<SEC-DOCUMENT>0001752724-21-217723.txt : 20211014
<SEC-HEADER>0001752724-21-217723.hdr.sgml : 20211014
<ACCEPTANCE-DATETIME>20211014115320
ACCESSION NUMBER:		0001752724-21-217723
CONFORMED SUBMISSION TYPE:	N-CEN
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20210731
FILED AS OF DATE:		20211014
DATE AS OF CHANGE:		20211014
EFFECTIVENESS DATE:		20211014

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BLACKROCK NEW YORK MUNICIPAL INCOME TRUST
		CENTRAL INDEX KEY:			0001137390
		IRS NUMBER:				510409117
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		N-CEN
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-10337
		FILM NUMBER:		211322865

	BUSINESS ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		STREET 2:		MUTUAL FUND DEPARTMENT
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809
		BUSINESS PHONE:		888-825-2257

	MAIL ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		STREET 2:		MUTUAL FUND DEPARTMENT
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809
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<TYPE>MATERIAL AMENDMENTS
<SEQUENCE>2
<FILENAME>NCEN_811-10337_1484870140.htm
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<a name="page_1"></a><a name="_bclPageBorder1"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p align=center style="margin:0in;margin-top:.95pt;text-align:center;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:10.0pt;line-height:11.0pt;vertical-align:baseline;">BLACKROCK NEW YORK MUNICIPAL INCOME TRUST</font></b></p>

<p align=center style="margin:0in;margin-top:54.5pt;text-align:center;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:10.0pt;line-height:11.0pt;vertical-align:baseline;">STATEMENT OF PREFERENCES</font></b></p>

<p align=center style="margin:0in;margin-top:.55pt;text-align:center;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:10.0pt;line-height:11.0pt;vertical-align:baseline;">OF</font></b></p>

<p align=center style="margin:0in;margin-top:.5pt;text-align:center;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:10.0pt;line-height:10.85pt;vertical-align:baseline;">VARIABLE RATE DEMAND PREFERRED SHARES</font></b></p>









</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_2"></a><a name="_bclPageBorder2"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;page-break-after:avoid;text-align:center;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Table of Contents</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:.4pt;text-align:right;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Page</font></b></p>

<p style="margin-bottom:5.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font color=black face="times new roman bold" lang=EN-US style="font-size:11.0pt;text-transform:uppercase;">PART I</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">........................................................................................................................................... 19</font></p>

<p style="margin-bottom:5.0pt;margin-left:11.0pt;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;">1.</font><font face=calibri,sans-serif lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160; </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Number of Authorized Shares................................................................................................ 19</font></p>

<p style="margin-bottom:5.0pt;margin-left:11.0pt;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;">2.</font><font face=calibri,sans-serif lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160; </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Dividends............................................................................................................................. 19</font></p>

<p style="margin-bottom:5.0pt;margin-left:11.0pt;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;">3.</font><font face=calibri,sans-serif lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160; </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Gross-Up Payments.............................................................................................................. 23</font></p>

<p style="margin-bottom:5.0pt;margin-left:11.0pt;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;">4.</font><font face=calibri,sans-serif lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160; </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Designation of Special Rate Periods....................................................................................... 23</font></p>

<p style="margin-bottom:5.0pt;margin-left:11.0pt;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;">5.</font><font face=calibri,sans-serif lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160; </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Voting Rights....................................................................................................................... 25</font></p>

<p style="margin-bottom:5.0pt;margin-left:11.0pt;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;">6.</font><font face=calibri,sans-serif lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160; </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Minimum VRDP Shares Asset Coverage................................................................................ 31</font></p>

<p style="margin-bottom:5.0pt;margin-left:11.0pt;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;">7.</font><font face=calibri,sans-serif lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160; </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">VRDP Shares Basic Maintenance Amount............................................................................. 31</font></p>

<p style="margin-bottom:5.0pt;margin-left:11.0pt;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;">8.</font><font face=calibri,sans-serif lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160; </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Restrictions on Dividends and Other
Distributions.................................................................. 31</font></p>

<p style="margin-bottom:5.0pt;margin-left:11.0pt;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;">9.</font><font face=calibri,sans-serif lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160; </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Rating Agency Restrictions................................................................................................... 32</font></p>

<p style="margin-bottom:5.0pt;margin-left:11.0pt;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;">10.</font><font face=calibri,sans-serif lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Redemption...................................................................................................................... 32</font></p>

<p style="margin-bottom:5.0pt;margin-left:11.0pt;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;">11.</font><font face=calibri,sans-serif lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Liquidation Rights............................................................................................................. 40</font></p>

<p style="margin-bottom:5.0pt;margin-left:11.0pt;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;">12.</font><font face=calibri,sans-serif lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Purchase Obligation.......................................................................................................... 41</font></p>

<p style="margin-bottom:5.0pt;margin-left:11.0pt;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;">13.</font><font face=calibri,sans-serif lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Miscellaneous................................................................................................................... 43</font></p>

<p style="margin-bottom:5.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font color=black face="times new roman bold" lang=EN-US style="font-size:11.0pt;text-transform:uppercase;">PART II</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">......................................................................................................................................... 44</font></p>

<p style="margin-bottom:5.0pt;margin-left:11.0pt;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;">1.</font><font face=calibri,sans-serif lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160; </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Remarketing Procedures........................................................................................................ 44</font></p>

<p style="margin-bottom:5.0pt;margin-left:11.0pt;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;">2.</font><font face=calibri,sans-serif lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160; </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Remarketing Schedule........................................................................................................... 46</font></p>

<p style="margin-bottom:5.0pt;margin-left:11.0pt;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;">3.</font><font face=calibri,sans-serif lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160; </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Determination of Applicable Rate.......................................................................................... 49</font></p>

<p style="margin-bottom:5.0pt;margin-left:11.0pt;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;">4.</font><font face=calibri,sans-serif lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160; </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Failed Remarketing Condition............................................................................................... 50</font></p>

<p style="margin-bottom:5.0pt;margin-left:11.0pt;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;">5.</font><font face=calibri,sans-serif lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160; </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Purchase of VRDP Shares by Remarketing Agent................................................................... 50</font></p>

<p style="margin-bottom:5.0pt;margin-left:11.0pt;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;">6.</font><font face=calibri,sans-serif lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160; </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Notification of Allocations.................................................................................................... 50</font></p>

<p style="margin-bottom:5.0pt;margin-left:11.0pt;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;">7.</font><font face=calibri,sans-serif lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160; </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Transfers.............................................................................................................................. 51</font></p>

<p style="margin-bottom:5.0pt;margin-left:11.0pt;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;">8.</font><font face=calibri,sans-serif lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160; </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Global Certificate................................................................................................................. 51</font></p>

<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-top:.4pt;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;line-height:11.25pt;text-decoration:none;vertical-align:baseline;">&nbsp;</font></b></p>

<p align=center style="margin:0in;margin-top:.4pt;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;line-height:11.25pt;text-decoration:none;vertical-align:baseline;">&nbsp;</font></b></p>









</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_3"></a><a name="_bclPageBorder3"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;text-decoration:none;text-transform:uppercase;">BLACKROCK
NEW YORK MUNICIPAL INCOME TRUST</font></b></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;text-decoration:none;text-transform:uppercase;">STATEMENT
OF PREFERENCES</font></b></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;text-decoration:none;text-transform:uppercase;">OF</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;text-decoration:none;text-transform:uppercase;">VARIABLE RATE DEMAND
PREFERRED SHARES</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">BlackRock New York Municipal Income Trust, a
Delaware statutory trust (the &#8220;Trust&#8221;), hereby certifies that:</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">FIRST: Pursuant to authority expressly vested
in the Board of Trustees of the Trust by Article VI of the Trust&#8217;s Agreement
and Declaration of Trust (the &#8220;Charter&#8221;), the Board of Trustees has, by
resolution duly adopted on February 27, 2021, authorized the issuance of
Variable Rate Demand Preferred Shares (&#8220;VRDP Shares&#8221;). The Variable Rate Demand
Preferred Shares may be issued in one or more series, as designated and
authorized by the Board of Trustees or a duly authorized committee thereof from
time to time (each series of VRDP Shares that may be authorized and issued, a
&#8220;Series&#8221;).</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">SECOND: The preferences (including liquidation
preference), voting powers, restrictions, limitations as to dividends,
qualifications, and terms and conditions of redemption, of the shares of each
Series of VRDP Shares are as follows or as set forth in an amendment to this
Statement of Preferences or otherwise in the Charter (each such Series being
referred to herein as a &#8220;Series of VRDP Shares&#8221;):</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">DESIGNATION</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Series W-7: A series of 1,794 preferred shares
of beneficial interest, par value $0.001 per share, liquidation preference
$100,000 per share, is hereby authorized and designated &#8220;Series W-7 Variable
Rate Demand Preferred Shares,&#8221; also referred to herein as &#8220;Series W-7 VRDP
Shares.&#8221; Each Series W-7 VRDP Share shall be issued on a date determined by the
Board of Trustees of the Trust or pursuant to their delegated authority; have
an Applicable Rate determined as provided in this Statement of Preferences; and
have such other preferences, voting powers, limitations as to dividends,
qualifications and terms and conditions of redemption, in addition to those
required by applicable law or as set forth in the Charter, as set forth in
Parts I and II of this Statement of Preferences. The Series W-7 VRDP Shares
shall constitute a separate series of preferred shares of beneficial interest
in the Trust and each Series W-7 VRDP Share shall be identical. Except as
otherwise provided with respect to any additional Series of VRDP Shares, the
terms and conditions of this Statement of Preferences apply to each Series of
VRDP Shares.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">DEFINITIONS</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">The following terms shall have the following
meanings (with terms defined in the singular having comparable meanings when
used in the plural and vice versa), unless the context otherwise requires:</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8220;</font><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">1940 Act</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8221; means the Investment Company
Act of 1940, as amended.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8220;</font><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Affected Series</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8221; shall have the
meaning specified in paragraph (c)(i) of Section 5 of Part I of this Statement
of Preferences.</font></p>


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<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8220;</font><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Agent Member</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8221;
means a Person with an account at the Securities Depository that holds one or
more shares of a Series of VRDP Shares through the Securities Depository,
directly or indirectly, for a Beneficial Owner and that will be authorized and
instructed, directly or indirectly, by a Beneficial Owner to disclose
information to the Remarketing Agent and the Tender and Paying Agent with
respect to such Beneficial Owner.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8220;</font><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Alternate VRDP Shares Purchase Agreement</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8221;
means any agreement with a successor liquidity provider replacing the VRDP
Shares Purchase Agreement (or any replacement therefor) upon its termination in
accordance with its terms and containing a Purchase Obligation substantially
similar to the Purchase Obligation therein as determined by the Trust.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8220;</font><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Applicable Base Rate</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8221; means (i) with
respect to a Rate Period of fewer than forty-nine (49) days, the greater of (a)
the SIFMA Municipal Swap Index and (b) SOFR plus 0.15%, and (ii) with respect
to a Rate Period of forty-nine (49) or more days, SOFR plus 0.15%.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8220;</font><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Applicable Percentage</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8221; shall have the
meaning set forth in the definition of the Maximum Rate.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8220;</font><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Applicable Rate</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8221; means the dividend
rate per annum on any share of a Series of VRDP Shares for a Rate Period
determined as set forth in paragraph (e)(i) of Section 2 of Part I of this
Statement of Preferences or in the definition of &#8220;Maximum Rate,&#8221; as applicable.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8220;</font><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Applicable Rate Determination</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8221; means
each periodic operation of the process of determining the Applicable Rate for
the shares of a Series of VRDP Shares for a Subsequent Rate Period, as provided
in the VRDP Shares Remarketing Agreement and Part II of this Statement of
Preferences.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8220;</font><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Applicable Spread</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8221; means, in
connection with the Maximum Rate for any Rate Period (and subject to adjustment
as described in the definition of Maximum Rate) (i) when there is not a Failed
Remarketing Condition, 200 basis points (2.00%), and (ii) while a Failed
Remarketing Condition has occurred or is continuing, 200 basis points (2.00%)
(up to 59 days of a continued Failed Remarketing Condition), 225 basis points
(2.25%) (sixty (60) days but fewer than ninety (90) days of a continued Failed
Remarketing Condition), 250 basis points (2.50%) (ninety (90) days but fewer
than 120 days of a continued Failed Remarketing Condition), 275 basis points
(2.75%) (120 days but fewer than 150 days of a continued Failed Remarketing
Condition), 300 basis points (3.00%) (150 days but fewer than 180 days of a
continued Failed Remarketing Condition), and 400 basis points (4.00%) (180 days
or more of a continued Failed Remarketing Condition); provided that, if at any
time when the Applicable Spread is 225 basis points (2.25%), 250 basis points
(2.50%), 275 basis points (2.75%), 300 basis points (3.00%) or 400 basis points
(4.00%) and the Failed Remarketing Condition no longer exists due to the
successful remarketing of all Purchased VRDP Shares, then such Applicable
Spread of 225 basis points (2.25%), 250 basis points (2.50%), 275 basis points
(2.75%), 300 basis points (3.00%) or 400 basis points (4.00%) will continue to
be the Applicable Spread in connection with determining the Maximum Rate in
effect for each Rate Period commencing with the first Subsequent Rate Period
after the Failed Remarketing Condition no longer exists through and including
the first Subsequent Rate Period ending on or after the 45th day after the day
the Failed Remarketing Condition no longer exists; provided, further, that (i)
if a new Failed Remarketing Condition occurs prior to the end of such period
and the Applicable Spread is then 225 basis points (2.25%), the date such new
Failed Remarketing Condition occurs will be deemed to be the 60th day of a
continued Failed Remarketing Condition, (ii) if a new Failed Remarketing
Condition occurs prior to the end of such period and the Applicable Spread is
then 250 basis points (2.50%), the date such new Failed Remarketing Condition
occurs will be deemed to be the 90th day of a continued Failed Remarketing
Condition, (iii) if a new Failed Remarketing Condition occurs prior to the end
of such period and the Applicable Spread is then 275 basis points (2.75%), the
date such new Failed Remarketing </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Condition occurs will
be deemed to be the 120th day of a continued Failed Remarketing Condition, (iv)
if a new Failed Remarketing Condition occurs prior to the end of such period
and the Applicable Spread is then 300 basis points (3.00%), the date such new
Failed Remarketing Condition occurs will be deemed to be the 150th day of a
continued Failed Remarketing Condition and (v) if a new Failed Remarketing
Condition occurs prior to the end of such period and the Applicable Spread is
then 400 basis points (4.00%), the date such new Failed Remarketing Condition
occurs will be deemed to be the 180th day of a continued Failed Remarketing Condition,
in each case, solely for purposes of determining the Applicable Spread.</font></p>
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<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8220;</font><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Beneficial Owner</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8221; means a Person in
whose name shares of a Series of VRDP Shares are recorded as beneficial owner
of such shares of a Series of VRDP Shares by the Securities Depository, an
Agent Member or other securities intermediary on the records of such Securities
Depository, Agent Member or securities intermediary, as the case may be, or
such Person&#8217;s subrogee, including the Liquidity Provider to the extent it is at
any time such a beneficial owner of shares of a Series of VRDP Shares
(irrespective of any assignment or transfer by the Liquidity Provider of its
voting rights).</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8220;</font><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Board</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8221; means the Board of
Trustees/Board of Trustees of the Trust or any duly authorized committee
thereof.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8220;</font><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Business Day</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8221; means a day other than a
day (a) on which commercial banks in The City of New York, New York are
required or authorized by law or executive order to close or (b) on which the
New York Stock Exchange is closed.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8220;</font><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Charter</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8221; means the Agreement and
Declaration of Trust, as amended and supplemented (including by the Statement
of Preferences), of the Trust.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8220;</font><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Closing Date</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8221; means the Date of
Original Issue of the shares of a Series of VRDP Shares subject to the
satisfaction of the conditions specified in Section 3.01 of the Fee Agreement.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8220;</font><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Code</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8221; means the Internal Revenue Code
of 1986, as amended.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8220;</font><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Common Shares</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8221; means the common shares
of beneficial interest, par value $0.001 per share, in the Trust.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8220;</font><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Cure Date</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8221; means the VRDP Shares Basic
Maintenance Cure Date or the Minimum VRDP Shares Asset Coverage Cure Date, as
the case may be.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8220;</font><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Custodian</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8221; means a bank, as defined in
Section 2(a)(5) of the 1940 Act, that has the qualifications prescribed in
paragraph 1 of Section 26(a) of the 1940 Act, or such other entity as shall be
providing custodian services to the Trust as permitted by the 1940 Act or any
rule, regulation, or order thereunder, and shall include, as appropriate, any
similarly qualified sub-custodian duly appointed by the Custodian.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8220;</font><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Date of Original Issue</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">,&#8221; with respect
to shares of a Series of VRDP Shares, means the date on which the Trust
initially issued such VRDP Shares.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8220;</font><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Deposit Securities</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8221; means, as of any
date, any United States dollar-denominated security or other investment of a
type described below that either (i) is a demand obligation payable to the
holder thereof on any Business Day or (ii) has a maturity date, mandatory
redemption date or mandatory payment date, on its face or at the option of the
holder, preceding the relevant payment date in respect of which such security
or other investment has been deposited or set aside as a Deposit Security:</font></p>


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<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;font-weight:normal;">3</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;font-weight:normal;"></font></font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_6"></a><a name="_bclPageBorder6"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p style="margin:0in;margin-bottom:6.0pt;margin-left:1.05in;text-indent:-.5in;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;vertical-align:baseline;">(1)</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;vertical-align:baseline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;vertical-align:baseline;">cash or any cash equivalent;</font></p>

<p style="margin:0in;margin-bottom:6.0pt;margin-left:1.05in;text-indent:-.5in;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;vertical-align:baseline;">(2)</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;vertical-align:baseline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;vertical-align:baseline;">any U.S. Government Security;</font></p>

<p style="margin:0in;margin-bottom:6.0pt;margin-left:1.05in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;vertical-align:baseline;">(3)</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;vertical-align:baseline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;vertical-align:baseline;">any Municipal Obligation that has a
credit rating from at least one NRSRO that is the highest applicable rating
generally ascribed by such NRSRO to Municipal Obligations with substantially
similar terms as of the date of this Statement of Preferences (or such rating&#8217;s
future equivalent), including (A) any such Municipal Obligation that has been
pre-refunded by the issuer thereof with the proceeds of such refunding having
been irrevocably deposited in trust or escrow for the repayment thereof and (B)
any such fixed or variable rate Municipal Obligation that qualifies as an
eligible security under Rule 2a-7 under the 1940 Act;</font></p>

<p style="margin:0in;margin-bottom:6.0pt;margin-left:1.05in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;vertical-align:baseline;">(4)</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;vertical-align:baseline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;vertical-align:baseline;">any investment in any money market fund
registered under the 1940 Act that qualifies under Rule 2a-7 under the 1940
Act, or similar investment vehicle described in Rule 12d1-1(b)(2) under the
1940 Act, that invests principally in Municipal Obligations or U.S. Government
Securities or any combination thereof; or</font></p>

<p style="margin:0in;margin-bottom:6.0pt;margin-left:1.05in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;vertical-align:baseline;">(5)</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;vertical-align:baseline;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;vertical-align:baseline;">any letter of credit from a bank or
other financial institution that has a credit rating from at least one (1)
NRSRO that is the highest applicable rating generally ascribed by such NRSRO to
bank deposits or short-term debt of similar banks or other financial
institutions as of the date of this Statement of Preferences (or such rating&#8217;s
future equivalent).</font></p>

<p align=center style="margin:0in;margin-top:.2pt;text-align:center;"><font color=black face="Times New Roman" lang=EN-US style="font-size:10.0pt;line-height:11.25pt;vertical-align:baseline;">3</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8220;</font><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Discounted Value</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">,&#8221; as of any Valuation
Date, shall have the meanings set forth in the respective Rating Agency
Guidelines.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8220;</font><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Dividend Payment Date</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">,&#8221; except as
otherwise provided in paragraph (d) of Section 2 of Part I of this Statement of
Preferences, means the date that is the first (1st) Business Day of each
calendar month.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8220;</font><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Dividend Period</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">,&#8221; with respect to
shares of a Series of VRDP Shares, means the period from, and including, the
Date of Original Issue of shares of such Series to, but excluding, the initial
Dividend Payment Date for shares of such Series and any period thereafter from,
and including, one Dividend Payment Date for shares of such Series to, but
excluding, the next succeeding Dividend Payment Date for shares of such Series.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8220;</font><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Effective Leverage Ratio</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8221; shall have
the meaning set forth in the Fee Agreement.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8220;</font><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Effective Leverage Ratio Cure Period</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8221;
shall have the meaning set forth in the Fee Agreement.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8220;</font><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Electronic Means</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8221; means email
transmission, facsimile transmission or other similar electronic means of
communication providing evidence of transmission (but excluding online
communications systems covered by a separate agreement) acceptable to the
sending party and the receiving party, in any case if operative as between any
two parties, or, if not operative, by telephone (promptly confirmed by any
other method set forth in this definition), which, in the case of notices to
the Tender and Paying Agent, shall be sent by such means as set forth in
Section 7.02 of the Tender and Paying Agent Agreement or as specified in the
related notice.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8220;</font><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Exchange Act</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8221; means the U.S.
Securities Exchange Act of 1934, as amended.</font></p>


