style="width: 30.27%; vertical-align: top;">
              <div>5.11</div>
            </td>
            <td style="width: 59.5%; vertical-align: top;">
              <div>Certain Fees</div>
            </td>
            <td style="width: 10.23%; vertical-align: top;">
              <div style="text-align: right;">16</div>
            </td>
          </tr>
          <tr>
            <td style="width: 30.27%; vertical-align: top;">
              <div>5.12</div>
            </td>
            <td style="width: 59.5%; vertical-align: top;">
              <div>Intent to Purchase Equity</div>
            </td>
            <td style="width: 10.23%; vertical-align: top;">
              <div style="text-align: right;">16</div>
            </td>
          </tr>
          <tr>
            <td style="width: 30.27%; vertical-align: top;">
              <div style="font-weight: bold;">ARTICLE&#160; VI COVENANTS OF THE FUND</div>
            </td>
            <td style="width: 59.5%; vertical-align: top;">&#160;</td>
            <td style="width: 10.23%; vertical-align: top;">
              <div style="text-align: right; font-weight: bold;">16</div>
            </td>
          </tr>
          <tr>
            <td style="width: 30.27%; vertical-align: top;">
              <div>6.1</div>
            </td>
            <td style="width: 59.5%; vertical-align: top;">
              <div>Information</div>
            </td>
            <td style="width: 10.23%; vertical-align: top;">
              <div style="text-align: right;">16</div>
            </td>
          </tr>
          <tr>
            <td style="width: 30.27%; vertical-align: top;">
              <div>6.2</div>
            </td>
            <td style="width: 59.5%; vertical-align: top;">
              <div>No Amendment or Certain Other Actions Without Consent of the Purchaser</div>
            </td>
            <td style="width: 10.23%; vertical-align: top;">
              <div style="text-align: right;">19</div>
            </td>
          </tr>
          <tr>
            <td style="width: 30.27%; vertical-align: top;">
              <div>6.3</div>
            </td>
            <td style="width: 59.5%; vertical-align: top;">
              <div>Maintenance of Existence</div>
            </td>
            <td style="width: 10.23%; vertical-align: top;">
              <div style="text-align: right;">19</div>
            </td>
          </tr>
          <tr>
            <td style="width: 30.27%; vertical-align: top;">
              <div>6.4</div>
            </td>
            <td style="width: 59.5%; vertical-align: top;">
              <div>Tax Status of the Fund</div>
            </td>
            <td style="width: 10.23%; vertical-align: top;">
              <div style="text-align: right;">19</div>
            </td>
          </tr>
          <tr>
            <td style="width: 30.27%; vertical-align: top;">
              <div>6.5</div>
            </td>
            <td style="width: 59.5%; vertical-align: top;">
              <div>Payment Obligations</div>
            </td>
            <td style="width: 10.23%; vertical-align: top;">
              <div style="text-align: right;">19</div>
            </td>
          </tr>
          <tr>
            <td style="width: 30.27%; vertical-align: top;">
              <div>6.6</div>
            </td>
            <td style="width: 59.5%; vertical-align: top;">
              <div>Compliance With Law</div>
            </td>
            <td style="width: 10.23%; vertical-align: top;">
              <div style="text-align: right;">19</div>
            </td>
          </tr>
          <tr>
            <td style="width: 30.27%; vertical-align: top;">
              <div>6.7</div>
            </td>
            <td style="width: 59.5%; vertical-align: top;">
              <div>Maintenance of Approvals: Filings, Etc.</div>
            </td>
            <td style="width: 10.23%; vertical-align: top;">
              <div style="text-align: right;">20</div>
            </td>
          </tr>
          <tr>
            <td style="width: 30.27%; vertical-align: top;">
              <div>6.8</div>
            </td>
            <td style="width: 59.5%; vertical-align: top;">
              <div>Inspection Rights</div>
            </td>
            <td style="width: 10.23%; vertical-align: top;">
              <div style="text-align: right;">20</div>
            </td>
          </tr>
          <tr>
            <td style="width: 30.27%; vertical-align: top;">
              <div>6.9</div>
            </td>
            <td style="width: 59.5%; vertical-align: top;">
              <div>Litigation, Etc.</div>
            </td>
            <td style="width: 10.23%; vertical-align: top;">
              <div style="text-align: right;">20</div>
            </td>
          </tr>
          <tr>
            <td style="width: 30.27%; vertical-align: top;">
              <div>6.1</div>
            </td>
            <td style="width: 59.5%; vertical-align: top;">
              <div>1940 Act Registration</div>
            </td>
            <td style="width: 10.23%; vertical-align: top;">
              <div style="text-align: right;">20</div>
            </td>
          </tr>
          <tr>
            <td style="width: 30.27%; vertical-align: top;">
              <div>6.11</div>
            </td>
            <td style="width: 59.5%; vertical-align: top;">
              <div>Eligible Assets</div>
            </td>
            <td style="width: 10.23%; vertical-align: top;">
              <div style="text-align: right;">21</div>
            </td>
          </tr>
          <tr>
            <td style="width: 30.27%; vertical-align: top;">
              <div>6.12</div>
            </td>
            <td style="width: 59.5%; vertical-align: top;">
              <div>Credit Quality</div>
            </td>
            <td style="width: 10.23%; vertical-align: top;">
              <div style="text-align: right;">21</div>
            </td>
          </tr>
          <tr>
            <td style="width: 30.27%; vertical-align: top;">
              <div>6.13</div>
            </td>
            <td style="width: 59.5%; vertical-align: top;">
              <div>Maintenance of Effective Leverage Ratio</div>
            </td>
            <td style="width: 10.23%; vertical-align: top;">
              <div style="text-align: right;">21</div>
            </td>
          </tr>
          <tr>
            <td style="width: 30.27%; vertical-align: top;">
              <div>6.14</div>
            </td>
            <td style="width: 59.5%; vertical-align: top;">
              <div>Redemption and Paying Agent</div>
            </td>
            <td style="width: 10.23%; vertical-align: top;">
              <div style="text-align: right;">21</div>
            </td>
          </tr>
          <tr>
            <td style="width: 30.27%; vertical-align: top;">
              <div>6.15</div>
            </td>
            <td style="width: 59.5%; vertical-align: top;">
              <div>Cooperation in the Sale of VMTP Shares</div>
            </td>
            <td style="width: 10.23%; vertical-align: top;">
              <div style="text-align: right;">22</div>
            </td>
          </tr>
          <tr>
            <td style="width: 30.27%; vertical-align: top;">
              <div>6.16</div>
            </td>
            <td style="width: 59.5%; vertical-align: top;">
              <div>Securities Depository</div>
            </td>
            <td style="width: 10.23%; vertical-align: top;">
              <div style="text-align: right;">22</div>
            </td>
          </tr>
          <tr>
            <td style="width: 30.27%; vertical-align: top;">
              <div>6.17</div>
            </td>
            <td style="width: 59.5%; vertical-align: top;">
              <div>Future Agreements</div>
            </td>
            <td style="width: 10.23%; vertical-align: top;">
              <div style="text-align: right;">22</div>
            </td>
          </tr>
          <tr>
            <td style="width: 30.27%; vertical-align: top;">
              <div>6.18</div>
            </td>
            <td style="width: 59.5%; vertical-align: top;">
              <div>[Intentionally left blank]</div>
            </td>
            <td style="width: 10.23%; vertical-align: top;">
              <div style="text-align: right;">22</div>
            </td>
          </tr>
          <tr>
            <td style="width: 30.27%; vertical-align: top;">
              <div>6.19</div>
            </td>
            <td style="width: 59.5%; vertical-align: top;">
              <div>Tax Opinion in Connection with Extension of Term Redemption Date</div>
            </td>
            <td style="width: 10.23%; vertical-align: top;">
              <div style="text-align: right;">22</div>
            </td>
          </tr>
          <tr>
            <td style="width: 30.27%; vertical-align: top;">
              <div style="font-weight: bold;">ARTICLE&#160; VII MISCELLANEOUS</div>
            </td>
            <td style="width: 59.5%; vertical-align: top;">&#160;</td>
            <td style="width: 10.23%; vertical-align: top;">
              <div style="text-align: right; font-weight: bold;">23</div>
            </td>
          </tr>
          <tr>
            <td style="width: 30.27%; vertical-align: top;">
              <div>7.1</div>
            </td>
            <td style="width: 59.5%; vertical-align: top;">
              <div>Notices</div>
            </td>
            <td style="width: 10.23%; vertical-align: top;">
              <div style="text-align: right;">23</div>
            </td>
          </tr>
          <tr>
            <td style="width: 30.27%; vertical-align: top;">
              <div>7.2</div>
            </td>
            <td style="width: 59.5%; vertical-align: top;">
              <div>No Waivers</div>
            </td>
            <td style="width: 10.23%; vertical-align: top;">
              <div style="text-align: right;">24</div>
            </td>
          </tr>
          <tr>
            <td style="width: 30.27%; vertical-align: top;">
              <div>7.3</div>
            </td>
            <td style="width: 59.5%; vertical-align: top;">
              <div>Expenses and Indemnification</div>
            </td>
            <td style="width: 10.23%; vertical-align: top;">
              <div style="text-align: right;">25</div>
            </td>
          </tr>
          <tr>
            <td style="width: 30.27%; vertical-align: top;">
              <div>7.4</div>
            </td>
            <td style="width: 59.5%; vertical-align: top;">
              <div>Amendments and Waivers</div>
            </td>
            <td style="width: 10.23%; vertical-align: top;">
              <div style="text-align: right;">27</div>
            </td>
          </tr>
          <tr>
            <td style="width: 30.27%; vertical-align: top;">
              <div>7.5</div>
            </td>
            <td style="width: 59.5%; vertical-align: top;">
              <div>Successors and Assigns</div>
            </td>
            <td style="width: 10.23%; vertical-align: top;">
              <div style="text-align: right;">27</div>
            </td>
          </tr>
          <tr>
            <td style="width: 30.27%; vertical-align: top;">
              <div>7.6</div>
            </td>
            <td style="width: 59.5%; vertical-align: top;">
              <div>Term of this Agreement</div>
            </td>
            <td style="width: 10.23%; vertical-align: top;">
              <div style="text-align: right;">27</div>
            </td>
          </tr>
          <tr>
            <td style="width: 30.27%; vertical-align: top;">
              <div>7.7</div>
            </td>
            <td style="width: 59.5%; vertical-align: top;">
              <div>Governing Law</div>
            </td>
            <td style="width: 10.23%; vertical-align: top;">
              <div style="text-align: right;">28</div>
            </td>
          </tr>
          <tr>
            <td style="width: 30.27%; vertical-align: top;">
              <div>7.8</div>
            </td>
            <td style="width: 59.5%; vertical-align: top;">
              <div>Waiver of Jury Trial</div>
            </td>
            <td style="width: 10.23%; vertical-align: top;">
              <div style="text-align: right;">28</div>
            </td>
          </tr>
          <tr>
            <td style="width: 30.27%; vertical-align: top;">
              <div>7.9</div>
            </td>
            <td style="width: 59.5%; vertical-align: top;">
              <div>Counterparts</div>
            </td>
            <td style="width: 10.23%; vertical-align: top;">
              <div style="text-align: right;">28</div>
            </td>
          </tr>
          <tr>
            <td style="width: 30.27%; vertical-align: top;">
              <div>7.1</div>
            </td>
            <td style="width: 59.5%; vertical-align: top;">
              <div>Beneficiaries</div>
            </td>
            <td style="width: 10.23%; vertical-align: top;">
              <div style="text-align: right;">28</div>
            </td>
          </tr>
          <tr>
            <td style="width: 30.27%; vertical-align: top;">
              <div>7.11</div>
            </td>
            <td style="width: 59.5%; vertical-align: top;">
              <div>Entire Agreement</div>
            </td>
            <td style="width: 10.23%; vertical-align: top;">
              <div style="text-align: right;">28</div>
            </td>
          </tr>
          <tr>
            <td style="width: 30.27%; vertical-align: top;">
              <div>7.12</div>
            </td>
            <td style="width: 59.5%; vertical-align: top;">
              <div>Relationship to the Statement</div>
            </td>
            <td style="width: 10.23%; vertical-align: top;">
              <div style="text-align: right;">29</div>
            </td>
          </tr>
          <tr>
            <td style="width: 30.27%; vertical-align: top;">
              <div>7.13</div>
            </td>
            <td style="width: 59.5%; vertical-align: top;">
              <div>Confidentiality</div>
            </td>
            <td style="width: 10.23%; vertical-align: top;">
              <div style="text-align: right;">29</div>
            </td>
          </tr>
          <tr>
            <td style="width: 30.27%; vertical-align: top;">
              <div>7.14</div>
            </td>
            <td style="width: 59.5%; vertical-align: top;">
              <div>Severability</div>
            </td>
            <td style="width: 10.23%; vertical-align: top;">
              <div style="text-align: right;">30</div>
            </td>
          </tr>
          <tr>
            <td style="width: 30.27%; vertical-align: top;">
              <div>7.15</div>
            </td>
            <td style="width: 59.5%; vertical-align: top;">
              <div>Consent Rights of the Majority Participants to Certain Actions</div>
            </td>
            <td style="width: 10.23%; vertical-align: top;">
              <div style="text-align: right;">30</div>
            </td>
          </tr>
          <tr>
            <td style="width: 30.27%; vertical-align: top;">
              <div>7.16</div>
            </td>
            <td style="width: 59.5%; vertical-align: top;">
              <div>Disclaimer of Liability of Officers, Trustees and Beneficiaries</div>
            </td>
            <td style="width: 10.23%; vertical-align: top;">
              <div style="text-align: right;">31</div>
            </td>
          </tr>
          <tr>
            <td style="width: 30.27%; vertical-align: top;">
              <div style="font-size: 12pt;">Schedule&#160;1</div>
            </td>
            <td style="width: 59.5%; vertical-align: top;">
              <div style="text-align: right; font-size: 12pt;">Schedule-1</div>
            </td>
            <td style="width: 10.23%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 30.27%; vertical-align: top;">
              <div style="font-size: 12pt;">Exhibit&#160;A:</div>
            </td>
            <td style="width: 59.5%; vertical-align: top;">
              <div style="font-size: 12pt;">Forms of Opinions of Counsel for the Fund</div>
            </td>
            <td style="width: 10.23%; vertical-align: top;">
              <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 12pt;">A-1</div>
            </td>
          </tr>
          <tr>
            <td style="width: 30.27%; vertical-align: top;">
              <div style="font-size: 12pt;">Exhibit&#160;A-1:</div>
            </td>
            <td style="width: 59.5%; vertical-align: top;">
              <div style="font-size: 12pt;">Form of Corporate and 1940 Act Opinion</div>
            </td>
            <td style="width: 10.23%; vertical-align: top;">
              <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 12pt;">A-1-1</div>
            </td>
          </tr>
          <tr>
            <td style="width: 30.27%; vertical-align: top;">
              <div style="font-size: 12pt;">Exhibit&#160;A-2:</div>
            </td>
            <td style="width: 59.5%; vertical-align: top;">
              <div style="font-size: 12pt;">Form of Tax Opinion</div>
            </td>
            <td style="width: 10.23%; vertical-align: top;">
              <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 12pt;">A-2-1</div>
            </td>
          </tr>
          <tr>
            <td style="width: 30.27%; vertical-align: top;">
              <div style="font-size: 12pt;">Exhibit&#160;A-3:</div>
            </td>
            <td style="width: 59.5%; vertical-align: top;">
              <div style="font-size: 12pt;">Form of Local Counsel Opinion</div>
            </td>
            <td style="width: 10.23%; vertical-align: top;">
              <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 12pt;">A-3-1</div>
            </td>
          </tr>
          <tr>
            <td style="width: 30.27%; vertical-align: top;">
              <div style="font-size: 12pt;">Exhibit&#160;B:</div>
            </td>
            <td style="width: 59.5%; vertical-align: top;">
              <div style="font-size: 12pt;">Eligible Assets</div>
            </td>
            <td style="width: 10.23%; vertical-align: top;">
              <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 12pt;">B-1</div>
            </td>
          </tr>
          <tr>
            <td style="width: 30.27%; vertical-align: top;">
              <div style="font-size: 12pt;">Exhibit&#160;C:</div>
            </td>
            <td style="width: 59.5%; vertical-align: top;">
              <div style="font-size: 12pt;">Transferee Certificate</div>
            </td>
            <td style="width: 10.23%; vertical-align: top;">
              <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 12pt;">C-1</div>
            </td>
          </tr>
          <tr>
            <td style="width: 30.27%; vertical-align: top;">
              <div style="font-size: 12pt;">Exhibit&#160;D:</div>
            </td>
            <td style="width: 59.5%; vertical-align: top;">
              <div style="font-size: 12pt;">Information to be provided by the Fund</div>
            </td>
            <td style="width: 10.23%; vertical-align: top;">
              <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 12pt;">D-1</div>
            </td>
          </tr>

      </table>
      <hr style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;" align="center" noshade="noshade"><br>
    </div>
    <br>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;"><font style="font-weight: bold;">VARIABLE RATE MUNI
        TERM PREFERRED SHARES PURCHASE AGREEMENT</font> dated as of November 19, 2019 (this &#8220;<font style="font-weight: bold;">Agreement</font>&#8221;) by and between <font style="font-weight: bold;">INVESCO CALIFORNIA VALUE MUNICIPAL INCOME TRUST</font>, a closed-end fund organized as a Delaware statutory trust, as issuer (the &#8220;<font style="font-weight: bold;">Fund</font>&#8221;), and <font style="font-weight: bold;">BANC OF AMERICA PREFERRED FUNDING CORPORATION</font>, a Delaware corporation,
      including its successors by merger or operation of law (&#8220;<font style="font-weight: bold;">Banc of America</font>&#8221; or the &#8220;<font style="font-weight: bold;">Purchaser</font>&#8221;).</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;"><font style="background-color: #FFFFFF; font-weight: bold;">WHEREAS</font><font style="background-color: #FFFFFF;">, on the date hereof, Banc of America purchased 2,083 Series 2015/6-VCV Variable Rate Muni Term Preferred Shares (the &#8220;</font><font style="background-color: #FFFFFF; font-weight: bold;">VMTP Shares</font><font style="background-color: #FFFFFF;">&#8221;) of the
        Fund from Citibank, N.A. (&#8220;</font><font style="background-color: #FFFFFF; font-weight: bold;">Citi</font><font style="background-color: #FFFFFF;">&#8221;);</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;"><font style="background-color: #FFFFFF; font-weight: bold;">WHEREAS</font><font style="background-color: #FFFFFF;">, the Fund and Banc of America desire to enter into this Agreement to set forth certain terms of the VMTP purchased by Banc