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<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8220;</font><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Extraordinary
Corporate Event</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8221; means as to the Liquidity Provider, (i) the consolidation
or amalgamation with, or merger with and into, or the transfer of all or
substantially all of the Liquidity Provider&#8217;s assets to another entity, or (ii)
the dissolution, for any reason, of the Liquidity Provider other than in
connection with the consolidation, amalgamation with, or merger with and into
another entity or the transfer of all or substantially all of the Liquidity
Provider&#8217;s assets; </font><u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">provided</font></u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">, </font><u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">however</font></u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">, that with respect to (i)
above, an Extraordinary Corporate Event does not include any of the listed
occurrences where (x) the surviving entity, or transferee of all or
substantially all of the Liquidity Provider&#8217;s assets, (a) assumes or is bound
by all of the obligations of the Liquidity Provider under the terms of the VRDP
Shares Purchase Agreement and (b) has short-term debt ratings in one of the two
highest ratings categories from the Requisite NRSROs and (y) the Liquidity
Provider has provided notice in writing to the Trust confirming the information
described in (x) at least 10 days prior to the scheduled date of the applicable
listed occurrence in (i) above.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8220;</font><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Failed Remarketing Condition</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8221; means a
Failed Remarketing Condition-Purchased VRDP Shares or a Failed Remarketing
Condition-Unpurchased VRDP Shares.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8220;</font><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Failed Remarketing Condition-Purchased
VRDP Shares</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8221; means that the Liquidity Provider acquires and continues to be
the beneficial owner for federal income tax purposes of any shares of a Series
of VRDP Shares in connection with purchases made pursuant to the Purchase
Obligation (whether as a result of an unsuccessful Remarketing or a Mandatory
Purchase) on any Purchase Date, including shares of a Series of VRDP Shares
that the Liquidity Provider continues to be the beneficial owner of for federal
income tax purposes after the expiration or termination of the VRDP Shares
Purchase Agreement.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8220;</font><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Failed Remarketing Condition-Purchased
VRDP Shares Redemption</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8221; means redemption by the Trust, at a redemption
price equal to $100,000 per share plus accumulated but unpaid dividends thereon
(whether or not earned or declared) to, but excluding, the date fixed by the
Board of Trustees for redemption, of shares of a Series of VRDP Shares that the
Liquidity Provider shall have acquired pursuant to the Purchase Obligation and
continued to be the beneficial owner of for federal income tax purposes for a
continuous period of six (6) months during which such VRDP Shares are tendered
for Remarketing on each Business Day in accordance with the Related Documents
but cannot be successfully remarketed (i.e., a Failed Remarketing
Condition-Purchased VRDP Shares shall have occurred and be continuing for such
period of time with respect to such VRDP Shares), determined by the Trust on a
first-in, first-out basis, in accordance with and subject to the provisions of
the Fee Agreement and this Statement of Preferences.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8220;</font><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Failed Remarketing Condition-Unpurchased
VRDP Shares</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8221; means that a Beneficial Owner (other than the Liquidity
Provider or its affiliates) continues to hold shares of a Series of VRDP
Shares, that were subject to a Tender in accordance with the VRDP Shares
Purchase Agreement, after any Purchase Date as a result of the failure by the
Liquidity Provider for any reason to purchase such VRDP Shares pursuant to the
Purchase Obligation (whether as a result of an unsuccessful Remarketing or a
Mandatory Purchase) (&#8220;Unpurchased VRDP Shares&#8221;), until such time as all
Outstanding Unpurchased VRDP Shares are (i) successfully remarketed pursuant to
a Remarketing, (ii) purchased by the Liquidity Provider pursuant to the
Purchase Obligation, or (iii) if not successfully remarketed pursuant to a
Remarketing or purchased by the Liquidity Provider pursuant to the Purchase
Obligation, the subject of a properly tendered Notice of Revocation (or any
combination of the foregoing); and any Unpurchased VRDP Shares shall be deemed
tendered for Remarketing until the earliest to occur of the foregoing events
(i), (ii) or (iii) with respect to such Unpurchased VRDP Shares.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8220;</font><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Failure to Deposit</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8221; means, with
respect to shares of a Series of VRDP Shares, a failure by the Trust to pay to
the Tender and Paying Agent, not later than 12:00 noon, New York City time, (A)
</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">on the Business Day immediately preceding any Dividend
Payment Date for shares of such Series, in funds available on such Dividend
Payment Date in The City of New York, New York, the full amount of any dividend
(whether or not earned or declared) to be paid on such Dividend Payment Date on
any share of such Series or (B) on the Business Day immediately preceding any
redemption date in funds available on such redemption date for shares of such
Series in The City of New York, New York, the Redemption Price to be paid on
such redemption date for any share of such Series after Notice of Redemption is
provided pursuant to paragraph (c) of Section 10 of Part I of this Statement of
Preferences; provided, however, that the foregoing clause (B) shall not apply
to the Trust&#8217;s failure to pay the Redemption Price in respect of shares of a
Series of VRDP Shares when the related Notice of Redemption provides that
redemption of such shares is subject to one or more conditions precedent and
any such condition precedent shall not have been satisfied at the time or times
and in the manner specified in such Notice of Redemption.</font></p>
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<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8220;</font><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Fee Agreement</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8221; means the VRDP Shares
Fee Agreement, dated as of March 31, 2021 by and between the Trust and the
initial Liquidity Provider, as amended, modified or supplemented from time to
time or any similar agreement with a successor Liquidity Provider.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8220;</font><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Final Notice of Purchase</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8221; means, in
connection with an Optional Tender or a Mandatory Tender, a Notice of Purchase
delivered by the Tender and Paying Agent to the Liquidity Provider (or directly
to the Liquidity Provider by Beneficial Owners or their Agent Members, in the
case of an Optional Tender, or Holders, in the case of a Mandatory Tender, if
there is no Tender and Paying Agent or for any reason the Tender and Paying
Agent does not perform its obligations) on the Purchase Date indicating the
number of shares of a Series of VRDP Shares to be purchased on such date
pursuant to the Purchase Obligation, or, in connection with a Mandatory
Purchase, the Mandatory Purchase Notice delivered by the Trust or the Tender
and Paying Agent on behalf of the Trust.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8220;</font><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Fitch</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8221; means Fitch Ratings.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8220;</font><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Fitch Discount Factor</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8221; means the
discount factors set forth in the Fitch Guidelines for use in calculating the
Discounted Value of the Trust&#8217;s assets in connection with Fitch&#8217;s long-term
preferred stock ratings of shares of a Series of VRDP Shares at the request of
the Trust.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8220;</font><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Fitch Eligible Assets</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8221; means assets of
the Trust set forth in the Fitch Guidelines as eligible for inclusion in
calculating the Discounted Value of the Trust&#8217;s assets in connection with
Fitch&#8217;s long-term preferred stock ratings of shares of a Series of VRDP Shares
at the request of the Trust.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8220;</font><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Fitch Guidelines</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8221; means the guidelines
applicable to Fitch&#8217;s current long-term preferred stock ratings of the VRDP
Shares, provided by Fitch in connection with Fitch&#8217;s long-term preferred stock
ratings of shares of a Series of VRDP Shares at the request of the Trust (a
copy of which is available on request to the Trust), in effect on the date
hereof and as may be amended from time to time, provided, however, that any
such amendment will not be effective for thirty (30) days from the date that
Fitch provides final notice of such amendment to the Trust.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8220;</font><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Fitch Provisions</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8221; means Sections 7,
8(c)(B) and 9 of Part I of this Statement of Preferences with respect to Fitch,
and any other provisions hereof with respect to Fitch&#8217;s long-term preferred
stock ratings of shares of a Series of VRDP Shares at the request of the Trust,
including any provisions with respect to obtaining and maintaining a long-term
preferred stock rating on VRDP Shares from Fitch. The Trust is required to
comply with the Fitch Provisions only if Fitch is then rating shares of a
Series of VRDP Shares at the request of the Trust.</font></p>


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<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8220;</font><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Gross-up Payment</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8221;
means payment to a Beneficial Owner of an amount which, when taken together
with the aggregate amount of Taxable Allocations made to such Beneficial Owner
to which such Gross-up Payment relates, would cause such Beneficial Owner&#8217;s
dividends in dollars (after giving effect to regular federal income tax
consequences) from the aggregate of such Taxable Allocations and the related
Gross-up Payment to be equal to the dollar amount of the dividends which would
have been received by such Beneficial Owner if the amount of such aggregate
Taxable Allocations would have been excludable from the gross income of such
Beneficial Owner. Such Gross-up Payment shall be calculated (i) without
consideration being given to the time value of money; (ii) assuming that no
Beneficial Owner of shares of a Series of VRDP Shares is subject to the federal
alternative minimum tax with respect to dividends received from the Trust;
(iii) assuming that each Taxable Allocation and each Gross-up Payment (except
to the extent such Gross-up Payment is designated as an exempt-interest
dividend under Section 852(b)(5) of the Code or successor provisions) would be
taxable in the hands of each Beneficial Owner of shares of a Series of VRDP
Shares at the maximum marginal regular federal individual income tax rate
applicable to ordinary income or net capital gains, as applicable, or the
maximum marginal regular federal corporate income tax rate applicable to
ordinary income or net capital gains, as applicable, whichever is greater, in
effect at the time such Gross-up Payment is made; and (iv) assuming that each
Taxable Allocation and each Gross-up Payment would not be subject to the tax
imposed by Section 1411 of the Code or any similar Medicare or other surtax.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8220;</font><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Holder</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8221; means a Person in whose name a
share of a Series of VRDP Shares is registered in the registration books of the
Trust maintained by the Tender and Paying Agent.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#8220;</font><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Initial Rate Period</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">,&#8221; with respect to
shares of a Series of VRDP Shares, means the period commencing on and including
the Date of Original Issue thereof and ending on, and including, the day that
is seven (7) days after the Date of Original Issue, or, if such day is not a
Business Day, the next succeeding Business Day or such other date determined by
the Board of Trustees of the Trust or pursuant to their delegated authority.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8220;</font><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Initial Special Rate Period</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8221; means an
Initial Rate Period that has been designated as a Special Rate Period.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8220;</font><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Investment Adviser</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8221; means BlackRock
Advisors, LLC, or any successor company or entity.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8220;</font><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Late Charge</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8221; shall have the meaning specified
in paragraph (e)(i)(C) of Section 2 of Part I of this Statement of Preferences.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8220;</font><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Liquidation Preference</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">,&#8221; with respect
to a given number of Series W-7 VRDP Shares, means $100,000 times that number.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8220;</font><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Liquidity Account</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8221; shall have the
meaning specified in paragraph (b)(ii)(B) of Section 10 of Part I of this
Statement of Preferences.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8220;</font><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Liquidity Account Investments</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8221; means
Deposit Securities or any other security or investment owned by the Trust that
is rated not less than A- or A3 or the equivalent rating (or any such rating&#8217;s
future equivalent) by each NRSRO then rating such security or investment (or,
if rated by only one NRSRO, by such NRSRO) or, if no NRSRO is then rating such
security, deemed to be, with the prior written consent of the Liquidity Provider,
of an equivalent rating by the Investment Adviser on the Trust&#8217;s books and
records.</font></p>


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<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8220;</font><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Liquidity Provider</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8221;
means any entity in such capacity pursuant to a VRDP Shares Purchase Agreement,
initially, Bank of America, N.A.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8220;</font><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Liquidity Provider Ratings Event</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8221;
means the Liquidity Provider shall fail to maintain at any time short-term debt
ratings in one of the two highest rating categories from the Requisite NRSROs.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8220;</font><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Liquidity Provider Ratings Event
Termination Date</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8221; means the date established by the Tender and Paying
Agent, acting upon instructions of the Trust pursuant to the Tender and Paying
Agent Agreement, for termination of the VRDP Shares Purchase Agreement upon the
occurrence of a Liquidity Provider Ratings Event, which date shall be not less
than sixteen (16) days nor more than thirty (30) days following the date on
which such Liquidity Provider Ratings Event first occurs.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8220;</font><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Liquidity Requirement</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8221; shall have the
meaning specified in paragraph (b)(ii)(C) of Section 10 of Part I of this
Statement of Preferences.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8220;</font><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">London Business Day</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8221; means any day on
which commercial banks are generally open for business in London.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8220;</font><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Mandatory Purchase</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8221; means the
mandatory purchase of Outstanding shares of a Series of VRDP Shares by the
Liquidity Provider pursuant to the VRDP Shares Purchase Agreement in connection
with a Mandatory Purchase Event.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8220;</font><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Mandatory Purchase Date</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8221; means the
Purchase Date for a Mandatory Purchase determined in accordance with this
Statement of Preferences and the VRDP Shares Purchase Agreement.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8220;</font><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Mandatory Purchase Event</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8221; means, (i)
in connection with the termination of the VRDP Shares Purchase Agreement due to
its expiration as of a Scheduled Termination Date, by the fifteenth day prior
to any such Scheduled Termination Date, (a) the Liquidity Provider shall not
have agreed to an extension or further extension of the Scheduled Termination
Date to a date not earlier than 180 days from the Scheduled Termination Date of
the VRDP Shares Purchase Agreement then in effect, and (b) the Trust shall not have
obtained and delivered to the Tender and Paying Agent an Alternate VRDP Shares
Purchase Agreement with a termination date not earlier than 180 days from the
Scheduled Termination Date of the VRDP Shares Purchase Agreement being
replaced, or (ii) in connection with the termination of the VRDP Shares
Purchase Agreement due to a Liquidity Provider Ratings Event or Related Party
Termination Event, by the fifteenth day prior to the Liquidity Provider Ratings
Event Termination Date or Related Party Termination Date, as the case may be,
the Trust shall not have obtained and delivered to the Tender and Paying Agent
an Alternate VRDP Shares Purchase Agreement with a termination date not earlier
than 180 days from the Liquidity Provider Ratings Event Termination Date or
Related Party Termination Date, as the case may be, of the VRDP Shares Purchase
Agreement being replaced. The Mandatory Purchase Event shall be deemed to occur
on such fifteenth day prior to any Scheduled Termination Date, Liquidity
Provider Ratings Event Termination Date or Related Party Termination Date, as
the case may be.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8220;</font><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Mandatory Purchase Notice</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8221; means, in
connection with the Mandatory Purchase of shares of a Series of VRDP Shares, a
notice, substantially in the form attached to the VRDP Shares Purchase
Agreement as Exhibit B, delivered by the Trust or the Tender and Paying Agent
on behalf of the Trust to the Holders and the Liquidity Provider in accordance
with the VRDP Shares Purchase Agreement and specifying a Mandatory Purchase
Date.</font></p>


<a name="_bclFooter10"></a><DIV>


<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;font-weight:normal;">8</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;font-weight:normal;"></font></font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_11"></a><a name="_bclPageBorder11"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8220;</font><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Mandatory Tender</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">,&#8221;
with respect to a Mandatory Tender Event, means the mandatory tender of all
shares of a Series of VRDP Shares by Holders for Remarketing or, in the event
(i) no Remarketing occurs on or before the Purchase Date or (ii) pursuant to an
attempted Remarketing, shares of the Series of VRDP Shares remain unsold and
the Remarketing Agent does not purchase for its own account the unsold shares
of the Series of VRDP Shares tendered to the Tender and Paying Agent for
Remarketing (provided, that the Remarketing Agent may seek to sell such shares
of the Series of VRDP Shares in a subsequent Remarketing prior to the Purchase
Date), for purchase by the Liquidity Provider at the Purchase Price pursuant to
Part II of this Statement of Preferences and the VRDP Shares Purchase
Agreement.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8220;</font><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Mandatory Tender Event</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8221; means (a) each
failure by the Trust to make a scheduled payment of dividends on a Dividend
Payment Date; (b) the occurrence of a Liquidity Provider Ratings Event (which
shall constitute a single Mandatory Tender Event upon the occurrence of such
Liquidity Provider Ratings Event, whether or not continuing and whether or not
such Liquidity Provider Ratings Event also results in a Mandatory Purchase
Event; provided that, following restoration of the short-term debt ratings to
the requisite level, a subsequent Liquidity Provider Ratings Event, shall
constitute a new Mandatory Tender Event); (c) in the event of a failure by the
Trust to pay the Liquidity Provider the applicable fee when due under the terms
of the Fee Agreement if the Liquidity Provider (in its sole discretion)
thereafter provides written notice to the Trust that such failure to pay such
fee constitutes a Mandatory Tender Event; (d) the eighth (8th) day prior to the
scheduled date of the occurrence of an Extraordinary Corporate Event; (e) the
Trust shall have obtained and delivered to the Tender and Paying Agent an
Alternate VRDP Shares Purchase Agreement by the fifteenth day prior to the
Scheduled Termination Date, Liquidity Provider Ratings Event Termination Date
or Related Party Termination Date, as the case may be, of the VRDP Shares
Purchase Agreement being replaced; (f) the Trust shall have provided a Notice
of Proposed Special Rate Period in accordance with this Statement of
Preferences; or (g) in the event of a breach by the Trust of its Effective
Leverage Ratio covenant with the Liquidity Provider in the Fee Agreement and
the failure to cure such breach within sixty (60) days from the date of such
breach (which 60-day period would include the Effective Leverage Ratio Cure
Period), if the Liquidity Provider (in its sole discretion) thereafter provides
written notice to the Trust and the Tender and Paying Agent that the failure to
timely cure such breach constitutes a Mandatory Tender Event (subject to the
Trust curing such breach prior to the delivery date of such notice from the
Liquidity Provider).</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8220;</font><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Mandatory Tender Notice</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8221; means, in
connection with the Mandatory Tender of shares of a Series of VRDP Shares, a
notice, substantially in the form attached to the VRDP Shares Remarketing
Agreement as Annex II, delivered by the Trust or the Tender and Paying Agent on
behalf of the Trust to the Holders and the Liquidity Provider in accordance
with the VRDP Shares Purchase Agreement and specifying a Mandatory Tender Event
and Purchase Date.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8220;</font><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Market Value</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8221; of any asset of the
Trust means the market value thereof determined by an independent third-party
pricing service designated pursuant to the Trust&#8217;s valuation policies and
procedures approved from time to time by the Board of Trustees for use in
connection with the determination of the Trust&#8217;s net asset value. Market Value
of any asset shall include any interest or dividends, as applicable, accrued
thereon. The pricing service values portfolio securities at the mean between
the quoted bid and asked price or the yield equivalent when quotations are
readily available. Securities for which quotations are not readily available
are valued at fair value as determined by the pricing service using methods which
include consideration of: yields or prices of municipal bonds of comparable
quality, type of issue, coupon, maturity and rating; indications as to value
from dealers; and general market conditions. The pricing service may employ
electronic data processing techniques or a matrix system, or both, to determine
valuations.</font></p>


<a name="_bclFooter11"></a><DIV>


<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;font-weight:normal;">9</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;font-weight:normal;"></font></font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_12"></a><a name="_bclPageBorder12"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8220;</font><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Maximum Rate</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8221;
for shares of a Series of VRDP Shares on any Rate Determination Date or in
respect of the occurrence of a Failed Remarketing Condition for shares of such
Series, means the Applicable Percentage of the Applicable Base Rate plus the
Applicable Spread. The Maximum Rate for shares of a Series of VRDP Shares will
depend on the long-term preferred stock rating assigned to such Series of VRDP
Shares, the length of the Rate Period and whether or not the Trust has given
notification to the Remarketing Agent and the Tender and Paying Agent prior to
the Applicable Rate Determination for the Rate Period pursuant to Section 6 of
Part II hereto that any ordinary income or capital gains will be included in
the dividend on shares of a Series of VRDP Shares for that Rate Period. The
Applicable Percentage of the Applicable Base Rate is as follows:</font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border:none;border-collapse:collapse;width:588.399963pt;">
 <tr style="height:45.0pt;">
  <td colspan=2 valign=top width=66% style="border:solid windowtext 1.0pt;height:45.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><b><font face="Times New Roman" style="font-size:11.0pt;">Long-Term* Rating</font></b></p>
  </td>
 <td valign=top width=34% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;height:45.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><b><font face="Times New Roman" style="font-size:11.0pt;">Applicable Percentage of Applicable Base
  Rate&#8211; No Notification</font></b></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td nowrap valign=top width=34% style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;height:15.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><b><font face="Times New Roman" style="font-size:11.0pt;">Fitch</font></b></p>
  </td>
 <td nowrap valign=top width=32% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;height:15.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><b><font face="Times New Roman" style="font-size:11.0pt;">Moody&#8217;s</font></b></p>
  </td>
 <td nowrap valign=top width=34% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;height:15.0pt;padding:0in 5.4pt 0in 5.4pt;">&nbsp;</td>
 </tr>
<tr style="height:15.0pt;">
  <td nowrap valign=top width=34% style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;height:15.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" style="font-size:11.0pt;">AA- to AAA</font></p>
  </td>
 <td nowrap valign=top width=32% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;height:15.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" style="font-size:11.0pt;">Aa3 to Aaa</font></p>
  </td>
 <td nowrap valign=top width=34% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;height:15.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" style="font-size:11.0pt;">100%</font></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td nowrap valign=top width=34% style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;height:15.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" style="font-size:11.0pt;">BBB- to A+</font></p>
  </td>
 <td nowrap valign=top width=32% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;height:15.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" style="font-size:11.0pt;">Baa3 to A1</font></p>
  </td>
 <td nowrap valign=top width=34% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;height:15.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" style="font-size:11.0pt;">110%</font></p>
  </td>
 </tr>
<tr style="height:15.0pt;">
  <td nowrap valign=top width=34% style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;height:15.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" style="font-size:11.0pt;">Below BBB-**</font></p>
  </td>
 <td nowrap valign=top width=32% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;height:15.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" style="font-size:11.0pt;">Below Baa3*</font></p>
  </td>
 <td nowrap valign=top width=34% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;height:15.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" style="font-size:11.0pt;">135%</font></p>
  </td>
 </tr>
</table></div>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:0in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.25in;margin-right:.05in;margin-top:1.4pt;text-align:justify;text-indent:-.25in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:10.0pt;line-height:11.5pt;vertical-align:baseline;">*&#160;&#160;&#160;&#160;&#160; And/or the equivalent ratings of
any Other Rating Agency then rating the shares of the Series of VRDP Shares at
the request of the Trust; utilizing the lower of the ratings of the Rating
Agencies then rating VRDP Shares at the request of the Trust.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:0in;margin-right:.05in;margin-top:0in;"><font color=black face="Times New Roman" lang=EN-US style="font-size:10.0pt;line-height:11.5pt;vertical-align:baseline;">**&#160;&#160; Includes unrated, if no Rating Agency
is then rating VRDP Shares at the request of the Trust.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-justify:inter-ideograph;"><u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">provided</font></u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">, </font><u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">however</font></u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">, that in the event the
Trust has given notification prior to the Applicable Rate Determination for the
Rate Period pursuant to Section 6 of Part II hereof that any ordinary income
and capital gains will be included in the dividend on shares of the Series of
VRDP Shares for that Rate Period, the Applicable Percentage in the foregoing
table shall be divided by the quantity one (1) minus (i) the maximum marginal
regular federal personal income tax rate applicable to ordinary income or net
capital gains (as applicable), each expressed as a decimal, or (ii) the maximum
marginal regular federal corporate income tax rate applicable to ordinary
income or net capital gains (as applicable), each expressed as a decimal,
whichever is greater and determined on a weighted average basis in respect of
the relative amounts of ordinary income and net capital gains.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">The Applicable Percentage as so determined and
the Applicable Spread may be subject to&#160; upward (and, if previously adjusted
upward, subsequent downward) adjustment as provided in the VRDP Shares
Remarketing Agreement, with the prior written consent of the Liquidity Provider
and after consultation with the Remarketing Agent; provided, that,
notwithstanding any provision to the contrary in the VRDP Shares Remarketing
Agreement, immediately following any such upward adjustment, the Maximum Rate
is equal to or higher than the rates determined subsequent to such adjustment
and the Trust would be in compliance with the Minimum VRDP Shares Asset
Coverage and the VRDP Shares Basic Maintenance Amount in the Rating Agency
Guidelines of the Rating Agency or Rating Agencies then rating the VRDP Shares
at the request of the Trust. Furthermore, in the event of Special Rate Periods
of greater than 364 days, the Maximum Rate may be subject to upward (and, if
previously adjusted upward, subsequent downward) adjustment as provided in the
VRDP Shares Remarketing Agreement, with the prior written consent of the
Liquidity Provider and after consultation with the Remarketing </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Agent; provided, that, notwithstanding any provision to
the contrary in the VRDP Shares Remarketing Agreement, immediately following
any such upward adjustment, the Maximum Rate is equal to or higher than the
rates determined subsequent to such adjustment and the Trust would be in
compliance with the Minimum VRDP Shares Asset Coverage and the VRDP Shares
Basic Maintenance Amount in the Rating Agency Guidelines of the Rating Agency
or Rating Agencies then rating the VRDP Shares at the request of the Trust.</font></p>
<a name="_bclFooter12"></a><DIV>


<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;font-weight:normal;">10</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;font-weight:normal;"></font></font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_13"></a><a name="_bclPageBorder13"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">


<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">A Maximum Rate in effect in respect of a
Failed Remarketing Condition will continue to be the Applicable Rate (i) until
the first (1st) day of the next succeeding Subsequent Rate Period after a
Failed Remarketing Condition no longer exists in the case of a Minimum Rate
Period or a Special Rate Period of twenty-eight (28) Rate Period Days or fewer,
and (ii) until the first (1st) day of the next succeeding Dividend Period after
a Failed Remarketing Condition no longer exists in the case of a Special Rate
Period of greater than twenty-eight (28) Rate Period Days.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Notwithstanding any provision to the contrary
in the VRDP Shares Remarketing Agreement, in no event shall the Maximum Rate
exceed 15%; provided, however, that in the event the Trust has given
notification prior to the Applicable Rate Determination for the Rate Period
pursuant to Section 6 of Part II hereof that any ordinary income or capital
gains will be included in the dividend on shares of the Series of VRDP Shares
for that Rate Period, the Maximum Rate shall not exceed 15% divided by the
quantity one (1) minus (i) the maximum marginal regular federal personal income
tax rate applicable to ordinary income or net capital gains (as applicable),
each expressed as a decimal, or (ii) the maximum marginal regular federal
corporate income tax rate applicable to ordinary income or net capital gains
(as applicable), each expressed as a decimal, whichever is greater and
determined on a weighted average basis in respect of the relative amounts of
ordinary income and net capital gains.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8220;</font><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Minimum Rate Period</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8221; means any Rate
Period consisting of seven (7) Rate Period Days, as adjusted to reflect any
changes when the regular day that is a Rate Determination Date is not a
Business Day.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8220;</font><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Minimum VRDP Shares Asset Coverage</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8221;
means asset coverage, as defined in Section 18(h) of the 1940 Act as of the
date of the Fee Agreement (excluding (1) from the denominator of such asset
coverage test (i) any senior securities for which the Trust has issued a Notice
of Redemption and either has delivered Deposit Securities to the Tender and Paying
Agent or otherwise has adequate Deposit Securities on hand for the purpose of
such redemption and (ii) the Trust&#8217;s outstanding preferred shares to be
redeemed in accordance with Section 6.20 of the Fee Agreement with the gross
proceeds from the sale of the Series W-7 VRDP Shares, for which the Trust
either has delivered Deposit Securities to the Tender and Paying Agent or
otherwise has adequate Deposit Securities on hand for the purpose of such
redemption and (2) from the numerator of such asset coverage test, any Deposit
Securities referred to in the previous clauses (1)(i) and (ii)), with such
changes thereafter as agreed with the prior written consent of the Liquidity
Provider, of at least 200% or such higher percentage as required and specified in
the Fee Agreement, but, in any event, not more than 250%, with respect to all
outstanding senior securities of the Trust which are shares of beneficial
interest, including all Outstanding VRDP Shares (or, in each case, if higher,
such other asset coverage as may in the future be specified in or under the
1940 Act as the minimum asset coverage for senior securities which are stock of
a closed-end investment company as a condition of declaring dividends on its
common shares or stock).</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8220;</font><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Minimum VRDP Shares Asset Coverage Cure
Date</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">,&#8221; with respect to the failure by the Trust to maintain the Minimum
VRDP Shares Asset Coverage (as required by Section 6 of Part I of this
Statement of Preferences and the Fee Agreement) as of the last Business Day of
each month, means the tenth Business Day of the following month.</font></p>


<a name="_bclFooter13"></a><DIV>


<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;font-weight:normal;">11</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;font-weight:normal;"></font></font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_14"></a><a name="_bclPageBorder14"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8220;</font><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Moody&#8217;s</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8221;
means Moody&#8217;s Investors Service, Inc., a Delaware corporation, and its
successors.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8220;</font><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Moody&#8217;s Discount Factor</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8221; means the
discount factors set forth in the Moody&#8217;s Guidelines for use in calculating the
Discounted Value of the Trust&#8217;s assets in connection with Moody&#8217;s long-term
preferred stock ratings of shares of a Series of VRDP Shares at the request of
the Trust.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8220;</font><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Moody&#8217;s Eligible Assets</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8221; means assets
of the Trust set forth in the Moody&#8217;s Guidelines as eligible for inclusion in
calculating the Discounted Value of the Trust&#8217;s assets in connection with
Moody&#8217;s long-term preferred stock ratings of shares of a Series of VRDP Shares
at the request of the Trust.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8220;</font><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Moody&#8217;s Guidelines</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8221; means the
guidelines applicable to Moody&#8217;s current long-term preferred stock ratings of
the VRDP Shares, provided by Moody&#8217;s in connection with Moody&#8217;s long-term
preferred stock ratings of shares of a Series of VRDP Shares at the request of
the Trust (a copy of which is available on request to the Trust), in effect on
the date hereof and as may be amended from time to time, provided, however,
that any such amendment will not be effective for thirty (30) days from the
date that Moody&#8217;s provides final notice of such amendment to the Trust.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8220;</font><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Moody&#8217;s Provisions</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8221; means Sections 7,
8(c)(B) and 9 of Part I of this Statement of Preferences with respect to
Moody&#8217;s, and any other provisions hereof with respect to Moody&#8217;s long-term
preferred stock ratings of shares of a Series of VRDP Shares at the request of
the Trust, including any provisions hereof with respect to obtaining and
maintaining a long-term preferred stock rating on shares of a Series of VRDP
Shares from Moody&#8217;s. The Trust is required to comply with the Moody&#8217;s
Provisions only if Moody&#8217;s is then rating shares of a Series of VRDP Shares at
the request of the Trust.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8220;</font><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Municipal Obligations</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8221; means Municipal
Bonds as described under &#8220;The Fund&#8217;s Investments &#8211; Description of Municipal
Bonds&#8221; in the Offering Memorandum.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8220;</font><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Net Tax-Exempt Income</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8221; means the
excess of the amount of interest excludable from gross income under Section
103(a) of the Code over the amounts disallowed as deductions under Sections 265
and 171(a)(2) of the Code.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8220;</font><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Notice of Proposed Special Rate Period</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8221;
has meaning specified in paragraph (c) of Section 4 of Part I of this Statement
of Preferences.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8220;</font><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Notice of Purchase</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8221; means, as the
context requires, a Preliminary Notice of Purchase or a Final Notice of
Purchase, in each case, substantially in the form attached as Exhibit A to the
VRDP Shares Purchase Agreement.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8220;</font><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Notice of Redemption</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8221; means any notice
with respect to the redemption of shares of a Series of VRDP Shares pursuant to
paragraph (c) of Section 10 of Part I of this Statement of Preferences.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8220;</font><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Notice of Revocation</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8221; means, in
connection with the revocation by a Beneficial Owner or its Agent Member of its
Notice of Tender, a notice, substantially in the form attached to the Tender
and Paying Agent Agreement as Exhibit C, delivered by a Beneficial Owner or its
Agent Member to the Tender and Paying Agent indicating an intention to revoke
the tender of some or all of the shares of a Series of VRDP Shares for sale on
a Purchase Date pursuant to paragraph (f) of Section 1 of Part II of this
Statement of Preferences.</font></p>


<a name="_bclFooter14"></a><DIV>


<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;font-weight:normal;">12</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;font-weight:normal;"></font></font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_15"></a><a name="_bclPageBorder15"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8220;</font><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Notice of Special
Rate Period</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8221; has the meaning specified in paragraph (d)(i) of Section 4 of
Part I of this Statement of Preferences.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8220;</font><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Notice of Tender</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8221; means, in connection
with an Optional Tender, a notice, substantially in the form attached to the
Tender and Paying Agent Agreement as Exhibit A, delivered by a Beneficial Owner
or its Agent Member to the Tender and Paying Agent, indicating an intention to
tender shares of a Series of VRDP Shares for sale on a Purchase Date pursuant
to Section 1 of Part II of this Statement of Preferences.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8220;</font><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">NRSRO</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8221; means a &#8220;nationally recognized
statistical rating organization&#8221; within the meaning of Section 3(a)(62) of the
Exchange Act that is not an &#8220;affiliated person&#8221; (as defined in Section 2(a)(3)
of the 1940 Act) of the Trust or the Liquidity Provider, including, at the date
hereof, Moody&#8217;s and Fitch.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8220;</font><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Offering Memorandum</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8221; means the
offering memorandum of the Trust relating to the offering and sale of Series
W-7 VRDP Shares, dated March 31, 2021, as amended, revised or supplemented from
time to time, including in connection with any Remarketing, if applicable.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8220;</font><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Optional Tender</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8221; means any tender of
shares of a Series of VRDP Shares by a Beneficial Owner or its Agent Member to
the Tender and Paying Agent, other than a Mandatory Tender, for Remarketing or,
in the event (i) no Remarketing occurs on or before the Purchase Date, or (ii)
pursuant to an attempted Remarketing shares of a Series of VRDP Shares remain
unsold and the Remarketing Agent does not purchase for its own account the
unsold shares of a Series of VRDP Shares tendered to the Tender and Paying
Agent for Remarketing (provided, that the Remarketing Agent may seek to sell
such VRDP Shares in a subsequent Remarketing prior to the Purchase Date), for
purchase by the Liquidity Provider pursuant to Part II of this Statement of
Preferences and the VRDP Shares Purchase Agreement.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8220;</font><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Other Rating Agency</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8221; means each NRSRO,
if any, other than Moody&#8217;s or Fitch then providing a short-term or long-term
preferred stock rating for the shares of a Series of VRDP Shares at the request
of the Trust.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8220;</font><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Other Rating Agency Eligible Assets</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8221;
means assets of the Trust set forth in the Other Rating Agency Guidelines as
eligible for inclusion in calculating the Discounted Value of the Trust&#8217;s assets
in connection with an Other Rating Agency&#8217;s long-term preferred stock ratings
of shares of a Series of VRDP Shares at the request of the Trust.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8220;</font><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Other Rating Agency Guidelines</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8221; means
the guidelines applicable to each Other Rating Agency&#8217;s long-term preferred
stock ratings of the VRDP Shares, provided by an Other Rating Agency in
connection with such Other Rating Agency&#8217;s long-term preferred stock ratings of
shares of a Series of VRDP Shares at the request of the Trust (a copy of which
is available on request to the Trust), as may be amended from time to time,
provided, however, that any such amendment will not be effective except as
agreed between the Other Rating Agency and the Trust.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8220;</font><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Other Rating Agency Provisions</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8221; means
Sections 7, 8(c)(B) and 9 of Part I of this Statement of Preferences with
respect to any Other Rating Agency then rating shares of a Series of VRDP
Shares at the request of the Trust, and any other provisions hereof with
respect to such Other Rating Agency&#8217;s long-term preferred stock ratings of
shares of a Series of VRDP Shares, including any provisions with respect to
obtaining and maintaining a long-term preferred stock rating of shares of a
Series of VRDP Shares from such Other Rating Agency. The Trust is required to
comply with the Other </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Rating Agency Provisions of an
Other Rating Agency only if such Other Rating Agency is then rating shares of a
Series of VRDP Shares at the request of the Trust.</font></p>
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<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8220;</font><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Outstanding</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8221; means, as of any date
with respect to VRDP Shares of any Series, the number of shares of such Series
theretofore issued by the Trust except, without duplication, (i) any shares of
such Series of VRDP Shares theretofore cancelled or delivered to the Tender and
Paying Agent for cancellation or redemption by the Trust, (ii) any shares of
such Series of VRDP Shares with respect to which the Trust has given a Notice
of Redemption and irrevocably deposited with the Tender and Paying Agent
sufficient Deposit Securities to redeem such shares of such Series of VRDP
Shares, pursuant to Section 10 of Part I of this Statement of Preferences,
(iii) any shares of such Series of VRDP Shares as to which the Trust shall be a
Beneficial Owner, and (iv) any shares of such Series of VRDP Shares represented
by any certificate in lieu of which a new certificate has been executed and
delivered by the Trust; provided, however, with respect to clause (ii), any
such shares of such Series of VRDP Shares will be deemed to be Outstanding for
purposes of the VRDP Shares Purchase Agreement until redeemed by the Trust.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8220;</font><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Person</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8221; means and includes an
individual, a partnership, a corporation, a trust, an unincorporated
association, a joint venture or other entity or a government or any agency or
political subdivision thereof.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8220;</font><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Preferred Shares</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8221; means the preferred shares
of beneficial interest in the Trust, and includes the VRDP Shares.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8220;</font><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Preliminary Notice of Purchase</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8221; means
a Notice of Purchase delivered by the Tender and Paying Agent to the Liquidity
Provider (or directly to the Liquidity Provider by Beneficial Owners or their
Agent Members if there is no Tender and Paying Agent or for any reason the
Tender and Paying Agent does not perform its obligations) on the Business Day
immediately preceding a Purchase Date indicating the number of shares of VRDP
Shares to be purchased on the Purchase Date pursuant to the Purchase
Obligation.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8220;</font><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Purchase Date</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">,&#8221; with respect to any
purchase of shares of a Series of VRDP Shares, means (i) in connection with an
Optional Tender, the date specified in a Notice of Tender, which date shall be
no earlier than the seventh (7th) day (or, if such day is not a Business Day,
the next succeeding Business Day) following delivery to the Tender and Paying
Agent of the Notice of Tender, (ii) in connection with a Mandatory Tender, the
date specified in the Mandatory Tender Notice (or, if such day is not a
Business Day, the next succeeding Business Day), subject to the immediately
succeeding sentence below, or (iii) in connection with a Mandatory Purchase,
the Mandatory Purchase Date specified in the Mandatory Purchase Notice (or, if
such day is not a Business Day, the next succeeding Business Day). The Purchase
Date in respect of a Mandatory Tender Event shall be not later than seven days
following the date a Mandatory Tender Notice is sent to Holders by Electronic
Means; provided, that: (A) the Purchase Date in connection with the failure of
the Trust to pay the applicable fee to the Liquidity Provider may not be later
than the last Business Day of the month such payment was due; (B) the Purchase Date
in connection with the occurrence of an Extraordinary Corporate Event may not
be later than the Business Day immediately preceding the occurrence of the
Extraordinary Corporate Event (and, if no earlier Purchase Date is specified in
a Mandatory Tender Notice with respect to such Extraordinary Corporate Event,
the Business Day immediately preceding the occurrence of the Extraordinary
Corporate Event shall be deemed to be the Purchase Date irrespective of the
failure to have given or sent a Mandatory Tender Notice); (C) the Purchase Date
in connection with the Trust obtaining an Alternate VRDP Shares Purchase
Agreement may not be later than the Business Day immediately preceding the
termination of the VRDP Shares Purchase Agreement being replaced and the effective
date of such Alternate VRDP Shares Purchase Agreement (which may not be later
than the termination date of the </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">VRDP Shares Purchase
Agreement); and (D) the Purchase Date in connection with a Notice of Proposed
Special Rate Period may not be later than the first (1st) day of such proposed
Special Rate Period.</font></p>
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<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8220;</font><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Purchase Obligation</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8221; means the
unconditional and irrevocable obligation of the Liquidity Provider during the
term and pursuant to the terms of the VRDP Shares Purchase Agreement to purchase
Outstanding shares of a Series of VRDP Shares on any Purchase Date at the
Purchase Price from Beneficial Owners, in the case of any Optional Tender, and
Holders, in the case of any Mandatory Tender or any Mandatory Purchase, in each
case following delivery of a Final Notice of Purchase with respect to such VRDP
Shares.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8220;</font><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Purchase Price</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8221; means an amount equal
to the Liquidation Preference of any shares of a Series of VRDP Shares to be
purchased on a Purchase Date, plus any accumulated but unpaid dividends thereon
(whether or not earned or declared), if any, to, but excluding, the relevant
Purchase Date.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8220;</font><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Purchased VRDP Shares</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8221; means all
shares of a Series of VRDP Shares purchased by the Liquidity Provider pursuant
to the VRDP Shares Purchase Agreement, so long as the Liquidity Provider
continues to be the beneficial owner for federal income tax purposes of such
VRDP Shares.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8220;</font><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Rate Determination Date</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8221; means, with
respect to any Series of VRDP Shares, the last day of a Rate Period for such
Series or, if such day is not a Business Day, the next succeeding Business Day;
provided, however, that the next succeeding Rate Determination Date will be
determined without regard to any prior extension of a Rate Determination Date
to a Business Day.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8220;</font><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Rate Period</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">,&#8221; with respect to shares
of a Series of VRDP Shares, means the Initial Rate Period for shares of such
Series and any Subsequent Rate Period, including any Special Rate Period, for
shares of such Series.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8220;</font><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Rate Period Days</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">,&#8221; for any Rate
Period, means the number of days that would constitute such Rate Period but for
the application of paragraph (d) of Section 2 of Part I of this Statement of
Preferences or paragraph (b) of Section 4 of Part I of this Statement of
Preferences.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8220;</font><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Rating Agency</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8221; means each of Fitch (if
Fitch is then rating shares of a Series of VRDP Shares at the request of the
Trust), Moody&#8217;s (if Moody&#8217;s is then rating shares of a Series of VRDP Shares at
the request of the Trust) and any Other Rating Agency (if such Other Rating
Agency is then rating shares of a Series of VRDP Shares at the request of the
Trust).</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8220;</font><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Rating Agency Certificate</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8221; has the
meaning specified in paragraph (b) of Section 7 of Part I of this Statement of
Preferences.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8220;</font><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Rating Agency Eligible Assets</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8221; means
assets of the Trust set forth in the Rating Agency Guidelines of a Rating
Agency as eligible for inclusion in calculating the Discounted Value of the
Trust&#8217;s assets in connection with such Rating Agency&#8217;s long-term preferred
stock ratings of shares of a Series of VRDP Shares at the request of the Trust.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8220;</font><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Rating Agency Guidelines</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8221; means
Moody&#8217;s Guidelines (if Moody&#8217;s is then rating shares of a Series of VRDP Shares
at the request of the Trust), Fitch Guidelines (if Fitch is then rating shares
of a Series of VRDP Shares at the request of the Trust) and any Other Rating
Agency Guidelines (if such Other Rating Agency is then rating shares of a
Series of VRDP Shares at the request of the Trust).</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8220;</font><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Rating Agency Provisions</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8221; means the
Moody&#8217;s Provisions (if Moody&#8217;s is then rating shares of a Series of VRDP Shares
at the request of the Trust), the Fitch Provisions (if Fitch is then rating </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">shares of a Series of VRDP Shares at the request of the
Trust) and any Other Rating Agency Provisions (if such Other Rating Agency is
then rating VRDP Shares at the request of the Trust). The Trust is required to
comply with the Rating Agency Provisions of a Rating Agency only if such Rating
Agency is then rating shares of a Series of VRDP Shares at the request of the
Trust.</font></p>
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<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8220;</font><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Redemption Date</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8221; has the meaning
specified in paragraph (c) of Section 10 of Part I of this Statement of
Preferences.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8220;</font><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Redemption Price</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8221; means the applicable
redemption price specified in paragraph (a) or (b) of Section 10 of Part I of
this Statement of Preferences.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8220;</font><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Reference Banks</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8221; means four major
banks in the London interbank market selected by the Remarketing Agent or its
affiliates or successors or such other party as the Trust may from time to time
appoint.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8220;</font><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Related Documents</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8221; means this
Statement of Preferences, the Charter, the Series W-7 VRDP Shares, the
Placement Agreement, the VRDP Shares Purchase Agreement, the VRDP Shares
Remarketing Agreement, the Fee Agreement and the Tender and Paying Agent
Agreement.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8220;</font><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Related Party</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8221; means a related party
for purposes of Section 267(b) or Section 707(b) of the Code, as such
provisions may be amended from time to time.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8220;</font><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Related Party Termination Date</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8221; means
the effective date of the termination of the VRDP Shares Purchase Agreement in
accordance with its terms following the occurrence of a Related Party
Termination Event.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8220;</font><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Related Party Termination Event</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8221; means
the Liquidity Provider becoming a Related Party of the Trust other than through
the acquisition of shares of a Series of VRDP Shares pursuant to the terms of
the VRDP Shares Purchase Agreement.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8220;</font><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Relevant Governmental Body</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8221; means the
Federal Reserve Board and/or the Federal Reserve Bank of New York, or a
committee officially endorsed or convened by the Federal Reserve Board and/or
the Federal Reserve Bank of New York.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8220;</font><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Remarketing</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8221; means the remarketing of
shares of a Series of VRDP Shares by the Remarketing Agent on behalf of the
Beneficial Owners thereof pursuant to an Optional Tender or on behalf of the
Holders thereof pursuant to a Mandatory Tender, as provided in the VRDP Shares
Remarketing Agreement and Part II of this Statement of Preferences.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8220;</font><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Remarketing Agent</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8221; means, with respect
to the Series W-7 VRDP Shares, the Person or Persons designated, with the prior
written consent of the Liquidity Provider (which consent shall not be
unreasonably withheld), as Remarketing Agent for such Series of VRDP Shares,
initially as set forth in Schedule I to the Fee Agreement, and its or their
permitted successors and assigns.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8220;</font><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Remarketing Notice</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8221; has the meaning
set forth in paragraph (b) of Section 2 of Part II of this Statement of
Preferences.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8220;</font><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Remarketing Procedures</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8221; means the
procedures for conducting Remarketings set forth in Part II of this Statement
of Preferences.</font></p>


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<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8220;</font><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Requisite NRSROs</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8221;
means (i) any two NRSROs that have issued a rating with respect to a security
or class of debt obligations of an issuer or (ii) if only one NRSRO has issued
a rating with respect to such security or class of debt obligations of an
issuer at the time a purchaser Acquires (as such term is defined from time to
time in Rule 2a-7 under the 1940 Act) the security, that NRSRO.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8220;</font><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Scheduled Termination Date</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8221; means,
with respect to a VRDP Shares Purchase Agreement for shares of a Series of VRDP
Shares, the date that is 364 days from (and including) the Closing Date for
shares of such Series, or any succeeding date to which the term of such VRDP
Shares Purchase Agreement is extended pursuant to the terms thereof.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8220;</font><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">SEC</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8221; means the Securities and Exchange
Commission. </font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8220;</font><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Securities Act</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8221; means the Securities
Act of 1933, as amended.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8220;</font><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Securities Depository</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#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 shares of a Series of VRDP Shares.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8220;</font><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">SIFMA Municipal Swap Index</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8221; means on
any Rate Determination Date the Securities Industry and Financial Markets
Association Municipal Swap Index, produced and made available by Municipal
Market Data as of 3:00 p.m., New York City time, on the Rate Determination Date.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8220;</font><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">SOFR</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8221; with respect to any Business Day
means the secured overnight financing rate published for such day by the
Federal Reserve Bank of New York, as the administrator of the benchmark (or a
successor administrator) on the Federal Reserve Bank of New York&#8217;s website (or
any successor source) at approximately 8:00 a.m. (New York City time) on the
immediately succeeding Business Day and, in each case, that has been selected
or recommended by the Relevant Governmental Body.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8220;</font><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Special Optional Tender Provisions</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8221;
shall have the meaning specified in paragraph (g) of Section 1 of Part II of
this Statement of Preferences.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8220;</font><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Special Rate Period</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">,&#8221; with respect to
shares of a Series of VRDP Shares, shall have the meaning specified in
paragraph (a) of Section 4 of Part I of this Statement of Preferences.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8220;</font><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Special Redemption Provisions</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8221; shall
have the meaning specified in paragraph (a)(i) of Section 10 of Part I of this
Statement of Preferences.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8220;</font><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Statement of Preferences</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8221; means this
Statement of Preferences of the VRDP Shares.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8220;</font><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Subsequent Rate Period</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">,&#8221; with respect
to shares of a Series of VRDP Shares, means the period from, and including, the
first (1st) day following the Initial Rate Period of shares of such Series to,
and including, the next Rate Determination Date for shares of such Series and
any period thereafter from, and including, the first (1st) day following a Rate
Determination Date for shares of such Series to, and including, the next
succeeding Rate Determination Date for shares of such Series; provided,
however, that, if any Subsequent Rate Period is also a Special Rate Period,
such term shall mean the period commencing on the first (1st) day of such
Special Rate Period and ending on, and including, the last day of the last
Dividend Period thereof; except for Special Rate Periods, each Subsequent Rate
Period will be a Minimum Rate Period.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8220;</font><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Taxable Allocation</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8221; shall have the
meaning specified in paragraph (a) of Section 3 of Part I of this Statement of
Preferences.</font></p>


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<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8220;</font><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Tender</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8221; means
either a Mandatory Tender or an Optional Tender, as applicable.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8220;</font><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Tender and Paying Agent</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8221; means The
Bank of New York Mellon, or with the prior written consent of the Liquidity
Provider (which consent shall not be unreasonably withheld) any successor
Person, which has entered into an agreement with the Trust to act in such
capacity as the Trust&#8217;s tender agent, transfer agent, registrar, dividend
disbursing agent, paying agent, redemption price disbursing agent and
calculation agent in connection with the payment of regularly scheduled
dividends with respect to each Series of VRDP Shares.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8220;</font><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Tender and Paying Agent Agreement</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8221;
means the tender and paying agent agreement, dated as of March 31, 2021, by and
between the Trust and the initial Tender and Paying Agent, as amended, modified
or supplemented from time to time, or any similar agreement with a successor
tender and paying agent.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8220;</font><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">U.S. Government Securities</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8221; means
direct obligations of the United States or of its agencies or instrumentalities
that are entitled to the full faith and credit of the United States and that,
other than United States Treasury Bills, provide for the periodic payment of
interest and the full payment of principal at maturity or call for redemption.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8220;</font><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Valuation Date</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8221; means, for purposes of
determining whether the Trust is maintaining the VRDP Shares Basic Maintenance
Amount, (i) each Friday occurring after the Date of Original Issue that is a
Business Day or, for any such Friday that is not a Business Day, the
immediately preceding Business Day and (ii) the Date of Original Issue.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8220;</font><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Voting Period</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8221; shall have the meaning
specified in paragraph (b)(i) of Section 5 of Part I of this Statement of
Preferences.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8220;</font><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">VRDP</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"> Shares Basic Maintenance Amount,&#8221;
as of any Valuation Date, shall have the meaning set forth for &#8220;Basic Maintenance
Amount&#8221; in the Rating Agency Guidelines.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8220;</font><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">VRDP Shares Basic Maintenance Cure Date</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">,&#8221;
with respect to the failure by the Trust to satisfy the VRDP Shares Basic
Maintenance Amount (as required by paragraph (a) of Section 7 of Part I of this
Statement of Preferences) as of a given Valuation Date, shall have the meaning
set forth in the Rating Agency Guidelines, but in no event shall it be longer
than 10 Business Days following such Valuation Date.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8220;</font><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">VRDP Shares Basic Maintenance Report</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8221;
shall have the meaning set forth for &#8220;Basic Maintenance Report&#8221; in the Rating
Agency Guidelines.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8220;</font><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">VRDP Shares Purchase Agreement</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8221; means
the VRDP Shares purchase agreement, dated as of March 31, 2021, by and between
the initial Liquidity Provider and the Tender and Paying Agent, as amended,
modified or supplemented, or any Alternate VRDP Shares Purchase Agreement.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8220;</font><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">VRDP Shares Remarketing Agreement</font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#8221;
means the VRDP Shares remarketing agreement, dated as of March 31, 2021, by and
between the Trust and the initial Remarketing Agent, as amended, modified or
supplemented from time to time, or any similar agreement with a successor
remarketing agent.</font></p>