        of America from Citi, such purchase to be referred to herein as the &#8220;</font><font style="background-color: #FFFFFF; font-weight: bold;">Sale</font><font style="background-color: #FFFFFF;">;&#8221;</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;"><font style="font-weight: bold;">NOW, THEREFORE</font>,
      in consideration of the respective agreements contained herein, the parties hereto agree as follows:</div>
    <div style="text-align: center; margin-top: 12pt; margin-bottom: 3pt; font-size: 12pt; font-weight: bold;">ARTICLE&#160; I<br>
      DEFINITIONS</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">The following terms, as used herein, have the following meanings:</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;"><font style="font-weight: bold;">&#8220;Additional Amount
        Payment&#8221; </font>has the meaning set forth in the Statement.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;"><font style="font-weight: bold;">&#8220;Additional
        California Amount Payment&#8221; </font>has the meaning set forth in the Statement.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;"><font style="font-weight: bold;">&#8220;Agent Member&#8221;</font>
      has the meaning set forth in the Statement.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">&#8220;<font style="font-weight: bold;">this Agreement</font>&#8221;
      means this Variable Rate Muni Term Preferred Shares Purchase Agreement, dated as of November 19, 2019, as the same may be amended, restated, supplemented or otherwise modified from time to time in accordance with the terms hereof.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">&#8220;<font style="font-weight: bold;">Applicable
        Sections</font>&#8221; has the meaning set forth in Section 2.1(c).</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">&#8220;<font style="font-weight: bold;">Applicable Spread</font>&#8221;
      has the meaning set forth in the Statement.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">&#8220;<font style="font-weight: bold;">Asset Coverage</font>&#8221;
      has the meaning set forth in the Statement.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">&#8220;<font style="font-weight: bold;">Banc of America</font>&#8221;
      has the meaning set forth in the preamble to this Agreement.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">&#8220;<font style="font-weight: bold;">Banks</font>&#8221; has
      the meaning set forth in Section 2.1(b).</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">&#8220;<font style="font-weight: bold;">Beneficial Owner</font>&#8221;
      has the meaning set forth in the Statement.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">&#8220;<font style="font-weight: bold;">Board of Trustees</font>&#8221;
      has the meaning set forth in the Statement.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">&#8220;<font style="font-weight: bold;">Business Day</font>&#8221;
      has the meaning set forth in the Statement.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">&#8220;<font style="font-weight: bold;">By-Laws</font>&#8221;
      has the meaning set forth in the Statement.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">&#8220;<font style="font-weight: bold;">Closed-End Funds</font>&#8221;
      has the meaning set forth in the Statement.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">&#8220;<font style="font-weight: bold;">Code</font>&#8221; has
      the meaning set forth in the Statement.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">&#8220;<font style="font-weight: bold;">Common Shares</font>&#8221;
      has the meaning set forth in the Statement.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">&#8220;<font style="font-weight: bold;">Custodian</font>&#8221;
      has the meaning set forth in the Statement.</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; font-size: 12pt;">&#8220;<font style="font-weight: bold;">Declaration</font>&#8221;
      has the meaning set forth in the Statement.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">&#160;&#8220;<font style="font-weight: bold;">Deposit
        Securities</font>&#8221; has the meaning set forth in the Statement.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">&#8220;<font style="font-weight: bold;">Derivative
        Contract</font>&#8221; means (a)&#160;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, 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)&#160;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.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">&#8220;<font style="font-weight: bold;">Dividend Payment
        Date</font>&#8221; has the meaning set forth in the Statement.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">&#8220;<font style="font-weight: bold;">Dividend Rate</font>&#8221;
      has the meaning set forth in the Statement.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">&#8220;<font style="font-weight: bold;">Due Diligence
        Request</font>&#8221; means the due diligence outline with respect to the Fund circulated via e-mail by Cadwalader to certain Invesco Persons at 11:59 a.m. on November 13, 2019.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">&#8220;<font style="font-weight: bold;">Effective Date</font>&#8221;
      means the date hereof, subject to the satisfaction or waiver of the conditions specified in Article III.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">&#8220;<font style="font-weight: bold;">Effective Leverage
        Ratio</font>&#8221; has the meaning set forth in the Statement.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">&#8220;<font style="font-weight: bold;">Electronic Means</font>&#8221;
      has the meaning set forth in the Statement.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">&#8220;<font style="font-weight: bold;">Eligible Assets</font>&#8221;
      means the instruments in which the Fund may invest as described in Exhibit&#160;B to this Agreement, which may be amended from time to time with the prior written consent of the Purchaser.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">&#8220;<font style="font-weight: bold;">Exchange Act</font>&#8221;
      means the U.S. Securities Exchange Act of 1934, as amended.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">&#8220;<font style="font-weight: bold;">Failure</font>&#8221;
      has the meaning set forth in Section&#160;2.3.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">&#8220;<font style="font-weight: bold;">Fee Rate</font>&#8221;
      means initially 0.25% per annum, which shall be subject to increase by 0.25% per annum for each Week in respect of which any Failure has occurred and is continuing.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">&#8220;<font style="font-weight: bold;">Fitch</font>&#8221;
      means Fitch Ratings, a part of the Fitch Group, or any successor or successors thereto.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">&#8220;<font style="font-weight: bold;">Fitch Guidelines</font>&#8221;
      means the guidelines, as may be amended from time to time, in connection with Fitch&#8217;s ratings of the VMTP Shares.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">&#8220;<font style="font-weight: bold;">Force Majeure
        Exception</font>&#8221; means any failure or delay in the performance of the Fund&#8217;s reporting obligation pursuant to Section&#160;2.3 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 Fund shall use commercially reasonable efforts to commence performance of its obligations during any of the foregoing circumstances.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">&#8220;<font style="font-weight: bold;">Fund</font>&#8221; has
      the meaning set forth in the preamble to this Agreement.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">&#8220;<font style="font-weight: bold;">Holder</font>&#8221; has
      the meaning set forth in the Statement.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">The word &#8220;<font style="font-weight: bold;">including</font>&#8221;
      means &#8220;including without limitation.&#8221;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">&#8220;<font style="font-weight: bold;">Indemnified
        Persons</font>&#8221; means the Purchaser and its affiliates and directors, officers, partners, employees, agents, representatives and control persons, entitled to indemnification by the Fund under Section&#160;7.3.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">&#8220;<font style="font-weight: bold;">Information</font>&#8221;
      has the meaning set forth in Section 7.13.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">&#8220;<font style="font-weight: bold;">Invesco Persons</font>&#8221;
      means the Investment Adviser or any affiliated person of the Investment Adviser (as defined in Section 2(a)(3) of the 1940 Act) (other than the Fund, in the case of a redemption or purchase of the VMTP Shares which are to be cancelled within ten (10)
      of purchase by the Fund).</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">&#8220;<font style="font-weight: bold;">Investment Adviser</font>&#8221;
      means Invesco Advisers, Inc., or any successor company or entity.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">&#8220;<font style="font-weight: bold;">Liquidation
        Preference</font>&#8221;, with respect to a given number of VMTP Shares, means $100,000 times that number.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">&#8220;<font style="font-weight: bold;">Majority
        Participants</font>&#8221; means the Holder(s) of more than 50% of the Outstanding VMTP Shares.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">&#8220;<font style="font-weight: bold;">Market Value</font>&#8221;
      has the meaning set forth in the Statement.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">&#8220;<font style="font-weight: bold;">Moody&#8217;s</font>&#8221;
      means Moody&#8217;s Investors Service, Inc., and any successor thereto.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">&#8220;<font style="font-weight: bold;">1940 Act</font>&#8221;
      means the Investment Company Act of 1940, as amended.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">&#8220;<font style="font-weight: bold;">NRSRO</font>&#8221; has
      the meaning set forth in the Statement.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">&#8220;<font style="font-weight: bold;">Offering
        Memorandum</font>&#8221; means the Offering Memorandum of the Fund relating to the VMTP Shares, dated November 19, 2019, as the same may be amended, revised or supplemented from time to time.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">The word &#8220;<font style="font-weight: bold;">or</font>&#8221;
      is used in its inclusive sense.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">&#8220;<font style="font-weight: bold;">Other Rating
        Agency</font>&#8221; means each NRSRO, if any, other than Fitch then providing a rating for the VMTP Shares pursuant to the request of the Fund.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">&#8220;<font style="font-weight: bold;">Other Rating
        Agency Guidelines</font>&#8221; 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&#8217;s rating of the VMTP Shares.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">&#8220;<font style="font-weight: bold;">Outstanding</font>&#8221;
      has the meaning set forth in the Statement.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">&#160;&#8220;<font style="font-weight: bold;">Person</font>&#8221;
      has the meaning set forth in the Statement.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">&#8220;<font style="font-weight: bold;">Preferred Shares</font>&#8221;
      has the meaning set forth in the Statement.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;"><font style="background-color: #FFFFFF;">&#8220;</font><font style="background-color: #FFFFFF; font-weight: bold;">Purchaser</font><font style="background-color: #FFFFFF;">&#8221;</font><font style="background-color: #FFFFFF; font-size: 10pt;">&#160;</font><font style="background-color: #FFFFFF;">has the meaning set forth in the
        preamble to this Agreement.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">&#8220;<font style="font-weight: bold;">QIB</font>&#8221; means
      a &#8220;<font style="font-weight: bold;">qualified institutional buyer</font>&#8221; as defined in Rule&#160;144A under the Securities Act.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">&#8220;<font style="font-weight: bold;">Rate Period</font>&#8221;
      has the meaning set forth in the Statement.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">&#8220;<font style="font-weight: bold;">Rating Agency</font>&#8221;
      means Fitch (if Fitch is then rating the VMTP Shares) and any Other Rating Agency.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">&#8220;<font style="font-weight: bold;">Rating Agency
        Guidelines</font>&#8221; means the Fitch Guidelines and any Other Rating Agency Guidelines as they exist from time to time.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">&#8220;<font style="font-weight: bold;">Redemption and
        Paying Agent</font>&#8221; means Deutsche Bank Trust Company Americas, 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 Fund to act
      in such capacity as the Fund&#8217;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 VMTP Shares.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">&#8220;<font style="font-weight: bold;">Registration
        Rights Agreement</font>&#8221; means the registration rights agreement entered into by and between the Fund and the Purchaser with respect to the VMTP Shares.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">&#8220;<font style="font-weight: bold;">Registration
        Rights Failure</font>&#8221; means any (i)&#160;failure by the Fund to file a Registration Statement 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&#160;3.3(c) or (d) of the Registration Rights Agreement) which the Fund has been properly requested to register under Section&#160;3.1 of the Registration Rights Agreement within thirty (30) calendar days (or, if
      the thirtieth (30th) calendar day shall not be a Business Day, the next succeeding Business Day)&#160;of the later of (a)&#160;the date on which the holders of such Registrable Securities are required to give written notice to the Fund of their intent to
      register such Registrable Securities pursuant to Section&#160;3.1 of the Registration Rights Agreement or (b)&#160;if properly exercised by the Fund, the end of any deferral period specified in accordance with the provisions of Section&#160;3.2 of the Registration
      Rights Agreement, or (ii)&#160;failure by the Fund to reply to any written comments on such Registration Statement received by the Fund from the staff of the Securities and Exchange Commission (it being understood that the reply referenced herein shall
      not require the Fund to accept or agree with any comment, in whole or in part) within thirty (30) calendar days (or, if the thirtieth (30<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>)&#160; calendar day shall not be a Business Day, the next succeeding Business Day) of receipt thereof by
      the Fund.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">&#8220;<font style="font-weight: bold;">Related Documents</font>&#8221;
      means this Agreement, the Declaration, the Statement, the Registration Rights Agreement, the VMTP Shares and the By-Laws.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">&#8220;<font style="font-weight: bold;">Reporting Date</font>&#8221;
      has the meaning set forth in Section&#160;6.1(o).</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">&#8220;<font style="font-weight: bold;">Reporting Failure</font>&#8221;
      has the meaning set forth in Section&#160;2.3.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">&#8220;<font style="font-weight: bold;">S&amp;P</font>&#8221;
      means Standard&#160;&amp; Poor&#8217;s Ratings Services, a Standard&#160;&amp; Poor&#8217;s Financial Services LLC business, and any successor or successors thereto.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">&#8220;<font style="font-weight: bold;">Sale</font>&#8221; has
      the meaning set forth in the preamble to this Agreement.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">&#8220;<font style="font-weight: bold;">SEC</font>&#8221; has
      the meaning set forth in Section 6.1.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">&#8220;<font style="font-weight: bold;">Securities Act</font>&#8221;
      means the U.S. Securities Act of 1933, as amended.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">&#8220;<font style="font-weight: bold;">Securities
        Depository</font>&#8221; 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 VMTP Shares.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">&#8220;<font style="font-weight: bold;">Series</font>&#8221; has
      the meaning set forth in the Statement.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">&#8220;<font style="font-weight: bold;">Statement</font>&#8221;
      means the Amended and Restated Statement of Preferences of Variable Rate Muni Term Preferred Shares of the Fund, effective as of November 19, 2019, as the same may be amended, restated, supplemented or otherwise modified from time to time in
      accordance with the terms thereof.</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; font-size: 12pt;">&#8220;<font style="font-weight: bold;">Term Redemption
        Date</font>&#8221; has the meaning set forth in the Statement.</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; font-size: 12pt;">&#8220;<font style="font-weight: bold;">VMTP Shares</font>&#8221;
      has the meaning set forth in the preamble to this Agreement.</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt; font-size: 12pt;">&#8220;<font style="font-weight: bold;">Voting Trust</font>&#8221;
      has the meaning set forth in Section 2.2(b).</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">&#8220;<font style="font-weight: bold;">Week</font>&#8221; means
      a period of seven (7) consecutive calendar days.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">&#8220;<font style="font-weight: bold;">written</font>&#8221; or
      &#8220;<font style="font-weight: bold;">in writing</font>&#8221; means any form of written communication, including communication by means of telex, telecopier or electronic mail.</div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 12pt; margin-bottom: 3pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zdc536d388d0742fab890dab62ef78a94" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 36pt; margin-top: 12pt; margin-bottom: 3pt; font-size: 12pt; font-weight: bold;">1.1</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-indent: 36pt; margin-top: 12pt; margin-bottom: 3pt; font-size: 12pt; font-weight: bold;">Incorporation of Certain Definitions by Reference</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">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 style="text-align: center; margin-top: 12pt; margin-bottom: 3pt; font-size: 12pt; font-weight: bold;"><font style="font-size: 14pt;">ARTICLE&#160; II</font><br>
      PURCHASE, EXCHANGE AND TRANSFERS, COSTS AND EXPENSES; ADDITIONAL FEES</div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 12pt; margin-bottom: 3pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zace777306aaf42a48799e2d36b012cc8" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 36pt; margin-top: 12pt; margin-bottom: 3pt; font-size: 12pt; font-weight: bold;">2.1</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-indent: 36pt; margin-top: 12pt; margin-bottom: 3pt; font-size: 12pt; font-weight: bold;">Purchase, Exchange and Transfer of the VMTP Shares</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="margin-top: 12pt; margin-bottom: 3pt; text-indent: 58.5pt;"><font style="font-size: 12pt;">(a)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 49.5pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 12pt; font-weight: bold;"><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>[Intentionally
        Left Blank]</font></div>
    <div style="margin-top: 12pt; margin-bottom: 3pt; text-indent: 58.5pt;"><font style="font-size: 12pt; font-weight: bold;">(b)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 49.5pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 12pt;">The Purchaser agrees that it may make offers and sales of the VMTP Shares in compliance with the Securities Act and applicable
        state securities laws only to (1)(i) Persons that it reasonably believes are QIBs that are registered closed-end management investment companies, the common shares of which are traded on a national securities exchange (&#8220;<font style="font-weight: bold;">Closed-End Funds</font>&#8221;), banks or entities that are 100% direct or indirect subsidiaries of banks&#8217; publicly traded parent holding companies (collectively, &#8220;<font style="font-weight: bold;">Banks</font>&#8221;), insurance companies or registered open-end management investment companies,<font style="font-weight: bold;"> in each case, pursuant to Rule 144A </font>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, (ii) tender option bond trusts (or other similar investment vehicles) in which all investors are Persons that the Purchaser reasonably believes are QIBs that are Closed-End Funds, Banks, insurance companies or registered open-end
        management investment companies (or, in the case of a tender option trust (or other similar investment vehicle) in which the Holder or an affiliate of the Holder retains a residual interest), or (iii) other investors with the prior written consent
        of the Fund and (2) unless the prior written consent of the Fund and the Majority Participants has been obtained, not Invesco Persons if such Invesco Persons would, after such sale and transfer, own more than 20% of the Outstanding VMTP Shares. Any
        transfer in violation of the foregoing restrictions shall be void <font style="font-style: italic;">ab initio</font>. In connection with any transfer of the VMTP Shares, each
        transferee (including, in the case of a tender option bond trust (or other similar investment vehicle), the depositor or trustee or other Person thereunder acting on behalf of such transferee) will be required to deliver to the Fund a transferee
        certificate set forth as Exhibit C. The foregoing restrictions on transfer shall not apply to any VMTP Shares registered under the Securities Act pursuant to the Registration Rights Agreement or any subsequent transfer of such VMTP Shares
        thereafter.</font></div>
    <div><br>
    </div>
    <div style="margin-top: 12pt; margin-bottom: 3pt; text-indent: 58.5pt;"><font style="font-size: 12pt;">(c)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 49.5pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 12pt;"><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>In the event that the
        Purchaser transfers, in accordance with Section 2.1(b), VMTP Shares to a tender option bond trust (or other similar investment vehicle) in which the Purchaser retains a residual interest, for so long as no event has occurred that results in the
        termination of such tender option bond trust (or other similar investment vehicle), for purposes of each of the Applicable Sections (as defined below) that requires, permits or provides for (i) notice or the delivery of information to or (ii)
        voting of the VMTP Shares or the giving of any consent by or (iii) payment of fees, in each case, to the Purchaser or the Majority Participants, the Purchaser, and not such tender option bond trust (or other similar investment vehicle), shall be
        deemed to be the actual owner of such VMTP Shares.&#160; For the avoidance of doubt, the deemed ownership provided for in this Section 2.1(c) shall be limited to the following sections of this Agreement:&#160; 2.1(b), 2.3, 6.1, 6.2, 6.8, 6.9, 6.13, 6.15,
        6.17, 7.1, 7.2, 7.3, 7.4, 7.5, 7.6, 7.8, 7.10, 7.12 and 7.15 (collectively, the "<font style="font-weight: bold;">Applicable Sections</font>").&#160; The deemed ownership provided for in
        this Section 2.1(c) shall last until the earliest of (A) the termination of such tender option bond trust (or other similar investment vehicle); (B) the agreement by the Issuer and the Purchaser to terminate such deemed ownership; and (C) with
        respect to some or all of the Applicable Sections, the good-faith determination by the Purchaser that such deemed ownership has adverse tax, legal or other regulatory consequences or is otherwise no longer consistent with applicable law.</font></div>
    <div style="margin-top: 12pt; margin-bottom: 3pt; text-indent: 58.5pt;"><font style="font-size: 12pt;">(d)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 49.5pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 12pt;">Anything herein to the contrary notwithstanding, except with respect to the deemed ownership provided for above in respect of the Applicable
        Sections, the tender option bond trust (or other similar investment vehicle) to which VMTP Shares are transferred and each of the beneficial owners thereof shall retain all of its other rights in respect of the Issuer and the VMTP Shares pursuant
        to this Agreement and the Statement or under law, including, for the avoidance of doubt, its rights under any of the Applicable Sections to the extent necessary for the protection or exercise of such other rights retained pursuant to this Section
        2.1(d) or that are otherwise applicable as a result of the exercise of such other rights.</font></div>
    <div style="margin-top: 12pt; margin-bottom: 3pt; text-indent: 36pt;"><font style="font-size: 12pt; font-weight: bold;">2.2</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 12pt; font-weight: bold;">Operating Expenses; Fees</font></div>
    <div style="margin-top: 12pt; margin-bottom: 3pt; text-indent: 58.5pt;"><font style="font-size: 12pt;">(a)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 49.5pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 12pt;"><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>The Fund shall pay amounts
        due to be paid by it hereunder (including any incidental expenses but not including redemption or dividend payments on the VMTP Shares) as operating expenses.</font></div>
    <div style="margin-top: 12pt; margin-bottom: 3pt; text-indent: 58.5pt;"><font style="font-size: 12pt;">(b)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 49.5pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 12pt;">The Fund shall pay (i) to the Purchaser a structuring fee in the amount of $42,500.00 in connection with the structuring of the transactions
        contemplated by this Agreement, (ii) to Institutional Shareholder Services Inc. (&#8220;<font style="font-weight: bold;">ISS</font>&#8221;) the initial organization and set up fee of a voting trust
        to be formed with respect to the VMTP Shares (the &#8220;<font style="font-weight: bold;">Voting Trust</font>&#8221;) in the amount set forth in an invoice to be received by the Fund from ISS on or
        after the date hereof and (iii) to Lord Securities Corporation (&#8220;<font style="font-weight: bold;">Lord</font>&#8221;) the initial organization and set up fee of the Voting Trust in the amount
        set forth in an invoice to be received by the Fund from Lord before, on or after the date hereof.</font></div>
    <div style="margin-top: 12pt; margin-bottom: 3pt; text-indent: 58.5pt;"><font style="font-size: 12pt;">(c)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 49.5pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 12pt;"><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>The Fund will pay the
        structuring fee described in Section 2.2(b)(i) on the Effective Date.</font></div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 12pt; margin-bottom: 3pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z5ae33d53b9144b3ba07bdca00d071a7e" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 36pt; margin-top: 12pt; margin-bottom: 3pt; font-size: 12pt; font-weight: bold;">2.3</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; text-indent: 36pt; margin-top: 12pt; margin-bottom: 3pt; font-size: 12pt; font-weight: bold;">Additional Fee for Failure to Comply with Reporting Requirement
                orRegistration Rights Failure</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">For so long as the Purchaser is a Holder or Beneficial Owner of any Outstanding VMTP Shares, if the Fund fails to
      comply with the reporting requirements set forth in Sections 6.1(o) and 6.1(p) (except as a result of a Force Majeure Exception) and such failure is not cured within three (3) Business Days after written notification to the Fund by the Purchaser of
      such failure (a &#8220;<font style="font-weight: bold;">Reporting Failure</font>&#8221;) or a Registration Rights Failure occurs, the Fund 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 Failure (either, a &#8220;<font style="font-weight: bold;">Failure</font>&#8221;) 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 VMTP 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; If such fee is an &#8220;other distribution&#8221; pursuant to the Statement, such fee shall be paid pursuant to and in accordance with the Statement, including Section 2.2(c) of the Statement. Notwithstanding the foregoing, in no event shall (i) the
      fee payable pursuant to this Section 2.3 hereunder for any Week plus the Applicable Spread on the VMTP Shares for such Week exceed an amount (exclusive of any Additional Amount Payment or Additional California Amount Payment) equal to the product of
      (x) 6.05%, times (y) the aggregate average daily Liquidation Preference of the VMTP 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 2.3 for any Week plus the amount of dividends payable at the Dividend Rate for the VMTP Shares for such Week exceed an amount
      equal to the product of (aa) 15%, times (bb) the aggregate average daily Liquidation Preference of the VMTP 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; or (iii) the Fund be required to calculate or pay a fee in respect of more than one Failure in any Week.</div>
    <div style="text-align: center; margin-top: 12pt; margin-bottom: 3pt; font-size: 12pt; font-weight: bold;">ARTICLE&#160; III<br>
      CONDITIONS TO EFFECTIVE DATE</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">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 style="margin-top: 12pt; margin-bottom: 3pt; text-indent: 36pt;"><font style="font-size: 12pt;">(a)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 12pt;">this Agreement shall have been duly executed and delivered by the parties hereto;</font></div>
    <div style="margin-top: 12pt; margin-bottom: 3pt; text-indent: 36pt;"><font style="font-size: 12pt;">(b)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 12pt;">the VMTP Shares shall have a long-term issue credit rating of AAA from Fitch on the Effective Date;</font></div>
    <div style="margin-top: 12pt; margin-bottom: 3pt; text-indent: 36pt;"><font style="font-size: 12pt;">(c)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 12pt;">receipt by the Purchaser of executed originals, or copies certified by a duly authorized officer of the Fund to be in full force and effect
        and not otherwise amended, of all Related Documents, as in effect on the Effective Date, and an incumbency certificate with respect to the authorized signatories thereto;</font></div>
    <div style="margin-top: 12pt; margin-bottom: 3pt; text-indent: 36pt;"><font style="font-size: 12pt;">(d)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 12pt;">receipt by the Purchaser of opinions of counsel for the Fund, substantially to the effect of Exhibit&#160;A;</font></div>
    <div style="margin-top: 12pt; margin-bottom: 3pt; text-indent: 36pt;"><font style="font-size: 12pt;">(e)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 12pt;">except as disclosed in the Offering Memorandum, there shall not be any pending or threatened material litigation (unless such pending or
        threatened litigation has been determined by the Purchaser to be acceptable);</font></div>
    <div style="margin-top: 12pt; margin-bottom: 3pt; text-indent: 36pt;"><font style="font-size: 12pt;">(f)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 12pt;">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 transactions contemplated by this Agreement;</font></div>
    <div style="margin-top: 12pt; margin-bottom: 3pt; text-indent: 36pt;"><font style="font-size: 12pt;">(g)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 12pt;">there shall have been delivered to the Purchaser any additional documentation and financial information, including satisfactory responses to
        its due diligence inquiries, as it deems relevant; and</font></div>
    <div style="margin-top: 12pt; margin-bottom: 3pt; text-indent: 36pt;"><font style="font-size: 12pt;">(h)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 12pt;">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 requested relating to the Fund&#8217;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.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">The Fund and the Purchaser agree that the execution of this Agreement by the Purchaser shall constitute
      acknowledgment that the foregoing conditions have been satisfied or waived.</div>
    <div style="text-align: center; margin-top: 12pt; margin-bottom: 3pt; font-size: 12pt; font-weight: bold;">ARTICLE&#160; IV<br>
      REPRESENTATIONS AND WARRANTIES OF THE FUND</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">The representations and warranties set out in this Article&#160;IV are given hereunder by the Fund to the Purchaser as
      of the Effective Date.</div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 12pt; margin-bottom: 3pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf381332201584f63823a23f5bf238ab4" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 36pt; margin-top: 12pt; margin-bottom: 3pt; font-size: 12pt; font-weight: bold;">4.1</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-indent: 36pt; margin-top: 12pt; margin-bottom: 3pt; font-size: 12pt; font-weight: bold;">Existence</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">The Fund is existing and in good standing as a Delaware statutory trust, under the laws of Delaware, with full
      right and power to issue the VMTP Shares, and to execute, deliver and perform its obligations under this Agreement and each Related Document.</div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 12pt; margin-bottom: 3pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z866425914515403ca0c7f8849f3d90b7" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 36pt; margin-top: 12pt; margin-bottom: 3pt; font-size: 12pt; font-weight: bold;">4.2</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-indent: 36pt; margin-top: 12pt; margin-bottom: 3pt; font-size: 12pt; font-weight: bold;">Authorization; Contravention</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">The execution, delivery and performance by the Fund of this Agreement and each Related Document are within the
      Fund&#8217;s powers, have been duly authorized by all necessary action, require no action by or in respect of, or filing 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 instrument binding upon the Fund or result in the creation or imposition of any lien or
      encumbrance on any asset of the Fund.</div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 12pt; margin-bottom: 3pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z7612445959054b6b94716a1c68becbec" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 36pt; margin-top: 12pt; margin-bottom: 3pt; font-size: 12pt; font-weight: bold;">4.3</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-indent: 36pt; margin-top: 12pt; margin-bottom: 3pt; font-size: 12pt; font-weight: bold;">Binding Effect</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">Each of this Agreement and the Registration Rights Agreement constitutes a valid and binding agreement of the Fund,
      enforceable in accordance with its terms except as (i)&#160;the enforceability thereof may be limited by bankruptcy, insolvency or similar laws affecting creditors&#8217; rights generally and (ii)&#160;the availability of equitable remedies may be limited by
      equitable or public policy principles of general applicability, it being understood that the enforceability of indemnification provisions may be subject to limitations imposed under applicable securities laws.&#160; The VMTP Shares have been duly
      authorized and, when purchased by the Purchaser from Citi in the Sale, will be validly issued by the Fund, fully paid and nonassessable and free of any preemptive or similar rights.</div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 12pt; margin-bottom: 3pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zfdb0805c5ec147ed82afa632ec13714b" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 36pt; margin-top: 12pt; margin-bottom: 3pt; font-size: 12pt; font-weight: bold;">4.4</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-indent: 36pt; margin-top: 12pt; margin-bottom: 3pt; font-size: 12pt; font-weight: bold;">Financial Information</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">The most recent financial statements of the Fund, and the auditors&#8217; report with respect thereto, copies of which
      have heretofore been furnished to the Purchaser, fairly present in all material respects the financial condition of the Fund, 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 Fund, except
      as disclosed in the Offering Memorandum, other than changes in the general economy or changes affecting the market for municipal securities or investment companies generally.&#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 Fund&#8217;s reasonable best estimate of the Fund&#8217;s future financial performance.</div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 12pt; margin-bottom: 3pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z883a055980bb4fbb9e18ecd4d718ae37" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 36pt; margin-top: 12pt; margin-bottom: 3pt; font-size: 12pt; font-weight: bold;">4.5</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-indent: 36pt; margin-top: 12pt; margin-bottom: 3pt; font-size: 12pt; font-weight: bold;">Litigation</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">Except as disclosed in the Offering Memorandum or in a schedule delivered to the Purchaser prior to the Effective
      Date, no action, suit, proceeding or investigation is pending or (to the best knowledge of the Fund) overtly threatened in writing against the Fund in any court or before any governmental authority (i)&#160;in any way contesting or that, if decided
      adversely, would affect the validity of any Related Document including this Agreement; or (ii)&#160;in which a final adverse decision would materially adversely affect provisions for or materially adversely affect the sources for payment of the
      Liquidation Preference of or dividends on the VMTP Shares.</div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 12pt; margin-bottom: 3pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z9c7520dac1814e758eeab554f6894540" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 36pt; margin-top: 12pt; margin-bottom: 3pt; font-size: 12pt; font-weight: bold;">4.6</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-indent: 36pt; margin-top: 12pt; margin-bottom: 3pt; font-size: 12pt; font-weight: bold;">Consents</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">All consents, licenses, approvals, validations and authorizations of, and registrations, validations or
      declarations by or with, any shareholder, court or any governmental agency, bureau or agency required to be obtained in connection with the execution, delivery, performance, validity or enforceability of this Agreement and the other Related Documents
      (including the VMTP Shares) by or against the Fund have been obtained and are in full force and effect.</div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 12pt; margin-bottom: 3pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z69da9188687d497c8ff67eb21a3f08b7" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 36pt; margin-top: 12pt; margin-bottom: 3pt; font-size: 12pt; font-weight: bold;">4.7</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-indent: 36pt; margin-top: 12pt; margin-bottom: 3pt; font-size: 12pt; font-weight: bold;">Offering of VMTP Shares</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">Assuming the accuracy of the representations and warranties of the Purchaser in Sections 5.7 and 5.8 hereof, no
      registration of the VMTP Shares under the Securities Act is required for the purchase by the Purchaser of the VMTP Shares in the manner contemplated by this Agreement and the Offering Memorandum.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">As of the date of the original issuance of the VMTP Shares, the VMTP Shares&#160; satisfied 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 VMTP Shares were listed on any national securities exchange registered under Section 6 of the
      Exchange Act or quoted in a U.S. automated inter-dealer quotation system.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">As of the Effective Date, the VMTP 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 VMTP Shares are listed on any national securities exchange registered under Section 6 of the Exchange Act or quoted in a U.S.