<h1 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;text-indent:0in;"><a name="_Toc57655450"></a><b><font color=black face="times new roman bold" style="font-size:11.0pt;text-transform:uppercase;">PART I</font></b><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">&nbsp;</font></h1>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:0in;text-justify:inter-ideograph;"><a name="_Toc57655451"></a><b><font color=black face="Times New Roman" style="font-size:11.0pt;">1.</font></b><b><font color=black face="times new roman" style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font></b><b><font face="Times New Roman" style="font-size:11.0pt;">Number of Authorized Shares</font></b></h2>


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<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;font-weight:normal;">18</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;font-weight:normal;"></font></font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_21"></a><a name="_bclPageBorder21"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;">The initial number of authorized shares constituting Series
W-7 VRDP Shares is as set forth above under the title &#8220;Designation.&#8221;</font></p>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:0in;text-justify:inter-ideograph;"><a name="_Toc57655452"></a><b><font color=black face="Times New Roman" style="font-size:11.0pt;">2.</font></b><b><font color=black face="times new roman" style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font></b><b><font face="Times New Roman" style="font-size:11.0pt;">Dividends</font></b></h2>

<h3 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face=times style="font-size:11.0pt;font-weight:normal;">(a)</font><font color=black face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">Ranking</font></u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">. The shares of each Series of VRDP Shares shall
rank on a parity with each other, with shares of each other Series of VRDP
Shares and with shares of any other Series of Preferred Shares as to the
payment of dividends by the Trust.</font></h3>

<h3 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face=times style="font-size:11.0pt;font-weight:normal;">(b)</font><font color=black face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">Cumulative Cash Dividends</font></u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">. The Holders of shares of any
Series of VRDP Shares shall be entitled to receive, when, as and if declared by
the Board of Trustees, out of legally available funds therefor in respect of
shares of the Trust and in accordance with the Charter and applicable law,
cumulative cash dividends at the Applicable Rate for shares of such Series,
determined as set forth in paragraph (e) of this Section 2, and no more (except
to the extent set forth in Section 3 of Part I of this Statement of Preferences
and Section 6 of Part II of this Statement of Preferences), payable on the
Dividend Payment Dates with respect to shares of such Series determined
pursuant to paragraph (d) of this Section 2. Holders of VRDP Shares shall not
be entitled to any dividend, whether payable in cash, property or shares, in
excess of full cumulative dividends, as herein provided, on VRDP Shares. No
interest, or sum of money in lieu of interest, shall be payable in respect of
any dividend payment or payments on VRDP Shares which may be in arrears, and no
additional sum of money shall be payable in respect of such arrearage, except
that the Trust shall pay as a supplemental dividend out of legally available
funds therefor in respect of shares of the Trust and otherwise in accordance
with applicable law a Late Charge (as defined below in paragraph (e)(i)(C) of
this Section 2) on account of a Failure to Deposit, if any, in respect of each
day during the period commencing on the day a Failure to Deposit occurs through
and including the day immediately preceding the earlier of (i) the day the
Failure to Deposit is cured and (ii) the third (3rd) Business Day next
succeeding the day on which the Failure to Deposit occurred.</font></h3>

<h3 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face=times style="font-size:11.0pt;font-weight:normal;">(c)</font><font color=black face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">Dividends Cumulative from Date of Original Issue</font></u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">.
Dividends on shares of any Series of VRDP Shares shall be declared daily and
accumulate at the Applicable Rate for shares of such Series from the Date of
Original Issue thereof.</font></h3>

<h3 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face=times style="font-size:11.0pt;font-weight:normal;">(d)</font><font color=black face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">Dividend Payment Dates and Adjustment Thereof</font></u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">. The
Dividend Payment Date with respect to shares of a Series of VRDP Shares shall
be the first (1st) Business Day of each calendar month; </font><u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">provided</font></u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">, </font><u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">however</font></u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">,</font><u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">
</font></u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">that:</font></h3>

<h4 style="margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">(i)</font><font color=black face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">notwithstanding the foregoing, the Trust in its discretion may
establish more frequent Dividend Payment Dates than monthly in respect of any
Minimum Rate Period, and the Dividend Payment Date for the Dividend Period
prior to the commencement of a Special Rate Period shall be the Business Day
immediately preceding the first (1st) day of such Special Rate Period; and</font></h4>

<h4 style="margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">(ii)</font><font color=black face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">notwithstanding the foregoing, the Trust in its discretion may
establish the Dividend Payment Dates in respect of any Special Rate Period of
shares of a Series of VRDP Shares consisting of more than seven Rate Period
Days; </font><u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">provided</font></u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">, </font><u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">however</font></u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">, that such dates shall be set forth in
the Notice of Proposed Special Rate Period and Notice of Special Rate Period
relating to such Special Rate Period, as delivered to the Remarketing Agent,
which Notice of Proposed Special Rate Period and Notice of Special Rate Period
shall be filed with the Secretary of the Trust; and further provided that (1)
any such Dividend Payment Date shall be a Business Day and (2) the last
Dividend Payment Date in respect of such Special Rate Period shall be the
Business Day immediately following </font></h4>
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<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;font-weight:normal;">19</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;font-weight:normal;"></font></font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_22"></a><a name="_bclPageBorder22"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<h4 style="margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">the last day
thereof, as such last day is determined in accordance with paragraph (b) of
Section 4 of Part I of this Statement of Preferences.</font></h4>

<h3 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face=times style="font-size:11.0pt;font-weight:normal;">(e)</font><font color=black face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">Applicable Rates and Calculation of Dividends. </font></h3>

<h4 style="margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">(i)</font><font color=black face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><i><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">Applicable Rates</font></i><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">. The dividend rate on shares of any
Series of VRDP Shares during the period from and after the Date of Original
Issue of shares of such Series to and including the last day of the Initial
Rate Period for shares of such Series shall be equal to the rate </font><i><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">per annum</font></i><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">
determined by the Board of Trustees of the Trust or pursuant to their delegated
authority. Except for Special Rate Periods, each Subsequent Rate Period will be
a Minimum Rate Period. For each Subsequent Rate Period for shares of such
Series thereafter, the dividend rate on shares of such Series shall be equal to
the rate </font><i><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">per annum </font></i><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">that results from the Applicable Rate Determination
for shares of such Series on the Rate Determination Date immediately preceding
such Subsequent Rate Period; </font><u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">provided</font></u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">,</font><u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;"> however</font></u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">, that:</font></h4>

<h5 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">(A)</font><font color=black face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">if an Applicable Rate Determination for any such Subsequent Rate
Period is not held for any reason, the dividend rate on shares of such Series
for such Subsequent Rate Period will be adjusted to the Maximum Rate for shares
of such Series on the Rate Determination Date therefor;</font></h5>

<h5 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">(B)</font><font color=black face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">in the event of a Failed Remarketing Condition, the Applicable
Rate as of the close of business on the day the Failed Remarketing Condition
first occurs will be adjusted to the Maximum Rate (with the Applicable Spread subject
to adjustment as set forth in the definition of Applicable Spread), and the
Maximum Rate will continue to be the Applicable Rate (i) until the first (1st)
day of the next succeeding Subsequent Rate Period after a Failed Remarketing
Condition no longer exists in the case of a Minimum Rate Period or a Special
Rate Period of twenty-eight (28) Rate Period Days or fewer, and (ii) until the
first (1st) day of the next succeeding Dividend Period after a Failed
Remarketing Condition no longer exists in the case of a Special Rate Period of
greater than twenty-eight (28) Rate Period Days;</font></h5>

<h5 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">(C)</font><font color=black face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">if any Failure to Deposit shall have occurred with respect to
shares of such Series during any Dividend Period thereof, but, prior to 12:00
noon, New York City time, on the third (3rd) Business Day next succeeding the
date on which such Failure to Deposit occurred, such Failure to Deposit shall
have been cured in accordance with paragraph (f) of this Section 2, and the
Trust shall have paid to the Tender and Paying Agent as a late charge out of
legally available funds therefor in respect of shares of the Trust and
otherwise in accordance with applicable law (&#8220;Late Charge&#8221;) daily supplemental
dividends equal in the aggregate to the sum of (1) if such Failure to Deposit
consisted of the failure to timely pay to the Tender and Paying Agent the full
amount of dividends with respect to any Dividend Period of the shares of such
Series, an amount computed by multiplying (x) the Applicable Rate for the Rate
Period during which such Failure to Deposit occurs on the Dividend Payment Date
for such Dividend Period </font><i><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">plus </font></i><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">2.00% by (y) a fraction, the numerator of
which shall be the number of days for which such Failure to Deposit has not
been cured in accordance with paragraph (f) of this Section 2 (including the
day such Failure to Deposit occurs and excluding the day such Failure to
Deposit is cured) and the denominator of which shall be 360, and applying the
rate obtained against the aggregate Liquidation Preference of the Outstanding
shares of such Series (with the amount for each individual day that such
Failure to Deposit occurs or continues uncured being declared as a supplemental
dividend on that day) and (2) if such Failure to Deposit consisted of the
failure to timely pay to the Tender and Paying Agent the Redemption Price of
the shares, if any, of such Series for which Notice of Redemption has been
provided by the Trust pursuant to paragraph (c) of Section 10 of Part I of this
Statement of Preferences, an amount computed by multiplying, (x) for the Rate
Period during which such Failure to Deposit occurs on the Redemption Date, the
Applicable Rate </font><i><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">plus </font></i><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">2.00% by (y) a fraction, the numerator of which
shall be </font></h5>
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<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;font-weight:normal;">20</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;font-weight:normal;"></font></font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_23"></a><a name="_bclPageBorder23"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<h5 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">the number of days for which such Failure to
Deposit is not cured in accordance with paragraph (f) of this Section 2
(including the day such Failure to Deposit occurs and excluding the day such
Failure to Deposit is cured) and the denominator of which shall be 360, and
applying the rate obtained against the aggregate Liquidation Preference of the
Outstanding shares of such Series to be redeemed (with the amount for each
individual day that such Failure to Deposit occurs or continues uncured being
declared as a supplemental dividend on that day), and if a Rate Determination
Date occurs on the date on which such Failure to Deposit occurred or on either
of the two Business Days succeeding that date, and the Failure to Deposit has
not been cured on such Rate Determination Date in accordance with paragraph (f)
of this Section 2, no Applicable Rate Determination will be held in respect of
shares of such Series for the Subsequent Rate Period relating to such Rate
Determination Date and the dividend rate for shares of such Series for such
Subsequent Rate Period will be the Maximum Rate for shares of such Series on
the Rate Determination Date for such Subsequent Rate Period; or</font></h5>

<h5 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">(D)</font><font color=black face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">if any Failure to Deposit shall have occurred with respect to
shares of such Series during any Dividend Period thereof, and, prior to 12:00
noon, New York City time, on the third (3rd) Business Day next succeeding the
date on which such Failure to Deposit occurred, such Failure to Deposit shall
not have been cured in accordance with paragraph (f) of this Section 2 or the
Trust shall not have paid the applicable Late Charge to the Tender and Paying
Agent, no Applicable Rate Determination will occur in respect of shares of such
Series for the first Subsequent Rate Period thereof thereafter (or for any
Subsequent Rate Period thereof thereafter to and including the Subsequent Rate Period
during which (1) such Failure to Deposit is cured in accordance with paragraph
(f) of this Section 2 and (2) the Trust pays the applicable Late Charge to the
Tender and Paying Agent, in each case no later than 12:00 noon, New York City
time, on the fourth (4th) Business Day prior to the end of such Subsequent Rate
Period), and the dividend rate for shares of such Series for each such
Subsequent Rate Period shall be a rate </font><i><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">per annum </font></i><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">equal to the Maximum
Rate for shares of such Series on the Rate Determination Date for such
Subsequent Rate Period (but with the prevailing rating for shares of such
Series, for purposes of determining such Maximum Rate, being deemed to be
&#8220;below &#8216;BBB-&#8217; and below &#8216;Baa3&#8217;&#8221;).</font></h5>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Each dividend rate determined in accordance
with this paragraph (e)(i) of Section 2 of Part I of this Statement of
Preferences shall be an &#8220;Applicable Rate.&#8221;</font></p>

<h4 style="margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">(ii)</font><font color=black face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><i><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">Calculation of Dividends</font></i><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">. The amount of dividends per
share payable on shares of a Series of VRDP Shares on any Dividend Payment Date
shall equal the sum of the dividends accumulated but not yet paid for each Rate
Period (or part thereof) in the related Dividend Period or Dividend Periods.
The amount of dividends accumulated for each such Rate Period (or part thereof)
shall be computed by multiplying the Applicable Rate in effect for shares of
such Series for such Rate Period (or part thereof) by a fraction, the numerator
of which shall be the number of days in such Rate Period (or part thereof) and
the denominator of which shall be the actual number of days in the year (365 or
366), and multiplying such product by $100,000.</font></h4>

<h3 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face=times style="font-size:11.0pt;font-weight:normal;">(f)</font><font color=black face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">Curing a Failure to Deposit</font></u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">. A Failure to Deposit with
respect to shares of a Series of VRDP Shares shall have been cured (if such
Failure to Deposit is not solely due to the willful failure of the Trust to
make the required payment to the Tender and Paying Agent) with respect to any
Dividend Period of shares of such Series if, within the respective time periods
described in paragraph (e)(i) of this Section 2, the Trust shall have paid to
the Tender and Paying Agent (A) all accumulated but unpaid dividends on shares
of such Series and (B) without duplication, the Redemption Price for shares, if
any, of such Series for which Notice of Redemption has been provided by the
Trust pursuant to paragraph (c) of Section 10 of Part I of this Statement of
Preferences; </font><u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">provided</font></u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">,</font><u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;"> however</font></u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">, that the foregoing clause (B)
shall not apply to the Trust&#8217;s failure to pay the Redemption Price in respect
of shares of a Series of VRDP Shares when the related Notice of Redemption
provides that redemption of such shares is subject to one </font></h3>
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<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;font-weight:normal;">21</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;font-weight:normal;"></font></font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_24"></a><a name="_bclPageBorder24"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<h3 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">or
more conditions precedent and any such condition precedent shall not have been
satisfied at the time or times and in the manner specified in such Notice of
Redemption.</font></h3>

<h3 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face=times style="font-size:11.0pt;font-weight:normal;">(g)</font><font color=black face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">Dividend Payments by Trust to Tender and Paying Agent</font></u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">. In
connection with each Dividend Payment Date for shares of a Series of VRDP
Shares, the Trust shall pay to the Tender and Paying Agent, not later than
12:00 noon, New York City time, on the earlier of (A) the third (3rd) Business
Day next succeeding the Rate Determination Date immediately preceding the
Dividend Payment Date for such Series and (B) the Business Day immediately
preceding the Dividend Payment Date for such Series (or as otherwise provided
for and in connection with designation of a Special Rate Period), an aggregate
amount of Deposit Securities equal to the dividends to be paid to all Holders
of shares of such Series on such Dividend Payment Date as determined in
accordance with Section 2(e)(ii) of Part I of this Statement of Preferences, or
as otherwise provided for and in connection with the designation of a Special
Rate Period. If an aggregate amount of funds equal to the dividends to be paid
to all Holders of shares of such Series on such Dividend Payment Date are not
available in New York, New York by 12:00 noon, New York City time, on the
Business Day immediately preceding such Dividend Payment Date, the Tender and
Paying Agent will notify the Liquidity Provider by Electronic Means of such fact
prior to the close of business on such day.</font></h3>

<h3 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face=times style="font-size:11.0pt;font-weight:normal;">(h)</font><font color=black face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">Tender and Paying Agent as Trustee of Dividend Payments by
Trust</font></u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">. All Deposit Securities paid to the Tender and Paying Agent for the
payment of dividends (or for the payment of any Late Charge) shall be held in
trust for the payment of such dividends (and any such Late Charge) by the
Tender and Paying Agent for the benefit of the Holders specified in paragraph
(i) of this Section 2. The Tender and Paying Agent shall notify the Trust by
Electronic Means of the amount of any funds deposited with the Tender and
Paying Agent by the Trust for any reason under the Tender and Paying Agent
Agreement, including for the payment of dividends or the redemption of shares
of a Series of VRDP Shares (or any Late Charge), that remain with the Tender
and Paying Agent after ninety (90) days from the date of such deposit and such
amount shall, to the extent permitted by law, be repaid to the Trust or the
Liquidity Provider, as the case may be, by the Tender and Paying Agent upon request
by Electronic Means of the Trust or the Liquidity Provider, as the case may be.</font></h3>

<h3 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face=times style="font-size:11.0pt;font-weight:normal;">(i)</font><font color=black face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">Dividends Paid to Holders</font></u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">. Each dividend on shares of a
Series of VRDP Shares shall be declared daily to the Holders thereof at the
close of business on each such day and paid on each Dividend Payment Date to
the Holders thereof at the close of business on the day immediately preceding
such Dividend Payment Date. In connection with any transfer of shares of a
Series of VRDP Shares, the transferor as Beneficial Owner of such shares shall
be deemed to have agreed pursuant to the terms of such Series of VRDP Shares to
transfer to the transferee the right to receive from the Trust any dividends
declared and unpaid for each day prior to the transferee becoming the Beneficial
Owner of such VRDP Shares in exchange for payment of the Purchase Price for
such VRDP Shares by the transferee.</font></h3>

<h3 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face=times style="font-size:11.0pt;font-weight:normal;">(j)</font><font color=black face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">Dividends Credited Against Earliest Accumulated But Unpaid
Dividends</font></u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">. Any dividend payment made on shares of a Series of VRDP Shares
that is insufficient to cover the entire amount of dividends payable shall
first be credited against the earliest accumulated but unpaid dividends due
with respect to such shares of such Series. Dividends in arrears for any past
Dividend Period may be declared and paid on any date, without reference to any
regular Dividend Payment Date, to the Holders on the record books of the Trust
as of a record date to be fixed by the Board of Trustees, such record date not
to exceed fifteen (15) days preceding the payment date of such dividends.</font></h3>

<h3 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face=times style="font-size:11.0pt;font-weight:normal;">(k)</font><font color=black face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">Dividends Designated as Exempt-Interest Dividends</font></u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">.
Dividends on shares of a Series of VRDP Shares shall be designated as
exempt-interest dividends up to the amount of the Net Tax-Exempt Income of the
Trust, to the extent permitted by, and for purposes of, Section 852 of the
Code.</font></h3>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:0in;text-justify:inter-ideograph;"><a name="_Toc57655453"></a></h2>
<a name="_bclFooter24"></a><DIV>


<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;font-weight:normal;">22</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;font-weight:normal;"></font></font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_25"></a><a name="_bclPageBorder25"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:0in;text-justify:inter-ideograph;"><b><font color=black face="Times New Roman" style="font-size:11.0pt;">3.</font></b><b><font color=black face="times new roman" style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font></b><b><font face="Times New Roman" style="font-size:11.0pt;">Gross-Up Payments</font></b></h2>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:.4pt;text-align:justify;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Holders of shares of a Series of VRDP Shares shall be
entitled to receive, when, as and if declared by the Board of Trustees, out of
legally available funds therefor in respect of shares of the Trust and in
accordance with the Charter and applicable law, dividends in an amount equal to
the aggregate Gross-up Payments as follows:</font></p>

<h3 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face=times style="font-size:11.0pt;font-weight:normal;">(a)</font><font color=black face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">If the Trust allocates any net capital gains or ordinary income
taxable for regular federal income tax purposes to a dividend paid on shares of
a Series of VRDP Shares without either having given advance notice thereof to
the Remarketing Agent or simultaneously increasing such dividend payment by an
additional amount, both as provided in Section 6 of Part II of this Statement
of Preferences (such allocation being referred to herein as a &#8220;Taxable
Allocation&#8221;), the Trust shall, prior to the end of the calendar year in which
such dividend was paid, provide notice thereof to the Remarketing Agent and
direct the Tender and Paying Agent to send such notice with a Gross-up Payment
to the Holder that was entitled to such dividend payment during such calendar
year at such Holder&#8217;s address as the same appears or last appeared on the
record books of the Trust.</font></h3>

<h3 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face=times style="font-size:11.0pt;font-weight:normal;">(b)</font><font color=black face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">The Trust shall not be required to make Gross-up Payments with
respect to any net capital gains or ordinary income determined by the Internal
Revenue Service to be allocable in a manner different from the manner used by
the Trust.</font></h3>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:0in;text-justify:inter-ideograph;"><a name="_Toc57655454"></a><b><font color=black face="Times New Roman" style="font-size:11.0pt;">4.</font></b><b><font color=black face="times new roman" style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font></b><b><font face="Times New Roman" style="font-size:11.0pt;">Designation of Special Rate Periods</font></b></h2>

<h3 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face=times style="font-size:11.0pt;font-weight:normal;">(a)</font><font color=black face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">Length of and Preconditions for Special Rate Period</font></u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">. The
Trust, at its option, may designate any succeeding Subsequent Rate Period of a
Series of VRDP Shares as a Special Rate Period (a &#8220;Special Rate Period&#8221;)
consisting of a specified number of Rate Period Days evenly divisible by seven
(7) (except with respect to the Initial Special Rate Period) and not more than
1,820, subject to adjustment as provided in paragraph (b) of this Section 4.
Such a designation of a Special Rate Period shall be effective only if (A) it
is permitted by applicable law and the Charter, (B) notice thereof shall have
been given in accordance with paragraph (c) and paragraph (d)(i) of this
Section 4, (C) no shares of such Series of VRDP Shares are owned by the
Liquidity Provider as Purchased VRDP Shares pursuant to the Purchase Obligation
on either the Rate Determination Date for such proposed Special Rate Period or
on the first (1st) day of such Special Rate Period and full cumulative
dividends and any amounts due with respect to redemptions payable prior to such
date have been paid in full, and (D) if any Notice of Redemption shall have
been provided by the Trust pursuant to paragraph (c) of Section 10 of Part I of
this Statement of Preferences with respect to any shares of such Series of VRDP
Shares, the Redemption Price with respect to such VRDP Shares shall have been
deposited with the Tender and Paying Agent. In the event the Trust wishes to
designate any succeeding Subsequent Rate Period for shares of a Series of VRDP
Shares as a Special Rate Period consisting of more than twenty-eight (28) Rate
Period Days, the Trust shall notify Moody&#8217;s (if Moody&#8217;s is then rating shares
of such Series of VRDP Shares at the request of the Trust), Fitch (if Fitch is
then rating shares of such Series of VRDP Shares at the request of the Trust)
and each Other Rating Agency (if any Other Rating Agency is then rating shares
of such Series of VRDP Shares at the request of the Trust) in advance of the
commencement of such Subsequent Rate Period that the Trust wishes to designate
such Subsequent Rate Period as a Special Rate Period and shall provide Moody&#8217;s
(if Moody&#8217;s is then rating shares of such Series of VRDP Shares at the request
of the Trust), Fitch (if Fitch is then rating shares of such Series of VRDP
Shares at the request of the Trust) and each Other Rating Agency (if any Other
Rating Agency is then rating shares of such Series of VRDP Shares at the
request of the Trust) with such documents as they may request.</font></h3>