      automated inter-dealer quotation system.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">The Fund has not distributed any offering material in connection with the offering and sale of the VMTP Shares
      other than to Citi and the Purchaser or their respective representatives.</div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 12pt; margin-bottom: 3pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze19ce48aeabc41c5843cd9e4719598e7" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 36pt; margin-top: 12pt; margin-bottom: 3pt; font-size: 12pt; font-weight: bold;">4.8</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-indent: 36pt; margin-top: 12pt; margin-bottom: 3pt; font-size: 12pt; font-weight: bold;">Complete and Correct Information</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">All information, reports and other papers and data with respect to the Fund furnished to the Purchaser (other than
      financial information and financial statements, which are covered solely by Section&#160;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 Fund that materially and
      adversely affects or in the future may (so far as it can reasonably foresee) materially and adversely affect the VMTP Shares, or the Fund&#8217;s ability to pay or otherwise perform when due its obligations under this Agreement, any of the VMTP 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&#160;4.4 or this Section&#160;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 Fund 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.</div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 12pt; margin-bottom: 3pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze55c14cc293548118172786dd8e5eaf4" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 36pt; margin-top: 12pt; margin-bottom: 3pt; font-size: 12pt; font-weight: bold;">4.9</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-indent: 36pt; margin-top: 12pt; margin-bottom: 3pt; font-size: 12pt; font-weight: bold;">Offering Memorandum</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">The Offering Memorandum, true copies of which have heretofore been delivered to the Purchaser, when considered
      together with this Agreement and any 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.</div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 12pt; margin-bottom: 3pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z2a4b04058caa47059f76760ae1e99de2" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 36pt; margin-top: 12pt; margin-bottom: 3pt; font-size: 12pt; font-weight: bold;">4.10</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-indent: 36pt; margin-top: 12pt; margin-bottom: 3pt; font-size: 12pt; font-weight: bold;">1940 Act Registration</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">The Fund 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>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 12pt; margin-bottom: 3pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze95c97cf63db4d7a98fccf1e7ecdce3d" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 36pt; margin-top: 12pt; margin-bottom: 3pt; font-size: 12pt; font-weight: bold;">4.11</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-indent: 36pt; margin-top: 12pt; margin-bottom: 3pt; font-size: 12pt; font-weight: bold;">Effective Leverage Ratio; Asset Coverage</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">As of the Effective Date, the Fund is in compliance with the Effective Leverage Ratio and the Asset Coverage as
      required by Section&#160;2.4 of the Statement.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">In connection with calculating the Effective Leverage Ratio, the Fund&#8217;s total assets and accrued liabilities
      reflect the positive or negative net obligations of the Fund under each Derivative Contract determined in accordance with the Fund&#8217;s valuation policies.</div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 12pt; margin-bottom: 3pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z9b8f26e030bb44ea81d99df452106914" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 36pt; margin-top: 12pt; margin-bottom: 3pt; font-size: 12pt; font-weight: bold;">4.12</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-indent: 36pt; margin-top: 12pt; margin-bottom: 3pt; font-size: 12pt; font-weight: bold;">Eligible Assets</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">As of the Effective Date, the Fund owns only Eligible Assets, as described in Exhibit&#160;B to this Agreement.</div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 12pt; margin-bottom: 3pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zbd50bd2b028e4146b6e7cb6df90c1620" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 36pt; margin-top: 12pt; margin-bottom: 3pt; font-size: 12pt; font-weight: bold;">4.13</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-indent: 36pt; margin-top: 12pt; margin-bottom: 3pt; font-size: 12pt; font-weight: bold;">Credit Quality</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">As of the Effective Date, the Fund has invested at least 80% of its total assets in municipal securities rated BBB-
      or better by S&amp;P or Baa3 or better by Moody&#8217;s, or such equivalent rating by at least one NRSRO, or if not rated, securities that the Investment Adviser determines to be of comparable quality at the time of investment.</div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 12pt; margin-bottom: 3pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z9711d91755e1492a81188f098e6f93de" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 31.5pt; vertical-align: top; align: right;">
              <div style="margin-left: 31.5pt; margin-top: 12pt; margin-bottom: 3pt; font-size: 12pt; font-weight: bold;">4.14</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-indent: 40.5pt; margin-top: 12pt; margin-bottom: 3pt; font-size: 12pt; font-weight: bold;">Due Diligence</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">The Fund understands that nothing in this Agreement, the Offering Memorandum, or any other materials presented to
      the Fund in connection with the Sale constitutes legal, tax or investment advice from the Purchaser.&#160; The Fund has consulted such legal, tax and investment advisors as it, in its sole discretion, has deemed necessary or appropriate in connection with
      the Sale.</div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 12pt; margin-bottom: 3pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z07e5e12ff917485e945d403e9c684091" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 36pt; margin-top: 12pt; margin-bottom: 3pt; font-size: 12pt; font-weight: bold;">4.15</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-indent: 36pt; margin-top: 12pt; margin-bottom: 3pt; font-size: 12pt; font-weight: bold;">Capital Structure</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">As of the Effective Date, the Fund has a capital structure as set forth in the Offering Memorandum.</div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 12pt; margin-bottom: 3pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z779d325083db46f18368491cbb4cc196" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 36pt; margin-top: 12pt; margin-bottom: 3pt; font-size: 12pt; font-weight: bold;">4.16</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-indent: 36pt; margin-top: 12pt; margin-bottom: 3pt; font-size: 12pt; font-weight: bold;">Certain Fees</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">The Fund acknowledges that, other than the fees and expenses payable pursuant to this Agreement, no brokerage or
      finder&#8217;s fees or commissions are or will be payable by the Fund or, to the Fund&#8217;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>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 12pt; margin-bottom: 3pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z9fb95cca24bb4e13af1e128d45f83013" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 36pt; margin-top: 12pt; margin-bottom: 3pt; font-size: 12pt; font-weight: bold;">4.17</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-indent: 36pt; margin-top: 12pt; margin-bottom: 3pt; font-size: 12pt; font-weight: bold;">Intent to Issue Equity</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">It is the intent and understanding of the Fund that the VMTP Shares constitute shares of the Fund under the laws of
      the State of Delaware.&#160; All negotiations between the Purchaser (or any of its Affiliates) and the Fund regarding the VMTP Shares have been consistent with such intent and understanding.&#160; The Fund agrees to treat the VMTP Shares as equity of the Fund
      for all U.S. federal, state, and local income and other tax purposes.</div>
    <div style="text-align: center; margin-top: 12pt; margin-bottom: 3pt; font-size: 12pt; font-weight: bold;">ARTICLE&#160; V<br>
      REPRESENTATIONS AND WARRANTIES<br>
      OF THE PURCHASER</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">The representations and warranties set out in this Article V are given hereunder by Banc of America to the Fund as
      of the Effective Date.</div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 12pt; margin-bottom: 3pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z293f010bac0b43a28dc9ac977c4e637d" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 36pt; margin-top: 12pt; margin-bottom: 3pt; font-size: 12pt; font-weight: bold;">5.1</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-indent: 36pt; margin-top: 12pt; margin-bottom: 3pt; font-size: 12pt; font-weight: bold;">Existence</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">Banc of America is validly existing and in good standing as a corporation under the laws of Delaware, and has full
      right and power to effect the Sale and to execute, deliver and perform its obligations under this Agreement and each Related Document to which it is a party.</div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 12pt; margin-bottom: 3pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z40551a4ec1924bf38693059382918e9e" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 36pt; margin-top: 12pt; margin-bottom: 3pt; font-size: 12pt; font-weight: bold;">5.2</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-indent: 36pt; margin-top: 12pt; margin-bottom: 3pt; font-size: 12pt; font-weight: bold;">Authorization; Contravention</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">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&#8217;s powers, have been duly authorized by all necessary action, require no action by or in respect of, or filing 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 instrument binding upon the Purchaser.</div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 12pt; margin-bottom: 3pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z14afb451050e422fa1f855a4cadc5178" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 36pt; margin-top: 12pt; margin-bottom: 3pt; font-size: 12pt; font-weight: bold;">5.3</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-indent: 36pt; margin-top: 12pt; margin-bottom: 3pt; font-size: 12pt; font-weight: bold;">Binding Effect</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">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)&#160;the enforceability thereof may be limited by bankruptcy, insolvency or similar laws affecting creditors&#8217; rights generally and (ii)&#160;the availability of equitable remedies may be limited
      by equitable or public policy principles of general applicability, it being understood that the enforceability of indemnification provisions may be subject to limitations imposed under applicable securities laws.</div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 12pt; margin-bottom: 3pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb0fd2b2d4595414b97e3f1ea1b417996" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 36pt; margin-top: 12pt; margin-bottom: 3pt; font-size: 12pt; font-weight: bold;">5.4</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-indent: 36pt; margin-top: 12pt; margin-bottom: 3pt; font-size: 12pt; font-weight: bold;">Own Account</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">The Purchaser understands that the VMTP Shares are &#8220;restricted securities&#8221; and have not been registered under the
      Securities Act or any applicable state securities laws and the Purchaser is acquiring the VMTP 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 VMTP 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 VMTP Shares in violation of the Securities Act or any applicable state securities law (this representation and warranty not limiting the
      Purchaser&#8217;s right to register the VMTP Shares under the Securities Act pursuant to the Registration Rights Agreement or otherwise transfer the VMTP Shares in compliance with the transfer limitations of this Agreement in compliance with applicable
      federal and state securities laws).</div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 12pt; margin-bottom: 3pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze14237d88df04fa8b6693fefd91ccfd0" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 36pt; margin-top: 12pt; margin-bottom: 3pt; font-size: 12pt; font-weight: bold;">5.5</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-indent: 36pt; margin-top: 12pt; margin-bottom: 3pt; font-size: 12pt; font-weight: bold;">Litigation</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">Except as disclosed in a schedule delivered to the Fund prior to the Effective Date, no action, suit, proceeding or
      investigation is pending or (to the best knowledge of the Purchaser) overtly threatened in writing against the Purchaser in any court or before any governmental authority in any way contesting or, if decided adversely, would affect the validity of
      this Agreement.</div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 12pt; margin-bottom: 3pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z34c5d0dbd20d4719b3c520427f1003d2" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 36pt; margin-top: 12pt; margin-bottom: 3pt; font-size: 12pt; font-weight: bold;">5.6</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-indent: 36pt; margin-top: 12pt; margin-bottom: 3pt; font-size: 12pt; font-weight: bold;">Consents</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">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 by the Purchaser in connection with the execution, delivery, performance, validity or enforceability of this Agreement by or against the Purchaser
      and the Sale have been obtained and are in full force and effect.</div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 12pt; margin-bottom: 3pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z4ba4f7efa6374d89bc196188a4093b66" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 36pt; margin-top: 12pt; margin-bottom: 3pt; font-weight: bold;">5.7</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-indent: 36pt; margin-top: 12pt; margin-bottom: 3pt; font-weight: bold;"><font style="font-size: 12pt;">Experience of </font>the Purchaser</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">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 Sale, and has so evaluated the merits and risks of such investment.&#160; The Purchaser is able to bear the economic risk of the Sale and, at the present time, is able to afford a complete loss of such
      investment.</div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 12pt; margin-bottom: 3pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z23ca1151e1c5489cb33eb47588a09590" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 36pt; margin-top: 12pt; margin-bottom: 3pt; font-size: 12pt; font-weight: bold;">5.8</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-indent: 36pt; margin-top: 12pt; margin-bottom: 3pt; font-size: 12pt; font-weight: bold;">Access to Information</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">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 the Sale and an investment in the VMTP Shares.&#160; The Purchaser has had the opportunity to ask representatives of the Fund certain questions and request
      certain additional information regarding the terms and conditions of the Sale and such investment and the finances, operations, business and prospects of the Fund and has had any and all such questions and requests answered to the Purchaser&#8217;s
      satisfaction; and the Purchaser understands the risks and other considerations relating to such investment.</div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 12pt; margin-bottom: 3pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z324f9f35e75e4a07abf96ffeae92a329" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 36pt; margin-top: 12pt; margin-bottom: 3pt; font-size: 12pt; font-weight: bold;">5.9</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-indent: 36pt; margin-top: 12pt; margin-bottom: 3pt; font-size: 12pt; font-weight: bold;">Certain Transactions</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">Other than consummating the transactions contemplated by this Agreement, the Purchaser has not directly or
      indirectly executed, nor has any Person acting on the Purchaser&#8217;s behalf or pursuant to any understanding with the Purchaser executed, any other purchases of securities of the Fund which may be integrated with the transactions contemplated by this
      Agreement.</div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 12pt; margin-bottom: 3pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zce153b839f594cd7bb4eb2adc59832c2" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 36pt; margin-top: 12pt; margin-bottom: 3pt; font-size: 12pt; font-weight: bold;">5.10</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-indent: 36pt; margin-top: 12pt; margin-bottom: 3pt; font-size: 12pt; font-weight: bold;">Due Diligence</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">The Purchaser acknowledges that it has sole responsibility for its own due diligence investigation and its own
      investment decision relating to the Sale and the VMTP 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 Sale constitutes legal, tax or
      investment advice from the Fund.&#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 the Sale and its investment in the VMTP Shares.</div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 12pt; margin-bottom: 3pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z6108a8c9032b42ce9331b5e3c700a8e1" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 36pt; margin-top: 12pt; margin-bottom: 3pt; font-size: 12pt; font-weight: bold;">5.11</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-indent: 36pt; margin-top: 12pt; margin-bottom: 3pt; font-size: 12pt; font-weight: bold;">Certain Fees</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">The Purchaser acknowledges that, other than the fees and expenses payable pursuant to this Agreement, no brokerage
      or finder&#8217;s fees or commissions are or will be payable 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>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 12pt; margin-bottom: 3pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z9773957ba747449fadd01a87d5463268" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 36pt; margin-top: 12pt; margin-bottom: 3pt; font-size: 12pt; font-weight: bold;">5.12</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-indent: 36pt; margin-top: 12pt; margin-bottom: 3pt; font-size: 12pt; font-weight: bold;">Intent to Purchase Equity</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">It is the intent and understanding of the Purchaser that the VMTP Shares constitute shares of the Fund under the
      laws of the State of Delaware.&#160; All negotiations between the Purchaser (or any of its Affiliates) and the Fund regarding the VMTP Shares have been consistent with such intent and understanding.&#160; The Purchaser agrees to treat the VMTP Shares as equity
      of the Fund for all U.S. federal, state, and local income and other tax purposes.</div>
    <div style="text-align: center; margin-top: 12pt; margin-bottom: 3pt; font-size: 12pt; font-weight: bold;">ARTICLE&#160; VI<br>
      COVENANTS OF THE FUND</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">The Fund agrees that, so long as there is any amount payable hereunder or the Purchaser (or any of its affiliates)
      owns any Outstanding VMTP Shares:</div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 12pt; margin-bottom: 3pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z8a53df207ba94150a3e3ee4156dac3ad" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 36pt; margin-top: 12pt; margin-bottom: 3pt; font-size: 14pt; font-weight: bold;">6.1</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-indent: 36pt; margin-top: 12pt; margin-bottom: 3pt; font-size: 12pt; font-weight: bold;">Information </div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">Without limitation of the other provisions of this Agreement, the Fund will deliver, or direct the Redemption and
      Paying Agent to deliver, to the Purchaser:</div>
    <div style="margin-top: 12pt; margin-bottom: 3pt; text-indent: 58.3pt;"><font style="font-size: 12pt;">(a)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 49.7pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 12pt;"><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>as promptly as practicable
        after the preparation and filing thereof with the Securities and Exchange Commission (the &#8220;<font style="font-weight: bold;">SEC</font>&#8221;), each annual and semi-annual report prepared
        with respect to the Fund, which delivery may be made by the electronic availability of any such document on the SEC&#8217;s website or another public website;</font></div>
    <div style="margin-top: 12pt; margin-bottom: 3pt; text-indent: 58.3pt;"><font style="font-size: 12pt;">(b)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 49.7pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 12pt;">notice of any change in (including being put on Credit Watch or Watchlist), or suspension or termination of, the ratings on the VMTP Shares
        by any Rating Agency (and any corresponding change in the Rating Agency Guidelines applicable to the VMTP Shares associated with any such change in the rating from any Rating Agency) or any change of a Rating Agency rating the VMTP Shares, as
        promptly as practicable upon the occurrence thereof;</font></div>
    <div style="margin-top: 12pt; margin-bottom: 3pt; text-indent: 58.3pt;"><font style="font-size: 12pt;">(c)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 49.7pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 12pt;"><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>notice of any redemption or
        other repurchase of any or all of the VMTP Shares as provided in the Statement;</font></div>
    <div style="margin-top: 12pt; margin-bottom: 3pt; text-indent: 58.3pt;"><font style="font-size: 12pt;">(d)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 49.7pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 12pt;">notice of any proposed amendments to any of the Related Documents at such time as the amendments are sent to other parties 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 five (5) Business Days of being signed or, in each case, as
        provided in the relevant document;</font></div>
    <div style="margin-top: 12pt; margin-bottom: 3pt; text-indent: 58.3pt;"><font style="font-size: 12pt;">(e)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 49.7pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 12pt;"><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>notice of any missed,
        reduced or deferred dividend payment on the VMTP 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;</font></div>
    <div style="margin-top: 12pt; margin-bottom: 3pt; text-indent: 58.3pt;"><font style="font-size: 12pt;">(f)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 13.7pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 12pt;"><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>notice of&#160; the failure to
        make any deposit provided for under Section 2.5(d) 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;</font></div>
    <div style="margin-top: 12pt; margin-bottom: 3pt; text-indent: 58.3pt;"><font style="font-size: 12pt;">(g)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 49.7pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 12pt;">notice of non-compliance with the Rating Agency Guidelines (if applicable) for more than five (5) Business Days as soon as reasonably
        practicable, but in no event later than one (1) Business Day after expiration of the foregoing grace period;</font></div>
    <div style="margin-top: 12pt; margin-bottom: 3pt; text-indent: 58.3pt;"><font style="font-size: 12pt;">(h)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 49.7pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 12pt;">notice of the distribution of net capital gains or ordinary income one (1) Business Day in advance of the Rate Period that such net capital
        gains or ordinary income will or may be distributed, simultaneously with the Redemption and Paying Agent providing such notice to Beneficial Owner<strike>s</strike>
        or their Agent Members;</font></div>
    <div style="margin-top: 12pt; margin-bottom: 3pt; text-indent: 58.3pt;"><font style="font-size: 12pt;">(i)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 13.7pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 12pt;"><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>notice of any change to any
        investment adviser or sub-adviser of the Fund within two (2) Business Days after a resignation or a notice of removal has been sent by or to any such investment adviser or sub-adviser;</font></div>
    <div style="margin-top: 12pt; margin-bottom: 3pt; text-indent: 58.3pt;"><font style="font-size: 12pt;">(j)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 13.7pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 12pt;"><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>notice of any proxy
        solicitation as soon as reasonably practicable, but in no event later than five (5) Business Days after mailing thereof;</font></div>
    <div style="margin-top: 12pt; margin-bottom: 3pt; text-indent: 58.3pt;"><font style="font-size: 12pt;">(k)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 49.7pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 12pt;">notice one (1) Business Day after the occurrence thereof of (i)&#160;the failure of the Fund to pay the amount due on any &#8220;senior securities&#8221; (as
        defined under the 1940 Act) or other debt at the time outstanding, and any period of grace or cure with respect thereto shall have expired; (ii)&#160;the failure of the Fund to pay, or admitting in writing its inability to pay, its debts generally as
        they become due; or (iii)&#160;the failure of the Fund to pay accumulated dividends on any Preferred Shares ranking <font style="font-style: italic;">pari passu</font> with the VMTP Shares,
        and any period of grace or cure with respect thereto shall have expired;</font></div>
    <div style="margin-top: 12pt; margin-bottom: 3pt; text-indent: 58.3pt;"><font style="font-size: 12pt;">(l)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 13.7pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 12pt;"><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>notice of a material breach
        of any representation, warranty or covenant of the Fund contained in this Agreement, the Registration Rights Agreement or the Statement, in each case, only if any officer of the Fund has actual knowledge of such breach as soon as reasonably
        practicable, but in no event later than five (5) days after knowledge of any officer of the Fund or the Investment Adviser thereof;</font></div>
    <div style="margin-top: 12pt; margin-bottom: 3pt; text-indent: 58.3pt;"><font style="font-size: 12pt;">(m)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 49.7pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 12pt;">notice of any litigation, administrative proceeding or business development which may reasonably be expected to materially adversely affect
        the Fund&#8217;s business, properties or affairs or the ability of the Fund 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 Fund or the Investment Adviser thereof;</font></div>
    <div style="margin-top: 12pt; margin-bottom: 3pt; text-indent: 58.3pt;"><font style="font-size: 12pt;">(n)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 49.7pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 12pt;">upon request of the Purchaser, copies of any material that the Fund has delivered to each Rating Agency which is then rating VMTP Shares at
        such times and containing such information as set forth in the respective Rating Agency Guidelines as soon as reasonably practicable after such material has been sent;</font></div>
    <div style="margin-top: 12pt; margin-bottom: 3pt; text-indent: 58.3pt;"><font style="font-size: 12pt;">(o)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 49.7pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 12pt;">within two (2) Business Days after the fifteenth (15<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>) and last days of each month (each a &#8220;<font style="font-weight: bold;">Reporting Date</font>&#8221;), a report of portfolio holdings of the Fund as of each such Reporting Date, prepared on a basis substantially consistent with the periodic reports of
        portfolio holdings of the Fund prepared for financial reporting purposes;</font></div>
    <div style="margin-top: 12pt; margin-bottom: 3pt; text-indent: 58.3pt;"><font style="font-size: 12pt;">(p)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 49.7pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 12pt;">within two (2) Business Days after the fifteenth (15<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>) and last days of each month, the information set forth in Exhibit&#160;D to
        this Agreement and a calculation of the Effective Leverage Ratio and the Asset Coverage of the Fund as of the close of business of each Business Day since the date of the last report issued pursuant to this Section&#160;6.1(p); and upon the failure of
        the Fund to maintain Asset Coverage as provided in Section&#160;2.4(a) of the Statement or the Effective Leverage Ratio as required by Section&#160;2.4(c) of the Statement, notice of such failure within one (1) Business Day of the occurrence thereof; and</font></div>
    <div style="margin-top: 12pt; margin-bottom: 3pt; text-indent: 58.3pt;"><font style="font-size: 12pt;">(q)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 49.7pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 12pt;">from time to time such additional information regarding the
          financial position, results of operations or prospects of the Fund 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 Fund as soon as reasonably practicable, but in no event later than ten (10) days after a request.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">All information, reports and other papers, documentation and data with respect to the Fund furnished to the
      Purchaser pursuant to this Section&#160;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.<font style="background-color: #FFFFFF;">&#160; For purposes of Sections&#160;6.1(o) and 6.1(p), references to any day that is not a Business Day shall mean the next preceding Business Day.</font></div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 12pt; margin-bottom: 3pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb47b9d0b6e1248d6a5a68ddd731a9c9b" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 36pt; margin-top: 12pt; margin-bottom: 3pt; font-size: 12pt; font-weight: bold;">6.2</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-indent: 36pt; margin-top: 12pt; margin-bottom: 3pt; font-size: 12pt; font-weight: bold;">No Amendment or Certain Other Actions Without Consent of the Purchaser</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">To the extent that, collectively, the Purchaser and its affiliates are the Holders or Beneficial Owners of more
      than 50% of the VMTP Shares, without the prior written consent of the Purchaser, the Fund 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>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 12pt; margin-bottom: 3pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zbec68852394b4cf7bd3410b2aa1e4c95" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 36pt; margin-top: 12pt; margin-bottom: 3pt; font-size: 12pt; font-weight: bold;">6.3</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-indent: 36pt; margin-top: 12pt; margin-bottom: 3pt; font-size: 12pt; font-weight: bold;">Maintenance of Existence</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">The Fund shall continue to maintain its existence as a statutory trust under the laws of Delaware, with full right
      and power to issue the VMTP Shares and to execute, deliver and perform its obligations under this Agreement and each Related Document.</div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 12pt; margin-bottom: 3pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zbd8b3876c24943b696844d1c7213d306" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 36pt; margin-top: 12pt; margin-bottom: 3pt; font-size: 12pt; font-weight: bold;">6.4</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-indent: 36pt; margin-top: 12pt; margin-bottom: 3pt; font-size: 12pt; font-weight: bold;">Tax Status of the Fund</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">The Fund will qualify as a &#8220;regulated investment company&#8221; within the meaning of Section&#160;851(a) of the Code and the
      dividends made with respect to the VMTP Shares will qualify as &#8220;exempt interest dividends&#8221; to the extent they are reported as such by the Fund and permitted by Section&#160;852(b)(5)(A) of the Code.</div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 12pt; margin-bottom: 3pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z76368f413d28474cac1ee641484eea8e" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 36pt; margin-top: 12pt; margin-bottom: 3pt; font-size: 12pt; font-weight: bold;">6.5</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-indent: 36pt; margin-top: 12pt; margin-bottom: 3pt; font-size: 12pt; font-weight: bold;">Payment Obligations</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">The Fund 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 Fund.&#160; The fees and expenses and all other amounts payable pursuant to Section&#160;2.2(b) hereof shall be paid by the Fund on the Effective Date.</div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 12pt; margin-bottom: 3pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zc0104bdc37ae4555b222171252bd6465" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 36pt; margin-top: 12pt; margin-bottom: 3pt; font-size: 12pt; font-weight: bold;">6.6</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-indent: 36pt; margin-top: 12pt; margin-bottom: 3pt; font-size: 12pt; font-weight: bold;">Compliance With Law</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">The Fund shall comply with all laws, ordinances, orders, rules and regulations that may be applicable to it if the
      failure to comply could have a material adverse effect on the Fund&#8217;s ability to pay or otherwise perform when due its obligations under this Agreement, any of the VMTP Shares, or any of the other Related Documents.</div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 12pt; margin-bottom: 3pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z98295f2538cd4bc18d275e55f18a6b03" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 36pt; margin-top: 12pt; margin-bottom: 3pt; font-size: 12pt; font-weight: bold;">6.7</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-indent: 36pt; margin-top: 12pt; margin-bottom: 3pt; font-size: 12pt; font-weight: bold;">Maintenance of Approvals: Filings, Etc.</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">The Fund 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>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 12pt; margin-bottom: 3pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zec9a4b266f5446d288596be2e413b31c" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 36pt; margin-top: 12pt; margin-bottom: 3pt; font-size: 12pt; font-weight: bold;">6.8</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-indent: 36pt; margin-top: 12pt; margin-bottom: 3pt; font-size: 12pt; font-weight: bold;">Inspection Rights</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">The Fund shall, at any reasonable time and from time to time, upon reasonable notice, permit the Purchaser or any
      agents or representatives thereof, at the Fund&#8217;s expense, to examine and make copies of 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 the Fund shall not be required to pay for more than one inspection per fiscal year.&#160; The Fund will not unreasonably withhold its
      authorization for its independent accountants to discuss its affairs, finances and accounts with the Purchaser.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">All information, reports and other papers, documentation and data with respect to the Fund furnished to the
      Purchaser pursuant to this Section&#160;6.8 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.</div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 12pt; margin-bottom: 3pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z8eae75b965714ab9bcab0a1693b4dd29" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 36pt; margin-top: 12pt; margin-bottom: 3pt; font-size: 12pt; font-weight: bold;">6.9</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-indent: 36pt; margin-top: 12pt; margin-bottom: 3pt; font-size: 12pt; font-weight: bold;">Litigation, Etc.</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">The Fund shall give prompt notice in writing to the Purchaser of any litigation, administrative proceeding or
      business development which is reasonably expected to materially adversely affect its business, properties or affairs or to impair the ability of the Fund to perform its obligations as set forth hereunder or under any of the Related Documents.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">All information, reports and other papers, documentation and data with respect to the Fund furnished to the
      Purchaser pursuant to this Section&#160;6.9 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.</div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 12pt; margin-bottom: 3pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zdf807d61c762461db5af8a5bf93de65b" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 36pt; margin-top: 12pt; margin-bottom: 3pt; font-size: 12pt; font-weight: bold;">6.10</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-indent: 36pt; margin-top: 12pt; margin-bottom: 3pt; font-size: 12pt; font-weight: bold;">1940 Act Registration</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">The Fund shall maintain its valid registration as a registered closed-end company under the 1940 Act in full force
      and effect.</div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 12pt; margin-bottom: 3pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd7df7e868dc04a659a2ec7c69c4176d2" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 36pt; margin-top: 12pt; margin-bottom: 3pt; font-size: 12pt; font-weight: bold;">6.11</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-indent: 36pt; margin-top: 12pt; margin-bottom: 3pt; font-size: 12pt; font-weight: bold;">Eligible Assets</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">The Fund shall only make investments in the Eligible Assets listed on Exhibit&#160;B, as amended from time to time with
      the prior written consent of the Purchaser, in accordance with the Fund&#8217;s investment objective and the investment policies set forth in the Offering Memorandum, as such investment objective and investment policies may be modified in accordance with
      the 1940 Act and applicable law and, if applicable, the Related Documents.</div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 12pt; margin-bottom: 3pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z12b18b1e0cbf4f53aa5e64770ca8d051" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 36pt; margin-top: 12pt; margin-bottom: 3pt; font-size: 12pt; font-weight: bold;">6.12</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-indent: 36pt; margin-top: 12pt; margin-bottom: 3pt; font-size: 12pt; font-weight: bold;">Credit Quality</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">Unless the Fund receives the prior written consent of the Purchaser (such consent to be determined in the
      Purchaser&#8217;s good faith discretion), the Fund may not invest more than 20% of its total assets in securities that, at the time of investment, are rated at or below BB+ by S&amp;P or Ba1 by Moody&#8217;s, or such equivalent rating by at least one NRSRO, or
      if not rated, securities that the Investment Adviser determines to be of comparable quality at the time of investment.</div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 12pt; margin-bottom: 3pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z5fb4fe00d58842559d422dd62bbd82da" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 36pt; margin-top: 12pt; margin-bottom: 3pt; font-size: 12pt; font-weight: bold;">6.13</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-indent: 36pt; margin-top: 12pt; margin-bottom: 3pt; font-size: 12pt; font-weight: bold;">Maintenance of Effective Leverage Ratio</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">For so long as the Fund fails to provide the information required under Sections 6.1(o) and 6.1(p), the Purchaser
      shall calculate, for purposes of Section 2.4(c) of the Statement, the Effective Leverage Ratio using the most recently received information required to be delivered pursuant to Sections 6.1(o) and 6.1(p) and the market values of securities determined
      by the third-party pricing service which provided the market values to the Fund on the most recent date that information was properly provided by the Fund pursuant to the requirements of Sections 6.1(o) and 6.1(p).&#160; The Effective Leverage Ratio as
      calculated by the Purchaser in such instances shall be binding on the Fund.&#160; If required, the Fund shall restore the Effective Leverage Ratio as provided in the Statement.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">In connection with calculating the Effective Leverage Ratio, the Fund&#8217;s total assets and accrued liabilities shall
      reflect the positive or negative net obligations of the Fund under each Derivative Contract determined in accordance with the Fund&#8217;s valuation policies.</div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 12pt; margin-bottom: 3pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zff084c4ddf7e4aa0961a72017a2b19fb" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 36pt; margin-top: 12pt; margin-bottom: 3pt; font-size: 12pt; font-weight: bold;">6.14</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-indent: 36pt; margin-top: 12pt; margin-bottom: 3pt; font-size: 12pt; font-weight: bold;">Redemption and Paying Agent</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">The Fund shall use its commercially reasonable best efforts to engage at all times a Redemption and Paying Agent to
      perform the duties to be performed by the Redemption and Paying Agent specified herein and in the Statement.</div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 12pt; margin-bottom: 3pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z9a8ee01d1236464eb83a3284b70e422d" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 36pt; margin-top: 12pt; margin-bottom: 3pt; font-size: 12pt; font-weight: bold;">6.15</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-indent: 36pt; margin-top: 12pt; margin-bottom: 3pt; font-size: 12pt; font-weight: bold;">Cooperation in the Sale of VMTP Shares</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">The Fund will comply with reasonable due diligence requests from the Purchaser in connection with any proposed sale
      by the Purchaser of the VMTP Shares in a transaction exempt from registration under the Securities Act and otherwise permitted by this Agreement, provided that the Fund need not comply with any such request more than twice in any period of twelve
      consecutive months and any prospective purchaser of the VMTP Shares from the Purchaser shall execute a confidentiality agreement substantially to the effect of Section&#160;7.13&#160; prior to receiving any due diligence materials provided pursuant to such due
      diligence request.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">All information, reports and other papers, documentation and data with respect to the Fund furnished to the
      Purchaser pursuant to this Section&#160;6.15 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.</div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 12pt; margin-bottom: 3pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z576bdcf7ccf0417988d13c69158b22ce" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 36pt; margin-top: 12pt; margin-bottom: 3pt; font-size: 12pt; font-weight: bold;">6.16</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-indent: 36pt; margin-top: 12pt; margin-bottom: 3pt; font-size: 12pt; font-weight: bold;">Securities Depository</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">The Fund agrees to maintain settlement of the VMTP Shares in global book entry form through the Securities