<h3 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face=times style="font-size:11.0pt;font-weight:normal;">(b)</font><font color=black face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">Adjustment of Length of Special Rate Period</font></u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">. In the event
the Trust wishes to designate a Subsequent Rate Period as a Special Rate
Period, but the day that would otherwise be the last day of such </font></h3>
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<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;font-weight:normal;">23</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;font-weight:normal;"></font></font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_26"></a><a name="_bclPageBorder26"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<h3 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">Special Rate Period is not a Wednesday that is a Business
Day in the case of a Series of VRDP Shares designated as &#8220;Series W-7 Variable
Rate Demand Preferred Shares&#8221;, then the Special Rate Period shall end on the
next Business Day following such last day and the succeeding Subsequent Rate
Period will end on the following Wednesday or, if the succeeding Subsequent Rate
Period is a Special Rate Period, it shall end on a Wednesday as designated by
the Trust, subject in each case to the foregoing Business Day requirement.</font></h3>

<h3 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face=times style="font-size:11.0pt;font-weight:normal;">(c)</font><font color=black face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">Notice of Proposed Special Rate Period</font></u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">. Except in the case
of an Initial Special Rate Period, if the Trust proposes to designate any
succeeding Subsequent Rate Period for shares of a Series of VRDP Shares as a
Special Rate Period pursuant to paragraph (a) of this Section 4, not less than
twenty (20) (or such lesser number of days as may be agreed to from time to
time by the Remarketing Agent) nor more than thirty (30) days prior to the date
the Trust proposes to designate as the first (1st) day of such Special Rate
Period (which shall be such day that would otherwise be the first (1st) day of
a Minimum Rate Period), notice (&#8220;Notice of Proposed Special Rate Period&#8221;) shall
be sent by the Trust by first-class mail, postage prepaid or by Electronic
Means, to the Holders of shares of such Series with copies provided to the
Tender and Paying Agent, the Liquidity Provider and the Remarketing Agent. Each
such notice shall state(A)&nbsp;that the Trust may exercise its option to
designate a succeeding Subsequent Rate Period of shares of such Series as a
Special Rate Period, specifying the first (1st) day thereof, (B)&nbsp;that
the Trust will, by 11:00 a.m., New York City time, on the second Business Day
immediately preceding such date (or by such later time or date, or both, as may
be agreed to by the Remarketing Agent) notify the Remarketing Agent of either
(x) its determination, subject to certain conditions, to exercise such option,
or (y) its determination not to exercise such option, (C)&nbsp;the
Rate Determination Date immediately prior to the first (1st) day of such
Special Rate Period, (D)&nbsp;the rate calculation period to be used in
determining the Applicable Rate if the term thereof is different from the term
of the Special Rate Period and any other special provisions relating to the
calculation of the Applicable Rate, including any provision for setting the
Applicable Rate by reference to any index or to the ratings of the VRDP Shares
or specifying any additional events or conditions the existence or occurrence
of which result in adjustments to the Applicable Rate or additional fees or
payments in respect of shares of such Series of VRDP Shares (which provisions
may vary provisions that are set forth in the Charter (including the Statement
of Preferences), provided that the provisions and variations are clearly and
expressly set forth in the Notice of Special Rate Period), (E)&nbsp;that
such Special Rate Period shall not commence if (1) any shares of such Series of
VRDP Shares are owned by </font><font color=black face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">the Liquidity Provider
pursuant to the Purchase Obligation on either the Rate Determination Date for
such Special Rate Period or on the first (1st) day of such Special Rate Period,
or (2) full cumulative dividends or any amounts due with respect to redemptions
payable prior to such Rate Determination Date have not been paid in full, (F)&nbsp;the scheduled
Dividend Payment Dates for shares of such Series of VRDP Shares during such
Special Rate Period, (G)&nbsp;the Special
Redemption Provisions, if any, applicable to shares of such Series of VRDP
Shares in respect of such Special Rate Period, (H)&nbsp;the Special
Optional Tender Provisions, if any, applicable to shares of such Series of VRDP
Shares in respect of such Special Rate Period (including whether the Optional
Tender provisions shall be applicable or otherwise subject to special
conditions during the Special Rate Period), (I)&nbsp;the special
provisions, if any, relating to the transfer of the shares of such Series of
VRDP Shares during the Special Rate Period, (J)&nbsp;the special
provisions, if any, related to Taxable Allocations during the Special Rate
Period and any resulting Gross-up Payments during the Special Rate Period
including, but not limited to, that Section 3 of Part I and Section 6 of Part
II of this Statement of Preferences shall have no effect during the Special
Rate Period and that, instead, alternative special provisions shall be observed
during such period, (K)&nbsp;the special
provisions, if any, relating to the creation and termination of the Special
Rate Period including, but not limited to, any provisions relating to the
nature and scope of the obligations and rights of the Liquidity Provider and
the Remarketing Agent in connection therewith, the short-term credit ratings of
the Liquidity Provider and the short-term preferred stock ratings of the VRDP
Shares, the Remarketing of the VRDP Shares upon the termination of the Special
Rate Period, the applicability of the redemption and certain other related
provisions of the Statement of Preferences with respect to shares of </font></h3>
<a name="_bclFooter26"></a><DIV>


<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;font-weight:normal;">24</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;font-weight:normal;"></font></font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_27"></a><a name="_bclPageBorder27"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<h3 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">such Series of VRDP Shares held by the Liquidity Provider
(whether or not in its capacity as such) during the Special Rate Period and any
rights of the Trust to request Holders of such Series of VRDP Shares to agree
to an extension of the Special Rate Period prior to the termination thereof and
(L)&nbsp;the special
provisions, if any, relating to Mandatory Tender Events and Mandatory Tenders
with respect to shares of such Series of VRDP Shares during the Special Rate
Period (including whether Mandatory Tender Events and Mandatory Tenders shall
be applicable during the Special Rate Period).</font></h3>

<h3 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face=times style="font-size:11.0pt;font-weight:normal;">(d)</font><font color=black face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">Notice of Special Rate Period</font></u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">. No later than 11:00 a.m.,
New York City time, on the second Business Day immediately preceding the first
(1st) day of any proposed Special Rate Period for shares of a Series of VRDP
Shares as to which notice has been given as set forth in paragraph (c) of this
Section 4 (or such later time or date, or both, as may be agreed to by the
Remarketing Agent), the Trust shall deliver to the Remarketing Agent and the
Liquidity Provider either:</font></h3>

<h4 style="margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">(i)</font><font color=black face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">a notice (&#8220;Notice of Special Rate Period&#8221;) stating (A) that the
Trust has determined to designate the next succeeding Rate Period for shares of
such Series of VRDP Shares as a Special Rate Period, specifying the same and
the first (1st) day thereof, (B) the Rate Determination Date immediately prior
to the first (1st) day of such Special Rate Period, (C) the rate calculation
period to be used in determining the Applicable Rate if the term thereof is different
from the term of the Special Rate Period and any other special provisions
relating to the calculation of the Applicable Rate, including any provision for
setting the Applicable Rate by reference to any index or to the ratings of the
VRDP Shares or specifying any additional events or conditions the existence or
occurrence of which result in adjustments to the Applicable Rate or additional
fees or payments in respect of shares of such Series of VRDP Shares (which
provisions may vary provisions that are set forth in the Charter (including
this Statement of Preferences), provided that the provisions and variations are
clearly and expressly set forth in the Notice of Special Rate Period), (D) that
such Special Rate Period shall not commence if (1) any shares of such Series of
VRDP Shares are owned by the Liquidity Provider as Purchased VRDP Shares
pursuant to the Purchase Obligation on either the Rate Determination Date for
such Special Rate Period or on the first (1st) day of such Special Rate Period,
or (2) full cumulative dividends or any amounts due with respect to redemptions
payable prior to such Rate Determination Date have not been paid in full, (E)
the scheduled Dividend Payment Dates for shares of such Series of VRDP Shares
during such Special Rate Period, (F) the Special Redemption Provisions, if any,
applicable to shares of such Series of VRDP Shares in respect of such Special
Rate Period, (G) the Special Optional Tender Provisions, if any, applicable to
shares of such Series of VRDP Shares in respect of such Special Rate Period
(including whether the Optional Tender provisions shall be applicable or
otherwise subject to special conditions during the Special Rate Period), (H)
the special provisions, if any, relating to the transfer of the shares of such
Series of VRDP Shares during the Special Rate Period, (I) the special
provisions, if any, related to Taxable Allocations during the Special Rate
Period and any resulting Gross-up Payments during the Special Rate Period
including, but not limited to, that Section 3 of Part I and Section 6 of Part
II of this Statement of Preferences shall have no effect during the Special
Rate Period and that, instead, alternative special provisions shall be observed
during such period, (J) the special provisions, if any, relating to the
creation and termination of the Special Rate Period including, but not limited
to, any provisions relating to the nature and scope of the obligations and
rights of the Liquidity Provider and the Remarketing Agent in connection
therewith, the short-term credit ratings of the Liquidity Provider and the
short-term preferred stock ratings of the VRDP Shares, the Remarketing of the
VRDP Shares upon the termination of the Special Rate Period, the applicability
of the redemption and certain other related provisions of this Statement of </font></h4>
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<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;font-weight:normal;">25</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;font-weight:normal;"></font></font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_28"></a><a name="_bclPageBorder28"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<h4 style="margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">Preferences with respect to shares of such Series of VRDP
Shares held by the Liquidity Provider (whether or not in its capacity as such)
during the Special Rate Period and any rights of the Trust to request Holders of
such Series of VRDP Shares to agree to an extension of the Special Rate Period
prior to the termination thereof and (K) the special provisions, if any,
relating to Mandatory Tender Events and Mandatory Tenders with respect to
shares of such Series of VRDP Shares during the Special Rate Period (including
whether Mandatory Tender Events and Mandatory Tenders shall be applicable
during the Special Rate Period), such notice to be accompanied by a VRDP Shares
Basic Maintenance Report showing that, as of the third (3rd) Business Day
immediately preceding such proposed Special Rate Period, Moody&#8217;s Eligible
Assets (if Moody&#8217;s is then rating such VRDP Shares at the request of the
Trust), Fitch Eligible Assets (if Fitch is then rating such VRDP Shares at the
request of the Trust) and Other Rating Agency Eligible Assets (if any Other
Rating Agency is then rating such VRDP Shares at the request of the Trust) each
have an aggregate Discounted Value at least equal to the VRDP Shares Basic
Maintenance Amount as of such Business Day (assuming for purposes of the
foregoing calculation that (a) the Maximum Rate is the Maximum Rate on such
Business Day as if such Business Day were the Rate Determination Date for the
proposed Special Rate Period, and (b) the Moody&#8217;s Discount Factors applicable
to Moody&#8217;s Eligible Assets are determined by reference to the first Exposure
Period (as defined in the Moody&#8217;s Guidelines) longer than the Exposure Period
then applicable to the Trust, as described in the Moody&#8217;s Guidelines); or</font></h4>

<h4 style="margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">(ii)</font><font color=black face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">a notice stating that the Trust has determined not to exercise
its option to designate a Special Rate Period for shares of such Series and
that the next succeeding Rate Period of shares of such Series shall be a
Minimum Rate Period.</font></h4>

<h3 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face=times style="font-size:11.0pt;font-weight:normal;">(e)</font><font color=black face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">Failure to Deliver Notice of Special Rate Period</font></u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">.&#160; If the
Trust fails to deliver </font><font color=black face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">either of the notices
described in paragraphs (d)(i) or (d)(ii) of this Section 4 (and, in the case
of the notice described in paragraph (d)(i) of this Section 4, a VRDP Shares
Basic Maintenance Report to the effect set forth in such paragraph (but only if
Moody&#8217;s, Fitch or an Other Rating Agency is then rating the Series in question
pursuant to the request of the Trust)) with respect to any designation of any
proposed Special Rate Period to the Remarketing Agent and the Liquidity
Provider by 11:00 a.m., New York City time, on the second Business Day
immediately preceding the first (1st) day of such proposed Special Rate Period
(or by such later time or date, or both, as may be agreed to by the Remarketing
Agent and the Liquidity Provider), the Trust shall be deemed to have delivered
a notice to the Remarketing Agent and the Liquidity Provider with respect to
such Special Rate Period to the effect set forth in paragraph (d)(ii) of this
Section 4. In the event the Trust delivers to the Remarketing Agent and the
Liquidity Provider a notice described in paragraph (d)(i) of this Section 4, it
shall file a copy of such notice with the Secretary of the Trust, and the
contents of such notice shall, during the Special Rate Period, be deemed a part
of the Statement of Preferences and binding on the Trust and the Holders and
Beneficial Owners of the shares of such Series of VRDP Shares. In the event the
Trust delivers to the Remarketing Agent and the Liquidity Provider a notice
described in paragraph (d)(ii) of this Section 4, the Trust will provide
Moody&#8217;s (if Moody&#8217;s is then rating the VRDP Shares in question pursuant to the
request of the Trust) and Fitch (if Fitch is then rating the VRDP Shares in
question pursuant to the request of the Trust) and each Other Rating Agency (if
any Other Rating Agency is then rating the VRDP Shares in question pursuant to
the request of the Trust) a copy of such notice.</font></h3>

<h3 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face=times style="font-size:11.0pt;font-weight:normal;">(f)</font><font color=black face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">Termination Date</font></u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">. Notwithstanding the foregoing, no
Special Rate Period shall end later than the fifteenth (15<sup>th</sup>) day
prior to the Scheduled Termination Date at which point the Rate Periods shall
revert to Minimum Rate Periods.</font></h3>

<h3 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;">&nbsp;</h3>
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<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;font-weight:normal;">26</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;font-weight:normal;"></font></font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_29"></a><a name="_bclPageBorder29"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<h3 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face=times style="font-size:11.0pt;font-weight:normal;">(g)</font><font color=black face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">Initial Rate Period.</font></u><b><font face="Times New Roman" style="font-size:11.0pt;"> </font></b><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">Notwithstanding any other
provision in this Statement of Preferences to the contrary, the Trust may
designate the Initial Rate Period as a Special Rate Period on the Date of
Original Issue. In the event the Trust designates the Initial Rate Period a
Special Rate Period, the Trust shall deliver a Notice of Special Rate Period to
the Remarketing Agent and Liquidity Provider on the Date of Original Issue and
file a copy of such notice with the Secretary of the Trust, and the contents of
such notice shall be binding on the Trust and the Holders and Beneficial Owners
of the shares of such Series of VRDP Shares.</font></h3>

<h3 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face=times style="font-size:11.0pt;font-weight:normal;">(h)</font><font color=black face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">Notice to Holders</font></u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">. In the event the Trust delivers to the
Remarketing Agent and the Liquidity Provider a Notice of Special Rate Period,
it shall deliver, concurrently with the delivery thereof to the Remarketing
Agent and the Liquidity Provider, such Notice of Special Rate Period to the
Holders of the shares of such Series of VRDP Shares. During the term of the
Special Rate Period, the Trust shall provide a copy of the Notice of Special
Rate Period to (i) any Holder or Beneficial Owner of the shares of such Series
of VRDP Shares upon request and (ii) any Holder or Beneficial Owner that is a
transferee in any transfer of the shares of such Series of VRDP Shares during
the Special Rate Period promptly after receiving the notice described below,
provided the Trust has been notified of any such transfer and has been provided
with the contact information of such Holder or Beneficial Owner, as applicable.</font></h3>

<h3 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face=times style="font-size:11.0pt;font-weight:normal;">(i)</font><font color=black face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">Ambiguities</font></u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">.&#160; In the event of any conflict between the
terms of the Notice of Special Rate Period and the terms of this Statement of
Preferences, the terms of the Notice of Special Rate Period shall govern.</font></h3>

<h3 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face=times style="font-size:11.0pt;font-weight:normal;">(j)</font><font color=black face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">Amendments</font></u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">.&#160; A Notice of Special Rate Period may be amended
by the Trust at any time; provided, however, that the Trust shall deliver any
such amendment to the Remarketing Agent, the Liquidity Provider and, except in
the case of an Initial Special Rate Period, the Holders of the shares of the
Series of VRDP Shares subject to the Special Rate Period in the manner
described in this Section 4 of Part I of this Statement of Preferences,
provided that the Trust will not, without the prior written consent of the
Tender and Paying Agent (which consent shall not be unreasonably withheld),
amend the Notice of Special Rate Period in a manner that adversely changes the
rights, duties, privileges and immunities of the Tender and Paying Agent under
the Tender and Paying Agent Agreement, the VRDP Shares Purchase Agreement or otherwise.</font></h3>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;text-indent:0in;text-justify:inter-ideograph;"><a name="_Toc57655455"></a><b><font color=black face="Times New Roman" style="font-size:11.0pt;">5.</font></b><b><font color=black face="times new roman" style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font></b><b><font face="Times New Roman" style="font-size:11.0pt;">Voting Rights</font></b></h2>

<h3 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face=times style="font-size:11.0pt;font-weight:normal;">(a)</font><font color=black face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">One Vote Per VRDP Share</font></u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">. Except as otherwise provided in
the Charter or as otherwise required by law, (i) each Holder of shares of a
Series of VRDP Shares shall be entitled to one vote for each such share held by
such Holder on each matter submitted to a vote of shareholders of the Trust,
and (ii) the holders of outstanding Preferred Shares, including each share of a
Series of VRDP Shares, and of Common Shares shall vote together as a single
class; </font><u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">provided</font></u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">, </font><u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">however</font></u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">, that the holders of outstanding
Preferred Shares, including VRDP Shares, voting together as a class, to the
exclusion of the holders of all other securities and classes of shares of
beneficial interest in the Trust, shall be entitled to elect two trustees of
the Trust at all times, each Preferred Share, including each share of a Series
of VRDP Shares, entitling the holder thereof to one vote. Subject to paragraph
(b) of this Section 5, the holders of outstanding Common Shares and Preferred
Shares, including VRDP Shares, voting together as a single class, shall elect
the balance of the trustees.</font></h3>

<h3 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face=times style="font-size:11.0pt;font-weight:normal;">(b)</font><font color=black face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">Voting for Additional Trustees. </font></u></h3>

<h4 style="margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">(i)</font><font color=black face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><i><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">Voting Period</font></i><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">. During any period in which any one or more
of the conditions described in subparagraphs (A) or (B) of this paragraph
(b)(i) shall exist (such period being referred </font></h4>
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<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;font-weight:normal;">27</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;font-weight:normal;"></font></font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_30"></a><a name="_bclPageBorder30"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<h4 style="margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">to
herein as a &#8220;Voting Period&#8221;), the number of trustees constituting the Board of
Trustees shall be automatically increased by the smallest number that, when
added to the two trustees elected exclusively by the holders of Preferred
Shares, including the VRDP Shares, would constitute a majority of the Board of
Trustees as so increased by such smallest number; and the holders of Preferred
Shares, including the VRDP Shares, shall be entitled, voting together as a
single class on a one-vote-per-share basis (to the exclusion of the holders of
all other securities and classes of shares of beneficial interest in the
Trust), to elect such smallest number of additional trustees, together with the
two trustees that such holders are in any event entitled to elect. A Voting
Period shall commence:</font></h4>

<h5 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">(A)</font><font color=black face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">if at the close of business on any Dividend Payment Date
accumulated dividends (whether or not earned or declared) on any outstanding
Preferred Shares, including the VRDP Shares, equal to at least two (2) full
years&#8217; dividends shall be due and unpaid and sufficient cash or specified
securities shall not have been deposited with the Tender and Paying Agent for
the payment of such accumulated dividends; or</font></h5>

<h5 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">(B)</font><font color=black face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">if at any time holders of Preferred Shares are entitled under the
1940 Act to elect a majority of the trustees of the Trust.</font></h5>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Upon the termination of a Voting Period, the
voting rights described in this paragraph (b)(i) shall cease, subject always,
however, to the revesting of such voting rights in the holders of Preferred
Shares upon the further occurrence of any of the events described in this
paragraph (b)(i).</font></p>

<h4 style="margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">(ii)</font><font color=black face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><i><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">Notice of Special Meeting</font></i><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">. As soon as reasonably
practicable after the accrual of any right of the holders of Preferred Shares
to elect additional trustees as described in paragraph (b)(i) of this Section
5, the Trust may call a special meeting of such holders, such call to be made
by notice as provided in the bylaws of the Trust, such meeting to be held not
less than ten (10) nor more than sixty (60) days after the date of mailing of
such notice. If a special meeting is not called by the Trust, it may be called
by any such holder on like notice. The record date for determining the holders
entitled to notice of and to vote at such special meeting shall be not more
than sixty (60) nor less than ten (10) days prior to the date of such special
meeting. At any such special meeting and at each meeting of holders of
Preferred Shares held during a Voting Period at which trustees are to be
elected, such holders, voting together as a class (to the exclusion of the
holders of all other securities and classes of shares of beneficial interest in
the Trust), shall be entitled to elect the number of trustees prescribed in
paragraph (b)(i) of this Section 5 on a one-vote-per-share basis.</font></h4>

<h4 style="margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">(iii)</font><font color=black face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><i><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">Terms of Office of Existing Trustees</font></i><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">. The terms of office
of all persons who are trustees of the Trust at the time of a special meeting
of Holders and holders of other Preferred Shares to elect trustees shall
continue, notwithstanding the election at such meeting by the Holders and such
other holders of other Preferred Shares of the number of trustees that they are
entitled to elect, and the persons so elected by the Holders and such other
holders of other Preferred Shares, together with the two incumbent trustees
elected by the Holders and such other holders of other Preferred Shares and the
remaining incumbent trustees elected by the holders of the Common Shares and
Preferred Shares, shall constitute the duly elected trustees of the Trust.</font></h4>

<h4 style="margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">(iv)</font><font color=black face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><i><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">Terms of Office of Certain Trustees to Terminate Upon
Termination of Voting Period</font></i><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">. Simultaneously with the termination of a
Voting Period, the terms of office of the </font></h4>
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<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;font-weight:normal;">28</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;font-weight:normal;"></font></font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_31"></a><a name="_bclPageBorder31"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<h4 style="margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">additional
trustees elected by the Holders and holders of other Preferred Shares pursuant
to paragraph (b)(i) of this Section 5 shall terminate, the remaining trustees
shall constitute the trustees of the Trust and the voting rights of the Holders
and such other holders to elect additional trustees pursuant to paragraph
(b)(i) of this Section 5 shall cease, subject to the provisions of the last
sentence of paragraph (b)(i) of this Section 5.</font></h4>

<h3 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face=times style="font-size:11.0pt;font-weight:normal;">(c)</font><font color=black face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">Holders of VRDP Shares to Vote on Certain Other Matters</font></u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">. </font></h3>