      Depository or such other clearance system acceptable to the Purchaser.</div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 12pt; margin-bottom: 3pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z23c052f39e89467c8e3be281b8ad856f" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 36pt; margin-top: 12pt; margin-bottom: 3pt; font-size: 12pt; font-weight: bold;">6.17</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-indent: 36pt; margin-top: 12pt; margin-bottom: 3pt; font-size: 12pt; font-weight: bold;">Future Agreements</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">The Fund shall promptly, at the request of the Purchaser, enter into an agreement, on terms mutually satisfactory
      to the Fund and the Purchaser, of the type specified in Section&#160;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&#160;2.1 to rely on the provisions of
      Section&#160;12(d)(1)(E)(iii) of the 1940 Act.</div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 12pt; margin-bottom: 3pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z43e8f729affe400a93050b20e22581af" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 36pt; margin-top: 12pt; margin-bottom: 3pt; font-size: 14pt; font-style: italic; font-weight: bold;">6.18</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-indent: 36pt; margin-top: 12pt; margin-bottom: 3pt; font-size: 12pt; font-weight: bold;">[Intentionally left blank]</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 12pt; margin-bottom: 3pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z8acf470931874d8abf27c05527702791" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 36pt; margin-top: 12pt; margin-bottom: 3pt; font-size: 12pt; font-weight: bold;">6.19</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-indent: 36pt; margin-top: 12pt; margin-bottom: 3pt; font-size: 12pt; font-weight: bold;">Tax Opinion in Connection with Extension of Term Redemption Date</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 58.5pt; margin-bottom: 12pt; font-size: 12pt;">In the event that the Term Redemption Date of the VMTP Shares is extended pursuant to Section 2.5(a)(ii) of the
      Statement, the Fund shall cause to be delivered to the Purchaser, as a condition precedent to closing such extension, an opinion of counsel for the Fund, to the effect that, for U.S. federal income tax purposes, following such extension (i) the VMTP
      Shares will continue to qualify as equity in the Fund and (ii) the distributions made with respect to the VMTP Shares will qualify as exempt-interest dividends to the extent they are reported as such by the Fund and are permitted by Section
      852(b)(5)(A) of the Code.</div>
    <div style="text-align: center; margin-top: 12pt; margin-bottom: 3pt; font-size: 12pt; font-weight: bold;">ARTICLE&#160; VII<br>
      MISCELLANEOUS</div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 12pt; margin-bottom: 3pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z8fb3770bf07440329003ae05584bcfb3" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 36pt; margin-top: 12pt; margin-bottom: 3pt; font-size: 12pt; font-weight: bold;">7.1</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-indent: 36pt; margin-top: 12pt; margin-bottom: 3pt; font-size: 12pt; font-weight: bold;">Notices</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">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&#160;6.1 shall not be effective until received in writing; except as otherwise specified, notices under Section&#160;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 Fund, to receive such notice), immediately confirmed in writing, including by fax or electronic mail.&#160; The notice address for each party is specified below:</div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 12pt; margin-bottom: 3pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z4f8148ef66254dc7aa3934026809b4ac" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 58.5pt; vertical-align: top; align: right;">
              <div style="margin-left: 58.5pt; margin-top: 12pt; margin-bottom: 3pt; font-size: 12pt;">(a)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-indent: 85.5pt; margin-top: 12pt; margin-bottom: 3pt; font-size: 12pt;">if to the Fund:</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div style="margin-left: 72pt; font-size: 12pt;">Invesco California Value Municipal Income Trust<br>
      1555 Peachtree Street</div>
    <div style="margin-left: 72pt; font-size: 12pt;">Atlanta, GA 30309</div>
    <div style="margin-left: 72pt; margin-bottom: 12pt; font-size: 12pt;">Attention: Legal Department<br>
      <font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>&#160;&#160;&#160;&#160;&#160;Jeffrey Kupor, Senior Vice President<br>
      Telephone: (404) 439-3463<br>
      Telecopy: (713) 993-9185<br>
      Email:<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>Jeffrey.Kupor@Invesco.com</div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 12pt; margin-bottom: 3pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z1d92cfe748124857b9a146ae897afb46" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 58.5pt; vertical-align: top; align: right;">
              <div style="margin-left: 58.5pt; margin-top: 12pt; margin-bottom: 3pt; font-size: 12pt;">(b)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-indent: 49.5pt; margin-top: 12pt; margin-bottom: 3pt; font-size: 12pt;">if to Banc of America:</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div style="margin-right: 121.5pt; margin-left: 72pt; margin-top: 0.05pt; font-size: 12pt;">Banc of America Preferred Funding Corporation</div>
    <div style="margin-right: 211.5pt; margin-left: 72pt; margin-top: 0.05pt; font-size: 12pt;">One Bryant Park</div>
    <div style="margin-left: 72pt; font-size: 12pt;">1111 Avenue of the Americas, 9th Floor</div>
    <div style="margin-left: 72pt; margin-top: 0.7pt; font-size: 12pt;">New York, New York 10036</div>
    <div style="margin-right: 171.75pt; margin-left: 72pt; margin-top: 0.7pt;"><font style="font-size: 12pt;">Attention:</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 72pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 12pt;">Thomas Visone</font></div>
    <div style="text-indent: 72pt; margin-right: 171.75pt; margin-left: 72pt; margin-top: 0.7pt; font-size: 12pt;">Mary Ann Olson</div>
    <div style="text-indent: 72pt; margin-left: 72pt; font-size: 12pt;">Todd Blasiak</div>
    <div style="text-indent: 72pt; margin-left: 72pt; font-size: 12pt;">Michael Jentis</div>
    <div style="text-indent: 72pt; margin-right: 171.75pt; margin-left: 72pt; margin-top: 0.7pt; font-size: 12pt;">Lisa Irizarry</div>
    <div style="margin-left: 72pt;"><font style="font-size: 12pt;">Telephone:</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 72pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 12pt;">(212) 449-7358 (Visone, Blasiak, Irizarry)</font></div>
    <div style="text-indent: 72pt; margin-left: 72pt; font-size: 12pt;">(980) 388-4186 (Olson)</div>
    <div style="text-indent: 72pt; margin-right: 171.75pt; margin-left: 72pt; margin-top: 0.7pt; font-size: 12pt;">(212) 449-8300 (Jentis)</div>
    <div style="margin-left: 72pt;"><font style="font-size: 12pt;">Email:</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 72pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 12pt;">thomas.visone@bofa.com</font></div>
    <div style="text-indent: 72pt; margin-left: 72pt; font-size: 12pt;">mary.ann.olson@bofa.com</div>
    <div style="text-indent: 72pt; margin-left: 72pt; font-size: 12pt;">todd.blasiak@bofa.com</div>
    <div style="text-indent: 72pt; margin-left: 72pt; font-size: 12pt;">lisa.m.irizarry@bofa.com</div>
    <div style="text-indent: 72pt; margin-left: 72pt; font-size: 12pt;">michael.jentis@bofa.com</div>
    <div><br>
    </div>
    <div style="margin-left: 72pt; margin-bottom: 12pt; font-size: 12pt;">Wire Instructions:</div>
    <div style="margin-left: 72pt; font-size: 12pt;"><u>If to Banc of America</u>:</div>
    <div style="margin-left: 72pt; font-size: 12pt;">Bank Routing Number: 026009593</div>
    <div style="margin-left: 72pt; font-size: 12pt;">Bank Name: Bank of America, N.A.</div>
    <div style="margin-left: 72pt; font-size: 12pt;">Account Number: 194200 0780000</div>
    <div style="margin-left: 72pt; font-size: 12pt;">Attention: PFC 790946</div>
    <div style="margin-left: 72pt; margin-bottom: 12pt; font-size: 12pt;">Reference: CUSIP 46132H 601</div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 12pt; margin-bottom: 3pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd031700802474b64a422f3a96caee922" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 36pt; margin-top: 12pt; margin-bottom: 3pt; font-size: 12pt; font-weight: bold;">7.2</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-indent: 36pt; margin-top: 12pt; margin-bottom: 3pt; font-size: 12pt; font-weight: bold;">No Waivers</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div style="margin-top: 12pt; margin-bottom: 3pt; text-indent: 58.3pt;"><font style="font-size: 12pt;">(a)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 49.7pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 12pt;"><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>The obligations of the Fund
        hereunder shall not in any way be modified or limited by reference to any other document, instrument or agreement (including, without limitation, the VMTP Shares or any other Related Document). The rights of the Purchaser hereunder are separate
        from and in addition to any rights that any Holder or Beneficial Owner of any VMTP Share may have under the terms of such VMTP Share or any Related Document or otherwise.</font></div>
    <div style="margin-top: 12pt; margin-bottom: 3pt; text-indent: 58.3pt;"><font style="font-size: 12pt;">(b)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 49.7pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 12pt;">No failure or delay by the Fund or the Purchaser in exercising any right, power or privilege hereunder or under the VMTP 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 Fund or the Purchaser in exercising any right,
        power or privilege under or in respect of the VMTP Shares or any other Related Document shall affect the rights, powers or privileges of the Fund 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.</font></div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 12pt; margin-bottom: 3pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za230a948567e41ccaf044f107f89c169" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 36pt; margin-top: 12pt; margin-bottom: 3pt; font-size: 12pt; font-weight: bold;">7.3</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-indent: 36pt; margin-top: 12pt; margin-bottom: 3pt; font-size: 12pt; font-weight: bold;">Expenses and Indemnification</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="margin-top: 12pt; margin-bottom: 3pt; text-indent: 36pt;"><font style="font-size: 12pt;">(a)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 12pt;">The Fund shall upon demand either, as the Purchaser may require, pay in the first instance or 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.&#160; The Fund shall not be responsible under this Section&#160;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 Fund.</font></div>
    <div style="margin-top: 12pt; margin-bottom: 3pt; text-indent: 36pt;"><font style="font-size: 12pt;">(b)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 12pt;">The Fund 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)&#160;any material misstatements or any material statements
        omitted to be made in the Offering Memorandum (including any documents incorporated by reference therein)&#160;or (B)&#160;the offering or sale of the VMTP Shares by the Purchaser (x)&#160;that the Purchaser aided and abetted a breach of a fiduciary duty by the
        Fund or any director or officer of the Fund or (y)&#160;arising from any act by the Fund or any director or officer of the Fund (excluding in any such case clauses&#160;(A) or (B), claims, losses, liabilities or expenses arising out of or resulting from the
        gross negligence or willful misconduct of any Indemnified Party as determined by a court of competent jurisdiction).</font></div>
    <div style="margin-top: 12pt; margin-bottom: 3pt; text-indent: 36pt;"><font style="font-size: 12pt;">(c)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 12pt;">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, liabilities, damages and expenses (or actions in respect thereof) in such proportion as is appropriate to reflect
        (i)&#160;the relative benefits received by the Fund 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)&#160;if the allocation provided by the foregoing
        clause&#160;(i) is not permitted by applicable law, not only such relative benefits but also the relative fault of the Fund 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 Fund pursuant to the
        proposed transactions giving rise to this Agreement.&#160; For purposes of determining the relative benefits to the Fund 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)&#160;the total value received or proposed to be received by the Fund pursuant to the transactions, whether or not consummated bears to (ii)&#160;the dividends paid by the Fund 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 Fund on the one hand, or the Purchaser on the
        other, the parties&#8217; 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.</font></div>
    <div style="margin-top: 12pt; margin-bottom: 3pt; text-indent: 36pt;"><font style="font-size: 12pt;">(d)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 12pt;">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)&#160;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)&#160;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.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">Each party further agrees that it will not, without the prior written consent of the other parties (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 Fund further agrees that the Purchaser, any of its affiliates, any directors, officers, partners, employees, agents, representatives or
      control persons of the Purchaser or any of its affiliates shall not have any liability to the Fund 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 the Purchaser&#8217;s or its affiliates&#8217; 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 style="margin-top: 12pt; margin-bottom: 3pt; text-indent: 36pt;"><font style="font-size: 12pt;">(e)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 12pt;">Nothing in this Section&#160;7.3 is intended to limit any party&#8217;s obligations contained in other parts of this Agreement or the VMTP Shares.</font></div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 12pt; margin-bottom: 3pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z6e6cda0019c444e2b8e438a47a64b47a" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 36pt; margin-top: 12pt; margin-bottom: 3pt; font-size: 12pt; font-weight: bold;">7.4</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-indent: 36pt; margin-top: 12pt; margin-bottom: 3pt; font-size: 12pt; font-weight: bold;">Amendments and Waivers</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">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 Purchaser; <u>provided</u>, <u>that</u> the
      Fund shall not make or agree to any amendment or waiver that affects any preference, right or power of the VMTP Shares or the Holders or Beneficial Owners thereof except as permitted under the Declaration or the Statement.</div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 12pt; margin-bottom: 3pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd99051da79b34190b80f56d49c5e29e9" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 36pt; margin-top: 12pt; margin-bottom: 3pt; font-size: 12pt; font-weight: bold;">7.5</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-indent: 36pt; margin-top: 12pt; margin-bottom: 3pt; font-size: 12pt; font-weight: bold;">Successors and Assigns</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">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 Fund 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&#160;2.1 and which has executed and delivered to the Fund the transferee certificate attached as Exhibit&#160;C shall, prior to registration of any VMTP Shares under the Securities
      Act, have the rights set forth in Section&#160;7.15 and shall, so long as such transferee has provided a means for the Fund to transmit such information electronically to it, be entitled to receive the information delivered pursuant to Sections&#160;6.1(o) and
      6.1(p) and such transferees shall be deemed a party to this Agreement for purposes of Sections&#160;6.1(o) and 6.1(p) and the confidentiality provisions herein as specified in the transferee certificate<font style="font-size: 10pt;">&#160;</font>and (2) the Purchaser may assign its rights or obligations to any affiliates of the Purchaser or any tender option bond trust (or other similar investment vehicle) in which the Purchaser or an affiliate of the
      Purchaser retains the entire residual interest.&#160; Any assignment without such prior written consent shall be void.</div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 12pt; margin-bottom: 3pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze9c5115322cd437ab74cbcc10285bc47" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 36pt; margin-top: 12pt; margin-bottom: 3pt; font-size: 12pt; font-weight: bold;">7.6</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-indent: 36pt; margin-top: 12pt; margin-bottom: 3pt; font-size: 12pt; font-weight: bold;">Term of this Agreement</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">This Agreement shall terminate on the earlier of (x)&#160;the registration of any Outstanding VMTP Shares under the
      Securities Act and (y)&#160;the redemption, repurchase or exchange of all Outstanding VMTP Shares by the Fund and payment in full of all amounts then due and owing to the Purchaser and its affiliates hereunder and in respect of the VMTP Shares pursuant to
      the terms of the Statement; and notwithstanding any termination of this Agreement, Section&#160;7.3, Section&#160;7.7, Section&#160;7.8, Section&#160;7.10, Section&#160;7.11, the second sentence of Section&#160;7.12, and Section&#160;7.13 (for a period of two (2) years after the
      termination of this Agreement) shall remain in full force and effect.</div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 12pt; margin-bottom: 3pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z773401f0fa304406a78f787c15f43fff" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 36pt; margin-top: 12pt; margin-bottom: 3pt; font-size: 12pt; font-weight: bold;">7.7</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-indent: 36pt; margin-top: 12pt; margin-bottom: 3pt; font-size: 12pt; font-weight: bold;">Governing Law</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">This Agreement shall be construed in accordance with and governed by the domestic law of the State of New York
      without regard to conflicts of law principles that would require the application of the law of another jurisdiction.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">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>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 12pt; margin-bottom: 3pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z18c2c29f0d23429ebee86e279d2f27c4" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 36pt; margin-top: 12pt; margin-bottom: 3pt; font-size: 12pt; font-weight: bold;">7.8</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-indent: 36pt; margin-top: 12pt; margin-bottom: 3pt; font-size: 12pt; font-weight: bold;">Waiver of Jury Trial</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">The Fund and the Purchaser hereby waive trial by jury in any action, proceeding or counterclaim brought by any of
      the parties hereto against any other on any matters whatsoever arising out of or in any way connected with this Agreement.</div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 12pt; margin-bottom: 3pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z6f0091dd24f443409810f43ad4d86aa8" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 36pt; margin-top: 12pt; margin-bottom: 3pt; font-size: 12pt; font-weight: bold;">7.9</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-indent: 36pt; margin-top: 12pt; margin-bottom: 3pt; font-size: 12pt; font-weight: bold;">Counterparts</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">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.</div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 12pt; margin-bottom: 3pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze5d7334398c2452fb6c34bc870c6bbfb" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 36pt; margin-top: 12pt; margin-bottom: 3pt; font-size: 12pt; font-weight: bold;">7.10</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-indent: 36pt; margin-top: 12pt; margin-bottom: 3pt; font-size: 12pt; font-weight: bold;">Beneficiaries</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">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>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 12pt; margin-bottom: 3pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zc5ea73de9cc34227816a93541929223a" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 36pt; margin-top: 12pt; margin-bottom: 3pt; font-size: 12pt; font-weight: bold;">7.11</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-indent: 36pt; margin-top: 12pt; margin-bottom: 3pt; font-size: 12pt; font-weight: bold;">Entire Agreement</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">Except as set forth in Section&#160;7.5, 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>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 12pt; margin-bottom: 3pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z28dce9b10f414bbb9807595762f0b953" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 36pt; margin-top: 12pt; margin-bottom: 3pt; font-size: 12pt; font-weight: bold;">7.12</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-indent: 36pt; margin-top: 12pt; margin-bottom: 3pt; font-size: 12pt; font-weight: bold;">Relationship to the Statement</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">The Fund and the Purchaser 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. As between the Fund and the Purchaser, the Fund and the Purchaser agree that Section&#160;2.10(d)&#160;of the Statement shall have no effect for so long as none of the VMTP
      Shares have been registered under the Securities Act.</div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 12pt; margin-bottom: 3pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z3bf18b79f5ba4978a0d59fb790042f99" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 36pt; margin-top: 12pt; margin-bottom: 3pt; font-size: 12pt; font-weight: bold;">7.13</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-indent: 36pt; margin-top: 12pt; margin-bottom: 3pt; font-size: 12pt; font-weight: bold;">Confidentiality</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">Any information delivered by a party to this Agreement to any other party pursuant to this Agreement, including,
      without limitation, pursuant to Section&#160;6.1 in the case of the Fund (collectively, the &#8220;<font style="font-weight: bold;">Information</font>&#8221;), shall not be disclosed by such other party