<h4 style="margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">(i)</font><font color=black face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><i><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">Increases in Capitalization and Certain Amendments</font></i><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">. So
long as shares of any Series of VRDP Shares are Outstanding, the Trust shall
not, without the affirmative vote or consent of the Holders of at least a
majority of the VRDP Shares Outstanding at the time, in person or by proxy,
either in writing or at a meeting, voting as a separate class: (a) authorize,
create or issue any class or series of shares ranking prior to or, except as
provided below, on a parity with the VRDP Shares with respect to the payment of
dividends or the distribution of assets upon dissolution, liquidation or
winding up of the affairs of the Trust, or authorize, create or issue
additional shares of any Series of VRDP Shares (except that, notwithstanding
the foregoing, but subject to certain Rating Agency approvals, the Board of Trustees,
without the vote or consent of the Holders, may from time to time authorize and
create, and the Trust may from time to time issue additional shares of, any
Series of VRDP Shares or classes or series of Preferred Shares ranking on a
parity with the VRDP Shares with respect to the payment of dividends and the
distribution of assets upon dissolution, liquidation or winding up of the
affairs of the Trust), or (b) amend, alter or repeal the provisions of the
Charter, or this Statement of Preferences, whether by merger, consolidation or
otherwise, so as to adversely affect any preference, right or power of such
VRDP Shares or the Holders thereof set forth in the Charter or this Statement
of Preferences; </font><u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">provided</font></u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">, </font><u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">however</font></u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">, that (i) none of the actions
permitted by the exception to clause (a) above will be deemed to affect such
preferences, rights or powers, (ii) a division of a VRDP Share will be deemed
to affect such preferences, rights or powers only if the terms of such division
adversely affect the Holders of the VRDP Shares and the authorization, creation
and issuance of classes or series of shares ranking junior to the VRDP Shares
with respect to the payment of dividends and the distribution of assets upon
dissolution, liquidation or winding up of the affairs of the Trust will be
deemed to affect such preferences, rights or powers only if such issuance
would, at the time thereof, cause the Trust not to satisfy the Minimum VRDP
Shares Asset Coverage or, if Moody&#8217;s, Fitch or any Other Rating Agency is then rating
shares of a Series of VRDP Shares at the request of the Trust, the VRDP Shares
Basic Maintenance Amount. For purposes of the foregoing, except as otherwise
set forth in this Statement of Preferences, no matter shall be deemed to
adversely affect any right, preference or power of a Series of VRDP Shares or
the Holders thereof unless such matter (i) alters or abolishes the terms of any
preferential rights of such Series, (ii) creates, alters or abolishes the terms
of any right in respect of redemption of such Series, or (iii) creates or
alters (other than to abolish or to comply with applicable law) the terms of
any restriction on transfer applicable to such Series. So long as any shares of
any Series of VRDP Shares are Outstanding, the Trust will not, without the
affirmative vote or consent of the Holders of at least 66<sup>2</sup>/<sub>3</sub>%
of the VRDP Shares Outstanding at the time, in person or by proxy, either in
writing or at a meeting, voting as a separate class, file a voluntary
application for relief under federal bankruptcy law or any similar application
under state law for so long as the Trust is solvent and does not foresee
becoming insolvent. If any action set forth above would adversely affect the
rights of one or more Series (the &#8220;Affected Series&#8221;) of VRDP Shares in a manner
different from any other Series of VRDP Shares, the Trust will not approve any
such action without the </font></h4>
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<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;font-weight:normal;">29</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;font-weight:normal;"></font></font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_32"></a><a name="_bclPageBorder32"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<h4 style="margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">affirmative vote or consent of
the Holders of at least a majority of the shares of each such Affected Series
Outstanding at the time, in person or by proxy, either in writing or at a
meeting (each such Affected Series voting as a separate class).</font></h4>

<h4 style="margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">(ii)</font><font color=black face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><i><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">1940 Act Matters. </font></i><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">Unless a higher percentage is provided
for in the Charter, (A) the affirmative vote of the holders of at least a
&#8220;majority of the outstanding Preferred Shares,&#8221; including VRDP Shares
Outstanding at the time, voting as a separate class, shall be required to
approve any</font><i><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;"> </font></i><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">conversion of the Trust from a closed-end to an open-end
investment company and (B) the affirmative vote of the holders of a &#8220;majority
of the outstanding Preferred Shares,&#8221; including VRDP Shares Outstanding at the
time, voting as a separate class, shall be required to approve any plan of
reorganization (as such term is used in the 1940 Act) adversely affecting such
shares. The affirmative vote of the holders of a &#8220;majority of the outstanding
Preferred Shares,&#8221; including VRDP Shares Outstanding at the time, voting as a
separate class, shall be required to approve any action not described in the
first sentence of this Section 5(c)(ii) requiring a vote of security holders of
the Trust under Section 13(a) of the 1940 Act. For purposes of the foregoing,
&#8220;majority of the outstanding Preferred Shares&#8221; means (i) 67% or more of such
shares present at a meeting, if the holders of more than 50% of such shares are
present or represented by proxy, or (ii) more than 50% of such shares,
whichever is less. In the event a vote of Holders of VRDP Shares is required
pursuant to the provisions of Section 13(a) of the 1940 Act, the Trust shall,
not later than ten (10) Business Days prior to the date on which such vote is
to be taken, notify Moody&#8217;s (if Moody&#8217;s is then rating the VRDP Shares at the
request of the Trust), Fitch (if Fitch is then rating the VRDP Shares at the
request of the Trust) and each Other Rating Agency (if any Other Rating Agency
is then rating the VRDP Shares at the request of the Trust) that such vote is
to be taken and the nature of the action with respect to which such vote is to
be taken.</font></h4>

<h4 style="margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">(iii)</font><font color=black face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><i><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">Exclusive Right to Vote on Certain Charter Amendments</font></i><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">.
Notwithstanding the foregoing, and except as otherwise required by the 1940
Act, whenever a vote of Holders of VRDP Shares is required by the Charter or
applicable law, (i) Holders of Outstanding shares of a Series of VRDP Shares will
be entitled as a Series, to the exclusion of the holders of all other
securities, including other Preferred Shares, Common Shares and other classes
of shares of beneficial interest in the Trust, to vote on matters affecting
shares of such Series of VRDP Shares that do not adversely affect any of the
rights of holders of such other securities, including other Preferred Shares,
Common Shares and other classes of shares of beneficial interest in the Trust,
as expressly set forth in the Charter, and (ii) Holders of Outstanding shares
of a Series of VRDP Shares will not be entitled to vote on matters affecting
any other Preferred Shares that do not adversely affect any of the rights of
Holders of such Series of VRDP Shares, as expressly set forth in the Charter.</font></h4>

<h3 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face=times style="font-size:11.0pt;font-weight:normal;">(d)</font><font color=black face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">Board of Trustees May Take Certain Actions Without Shareholder
Approval</font></u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">. The Trust is not required to maintain any particular short-term
or long-term preferred stock ratings for a Series of VRDP Shares; </font><u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">provided</font></u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">,
</font><u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">however</font></u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">, the Trust will use its reasonable best efforts to maintain at
least one short-term preferred stock rating of the VRDP Shares to the extent
that the Liquidity Provider then has a short-term debt rating; and the Board of
Trustees may, subject to this Section 5(d), at anytime, terminate the services
of a Rating Agency then providing a short-term or long-term preferred stock
rating for such Series with or without replacement, in either case, without the
approval of Holders of shares of such Series of VRDP Shares or other
shareholders of the Trust. The Trust is required to comply with the Rating
Agency Provisions of a Rating Agency only if such Rating Agency is then rating
a Series of VRDP Shares at the request of the Trust.</font></h3>

<h4 style="margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;">&nbsp;</h4>
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<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;font-weight:normal;">30</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;font-weight:normal;"></font></font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_33"></a><a name="_bclPageBorder33"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<h4 style="margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">(i)</font><font color=black face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">Notwithstanding anything herein to the contrary (including
without limitation clause (ii) below), the Board of Trustees, without the
approval of Holders of shares of any Series of VRDP Shares or other
shareholders of the Trust, may terminate the services of any Rating Agency then
providing a short-term or long-term preferred stock rating for a Series of VRDP
Shares and replace it with another Rating Agency, provided that the Trust
provides seven (7) days&#8217; notice by Electronic Means to Holders prior to
terminating the services of a Rating Agency and replacing it with another
Rating Agency. In the event a Rating Agency ceases to furnish a short-term and
long-term preferred stock rating or the Trust terminates a Rating Agency with
replacement in accordance with this clause (i), the Trust shall no longer be
required to comply with the applicable Rating Agency Provisions of the Rating
Agency ceasing to furnish a short-term or long-term preferred stock rating, as
the case may be, or so terminated and, as applicable, the Trust shall be
required to thereafter comply only with the Rating Agency Provisions of each
Rating Agency then providing a short-term or long-term preferred stock rating
for a Series of VRDP Shares at the request of the Trust.</font></h4>

<h4 style="margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">(ii)</font><font color=black face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">(A)&#160; Notwithstanding anything herein to the contrary (including
without limitation clause (i) above), the Board of Trustees, without the
approval of Holders of shares of any Series of VRDP Shares or other
shareholders of the Trust, may terminate the services of any Rating Agency then
providing a short-term or long-term preferred stock rating for a Series of VRDP
Shares without replacement, </font><u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">provided</font></u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;"> that (I) the Trust has given the
Remarketing Agent, the Tender and Paying Agent, and the Liquidity Provider, and
Moody&#8217;s, Fitch and each Other Rating Agency, as applicable, and Holders of
shares of such Series of VRDP Shares at least forty-five (45) calendar days&#8217;
advance written notice of such termination of services, (II) the Trust is in
compliance with the Moody&#8217;s Provisions, the Fitch Provisions and the Other Rating
Agency Provisions, as the case may be, at the time the notice required in
clause (I) hereof is given and at the time of the termination of services, and
(III) shares of such Series of VRDP Shares continue to have short-term and
long-term ratings from at least one NRSRO at the request of the
Corporation/Trust at and after the time of the termination of services.</font></h4>

<h5 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">(B)</font><font color=black face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">On the date that the notice is given as described in the
preceding clause (A) and on the date that the services of Moody&#8217;s, Fitch or any
Other Rating Agency, as applicable, are terminated, the Trust shall provide the
Tender and Paying Agent and Moody&#8217;s, Fitch and each Other Rating Agency, as
applicable, with an officers&#8217; certificate as to the compliance with the
provisions of the preceding clause (A), and, on such later date and thereafter,
the Trust shall no longer be required to comply with the Rating Agency
Provisions of the Rating Agency whose services were terminated.</font></h5>

<h4 style="margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">(iii)</font><font color=black face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">Notwithstanding anything herein to the contrary, but subject to
this Section 5(d), the Rating Agency Guidelines, as they may be amended from
time to time by the respective Rating Agency, will be reflected in a written
document and may be amended by the respective Rating Agency without the vote,
consent or approval of the Trust, the Board of Trustees or any holder of
Preferred Shares, including any Series of VRDP Shares, or any other shareholder
of the Trust. The Board of Trustees, without the vote or consent of any holder
of Preferred Shares, including any Series of VRDP Shares, or any other
shareholder of the Trust, may from time to time take such actions as may be
reasonably required in connection with obtaining, maintaining or changing the
short-term or long-term rating of any Rating Agency that is then rating shares
of a Series of VRDP Shares at the request of the Trust, and any such action
will not be deemed to affect the preferences, rights or powers of Preferred
Shares, including the VRDP Shares, or the holders thereof, </font><u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">provided</font></u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;"> that
the Board of Trustees receives written confirmation from such Rating </font></h4>
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<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;font-weight:normal;">31</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;font-weight:normal;"></font></font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_34"></a><a name="_bclPageBorder34"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<h4 style="margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">Agency, as applicable, then rating such shares of a
Series of VRDP Shares at the request of the Trust (with such confirmation in no
event being required to be obtained from a particular Rating Agency with
respect to definitions or other provisions relevant only to and adopted in
connection with another Rating Agency&#8217;s short-term or long-term preferred stock
rating of any Series of VRDP Shares) that any such action would not adversely
affect the short-term or long&#173;term preferred stock rating then assigned by such
Rating Agency.</font></h4>

<h4 style="margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">(iv)</font><font color=black face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">Notwithstanding the foregoing, nothing in this Section 5 is
intended in any way to limit the ability of (A) the Trust to make certain
adjustments in the VRDP Shares Remarketing Agreement as provided under the
definition of &#8220;Maximum Rate,&#8221; subject to the limitations set forth in such
definition, or (B) the Board of Trustees to, subject to applicable law, amend
or alter any provisions of this Statement of Preferences, without the vote or
consent of any holder of Preferred Shares, including any Series of VRDP Shares,
or any other shareholder of the Trust, as otherwise provided in this Statement
of Preferences.</font></h4>

<h3 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face=times style="font-size:11.0pt;font-weight:normal;">(e)</font><font color=black face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">Voting Rights Set Forth Herein are Sole Voting Rights</font></u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">.
Unless otherwise required by law, the Holders of VRDP Shares shall not have any
relative rights or preferences or other special rights other than those
specifically set forth herein.</font></h3>

<h3 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face=times style="font-size:11.0pt;font-weight:normal;">(f)</font><font color=black face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">No Preemptive Rights or Cumulative Voting</font></u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">. The Holders of
VRDP Shares shall have no preemptive rights or rights to cumulative voting.</font></h3>

<h3 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face=times style="font-size:11.0pt;font-weight:normal;">(g)</font><font color=black face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">Voting for Trustees Sole Remedy for Trust&#8217;s Failure to Pay
Dividends</font></u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">. In the event that the Trust fails to pay any dividends on shares
of a Series of VRDP Shares, the exclusive remedy of the Holders of such Series
shall be the right to vote for trustees pursuant to the provisions of this
Section 5.</font></h3>

<h3 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face=times style="font-size:11.0pt;font-weight:normal;">(h)</font><font color=black face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">Holders Entitled to Vote</font></u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">. For purposes of determining any
rights of the Holders to vote on any matter, whether such right is created by
this Statement of Preferences, by the other provisions of the Charter, by
statute or otherwise by applicable law, no Holder shall be entitled to vote any
VRDP Shares and no VRDP Shares shall be deemed to be &#8220;Outstanding&#8221; for the
purpose of voting or determining the number of shares required to constitute a
quorum if, prior to or concurrently with the time of determination of the VRDP
Shares entitled to vote or the VRDP Shares deemed Outstanding for quorum
purposes, as the case may be, the requisite Notice of Redemption with respect
to such VRDP Shares shall have been provided as set forth in paragraph (c) of
Section 10 of Part I of this Statement of Preferences and Deposit Securities in
an amount equal to the Redemption Price for the redemption of such VRDP Shares
shall have been deposited in trust with the Tender and Paying Agent. VRDP
Shares held (legally or beneficially) by the Trust or any affiliate of the
Trust or otherwise controlled by the Trust shall not have any voting rights or
be deemed to be Outstanding for voting or for calculating the voting percentage
required on any other matter or other purposes.</font></h3>

<h3 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face=times style="font-size:11.0pt;font-weight:normal;">(i)</font><font color=black face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">Grant of Irrevocable Proxy</font></u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">. To the fullest extent
permitted by applicable law, </font><font color=black face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">each Holder and
Beneficial Owner may in its discretion grant an irrevocable proxy</font><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">.</font></h3>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:0in;text-justify:inter-ideograph;"><a name="_Toc57655456"></a><b><font color=black face="Times New Roman" style="font-size:11.0pt;">6.</font></b><b><font color=black face="times new roman" style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font></b><b><font face="Times New Roman" style="font-size:11.0pt;">Minimum VRDP Shares Asset Coverage</font></b></h2>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:.4pt;text-align:justify;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">The Trust shall maintain, as of the last Business Day of
each month in which any VRDP Share is Outstanding, the Minimum VRDP Shares
Asset Coverage.</font></p>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;text-indent:0in;text-justify:inter-ideograph;"><a name="_Toc57655457"></a></h2>
<a name="_bclFooter34"></a><DIV>


<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;font-weight:normal;">32</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;font-weight:normal;"></font></font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_35"></a><a name="_bclPageBorder35"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;text-indent:0in;text-justify:inter-ideograph;"><b><font color=black face="Times New Roman" style="font-size:11.0pt;">7.</font></b><b><font color=black face="times new roman" style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font></b><b><font face="Times New Roman" style="font-size:11.0pt;">VRDP Shares Basic Maintenance Amount</font></b></h2>

<h3 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face=times style="font-size:11.0pt;font-weight:normal;">(a)</font><font color=black face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">So long as any VRDP Share is Outstanding, the Trust shall
maintain, on each Valuation Date, and shall verify to its satisfaction that it
is maintaining on such Valuation Date, (i) Moody&#8217;s Eligible Assets having an
aggregate Discounted Value equal to or greater than the VRDP Shares Basic
Maintenance Amount (if Moody&#8217;s is then rating the VRDP Shares at the request of
the Trust), (ii) Fitch Eligible Assets having an aggregate Discounted Value
equal to or greater than the VRDP Shares Basic Maintenance Amount (if Fitch is
then rating the VRDP Shares at the request of the Trust), and (iii) Other
Rating Agency Eligible Assets having an aggregate Discounted Value equal to or
greater than the VRDP Shares Basic Maintenance Amount (if any Other Rating
Agency is then rating the VRDP Shares at the request of the Trust).</font></h3>

<h3 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face=times style="font-size:11.0pt;font-weight:normal;">(b)</font><font color=black face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">The Trust shall deliver to each Rating Agency which is then
rating a Series of VRDP Shares at the request of the Trust and any other party
specified in the Rating Agency Guidelines all certificates that are set forth
in the respective Rating Agency Guidelines regarding Minimum VRDP Shares Asset
Coverage, the VRDP Shares Basic Maintenance Amount and/or related calculations
at such times and containing such information as set forth in the respective
Rating Agency Guidelines (each, a &#8220;Rating Agency Certificate&#8221;). A failure by
the Trust to deliver a Rating Agency Certificate with respect to the VRDP
Shares Basic Maintenance Amount shall be deemed to be delivery of a Rating
Agency Certificate indicating the Discounted Value for all assets of the Trust
is less than the VRDP Shares Basic Maintenance Amount, as of the relevant
Valuation Date; </font><u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">provided</font></u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">, </font><u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">however</font></u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">, that the Trust shall have the
ability to cure such failure to deliver a Rating Agency Certificate within one
day of receipt of notice from such Rating Agency that the Trust failed to
deliver such Rating Agency Certificate.</font></h3>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:0in;text-justify:inter-ideograph;"><a name="_Toc57655458"></a><b><font color=black face="Times New Roman" style="font-size:11.0pt;">8.</font></b><b><font color=black face="times new roman" style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font></b><b><font face="Times New Roman" style="font-size:11.0pt;">Restrictions on Dividends and Other Distributions</font></b></h2>

<h3 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face=times style="font-size:11.0pt;font-weight:normal;">(a)</font><font color=black face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">Dividends on Preferred Shares Other Than VRDP Shares</font></u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">.
Except as set forth in the next sentence, no dividends shall be declared or
paid or set apart for payment on the shares of any class or series of shares of
beneficial interest in the Trust ranking, as to the payment of dividends, on a
parity with the VRDP Shares for any period unless full cumulative dividends
have been or contemporaneously are declared and paid on the shares of each
Series of VRDP Shares through its most recent Dividend Payment Date. When
dividends are not paid in full upon the shares of each Series of VRDP Shares
through its most recent Dividend Payment Date or upon the shares of any other
class or series of shares of beneficial interest in the Trust ranking on a
parity as to the payment of dividends with the VRDP Shares through their most
recent respective dividend payment dates, all dividends declared upon the VRDP
Shares and any other such class or series of shares of beneficial interest in
the Trust ranking on a parity as to the payment of dividends with the VRDP
Shares shall be declared </font><i><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">pro rata </font></i><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">so that the amount of dividends
declared per share on the VRDP Shares and such other class or series of shares
of beneficial interest in the Trust shall in all cases bear to each other the
same ratio that accumulated dividends per share on the VRDP Shares and such
other class or series of shares of beneficial interest in the Trust bear to
each other (for purposes of this sentence, the amount of dividends declared per
VRDP Share shall be based on the Applicable Rate for such VRDP Share effective
during the Dividend Periods during which dividends were not paid in full).</font></h3>

<h3 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face=times style="font-size:11.0pt;font-weight:normal;">(b)</font><font color=black face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">Dividends and Other Distributions With Respect to Common
Shares Under the 1940 Act</font></u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">. The Board of Trustees shall not declare any
dividend (except a dividend payable in Common Shares), or declare any other
distribution, upon the Common Shares, or purchase Common Shares, unless in
every such case the Preferred Shares have, at the time of any such declaration
or purchase, an asset coverage (as defined in and determined pursuant to the
1940 Act) of at least 200% (or such other asset coverage as may in the future
be specified in or under the 1940 Act as the minimum asset coverage for senior
securities which are shares or stock of a closed-end investment company as a
condition of declaring </font></h3>
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<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;font-weight:normal;">33</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;font-weight:normal;"></font></font></p>


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</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_36"></a><a name="_bclPageBorder36"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<h3 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">dividends on its common shares
or stock) after deducting the amount of such dividend, distribution or purchase
price, as the case may be.</font></h3>

<h3 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face=times style="font-size:11.0pt;font-weight:normal;">(c)</font><font color=black face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">Other Restrictions on Dividends and Other Distributions</font></u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">.
For so long as any VRDP Share is Outstanding, and except as set forth in
paragraph (a) of this Section 8 and paragraph (c) of Section 11 of this Part I,
(A) the Trust shall not declare, pay or set apart for payment any dividend or
other distribution (other than a dividend or distribution paid in shares of, or
in options, warrants or rights to subscribe for or purchase, Common Shares or
other shares, if any, ranking junior to the VRDP Shares as to the payment of
dividends and the distribution of assets upon dissolution, liquidation or
winding up) in respect of the Common Shares or any other shares of the Trust
ranking junior to or on a parity with the VRDP Shares as to the payment of
dividends or the distribution of assets upon dissolution, liquidation or
winding up, or call for redemption, redeem, purchase or otherwise acquire for
consideration any Common Shares or any other such junior shares (except by
conversion into or exchange for shares of the Trust ranking junior to the VRDP
Shares as to the payment of dividends and the distribution of assets upon
dissolution, liquidation or winding up), or any such parity shares (except by
conversion into or exchange for shares of the Trust ranking junior to or on a
parity with VRDP Shares as to the payment of dividends and the distribution of
assets upon dissolution, liquidation or winding up), unless (i) full cumulative
dividends on shares of each Series of VRDP Shares through its most recently
ended Dividend Period shall have been paid or shall have been declared and
sufficient funds for the payment thereof deposited with the Tender and Paying
Agent and (ii) the Trust has redeemed the full number of VRDP Shares required
to be redeemed by any provision for mandatory redemption pertaining thereto,
and (B) the Trust shall not declare, pay or set apart for payment any dividend
or other distribution (other than a dividend or distribution paid in shares of,
or in options, warrants or rights to subscribe for or purchase, Common Shares
or other shares, if any, ranking junior to VRDP Shares as to the payment of
dividends and the distribution of assets upon dissolution, liquidation or
winding up) in respect of Common Shares or any other shares of the Trust
ranking junior to VRDP Shares as to the payment of dividends or the
distribution of assets upon dissolution, liquidation or winding up, or call for
redemption, redeem, purchase or otherwise acquire for consideration any Common
Shares or any other such junior shares (except by conversion into or exchange
for shares of the Trust ranking junior to VRDP Shares as to the payment of
dividends and the distribution of assets upon dissolution, liquidation or
winding up), unless immediately after such transaction the Discounted Value of
Moody&#8217;s Eligible Assets (if Moody&#8217;s is then rating the VRDP Shares at the
request of the Trust), Fitch Eligible Assets (if Fitch is then rating the VRDP
Shares at the request of the Trust) and Other Rating Agency Eligible Assets (if
any Other Rating Agency is then rating the VRDP Shares at the request of the
Trust) would each at least equal the VRDP Shares Basic Maintenance Amount for
such Series.</font></h3>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:0in;text-justify:inter-ideograph;"><a name="_Toc57655459"></a><b><font color=black face="Times New Roman" style="font-size:11.0pt;">9.</font></b><b><font color=black face="times new roman" style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font></b><b><font face="Times New Roman" style="font-size:11.0pt;">Rating Agency Restrictions</font></b></h2>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:.4pt;text-align:justify;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">For so long as any shares of any Series of VRDP Shares is
Outstanding and any Rating Agency is then rating a Series of VRDP Shares at the
request of the Trust, the Trust will not engage in certain proscribed
transactions set forth in the Rating Agency Guidelines, unless it has received
written confirmation from each such Rating Agency that proscribes the
applicable transaction in its Rating Agency Guidelines that any such action
would not impair the rating then assigned by such Rating Agency to a Series of
VRDP Shares.</font></p>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;text-indent:0in;text-justify:inter-ideograph;"><a name="_Toc57655460"></a><b><font color=black face="Times New Roman" style="font-size:11.0pt;">10.</font></b><b><font color=black face="times new roman" style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font></b><b><font face="Times New Roman" style="font-size:11.0pt;">Redemption</font></b></h2>

<h3 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face=times style="font-size:11.0pt;font-weight:normal;">(a)</font><font color=black face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">Optional Redemption</font></u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">. </font></h3>