      (or its employees, representatives or agents) to any person or entity (except as required by law or to such of its agents and advisors as need to know and agree to be bound by the provisions of this paragraph) without the prior written consent of the
      party delivering the Information.</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">The obligations of confidentiality 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 Beneficial Owners or potential Holders or Beneficial Owners, in each case in their capacity as
      such, in the offering documents of the Fund, in notices to Holders or Beneficial Owners pursuant to one or more of the Related Documents or pursuant to the Fund&#8217;s or the Purchaser&#8217;s informational obligations under Rule 144A(d)(4) or other reporting
      obligation of the SEC; or is required or requested to be disclosed (i) by a regulatory agency or in connection with an examination of either party or its representatives by regulatory authorities, (ii) pursuant to subpoena or other court process,
      (iii) at the express direction of any other authorized government agency, (iv) to its independent attorneys or auditors, (v) as required by any NRSRO, (vi) as otherwise required by law or regulation, (vii) otherwise in connection with the enforcement
      of this Agreement, (viii) 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, (ix) subject to an agreement containing provisions
      substantially similar to those of this Section 7.13, (x) by a prospective purchaser of the VMTP 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 Fund is an express third party beneficiary thereof, and (xi) 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. For the avoidance of doubt, references in this Section 7.13 to &#8220;regulatory agency,&#8221; &#8220;regulatory authorities,&#8221; &#8220;government agency&#8221; and &#8220;law or regulation&#8221; shall be deemed to include the Internal Revenue Service and state
      taxation authorities.</div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 12pt; margin-bottom: 3pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z4e87e80cff444c569b24ab81913222c4" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 36pt; margin-top: 12pt; margin-bottom: 3pt; font-size: 12pt; font-weight: bold;">7.14</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-indent: 36pt; margin-top: 12pt; margin-bottom: 3pt; font-size: 12pt; font-weight: bold;">Severability</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">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>
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            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 36pt; margin-top: 12pt; margin-bottom: 3pt; font-size: 12pt; font-weight: bold;">7.15</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-indent: 36pt; margin-top: 12pt; margin-bottom: 3pt; font-size: 12pt; font-weight: bold;">Consent Rights of the Majority Participants to Certain Actions</div>
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    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">For so long as none of the VMTP Shares have been registered under the Securities Act, without the affirmative vote
      or consent of the Majority Participants, neither the Fund nor the Board of Trustees will take or authorize the taking of any of the actions set forth under clauses&#160;(a) through (e) of this Section&#160;7.15:</div>
    <div style="margin-top: 12pt; margin-bottom: 3pt; text-indent: 58.3pt;"><font style="font-size: 12pt;">(a)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 49.7pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 12pt;"><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>The termination by the Fund
        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 VMTP Shares.</font></div>
    <div style="margin-top: 12pt; margin-bottom: 3pt; text-indent: 58.3pt;"><font style="font-size: 12pt;">(b)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 49.7pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 12pt;">The Fund issuing or suffering 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 (i) the VMTP Shares issued and sold pursuant to this Agreement; (ii) borrowings for temporary purposes in an amount
        not to exceed 5% of the assets of the Fund, which borrowings are repaid within sixty (60) days of the incurrence thereof; (iii)&#160;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 VMTP Shares and the payment of costs incurred in connection therewith; and (iv)&#160;as may be otherwise approved or consented to by the Majority Participants, provided that if any such
        &#8220;senior security&#8221; is created or incurred by the Fund it shall not require the approval of the Majority Participants if the Fund exchanges, redeems, retires or terminates such &#8220;senior security&#8221; or otherwise cures such non-compliance within five (5)
        Business Days of receiving notice of the existence thereof.</font></div>
    <div style="margin-top: 12pt; margin-bottom: 3pt; text-indent: 58.3pt;"><font style="font-size: 12pt;">(c)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 49.7pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 12pt;"><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>The Fund (i)&#160;creating or
        incurring or suffering 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)&#160;except for any lien for the
        benefit of the Custodian of the Fund on the assets of the Fund held by such Custodian, pledging any portfolio security to secure any senior securities or other liabilities to be incurred by the Fund (including under any tender option bond trust of
        which the residual floating rate trust certificates will be owned by the Fund) unless the aggregate securities pledged pursuant to all such pledges or security arrangements are valued for purposes of such security arrangements in an aggregate
        amount not less than 70% of their aggregate market value (determined by an independent third party pricing service) for purposes of determining the value of the collateral required to be posted or otherwise provided under all such security
        arrangements; provided 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 Fund and the Fund cures such violation within five
        Business Days of receiving notice of the existence thereof.</font></div>
    <div style="margin-top: 12pt; margin-bottom: 3pt; text-indent: 58.3pt;"><font style="font-size: 12pt;">(d)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 49.7pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 12pt;">Approval of any amendment, alteration or repeal of any provision of the Declaration or the Statement, whether by merger, consolidation,
        reorganization or otherwise, that would affect any preference, right or power of the VMTP Shares differentially from the rights of the holders of the Common Shares; or</font></div>
    <div style="margin-top: 12pt; margin-bottom: 3pt; text-indent: 58.3pt;"><font style="font-size: 12pt;">(e)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 49.7pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 12pt;"><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>Approval of any action to be
        taken pursuant to Sections&#160;2.5(g) and 2.17 of the Statement (other than the issuance of additional series of Variable Rate Muni Term Preferred Shares or other Preferred Shares, the proceeds of which will be used for the redemption or repurchase of
        the VMTP Shares and costs incurred in connection therewith).</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 58.5pt; margin-bottom: 12pt; font-size: 12pt;">In addition, if the Board of Trustees shall designate a replacement to the SIFMA Municipal Swap Index pursuant to
      the definition of SIFMA Municipal Swap Index contained in the Statement, the Fund shall notify the Holders of the VMTP 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 Fund 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 Fund and the Majority Participants.</div>
    <div>
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            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 36pt; margin-top: 12pt; margin-bottom: 3pt; font-size: 12pt; font-weight: bold;">7.16</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-indent: 36pt; margin-top: 12pt; margin-bottom: 3pt; font-size: 12pt; font-weight: bold;">Disclaimer of Liability of Officers, Trustees and Beneficiaries</div>
            </td>
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    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">Notice is hereby is given that this Agreement is executed on behalf of the Fund by an officer of the Fund in his or
      her capacity as an officer of the Fund and not individually and that the obligations of the Fund under or arising out of this Agreement are not binding upon any of the Trustees, officers or shareholders individually but are binding only upon the
      assets and properties of the Fund. All persons extending credit to, contracting with or having a claim against the Fund must look solely to the Fund&#8217;s assets and property for the enforcement of any claims against the Fund as none of the Fund&#8217;s
      officers, agents or shareholders, whether past, present or future, assume any personal liability for obligations entered on behalf of the Fund.</div>
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    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;"><font style="font-weight: bold;">IN WITNESS WHEREOF</font>,
      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.</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="z86ec8ef8d9214fc6a4c12a22420039b8" cellpadding="0" cellspacing="0">

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          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 50%; vertical-align: top; border-bottom: 2px solid black;">
            <div style="font-size: 12pt;">INVESCO CALIFORNIA VALUE MUNICIPAL INCOME TRUST</div>
            <div><font style="font-size: 12pt;">By: </font><font style="font-size: 12pt;">&#160; /s/ Amanda Roberts</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 208.1pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 12pt;"><br>
                <font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 18.7pt" id="TRGRRTFtoHTMLTab">&#160;</font>Name: Amanda Roberts<br>
                <font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 18.7pt" id="TRGRRTFtoHTMLTab">&#160;</font>Title:&#160;&#160; Assistant Secretary</font></div>
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    <div style="margin-bottom: 12pt;"><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="z3a21fc2b35324bb0a63a4d7288b43d16" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 50%; vertical-align: top; border-bottom: 2px solid black;">
            <div style="font-size: 12pt;">BANC OF AMERICA PREFERRED FUNDING CORPORATION</div>
            <div><font style="font-size: 12pt;">By:</font><font style="font-size: 12pt;">&#160;&#160; /s/ Michael Jentis</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 208.1pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 12pt;"><br>
                <font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 18.7pt" id="TRGRRTFtoHTMLTab">&#160;</font>Name: Michael Jentis<br>
                <font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 18.7pt" id="TRGRRTFtoHTMLTab">&#160;</font>Title: Authorized Signatory</font></div>
            <div>&#160;</div>
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    <div style="text-align: center; margin-bottom: 12pt; font-size: 12pt; font-weight: bold;">SCHEDULE&#160;1</div>
    <div style="text-align: justify;">
      <div>
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              <td style="width: 144pt; vertical-align: top; align: right;"><font style="font-size: 12pt;"><u>Description of Shares</u></font><font style="font-size: 12pt;">:</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="font-size: 12pt;">2,083 Invesco California Value Municipal Income Trust Variable Rate Muni Term Preferred Shares, <font style="background-color: #FFFFFF;">Series 2015/6-VCV</font>, with a Liquidation Preference of $100,000 per share (&#8220;<font style="font-weight: bold;">VMTP Shares</font>&#8221;).</div>
              </td>
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    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 0pt; margin-left: 144pt;"><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
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    <div style="text-align: center; margin-bottom: 12pt; font-size: 12pt; font-weight: bold;">EXHIBIT&#160;A</div>
    <div style="text-align: center; margin-bottom: 12pt; font-size: 12pt; font-weight: bold;">FORMS OF OPINIONS OF COUNSEL FOR THE FUND</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
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    <div style="text-align: center; margin-bottom: 12pt; font-size: 12pt; font-weight: bold;">EXHIBIT A-1</div>
    <div style="text-align: center; margin-bottom: 12pt; font-size: 12pt; font-weight: bold;">FORM OF CORPORATE AND 1940 ACT OPINION</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
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    </div>
    <div style="text-align: center; margin-bottom: 12pt; font-size: 12pt; font-weight: bold;">EXHIBIT&#160;A-2</div>
    <div style="text-align: center; margin-bottom: 12pt; font-size: 12pt; font-weight: bold;">FORM OF TAX OPINION</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
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    <div style="text-align: center; margin-bottom: 12pt; font-size: 12pt; font-weight: bold;">EXHIBIT A-3</div>
    <div style="text-align: center; margin-bottom: 12pt; font-size: 12pt; font-weight: bold;">FORM OF LOCAL COUNSEL OPINION</div>
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    <div style="text-align: center; margin-bottom: 12pt; font-size: 12pt; font-weight: bold;">EXHIBIT&#160;B</div>
    <div style="text-align: center; margin-bottom: 12pt; font-size: 12pt; font-weight: bold;">ELIGIBLE ASSETS</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">On the Effective Date and at all times thereafter:</div>
    <div style="margin-bottom: 12pt; text-indent: 36pt;"><font style="font-size: 12pt;">1.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 12pt;">All assets in the Fund consist of &#8220;Eligible Assets&#8221;, defined to consist only of the following as of the time of investment:</font></div>
    <div style="margin-bottom: 12pt; text-indent: 72pt;"><font style="font-size: 12pt;">A.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 12pt;">Debt obligations</font></div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z8b8b1addb4a340fab6be84d8522d9307" cellpadding="0" cellspacing="0">

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            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 108pt; margin-bottom: 12pt; font-size: 12pt;">i.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; text-indent: 108pt; margin-bottom: 12pt; font-size: 12pt;">&#8220;Municipal securities,&#8221; 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 thereof, including obligations of any of the foregoing types related to financing a 501(c)(3) organization. The purchase of any municipal security will be based upon the Investment
                Adviser&#8217;s assessment of an asset&#8217;s relative value in terms of current yield, price, credit quality, and future prospects; and the Investment Adviser will monitor the creditworthiness of the Fund&#8217;s portfolio investments and analyze economic,
                political and demographic trends affecting the markets for such assets.&#160; 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 Adviser are expected to produce payments of principal and interest whose present value exceeds the purchase price.</div>
            </td>
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    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z5e17f956be6a4d3db9b91602bc3c76d8" cellpadding="0" cellspacing="0">

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            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 108pt; margin-bottom: 12pt; font-size: 12pt;">ii.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; text-indent: 108pt; margin-bottom: 12pt; font-size: 12pt;">Debt obligations of the United States.</div>
            </td>
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    </div>
    <div>
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            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 108pt; margin-bottom: 12pt; font-size: 12pt;">iii.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; text-indent: 108pt; margin-bottom: 12pt; font-size: 12pt;">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>
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    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z38ac8f33c1ea48968030ef1cd773fc35" cellpadding="0" cellspacing="0">

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            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 108pt; margin-bottom: 12pt; font-size: 12pt;">iv.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; text-indent: 108pt; margin-bottom: 12pt; font-size: 12pt;">Debt obligations of the Washington Metropolitan Area Transit Authority guaranteed by the Secretary of
                Transportation under Section&#160;9 of the National Capital Transportation Act of 1969.</div>
            </td>
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    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za4eb1940cd4340618042982aa06adf81" cellpadding="0" cellspacing="0">

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            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 108pt; margin-bottom: 12pt; font-size: 12pt;">v.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; text-indent: 108pt; margin-bottom: 12pt; font-size: 12pt;">Debt obligations of the Federal Home Loan Banks.</div>
            </td>
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    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z15f481ebe01942cb990b400bd5cc64f7" cellpadding="0" cellspacing="0">

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            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 108pt; margin-bottom: 12pt; font-size: 12pt;">vi.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; text-indent: 108pt; margin-bottom: 12pt; font-size: 12pt;">Debt obligations, participations or other instruments of or issued by the Federal National Mortgage
                Association or the Government National Mortgage Association.</div>
            </td>
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    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z5832f8bc941a46c3bdfd5880021c762f" cellpadding="0" cellspacing="0">

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            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 108pt; margin-bottom: 12pt; font-size: 12pt;">vii.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; text-indent: 108pt; margin-bottom: 12pt; font-size: 12pt;">Debt obligations which are or ever have been sold by the Federal Home Loan Mortgage Corporation pursuant
                to sections&#160;305 or 306 of the Federal Home Loan Mortgage Corporation Act.</div>
            </td>
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    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z2e7338acede24669a6bb9718c1129763" cellpadding="0" cellspacing="0">

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            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 108pt; margin-bottom: 12pt; font-size: 12pt;">viii.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; text-indent: 108pt; margin-bottom: 12pt; font-size: 12pt;">Debt obligations of any agency named in 12 U.S.C. &#167;&#160;24(Seventh) as eligible to issue obligations that a
                national bank may underwrite, deal in, purchase and sell for the bank&#8217;s own account, including qualified Canadian government obligations.</div>
            </td>
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    </div>
    <div>
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          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 108pt; margin-bottom: 12pt; font-size: 12pt;">ix.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; text-indent: 108pt; margin-bottom: 12pt; font-size: 12pt;">Debt obligations of the Fund other than those specified in (i)&#160;through (viii) above that are &#8220;investment
                grade&#8221; and that are &#8220;marketable.&#8221; For these purposes, an obligation is</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="text-align: justify; margin-left: 108pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">(aa)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 12pt;">&#8220;marketable&#8221; if:</font></div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd90c296956284384a1ac1f31ac391158" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 162pt; vertical-align: top; align: right;">
              <div style="margin-left: 144pt; margin-bottom: 12pt; font-size: 12pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; margin-bottom: 12pt; font-size: 12pt;">it is registered under the Securities Act;</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z1abbe2fc822a428a9a24ec12b8b7f496" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 162pt; vertical-align: top; align: right;">
              <div style="margin-left: 144pt; margin-bottom: 12pt; font-size: 12pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; margin-bottom: 12pt; font-size: 12pt;">it is offered and sold pursuant to Securities and Exchange Commission Rule&#160;144A; 17&#160;CFR 230.144A; or</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z6423fbf5b3c446708c02fed3de48ff87" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 162pt; vertical-align: top; align: right;">
              <div style="margin-left: 144pt; margin-bottom: 12pt; font-size: 12pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; margin-bottom: 12pt; font-size: 12pt;">it can be sold with reasonable promptness at a price that corresponds reasonably to its fair value; and</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="text-align: justify; margin-left: 108pt; margin-bottom: 12pt;"><font style="font-size: 12pt;">(bb)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 12pt;">&#8220;investment grade&#8221; if:</font></div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z2943249b47904f29a7a29924cb3a849c" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 162pt; vertical-align: top; align: right;">
              <div style="margin-left: 144pt; margin-bottom: 12pt; font-size: 12pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; margin-bottom: 12pt; font-size: 12pt;">the obligor had adequate capacity to meet financial commitments under the security for the projected life of the asset or