<h4 style="margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">(i)</font><font color=black face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">Subject to the provisions of subparagraph (iv) of this paragraph
(a), shares of any Series of VRDP Shares may be redeemed, at the option of the
Trust, at any time, as a whole or </font></h4>
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</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_37"></a><a name="_bclPageBorder37"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<h4 style="margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">from time to time in
part, out of legally available funds therefor in respect of shares of the Trust
and otherwise in accordance with applicable state law, at a redemption price
per share equal to the sum of $100,000 </font><i><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">plus </font></i><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">an amount equal to
accumulated but unpaid dividends thereon (whether or not earned or declared)
to, but not including, the date fixed for redemption; </font><u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">provided</font></u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">, </font><u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">however</font></u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">,
that (1) shares of a Series of VRDP Shares may not be redeemed in part if after
such partial redemption fewer than fifty (50) shares of such Series would
remain Outstanding; (2) shares of a Series of VRDP Shares are not redeemable by
the Trust during the Initial Rate Period; and (3) subject to subparagraph (ii)
of this paragraph (a), the Notice of Special Rate Period relating to a Special
Rate Period of shares of a Series of VRDP Shares, as delivered to the Remarketing
Agent and filed with the Secretary of the Trust, may provide that shares of
such Series shall not be redeemable during the whole or any part of such
Special Rate Period or shall be redeemable during the whole or any part of such
Special Rate Period only upon payment of such redemption premium or premiums as
shall be specified therein (&#8220;Special Redemption Provisions&#8221;).</font></h4>

<h4 style="margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">(ii)</font><font color=black face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">A Notice of Special Rate Period relating to shares of a Series of
VRDP Shares for a Special Rate Period thereof may contain Special Redemption
Provisions only if the Trust&#8217;s Board of Trustees, after consultation with the
Remarketing Agent and the Liquidity Provider, determines that such Special
Redemption Provisions are in the best interest of the Trust.</font></h4>

<h4 style="margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">(iii)</font><font color=black face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">If fewer than all of the Outstanding shares of a Series of VRDP
Shares are to be redeemed pursuant to subparagraph (i) of this paragraph (a),
the number of shares of such Series to be redeemed shall be selected </font><i><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">pro
rata </font></i><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">from among the Holders of shares of such Series in proportion to the
number of shares of such Series held by such Holders, by lot or in such other
manner as the Trust&#8217;s Board of Trustees may determine to be fair and equitable.
The Trust&#8217;s Board of Trustees will have the full power and authority to
prescribe the terms and conditions upon which shares of a Series of VRDP Shares
will be redeemed from time to time.</font></h4>

<h4 style="margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">(iv)</font><font color=black face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">The Trust may not on any date send a Notice of Redemption
pursuant to paragraph (c) of this Section 10 in respect of a redemption
contemplated to be effected pursuant to this paragraph (a) unless on such date
(a) the Trust has available Deposit Securities with maturity or tender dates
not later than the day preceding the applicable Redemption Date and having a
Market Value not less than the amount (including any applicable premium) due to
Holders by reason of the redemption of shares of a Series of VRDP Shares on
such Redemption Date and (b) the Discounted Value of Moody&#8217;s Eligible Assets
(if Moody&#8217;s is then rating the shares of a Series of VRDP Shares at the request
of the Trust), the Discounted Value of Fitch Eligible Assets (if Fitch is then
rating the shares of a Series of VRDP Shares at the request of the Trust) and
the Discounted Value of Other Rating Agency Eligible Assets (if any Other
Rating Agency is then rating the shares of a Series of VRDP Shares at the
request of the Trust) each at least equals the VRDP Shares Basic Maintenance
Amount, and would at least equal the VRDP Shares Basic Maintenance Amount
immediately subsequent to such redemption if such redemption were to occur on
such date. For purposes of determining in clause (b) of the preceding sentence
whether the Discounted Value of Moody&#8217;s Eligible Assets at least equals the
VRDP Shares Basic Maintenance Amount, the Moody&#8217;s Discount Factors applicable to
Moody&#8217;s Eligible Assets shall be determined by reference to the first Exposure
Period (as defined in the Moody&#8217;s Guidelines) longer than the Exposure Period
then applicable to the Trust, as described in the definition of Moody&#8217;s
Discount Factor herein.</font></h4>

<h3 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;">&nbsp;</h3>
<a name="_bclFooter37"></a><DIV>


<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;font-weight:normal;">35</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;font-weight:normal;"></font></font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_38"></a><a name="_bclPageBorder38"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<h3 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face=times style="font-size:11.0pt;font-weight:normal;">(b)</font><font color=black face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">Mandatory Redemption</font></u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">. </font><font color=red><strike><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">(i)</font></strike></font><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">(i)&#160;&#160;&#160;&#160;&#160;&#160; The Trust shall redeem, out of legally
available funds therefor in respect of shares of the Trust and otherwise in
accordance with state law, all Outstanding Series W-7 VRDP Shares on March 31,
2051, at a redemption price equal to $100,000 per share </font><i><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">plus </font></i><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">accumulated
but unpaid dividends thereon (whether or not earned or declared) to, but
excluding, such date. The Trust also shall redeem, out of legally available
funds therefor in respect of shares of the Trust and otherwise in accordance
with state law, at a redemption price equal to $100,000 per share </font><i><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">plus </font></i><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">accumulated
but unpaid dividends thereon (whether or not earned or declared) to (but
excluding) the date fixed by the Board of Trustees for redemption, certain of
the shares of a Series of VRDP Shares, if the Trust fails to have either
Moody&#8217;s Eligible Assets (if Moody&#8217;s is then rating the shares of a Series of
VRDP Shares at the request of the Trust) with a Discounted Value, Fitch Eligible
Assets (if Fitch is then rating the shares of a Series of VRDP Shares at the
request of the Trust) with a Discounted Value, or Other Rating Agency Eligible
Assets (if any Other Rating Agency is then rating the shares of a Series of
VRDP Shares at the request of the Trust) with a Discounted Value greater than
or equal to the VRDP Shares Basic Maintenance Amount, or fails to maintain the
Minimum VRDP Shares Asset Coverage in accordance with this Statement of
Preferences, and such failure is not cured on or before the VRDP Shares Basic
Maintenance Cure Date or the Minimum VRDP Shares Asset Coverage Cure Date, as
the case may be. In the event of a failure by the Trust to have Rating Agency
Eligible Assets with a Discounted Value greater than or equal to the VRDP
Shares Basic Maintenance Amount, if then applicable, the Trust may seek to cure
such failure on or prior to the VRDP Shares Basic Maintenance Cure Date by
complying with the requirements of the Rating Agency or Rating Agencies, if
any, then rating shares of such Series of VRDP Shares at the request of the
Trust as in effect at the time of such failure. The number of VRDP Shares to be
redeemed shall be equal to the lesser of (A) the minimum number of VRDP Shares,
together with all other Preferred Shares subject to redemption or retirement,
the redemption of which, if deemed to have occurred immediately prior to the
opening of business on the applicable Cure Date, would result in the Trust&#8217;s
(x) having each of Moody&#8217;s Eligible Assets (if Moody&#8217;s is then rating shares of
a Series of VRDP Shares at the request of the Trust) with a Discounted Value,
Fitch Eligible Assets (if Fitch is then rating shares of a Series of VRDP
Shares at the request of the Trust) with a Discounted Value and Other Rating
Agency Eligible Assets (if any Other Rating Agency is then rating shares of a
Series of VRDP Shares at the request of the Trust) with a Discounted Value
greater than or equal to the VRDP Shares Basic Maintenance Amount and (y)
maintaining the Minimum VRDP Shares Asset Coverage on the applicable Cure Date
(provided, however, that, if there is no such minimum number of VRDP Shares and
other Preferred Shares the redemption or retirement of which would have such
result, all VRDP Shares and Preferred Shares then outstanding shall be
redeemed), and (B) the maximum number of VRDP Shares, together with all other
Preferred Shares subject to redemption or retirement, that can be redeemed out
of legally available funds therefor in respect of shares of the Trust and in
accordance with the Charter and applicable law. In determining the VRDP Shares
required to be redeemed in accordance with the foregoing, the Trust shall
allocate the number required to be redeemed to satisfy the VRDP Shares Basic
Maintenance Amount or the Minimum VRDP Shares Asset Coverage, as the case may
be, pro rata among VRDP Shares and other Preferred Shares (and, then, pro rata
among each Series of VRDP Shares) subject to redemption or retirement. The
Trust shall effect such redemption on the date fixed by the Trust therefor,
which date shall not be earlier than ten (10) days nor later than forty (40)
days after the applicable Cure Date, except that if the Trust does not have
legally available funds for the redemption of all of the required number of
VRDP Shares and other Preferred Shares which are subject to redemption or
retirement or the Trust otherwise is unable as a result of applicable law to
effect such redemption on or prior to forty (40) days after the applicable Cure
Date, the Trust shall redeem those VRDP Shares and other Preferred Shares which
it was unable to redeem on the earliest practicable date on which it is able to
effect such redemption. Except in the case of a Failed Remarketing
Condition-Purchased VRDP Shares Redemption, as described below, if fewer than
all of the Outstanding shares of a Series of VRDP Shares are to be redeemed
pursuant to this paragraph (b), the number of shares of a Series of VRDP Shares
to be redeemed shall be redeemed pro rata, by lot or other fair method </font></h3>
<a name="_bclFooter38"></a><DIV>


<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;font-weight:normal;">36</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;font-weight:normal;"></font></font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_39"></a><a name="_bclPageBorder39"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<h3 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">as determined by the Trust&#8217;s Board of Trustees from the
Holders of VRDP Shares in proportion to the number of shares of such Series of
VRDP Shares held by such Holders.</font></h3>

<h4 style="margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">(ii)</font><font color=black face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">(A)&#160; In accordance with this Statement of Preferences and if then
required pursuant to the Fee Agreement, if the Liquidity Provider acquires any
VRDP Shares pursuant to the Purchase Obligation and continues to be the
beneficial owner for federal income tax purposes of such Purchased VRDP Shares
for a continuous period of six (6) months during which such Purchased VRDP
Shares are tendered for Remarketing on each Business Day in accordance with the
Related Documents but cannot be successfully remarketed pursuant to such
Remarketings (i.e., a Failed Remarketing Condition&#8212;Purchased VRDP Shares shall
have occurred and be continuing for such period of time with respect to such
Purchased VRDP Shares), the Trust shall effect a Failed Remarketing
Condition-Purchased VRDP Shares Redemption out of legally available funds for
the redemption of the Purchased VRDP Shares that are subject to the Failed
Remarketing Condition--Purchased VRDP Shares Redemption and in accordance with
any other applicable law restrictions that apply to redemptions of shares; </font><u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">provided</font></u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">,
that, as of the date of redemption: (i) to the extent any VRDP Shares are
Outstanding and held by Persons other than the Liquidity Provider, the Purchase
Obligation of the Liquidity Provider whose VRDP Shares are subject to the
Failed Remarketing Condition-Purchased VRDP Shares Redemption (i.e., Bank of
America, N.A., or any successor or permitted assign) remains in effect to the
extent required by, and in accordance with, the VRDP Shares Purchase Agreement
with Bank of America, N.A., or any successor or permitted assign, and (ii) to
the extent (a) any VRDP Shares are Outstanding and held by Persons other than
the Liquidity Provider and (b) the Purchase Obligation of the Liquidity
Provider whose VRDP Shares are subject to the Failed Remarketing
Condition-Purchased VRDP Shares Redemption (i.e., Bank of America, N.A., or any
successor or permitted assign) remains in effect to the extent required by, and
in accordance with, the VRDP Shares Purchase Agreement with Bank of America,
N.A., or any successor or permitted assign, the Liquidity Provider whose VRDP
Shares are subject to the Failed Remarketing Condition&#8212;Purchased VRDP Shares
Redemption (i.e., Bank of America, N.A., or any successor or permitted assign)
shall have made written affirmation to the Trust not later than the Business
Day immediately preceding the Redemption Date to the effect that the Liquidity
Provider is in compliance with the Purchase Obligation in accordance with its
terms. Notwithstanding the foregoing proviso, any failure or delay by the
Liquidity Provider whose VRDP Shares are subject to the Failed Remarketing
Condition-Purchased VRDP Shares Redemption (i.e., Bank of America, N.A., or any
successor or permitted assign) to deliver the affirmation referred to in the
foregoing proviso shall not relieve the Trust of its obligation to effectuate a
Failed Remarketing Condition-Purchased VRDP Shares Redemption and shall only
result in a delay by the Trust to effectuate a Failed Remarketing
Condition-Purchased VRDP Shares Redemption until one (1) Business Day following
the date that such Liquidity Provider delivers such affirmation or such
affirmation is no longer required. The six-month holding period for Purchased
VRDP Shares acquired and continuously held as a result of a continuing Failed
Remarketing Condition-Purchased VRDP Shares shall be determined by the Trust on
a first-in, first-out basis. The Trust shall effect a Failed Remarketing
Condition-Purchased VRDP Shares Redemption on the Redemption Date fixed by the
Trust therefor, which date shall not be later than three (3) Business Days
after the expiration of the six-month period, except that if the Trust does not
have legally available funds for the redemption of all of the required number
of Purchased VRDP Shares which are subject to the Failed Remarketing Condition-Purchased
VRDP Shares Redemption or the Trust otherwise is unable as a result of
applicable law restrictions that apply to redemptions of shares to effect such </font></h4>
<a name="_bclFooter39"></a><DIV>


<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;font-weight:normal;">37</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;font-weight:normal;"></font></font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_40"></a><a name="_bclPageBorder40"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<h4 style="margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">redemption on or prior to three (3) Business Days after
the expiration of the six-month period, the Trust shall redeem those Purchased
VRDP Shares which it was unable to redeem on the earliest practicable date on
which it is able to effect such redemption out of legally available funds in
respect of shares of the Trust and in accordance with applicable law
restrictions that apply to redemptions of shares.</font></h4>

<h5 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">(B)</font><font color=black face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">Upon the occurrence and continuance of a Failed Remarketing
Condition-Purchased VRDP Shares with respect to any VRDP Shares, by the fifth
(5th) Business Day following delivery of notice thereof from the Liquidity
Provider in accordance with Section 7.08(c) of the Fee Agreement, the Trust
shall cause the Custodian to segregate, by means of appropriate identification
on its books and records or otherwise in accordance with the Custodian&#8217;s normal
procedures, from the other assets of the Trust (a &#8220;Liquidity Account&#8221;)
Liquidity Account Investments with a Market Value equal to at least 110% of the
Liquidation Preference of such Purchased VRDP Shares. If, while the Failed
Remarketing Condition-Purchased VRDP Shares with respect to such Purchased VRDP
Shares is continuing, the aggregate Market Value of the Liquidity Account
Investments included in the Liquidity Account for such Purchased VRDP Shares as
of the close of business on any Business Day is less than 110% of the
Liquidation Preference of such Purchased VRDP Shares, then the Trust shall
cause the Custodian and the Investment Adviser to take all such necessary
action, including segregating additional assets of the Trust as Liquidity
Account Investments, so that the aggregate Market Value of the Liquidity
Account Investments included in the Liquidity Account for such Purchased VRDP
Shares is at least equal to 110% of the Liquidation Preference of such
Purchased VRDP Shares not later than the close of business on the next
succeeding Business Day. With respect to assets of the Trust segregated as
Liquidity Account Investments, the Investment Adviser, on behalf of the Trust,
shall be entitled to instruct the Custodian with a copy to the Liquidity
Provider on any date to release any Liquidity Account Investments with respect
to any Purchased VRDP Shares from such segregation and to substitute therefor
other Liquidity Account Investments, so long as (x) the assets of the Trust
segregated as Liquidity Account Investments with respect to such Purchased VRDP
Shares at the close of business on such date have a Market Value equal to at
least 110% of the Liquidation Preference of such Purchased VRDP Shares and (y)
the assets of the Trust designated and segregated as Deposit Securities at the
close of business on such date have a Market Value equal to at least the
Liquidity Requirement (if any) determined in accordance with paragraph (C)
below with respect to such Purchased VRDP Shares for such date. The Trust shall
cause the Custodian not to permit any lien, security interest or encumbrance to
be created or permitted to exist on or in respect of any Liquidity Account
Investments included in the Liquidity Account for any Purchased VRDP Shares,
other than liens, security interests or encumbrances arising by operation of
law and any lien of the Custodian with respect to the payment of its fees or
repayment for its advances. Notwithstanding anything expressed or implied
herein to the contrary, the assets of the Liquidity Account shall continue to
be assets of the Trust subject to the interests of all creditors and
shareholders of the Trust.</font></h5>

<h5 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">(C)</font><font color=black face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">Subject to notice having been received as referred to in
paragraph (B) above, the Market Value of the Deposit Securities held in the
Liquidity Account for any Purchased VRDP Shares, from and after the day (or if
such day is not a Business Day, the next succeeding Business Day) preceding the
expiration of the six-month period for the Failed Remarketing
Condition-Purchased VRDP Shares applicable to such Purchased VRDP Shares
(which, for the avoidance of doubt, may result in multiple six (6) month
periods, each in respect of a Failed Remarketing Condition-Purchased VRDP
Shares in respect of applicable Purchased VRDP Shares) specified in the table
set forth below, shall not be less than the percentage of the Liquidation
Preference for such Purchased VRDP Shares set forth below opposite such day
(the &#8220;Liquidity Requirement&#8221;), but in all cases subject to the cure provisions
of paragraph (D) below:</font></h5>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border:none;border-collapse:collapse;margin-left:5.4pt;width:483.699982pt;">
 <tr>
  <td valign=top width=48% style="border:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;text-align:center;text-justify:inter-ideograph;"><font face="Times New Roman" style="font-size:11.0pt;">Number of Days*</font></p>
  <p align=center style="margin:0in;text-align:center;text-justify:inter-ideograph;"><font face="Times New Roman" style="font-size:11.0pt;">Preceding the Six
  Month Anniversary</font></p>
  <p align=center style="margin:0in;text-align:center;text-justify:inter-ideograph;"><font face="Times New Roman" style="font-size:11.0pt;">of Liquidity Provider&#8217;s Purchase</font></p>
  </td>
 <td valign=top width=52% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;text-align:center;text-justify:inter-ideograph;"><font face="Times New Roman" style="font-size:11.0pt;">Value of Deposit
  Securities</font></p>
  <p align=center style="margin:0in;text-align:center;text-justify:inter-ideograph;"><font face="Times New Roman" style="font-size:11.0pt;">as Percentage of&#160;
  Liquidation</font></p>
  <p align=center style="margin:0in;text-align:center;text-justify:inter-ideograph;"><font face="Times New Roman" style="font-size:11.0pt;">Preference</font></p>
  </td>
 </tr>
<tr style="height:71.0pt;">
  <td valign=top width=48% style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;height:71.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;text-align:center;text-justify:inter-ideograph;"><font face="Times New Roman" style="font-size:11.0pt;">150</font></p>
  <p align=center style="margin:0in;text-align:center;text-justify:inter-ideograph;"><font face="Times New Roman" style="font-size:11.0pt;">120</font></p>
  <p align=center style="margin:0in;text-align:center;text-justify:inter-ideograph;"><font face="Times New Roman" style="font-size:11.0pt;">90</font></p>
  <p align=center style="margin:0in;text-align:center;text-justify:inter-ideograph;"><font face="Times New Roman" style="font-size:11.0pt;">60</font></p>
  <p align=center style="margin:0in;text-align:center;text-justify:inter-ideograph;"><font face="Times New Roman" style="font-size:11.0pt;">30</font></p>
  </td>
 <td valign=top width=52% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;height:71.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;text-align:center;text-justify:inter-ideograph;"><font face="Times New Roman" style="font-size:11.0pt;">20%</font></p>
  <p align=center style="margin:0in;text-align:center;text-justify:inter-ideograph;"><font face="Times New Roman" style="font-size:11.0pt;">40%</font></p>
  <p align=center style="margin:0in;text-align:center;text-justify:inter-ideograph;"><font face="Times New Roman" style="font-size:11.0pt;">60%</font></p>
  <p align=center style="margin:0in;text-align:center;text-justify:inter-ideograph;"><font face="Times New Roman" style="font-size:11.0pt;">80%</font></p>
  <p align=center style="margin:0in;text-align:center;text-justify:inter-ideograph;"><font face="Times New Roman" style="font-size:11.0pt;">100%</font></p>
  </td>
 </tr>
</table></div>


<a name="_bclFooter40"></a><DIV>


<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;font-weight:normal;">38</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;font-weight:normal;"></font></font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_41"></a><a name="_bclPageBorder41"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:1.0in;margin-top:0in;text-align:justify;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">*
Or if such day is not a Business Day, the next succeeding Business Day</font></p>

<p style="margin:0in;margin-top:1.8pt;"><font face="Times New Roman" lang=EN-US style="font-size:8.0pt;line-height:9.05pt;vertical-align:baseline;">&nbsp;</font></p>

<h5 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">(D)</font><font color=black face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">If the aggregate Market Value of the Deposit Securities included
in the Liquidity Account for any Purchased VRDP Shares as of the close of
business on any Business Day is less than the Liquidity Requirement in respect
of such Purchased VRDP Shares for such Business Day, then the Trust shall cause
the segregation of additional or substitute Deposit Securities in respect of
the Liquidity Account for such Purchased VRDP Shares, so that the aggregate
Market Value of the Deposit Securities included in the Liquidity Account for
such Purchased VRDP Shares is at least equal to the Liquidity Requirement for
such Purchased VRDP Shares not later than the close of business on the next
succeeding Business Day.</font></h5>

<h5 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">(E)</font><font color=black face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">The Deposit Securities included in the Liquidity Account for any
Purchased VRDP Shares may be applied by the Trust, in its discretion, towards
payment of the Redemption Price for such Purchased VRDP Shares. Upon the
earlier to occur of (x) the successful remarketing of the Purchased VRDP Shares
or (y) the deposit by the Trust with the Tender and Paying Agent with
arrangements satisfactory to the Liquidity Provider of Deposit Securities
having an initial combined Market Value sufficient to effect the redemption of
such Purchased VRDP Shares on the Redemption Date for such Purchased VRDP
Shares, the requirement of the Trust to maintain a Liquidity Account for such
Purchased VRDP Shares as contemplated by this Section 10(b)(ii) shall lapse and
be of no further force and effect.</font></h5>

<h5 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">(F)</font><font color=black face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">The provisions of paragraphs (A) through (E) of this Section
10(b)(ii) may be amended by the Board of Trustees, by resolution duly adopted,
without shareholder approval in order to conform to the terms of the Fee
Agreement or as otherwise necessary or desirable in the judgment of the Board
of Trustees, </font><u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">provided</font></u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;"> that the Board of Trustees receives the prior
written consent of the Liquidity Provider and written confirmation from each
Rating Agency, as applicable, then rating shares of a Series of VRDP Shares at
the request of the Trust that any such amendments would not adversely affect
the rating then assigned by such Rating Agency to such Series of VRDP Shares.</font></h5>

<h4 style="margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">(iii)</font><font color=black face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">At least six (6) months prior to the scheduled mandatory
Redemption Date March 31, 2051 specified in Section 10(b)(i) above, if any
Series W-7 VRDP Shares then remain Outstanding, the Trust shall cause the
Custodian to segregate in a Liquidity Account (but without duplication of any
Liquidity Account then in effect pursuant to Section 10(b)(ii) above), by means
of appropriate identification on its books and records or otherwise in
accordance with the Custodian&#8217;s normal procedures, from the other assets of the
Trust, Liquidity Account Investments with a Market Value equal to at least 110%
of the Liquidation Preference of the then Outstanding Series W-7 VRDP Shares.
The Trust shall maintain such Liquidity Account in accordance with Section
10(b)(ii)(B), (C) and (D) above and comply with the requirements set forth
therein with respect to Liquidity Account Investments and the Liquidity
Requirement; </font><u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">provided</font></u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">, that for purposes of this Section 10(b)(iii) all
references therein to Purchased VRDP Shares shall be deemed to be to all
Outstanding Series W-7 VRDP Shares, all references therein to the Failed
Remarketing Condition-Purchased VRDP Shares or the related six-month period
shall be </font></h4>
<a name="_bclFooter41"></a><DIV>