                exposure, which capacity is presumed if the risk of default by the obligor is low and the full and timely repayment of the principal and interest is expected.</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z7b4a3d7917334c908b922c336809ad1a" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 108pt; margin-bottom: 12pt; font-size: 12pt;">x.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; text-indent: 108pt; margin-bottom: 12pt; font-size: 12pt;">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>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z4c62d51dddc1467cb11cc6e870fd71bf" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 108pt; margin-bottom: 12pt; font-size: 12pt;">xi.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; text-indent: 108pt; margin-bottom: 12pt; font-size: 12pt;">The bonds, notes and other debt securities referenced in (A)&#160;above shall be defined as Eligible Assets.&#160;
                An asset shall not lose its status as an Eligible Asset solely by virtue of the fact that:</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z074a625e1c684a359fa073e0d12edc40" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 162pt; vertical-align: top; align: right;">
              <div style="margin-left: 144pt; margin-bottom: 12pt; font-size: 12pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; margin-bottom: 12pt; font-size: 12pt;">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>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zdd531765db834f269cb0f2b9e239c7f4" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 162pt; vertical-align: top; align: right;">
              <div style="margin-left: 144pt; margin-bottom: 12pt; font-size: 12pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; margin-bottom: 12pt; font-size: 12pt;">it is for long-term or short-term financing purposes.</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="margin-bottom: 12pt; text-indent: 72pt;"><font style="font-size: 12pt;">B.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 12pt;">Derivatives</font></div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z66b83ad2edb941cd9ba0c0082b3f5a29" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 108pt; margin-bottom: 12pt; font-size: 12pt;">i.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; text-indent: 108pt; margin-bottom: 12pt; font-size: 12pt;">Interest rate derivatives;</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb01a2a9cc2504c03ac9536fff4253cc5" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 108pt; margin-bottom: 12pt; font-size: 12pt;">ii.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; text-indent: 108pt; margin-bottom: 12pt; font-size: 12pt;">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>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zcb924f03431c4880bd58a8ec97528588" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 108pt; margin-bottom: 12pt; font-size: 12pt;">iii.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; text-indent: 108pt; margin-bottom: 12pt; font-size: 12pt;">Credit default swaps.</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="margin-bottom: 12pt; text-indent: 72pt;"><font style="font-size: 12pt;">C.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 12pt;">Other Assets</font></div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z9ced549541534bc5ae91ecf5101022f9" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 108pt; margin-bottom: 12pt; font-size: 12pt;">i.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; text-indent: 108pt; margin-bottom: 12pt; font-size: 12pt;">Shares of other investment companies (open- or closed-end funds and ETFs) the assets of which consist
                entirely of Eligible Assets based on the Investment Adviser&#8217;s assessment of the assets of each such investment company taking into account the investment company&#8217;s most recent publicly available schedule of investments and publicly
                disclosed investment policies.</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z82de2f0984104d1b91c7ca2c93c39a19" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 108pt; margin-bottom: 12pt; font-size: 12pt;">ii.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; text-indent: 108pt; margin-bottom: 12pt; font-size: 12pt;">Cash;</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z7117e92d9ee4429e87681b11eaa20f01" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 108pt; margin-bottom: 12pt; font-size: 12pt;">iii.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; text-indent: 108pt; margin-bottom: 12pt; font-size: 12pt;">Repurchase agreements on assets described in A above; or</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf10a5c1b04c346869bf66e65884c9aa9" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 108pt; margin-bottom: 12pt; font-size: 12pt;">iv.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; text-indent: 108pt; margin-bottom: 12pt; font-size: 12pt;">Taxable fixed-income securities, for the purpose of acquiring control of an issuer whose municipal bonds
                (a)&#160;the Fund already owns and (b)&#160;have deteriorated or are expected shortly to deteriorate that such investment should enable the Fund to better maximize its existing investment in such Fund, provided that the Fund may invest no more than
                0.5% of its total assets in such securities.</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="margin-bottom: 12pt; text-indent: 72pt;"><font style="font-size: 12pt;">D.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 12pt;">Other assets, upon written agreement of the Purchaser that such assets are eligible for purchase by the Purchaser.</font></div>
    <div style="margin-bottom: 12pt; text-indent: 36pt;"><font style="font-size: 12pt;">2.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 12pt;">The Investment Adviser has instituted policies and procedures that it believes are sufficient to ensure that the Fund and it comply with the representations, warranties and
        covenants contained in this Exhibit B to the Agreement.</font></div>
    <div style="margin-bottom: 12pt; text-indent: 36pt;"><font style="font-size: 12pt;">3.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 12pt;">The Fund will, upon request, provide the Purchaser and its internal and external auditors and inspectors as the Purchaser may from time to time designate, with all reasonable
        assistance and access to information and records of the Fund relevant to the Fund&#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.</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div style="text-align: center; margin-bottom: 12pt; font-size: 12pt; font-weight: bold;">EXHIBIT&#160;C</div>
    <div style="text-align: center; margin-bottom: 12pt; font-size: 12pt; font-weight: bold;">TRANSFEREE CERTIFICATE</div>
    <div style="margin-bottom: 12pt; font-size: 12pt;">Invesco California Value Municipal Income Trust<br>
      1555 Peachtree Street<br>
      Atlanta, GA 30309</div>
    <div style="margin-bottom: 12pt;"><font style="font-size: 12pt;">Attention: Legal Department<br>
        <font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>&#160;&#160;&#160;&#160;&#160;Jeffrey Kupor, Senior Vice President<br>
        </font><br>
    </div>
    <div style="margin-bottom: 12pt; font-size: 12pt;">Ladies and Gentlemen:</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">Reference is hereby made to the Variable Rate Muni Term Preferred Purchase Agreement (the &#8220;Purchase Agreement&#8221;),
      dated as of November 19, 2019 by and between Invesco California Value Municipal Income Trust, a closed-end fund organized as a Delaware statutory trust under the laws of Delaware (the &#8220;Fund&#8221;) and Banc of America Preferred Funding Corporation (the
      &#8220;Transferor&#8221;), a Delaware corporation, including its successors by merger or operation.&#160; Capitalized terms used but not defined herein shall have the meanings given them in the Purchase Agreement.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">In connection with the proposed sale by the Transferor of _____________ VMTP Shares (the &#8220;Transferred Shares&#8221;) to
      the undersigned transferee (the &#8220;Transferee&#8221;), 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 &#8220;Transferee Certificate&#8221;) to the Fund
      and the Transferor:</div>
    <div style="margin-bottom: 12pt; text-indent: 36pt;"><font style="font-size: 12pt;">1.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 12pt;">The Transferee certifies to one of the following (check a box):</font></div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">&#9723;&#160; is a &#8220;<font style="font-weight: bold;">qualified institutional buyer</font>&#8221; (a &#8220;QIB&#8221;) (as defined in Rule&#160;144A under the Securities Act or any successor provision) (&#8220;Rule&#160;144A&#8221;) that is a
      registered closed-end management investment company the shares of which are traded on a national securities exchange (a &#8220;Closed End Fund&#8221;), a bank or an entity that is a 100% direct or indirect subsidiary of a bank&#8217;s publicly traded holding company
      (a &#8220;Bank&#8221;), insurance company or registered open-end management investment company, in each case, to which any offer and sale is being made pursuant to Rule&#160;144A or another available exemption from registration under the U.S. Securities Act of 1933,
      as amended (the &#8220;Securities Act&#8221;), in a manner not involving any public offering within the meaning of Section 4(a)(2) of the Securities Act;</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">&#9723;&#160; it is a tender option bond
      trust (or other similar investment vehicle) in which all investors are QIBs that are Closed-End Funds, Banks, insurance companies, or registered open-end management investment companies (or, the case of a tender option bond trust (or other similar
      investment vehicle) in which the Holder or an affiliate of the Holder retains a residual interest); or</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">&#9723;&#160; is a person which the Fund
      has consented in writing to permit to be the holder of the Transferred Shares.</div>
    <div style="margin-bottom: 12pt; text-indent: 36pt;"><font style="font-size: 12pt;">2.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 12pt;">The Transferee certifies that it (check the box):</font></div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">&#160; is not an Invesco Person that after such sale and transfer, would own more than 20% of the Outstanding VMTP
      Shares; or</div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt; font-size: 12pt;">&#9723;&#160; is an Invesco Person that
      after such sale and transfer would own more than 20% of the outstanding VMTP Shares, and it has received the prior written consent of the Fund and the holder(s) of more than 50% of the outstanding VMTP Shares.</div>
    <div style="margin-bottom: 12pt; text-indent: 36pt;"><font style="font-size: 12pt;">3.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 12pt;">The Transferee understands and acknowledges that the Transferred Shares are &#8220;restricted securities&#8221; and have not been registered under the Securities Act or any other applicable
        securities law, are being offered for sale pursuant to Rule&#160;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.</font></div>
    <div style="margin-bottom: 12pt; text-indent: 36pt;"><font style="font-size: 12pt;">4.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 12pt;">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&#160;144A or any
        exemption from registration available under the Securities Act.</font></div>
    <div style="margin-bottom: 12pt; text-indent: 36pt;"><font style="font-size: 12pt;">5.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 12pt;">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 (A)(i) Persons such Transferee reasonably believes are QIBs 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, in each case, pursuant to Rule&#160;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, (ii)&#160;tender option bond trusts (or other similar investment vehicles) in which it reasonably believes all investors are Persons such Transferee reasonably believes are QIBS 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, in the case of a tender option bond trust (or
        other similar investment vehicle) in which the Holder or an affiliate of the Holder retains a residual interest), or (iii)&#160;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 and the holder(s) of more than 50% of the outstanding VMTP Shares has been obtained, is not an Invesco Person, if such Invesco Person would, after such sale and transfer, own more than 20% of the Outstanding VMTP
        Shares.</font></div>
    <div style="margin-bottom: 12pt; text-indent: 36pt;"><font style="font-size: 12pt;">6.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 12pt;">The Transferee acknowledges that the VMTP Shares were issued in book-entry form and are represented by one global certificate and that the global certificate representing the
        VMTP Shares (unless sold to the public in an underwritten offering of the VMTP Shares pursuant to a registration statement filed under the Securities Act) contains a legend substantially to the following effect:</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 12pt;">THE
        SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE &#8220;SECURITIES ACT&#8221;), 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.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">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 &#8220;QUALIFIED INSTITUTIONAL BUYER&#8221; THAT IS A REGISTERED CLOSED-END MANAGEMENT INVESTMENT COMPANY, THE SHARES OF WHICH ARE TRADED ON A NATIONAL SECURITIES EXCHANGE, BANKS, ENTITIES THAT ARE 100%
      DIRECT OR INDIRECT SUBSIDIARIES OF BANKS&#8217; PUBLICLY TRADED PARENT HOLDING COMPANIES, 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; (B) A TENDER OPTION BOND TRUST (OR OTHER SIMILAR INVESTMENT 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, ENTITIES THAT ARE 100%
      DIRECT OR INDIRECT SUBSIDIARIES OF BANKS&#8217; PUBLICLY TRADED PARENT HOLDING COMPANIES,&#160; INSURANCE COMPANIES, OR REGISTERED OPEN-END MANAGEMENT INVESTMENT COMPANIES; (OR, IN THE CASE OF A TENDER OPTION BOND TRUST (OR OTHER SIMILAR INVESTMENT VEHICLE) IN
      WHICH THE HOLDER OF AN AFFILIATE OF THE HOLDER RETAINS A RESIDUAL INTEREST), 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 AND HOLDERS OF MORE THAN 50% OF THE OUTSTANDING VMTP SHARES IS OBTAINED, NOT AN INVESCO PERSON (AS DEFINED IN THE VARIABLE RATE TERM PREFERRED SHARES PURCHASE AGREEMENT, DATED AS OF NOVEMBER 19, 2019, BY AND BETWEEN THE ISSUER OF THE
      SECURITY AND BANC OF AMERICA PREFERRED FUNDING CORPORATION, IF SUCH INVESCO PERSON WOULD, AFTER SUCH SALE AND TRANSFER, OWN MORE THAN 20% OF THE OUTSTANDING VMTP SHARES.</div>
    <div style="margin-bottom: 12pt; text-indent: 36pt;"><font style="font-size: 12pt;">7.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 12pt;">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.</font></div>
    <div style="margin-bottom: 12pt; text-indent: 36pt;"><font style="font-size: 12pt;">8.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 12pt;">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 VMTP Shares and the confidentiality obligations therein with respect to information relating to the Fund as if it were the Transferor.</font></div>
    <div style="margin-bottom: 12pt; text-indent: 36pt;"><font style="font-size: 12pt;">9.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 12pt;">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 VMTP
        Shares.</font></div>
    <div style="margin-bottom: 12pt; text-indent: 36pt;"><font style="font-size: 12pt;">10.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 12pt;">The Transferee acknowledges that it has been given the opportunity to obtain from the Fund the information referred to in Rule&#160;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.</font></div>
    <div style="margin-bottom: 12pt; text-indent: 36pt;"><font style="font-size: 12pt;">11.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 12pt;">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.</font></div>
    <div style="margin-bottom: 12pt; text-indent: 36pt;"><font style="font-size: 12pt;">12.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 12pt;">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&#8217;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.</font></div>
    <div style="margin-bottom: 12pt; text-indent: 36pt;"><font style="font-size: 12pt;">13.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 12pt;">This Transferee&#8217;s Certificate shall be governed by and construed in accordance with the laws of the State of New York.</font></div>
    <div style="margin-bottom: 12pt; text-indent: 36pt;"><font style="font-size: 12pt;">14.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="font-size: 12pt;">The Transferee agrees to provide, together with this completed and signed Transferee&#8217;s Certificate, a completed and signed IRS Form W-9, Form W-8 or successor form, as
        applicable.</font></div>
    <div style="text-align: center; margin-bottom: 12pt; font-size: 12pt;">[Signature Page Follows.]</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
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    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; font-size: 12pt;">The undersigned has provided a completed and signed IRS Form W&#8209;9, Form W&#8209;8 or successor form, as applicable, and
      has caused this Transferee&#8217;s Certificate to be executed by its duly authorized representative as of the date set forth below.</div>
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        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div><font style="font-size: 12pt;">Date:</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 208.1pt" id="TRGRRTFtoHTMLTab">&#160;</font></div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div><font style="font-size: 12pt;">Name of Transferee (use exact name in which Transferred Shares are to be registered):<br>
                <br>
                <font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 208.1pt" id="TRGRRTFtoHTMLTab">&#160;</font><br>
                <br>
                <br>
                <font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 208.1pt" id="TRGRRTFtoHTMLTab">&#160;</font><br>
                Authorized Signature<br>
                <br>
                <font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 208.1pt" id="TRGRRTFtoHTMLTab">&#160;</font><br>
                Print Name and Title<br>
                <br>
                Address of Transferee for&#160; Registration of<br>
                Transferred Shares:<br>
                <br>
                <font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 208.1pt" id="TRGRRTFtoHTMLTab">&#160;</font><br>
                <font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 208.1pt" id="TRGRRTFtoHTMLTab">&#160;</font><br>
                <font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 208.1pt" id="TRGRRTFtoHTMLTab">&#160;</font><br>
                <br>
                Transferee&#8217;s taxpayer identification number:<br>
                <br>
                <font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 208.1pt" id="TRGRRTFtoHTMLTab">&#160;</font></font>&#160;</div>
          </td>
        </tr>

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        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div style="text-align: center; margin-bottom: 12pt; font-size: 12pt; font-weight: bold;">EXHIBIT D</div>
    <div style="text-align: center; margin-bottom: 12pt; font-size: 12pt; font-weight: bold;">INFORMATION TO BE PROVIDED BY THE FUND</div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 12pt;">Reporting as of:</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 171pt" id="TRGRRTFtoHTMLTab">&#160;</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 12pt;">TOB Floaters:&#160; $</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 171pt" id="TRGRRTFtoHTMLTab">&#160;</font></div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="z329489fba2974cde8a4e261091181ec1" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 14.28%; vertical-align: bottom;">
            <div style="text-align: center; font-size: 12pt; font-weight: bold;">CUSIP</div>
          </td>
          <td style="width: 14.29%; vertical-align: bottom;">
            <div style="text-align: center; font-size: 12pt; font-weight: bold;">Portfolio Name</div>
          </td>
          <td style="width: 14.28%; vertical-align: bottom;">
            <div style="text-align: center; font-size: 12pt; font-weight: bold;">Description</div>
          </td>
          <td style="width: 14.29%; vertical-align: bottom;">
            <div style="text-align: center; font-size: 12pt; font-weight: bold;">Market Value</div>
          </td>
          <td style="width: 14.28%; vertical-align: bottom;">
            <div style="text-align: center; font-size: 12pt; font-weight: bold;">Par Value</div>
          </td>
          <td style="width: 14.29%; vertical-align: bottom;">
            <div style="text-align: center; font-size: 12pt; font-weight: bold;">Rating</div>
          </td>
          <td style="width: 14.29%; vertical-align: bottom;">
            <div style="text-align: center; font-size: 12pt; font-weight: bold;">State</div>
          </td>
        </tr>
        <tr>
          <td style="width: 14.28%; vertical-align: top;">
            <div style="text-align: center; font-size: 12pt; font-weight: bold;">[&#8226;]</div>
            <div>&#160;</div>
          </td>
          <td style="width: 14.29%; vertical-align: top;">
            <div style="text-align: center; font-size: 12pt; font-weight: bold;">[&#8226;]</div>
          </td>
          <td style="width: 14.28%; vertical-align: top;">
            <div style="text-align: center; font-size: 12pt; font-weight: bold;">[&#8226;]</div>
          </td>
          <td style="width: 14.29%; vertical-align: top;">
            <div style="text-align: center; font-size: 12pt; font-weight: bold;">[&#8226;]</div>
          </td>
          <td style="width: 14.28%; vertical-align: top;">
            <div style="text-align: center; font-size: 12pt; font-weight: bold;">[&#8226;]</div>
          </td>
          <td style="width: 14.29%; vertical-align: top;">
            <div style="text-align: center; font-size: 12pt; font-weight: bold;">[&#8226;]</div>
          </td>
          <td style="width: 14.29%; vertical-align: top;">
            <div style="text-align: center; font-size: 12pt; font-weight: bold;">[&#8226;]</div>
            <div>&#160;</div>
            <div>&#160;</div>
            <div>&#160;</div>
          </td>
        </tr>

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    </div>
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