<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;font-weight:normal;">39</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;font-weight:normal;"></font></font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_42"></a><a name="_bclPageBorder42"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<h4 style="margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">deemed to be to the six-month period
preceding the scheduled mandatory Redemption Date of March 31, 2051, and the
references to notice by the Liquidity Provider shall not be applicable. The
Deposit Securities included in the Liquidity Account for the Outstanding Series
W-7 VRDP Shares may be applied by the Trust, in its discretion, towards payment
of the Redemption Price for the Outstanding Series W-7 VRDP Shares. Upon the
deposit by the Trust with the Tender and Paying Agent with arrangements
satisfactory to the Liquidity Provider of Deposit Securities having an initial
combined Market Value sufficient to effect the redemption of the Outstanding
Series W-7 VRDP Shares on March 31, 2051 Redemption Date for the Outstanding
Series W-7 VRDP Shares, the requirement of the Trust to maintain a Liquidity
Account for the Outstanding Series W-7 VRDP Shares as contemplated by this
Section 10(b)(iii) shall lapse and be of no further force and effect.</font></h4>

<h3 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face=times style="font-size:11.0pt;font-weight:normal;">(c)</font><font color=black face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">Notice of Redemption</font></u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">. If the Trust shall determine or be
required to redeem, in whole or in part, shares of a Series of VRDP Shares
pursuant to paragraph (a) or (b)(i) of this Section 10, the Trust will send a
notice of redemption (the &#8220;Notice of Redemption&#8221;), by Electronic Means (or by
first-class mail, postage prepaid, in the case where the shares of such Series
of VRDP Shares are in physical form outside the book-entry system of the
Securities Depository), to Holders thereof and the Liquidity Provider or, in
the case of a redemption pursuant to paragraph (b)(ii) of this Section 10, only
to the Liquidity Provider, or request the Tender and Paying Agent, on behalf of
the Trust to promptly do so by Electronic Means (or by first-class mail,
postage prepaid, in the case where the shares of such Series of VRDP Shares are
in physical form outside the book-entry system of the Securities Depository) so
long as the Notice of Redemption is furnished by the Trust to the Tender and
Paying Agent in electronic format at least five (5) Business Days prior to the
date a Notice of Redemption is required to be delivered to the Holders, unless
a shorter period of time shall be acceptable to the Tender and Paying Agent. A
Notice of Redemption shall be sent to Holders not less than ten (10) days prior
to the date fixed for redemption in such Notice of Redemption (the &#8220;Redemption
Date&#8221;). Each such Notice of Redemption shall state: (i) the Redemption Date;
(ii) the number of shares of such Series of VRDP Shares to be redeemed and the
Series thereof; (iii) the CUSIP number for the VRDP Shares of such Series; (iv)
the Redemption Price; (v) the place or places where the certificate(s), if any,
for such VRDP Shares (properly endorsed or assigned for transfer, if the Board
of Trustees requires and the Notice of Redemption states) are to be surrendered
for payment of the Redemption Price; (vi) that dividends on the shares of such
Series of VRDP Shares to be redeemed will cease to accumulate from and after
such Redemption Date; and (vii) the provisions of this Statement of Preferences
under which such redemption is made. If fewer than all shares of a Series of
VRDP Shares held by any Holder are to be redeemed, the Notice of Redemption
delivered to such Holder shall also specify the number of shares of such Series
of VRDP Shares to be redeemed from such Holder. The Trust may provide in any
Notice of Redemption relating to an optional redemption contemplated to be
effected pursuant to this Statement of Preferences that such redemption is
subject to one or more conditions precedent not otherwise expressly stated
herein and that the Trust shall not be required to effect such redemption
unless each such condition has been satisfied at the time or times and in the
manner specified in such Notice of Redemption. No defect in the Notice of
Redemption or delivery thereof shall affect the validity of redemption
proceedings, except as required by applicable law.</font></h3>

<h3 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face=times style="font-size:11.0pt;font-weight:normal;">(d)</font><font color=black face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">No Redemption Under Certain Circumstances</font></u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">. Notwithstanding
the provisions of paragraphs (a) or (b) of this Section 10, if any dividends on
shares of a Series of VRDP Shares (whether or not earned or declared) are in
arrears, no shares of such Series shall be redeemed unless all Outstanding
shares of such Series are simultaneously redeemed, and the Trust shall not
otherwise purchase or acquire any shares of such Series; </font><u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">provided</font></u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">,</font><u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">
however</font></u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">, that the foregoing shall not prevent the purchase or acquisition
of Outstanding shares of a Series of VRDP Shares pursuant to the successful
completion of an otherwise lawful purchase or exchange offer made on the same
terms to Holders of all Outstanding shares of such Series of VRDP Shares.</font></h3>

<h3 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;">&nbsp;</h3>
<a name="_bclFooter42"></a><DIV>


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</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_43"></a><a name="_bclPageBorder43"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<h3 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face=times style="font-size:11.0pt;font-weight:normal;">(e)</font><font color=black face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">Absence of Funds Available for Redemption</font></u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">. To the extent
that any redemption for which a Notice of Redemption has been provided is not
made by reason of the absence of legally available funds therefor in respect of
shares of the Trust and in accordance with the Charter and applicable law, such
redemption shall be made as soon as practicable to the extent such funds become
available. A failure to redeem shares of a Series of VRDP Shares shall be
deemed to exist at any time after the date specified for redemption in a Notice
of Redemption when the Trust shall have failed, for any reason whatsoever, to
deposit in trust with the Tender and Paying Agent the Redemption Price with
respect to any shares for which such Notice of Redemption has been sent; </font><u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">provided</font></u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">,
</font><u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">however</font></u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">,</font><u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;"> </font></u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">that the foregoing shall not apply in the case of the
Trust&#8217;s failure to deposit in trust with the Tender and Paying Agent the Redemption
Price with respect to any shares where (1) the Notice of Redemption relating to
such redemption provided that such redemption was subject to one or more
conditions precedent and (2) any such condition precedent shall not have been
satisfied at the time or times and in the manner specified in such Notice of
Redemption. Notwithstanding the fact that the Trust may not have redeemed
shares of a Series of VRDP Shares for which a Notice of Redemption has been
provided, dividends may be declared and paid on shares of a Series of VRDP
Shares and shall include those shares of such Series of VRDP Shares for which a
Notice of Redemption has been provided.</font></h3>

<h3 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face=times style="font-size:11.0pt;font-weight:normal;">(f)</font><font color=black face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">Tender and Paying Agent as Trustee of Redemption Payments by
Trust</font></u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">. All moneys paid to the Tender and Paying Agent for payment of the
Redemption Price of shares of a Series of VRDP Shares called for redemption
shall be held in trust by the Tender and Paying Agent for the benefit of
Holders of shares so to be redeemed.</font></h3>

<h3 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face=times style="font-size:11.0pt;font-weight:normal;">(g)</font><font color=black face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">Shares for Which Notice of Redemption Has Been Given Are No
Longer Outstanding</font></u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">. Provided a Notice of Redemption has been provided
pursuant to paragraph (c) of this Section 10, the Trust shall irrevocably
(except to the extent set forth below in this paragraph (g)) deposit with the
Tender and Paying Agent, no later than 12:00 noon, New York City time, on a
Business Day not less than ten (10) Business Days preceding the Redemption Date
specified in such notice, Deposit Securities in an aggregate amount equal to
the Redemption Price to be paid on the Redemption Date in respect of any shares
of a Series of VRDP Shares that are subject to such notice. Provided a Notice
of Redemption has been provided pursuant to paragraph (c) of this Section 10,
upon the deposit with the Tender and Paying Agent of Deposit Securities in an
amount sufficient to redeem the shares of a Series of VRDP Shares that are the
subject of such notice, dividends on such shares of a Series of VRDP Shares
shall cease to accumulate as of the Redemption Date and shares of a Series of
VRDP Shares shall no longer be deemed to be Outstanding, except as noted below
with respect to the VRDP Shares Purchase Agreement, for any purpose, and all
rights of the Holders of the shares of a Series of VRDP Shares so called for
redemption shall cease and terminate, except the right of such Holders to
receive the Redemption Price, but without any interest or other additional
amount, except as provided in paragraph (e)(i) of Section 2 of this Part I and
in Section 3 of Part I of this Statement of Preferences. Upon surrender in
accordance with the Notice of Redemption of the certificates for any shares of
a Series of VRDP Shares so redeemed (properly endorsed or assigned for
transfer, if the Board of Trustees shall so require and the Notice of
Redemption shall so state), the Redemption Price shall be paid by the Tender
and Paying Agent to the Holders of shares of a Series of VRDP Shares subject to
redemption. In the case that fewer than all of the shares represented by any
such certificate are redeemed, a new certificate shall be issued, representing
the unredeemed shares, without cost to the Holder thereof. The Trust shall be
entitled to receive from the Tender and Paying Agent, promptly after the date
fixed for redemption, any cash or other Deposit Securities deposited with the
Tender and Paying Agent in excess of (i) the aggregate Redemption Price of the
shares of a Series of VRDP Shares called for redemption on such date and (ii)
all other amounts to which Holders of shares of a Series of VRDP Shares called
for redemption may be entitled. Any funds so deposited that are unclaimed at
the end of ninety (90) days from such redemption date shall, to the extent
permitted by law, be repaid to the Trust, after which time the Holders of
shares of a Series of VRDP Shares so called for redemption may look only to the
Trust for payment of the Redemption Price and all </font></h3>
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</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_44"></a><a name="_bclPageBorder44"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<h3 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">other
amounts to which they may be entitled. The Trust shall be entitled to receive,
from time to time after the date fixed for redemption, any interest on the funds
so deposited. Notwithstanding the foregoing, shares of a Series of VRDP Shares
will be deemed to be Outstanding for purposes of the VRDP Shares Purchase
Agreement until redeemed by the Trust.</font></h3>

<h3 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face=times style="font-size:11.0pt;font-weight:normal;">(h)</font><font color=black face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">Compliance With Applicable Law</font></u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">. In effecting any
redemption pursuant to this Section 10, the Trust shall use its best efforts to
comply with all applicable conditions precedent to effecting such redemption
under the 1940 Act and any applicable Delaware or other state law, but shall
effect no redemption except in accordance with the 1940 Act and any applicable
Delaware or other state law.</font></h3>

<h3 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face=times style="font-size:11.0pt;font-weight:normal;">(i)</font><font color=black face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">Only Whole Shares of a Series of VRDP Shares May Be Redeemed</font></u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">.
In the case of any redemption pursuant to this Section 10, only whole shares of
a Series of VRDP Shares shall be redeemed, and in the event that any provision
of the Charter would require redemption of a fractional share, the Remarketing
Agent shall be authorized to round up so that only whole shares are redeemed.</font></h3>

<h3 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face=times style="font-size:11.0pt;font-weight:normal;">(j)</font><font color=black face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">Modification of Redemption Procedures</font></u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">. Notwithstanding the
foregoing provisions of this Section 10, the Trust may, in its sole discretion,
modify the procedures set forth above with respect to notification of
redemption of VRDP Shares, </font><u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">provided</font></u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;"> that such modification does not
materially and adversely affect the Holders of the VRDP Shares or cause the
Trust to violate any law, rule or regulation, or to in any way alter the
obligations of the Tender and Paying Agent without its prior written consent.
Furthermore, if in the sole discretion of the Board of Trustees, after
consultation with counsel, modification of the foregoing redemption provisions
(x) are permissible under the rules and regulations or interpretations of the
SEC and under other applicable law and (y) would not cause a material risk as
to the treatment of the VRDP Shares as equity for U.S. federal income tax
purposes, the Board of Trustees, without shareholder approval, by resolution
and with the prior written consent of the Liquidity Provider may modify such
redemption procedures.</font></h3>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;text-indent:0in;text-justify:inter-ideograph;"><a name="_Toc57655461"></a><b><font color=black face="Times New Roman" style="font-size:11.0pt;">11.</font></b><b><font color=black face="times new roman" style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font></b><b><font face="Times New Roman" style="font-size:11.0pt;">Liquidation Rights</font></b></h2>

<h3 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face=times style="font-size:11.0pt;font-weight:normal;">(a)</font><font color=black face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">Ranking</font></u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">. The shares of a Series of VRDP Shares shall rank
on a parity with each other, with shares of any other Series of VRDP Shares and
with shares of any other Series of Preferred Shares as to the distribution of
assets upon dissolution, liquidation or winding up of the affairs of the Trust.</font></h3>

<h3 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face=times style="font-size:11.0pt;font-weight:normal;">(b)</font><font color=black face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">Distributions Upon Liquidation</font></u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">. Upon the dissolution,
liquidation or winding up of the affairs of the Trust, whether voluntary or
involuntary, the Holders of VRDP Shares then Outstanding shall be entitled to
receive and to be paid out of the assets of the Trust legally available for
distribution to its shareholders and otherwise in accordance with applicable
state law, before any payment or distribution shall be made on the Common
Shares or on any other class of shares of the Trust ranking junior to the VRDP
Shares upon dissolution, liquidation or winding up, an amount equal to the
Liquidation Preference with respect to such shares </font><i><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">plus </font></i><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">an amount equal
to all dividends thereon (whether or not earned or declared) accumulated but
unpaid to (but not including) the date of final distribution in same day funds,
together with any payments required to be made pursuant to Section 3 of Part I
of this Statement of Preferences in connection with the liquidation of the
Trust. After the payment to the Holders of the VRDP Shares of the full
preferential amounts provided for in this paragraph (b), the Holders of the
VRDP Shares as such shall have no right or claim to any of the remaining assets
of the Trust.</font></h3>

<h3 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face=times style="font-size:11.0pt;font-weight:normal;">(c)</font><font color=black face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">Pro Rata Distributions</font></u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">. In the event the assets of the
Trust available for distribution to the Holders of the VRDP Shares upon any
dissolution, liquidation or winding up of the affairs of the Trust, whether
voluntary or involuntary, shall be insufficient to pay in full all amounts to which
such Holders are entitled pursuant to paragraph (b) of this Section 11, no such
distribution shall be made on account of any shares of any other class or
Series of Preferred Shares ranking on a parity with the VRDP Shares with </font></h3>
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<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;font-weight:normal;">42</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;font-weight:normal;"></font></font></p>


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</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_45"></a><a name="_bclPageBorder45"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<h3 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">respect to the distribution of assets upon such
dissolution, liquidation or winding up unless proportionate distributive
amounts shall be paid on account of the VRDP Shares, ratably, in proportion to
the full distributable amounts for which holders of all such parity shares are respectively
entitled upon such dissolution, liquidation or winding up.</font></h3>

<h3 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face=times style="font-size:11.0pt;font-weight:normal;">(d)</font><font color=black face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">Rights of Junior Shares</font></u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">. Subject to the rights of the
holders of shares of any series or class or classes of shares ranking on a
parity with the VRDP Shares with respect to the distribution of assets upon
dissolution, liquidation or winding up of the affairs of the Trust, after
payment shall have been made in full to the Holders of the VRDP Shares as
provided in paragraph (b) of this Section 11, but not prior thereto, any other
series or class or</font><u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;"> </font></u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">classes of shares ranking junior to the VRDP Shares
with respect to the distribution of assets upon dissolution, liquidation or
winding up of the affairs of the Trust shall, subject to the respective terms
and provisions (if any) applying thereto, be entitled to receive any and all
assets remaining to be paid or distributed, and the Holders of the VRDP Shares
shall not be entitled to share therein.</font></h3>

<h3 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face=times style="font-size:11.0pt;font-weight:normal;">(e)</font><font color=black face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">Certain Events Not Constituting Liquidation</font></u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">. Neither the
sale of all or substantially all the property or business of the Trust, nor the
merger, consolidation or reorganization of the Trust into or with any business
or statutory trust, corporation or other entity nor the merger, consolidation
or reorganization of any business or statutory trust, corporation or other
entity into or with the Trust shall be a dissolution, liquidation or winding
up, whether voluntary or involuntary, for the purposes of this Section 11.</font></h3>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;text-indent:0in;text-justify:inter-ideograph;"><a name="_Toc57655462"></a><b><font color=black face="Times New Roman" style="font-size:11.0pt;">12.</font></b><b><font color=black face="times new roman" style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font></b><b><font face="Times New Roman" style="font-size:11.0pt;">Purchase Obligation</font></b></h2>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:.4pt;page-break-after:avoid;text-align:justify;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">As long as shares of any
Series of VRDP Shares are Outstanding, the Trust shall maintain a VRDP Shares
Purchase Agreement providing for a Purchase Obligation with a Liquidity
Provider with short-term debt ratings in one of the two highest ratings
categories from the Requisite NRSROs on an ongoing basis to the extent that the
Trust can do so on a commercially reasonable basis as determined in the sole
discretion of the Board of Trustees. If the Trust maintains a VRDP Shares
Purchase Agreement providing a Purchase Obligation, the provisions herein
relating to the Liquidity Provider shall be operative and the following shall
apply:</font></p>

<h3 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face=times style="font-size:11.0pt;font-weight:normal;">(a)</font><font color=black face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">The Trust shall notify, or cause the Tender and Paying Agent to
notify, Holders by Electronic Means, or by first-class mail, postage prepaid,
in the case in which shares of a Series of VRDP Shares are in physical form
outside the book-entry system of the Securities Depository, (A) in the event of
a Mandatory Tender Event or Mandatory Purchase Event, (B) upon at least seven
days&#8217; prior notice in the event that there is a substitute Liquidity Provider
(including, but not limited to, as to the Liquidity Provider, its
consolidation, amalgamation with, or merger with and into, another entity, or
the transfer of all or substantially all of the Liquidity Provider&#8217;s assets to
another entity, (C) any downgrade in the short-term or long-term preferred
stock rating of the Series of VRDP Shares by an NRSRO then rating shares of
such Series of VRDP Shares at the request of the Trust or (D) any downgrade in
the short-term or long-term rating of the Liquidity Provider by an NRSRO then
rating the shares of such Series of VRDP Shares at the request of the Trust and
such Liquidity Provider.</font></h3>

<h3 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face=times style="font-size:11.0pt;font-weight:normal;">(b)</font><font color=black face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">In the event of a Failed Remarketing Condition, the Trust will
require in the Tender and Paying Agent Agreement that the Tender and Paying
Agent will notify the Trust and Holders by telephone or Electronic Means, or by
first-class-mail, postage prepaid, in the case in which shares of a Series of
VRDP Shares are in physical form outside the book-entry system of the
Securities Depository, of such Failed Remarketing Condition.</font></h3>

<h3 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face=times style="font-size:11.0pt;font-weight:normal;">(c)</font><font color=black face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">Each share of a Series of VRDP Shares shall be subject to Tender
to the Tender and Paying Agent for Remarketing on the related Purchase Date or,
in the event (i) no Remarketing occurs or </font></h3>
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<h3 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">(ii)
pursuant to an attempted Remarketing shares remain unsold and the Remarketing
Agent does not purchase for its own account the unsold shares of a Series of
VRDP Shares tendered to the Tender and Paying Agent for Remarketing (</font><u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">provided</font></u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">
that the Remarketing Agent may seek to sell such shares of a Series of VRDP
Shares in a subsequent Remarketing prior to the Purchase Date) to the Liquidity
Provider for purchase on such Purchase Date pursuant to a Final Notice of
Purchase. If there is no Tender and Paying Agent or the Tender and Paying Agent
does not perform such obligation pursuant to the VRDP Shares Purchase
Agreement, Beneficial Owners and their Agent Members shall have the right to
tender their shares of a Series of VRDP Shares directly to the Liquidity
Provider pursuant to a Final Notice of Purchase. In the event there is no
Tender and Paying Agent or for any reason the Tender and Paying Agent does not
perform its obligations under the VRDP Shares Purchase Agreement, the Trust (i)
upon becoming aware thereof, shall promptly notify the Liquidity Provider, the
Remarketing Agent and Holders by Electronic Means of such event, and (ii) so
long as such event is continuing, shall use its best efforts to direct and
request the Remarketing Agent to forward, concurrently with the delivery
thereof to the Liquidity Provider or as promptly as practicable thereafter, any
Remarketing Notice to each Beneficial Owner or Holder tendering shares of the
Series of VRDP Shares that are the subject of such notice.</font></h3>

<h3 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face=times style="font-size:11.0pt;font-weight:normal;">(d)</font><font color=black face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">The Trust will require in the Tender and Paying Agent Agreement
that, pursuant to a Tender, shares of a Series of VRDP Shares that are not sold
in a Remarketing will be tendered by the Tender and Paying Agent to the
Liquidity Provider for payment of the Purchase Price on the Purchase Date
pursuant to the VRDP Shares Purchase Agreement.</font></h3>

<h3 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face=times style="font-size:11.0pt;font-weight:normal;">(e)</font><font color=black face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">Except as set forth in Section 10(b) of Part I of this Statement
of Preferences in connection with a mandatory redemption of shares of a Series
of VRDP Shares, the Trust shall have no obligation to purchase shares of a
Series of VRDP Shares acquired by the Liquidity Provider pursuant to the VRDP
Shares Purchase Agreement or otherwise.</font></h3>

<h3 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face=times style="font-size:11.0pt;font-weight:normal;">(f)</font><font color=black face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">Shares of a Series of VRDP Shares are subject to Mandatory
Purchase by the Liquidity Provider upon the occurrence of a Mandatory Purchase
Event. So long as shares of such Series of VRDP Shares are in book-entry form
and held through the Securities Depository, any Mandatory Purchase will be
effected automatically through the book-entry system of the Securities
Depository, without any action required on the part of the Holders or
Beneficial Owners. Promptly following the occurrence of a Mandatory Purchase
Event, and in any event within three (3) Business Days thereafter, the Trust,
or the Tender and Paying Agent at the direction of the Trust (</font><u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">provided</font></u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">,
that the Tender and Paying Agent may require up to two (2) Business Days prior
notification by Electronic Means by the Trust), shall provide a Mandatory
Purchase Notice by Electronic Means to Holders and the Liquidity Provider,
specifying a Mandatory Purchase Date for all Outstanding shares of such Series
of VRDP Shares. The Mandatory Purchase Date shall not be later than seven (7)
days following the date a Mandatory Purchase Notice is sent to Holders by
Electronic Means, and in any event shall be not later than the Business Day
immediately preceding the termination of the VRDP Shares Purchase Agreement.
Any notice given in respect of a Mandatory Purchase under this Statement of
Preferences shall be conclusively presumed to have been duly given, whether or
not the Holders receive such notice. Upon the occurrence of a Mandatory
Purchase Event, all Outstanding shares of a Series of VRDP Shares automatically
shall be subject to Mandatory Purchase by the Liquidity Provider at the
Purchase Price on the Mandatory Purchase Date, including any shares of such
Series of VRDP Shares tendered pursuant to an Optional Tender or Mandatory
Tender for which the Purchase Date has not yet occurred.</font></h3>

<h3 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face=times style="font-size:11.0pt;font-weight:normal;">(g)</font><font color=black face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">In the event shares of a Series of VRDP Shares are issued in
certificated form and a Holder fails to deliver such shares of such Series of
VRDP Shares to which a Mandatory Purchase relates, on or prior to the Mandatory
Purchase Date, the Holder of shares of such Series of VRDP Shares will not be
entitled to any payment (including any accumulated but unpaid dividends
thereon, whether or not earned or declared) other than the Purchase Price of
such undelivered VRDP Shares as of the scheduled </font></h3>
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<h3 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">Purchase
Date. Any such undelivered shares of a Series of VRDP Shares will be deemed to
be delivered to the Tender and Paying Agent, and the Tender and Paying Agent
will place stop-transfer orders against the undelivered shares of such Series
of VRDP Shares. Any moneys held by the Tender and Paying Agent for the purchase
of undelivered shares of such Series of VRDP Shares shall be held in a separate
account, shall not be invested, and shall be held for the exclusive benefit of
the Holder of such undelivered shares of such Series of VRDP Shares. The
undelivered shares of a Series of VRDP Shares shall be deemed to be no longer
Outstanding (except as to entitlement to payment of the Purchase Price), and
the Trust will issue to the purchaser a replacement share certificate for such
shares in lieu of such undelivered shares of such Series of VRDP Shares.</font></h3>

<h3 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face=times style="font-size:11.0pt;font-weight:normal;">(h)</font><font color=black face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">The Trust shall use its best efforts to engage at all times a
Tender and Paying Agent to perform the duties specified in this Statement of
Preferences, the Tender and Paying Agent Agreement and the VRDP Shares Purchase
Agreement with respect to the Tender and Paying Agent.</font></h3>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">The provisions of paragraphs (a) through (g)
of this Section 12 may be amended by the Board of Trustees, by resolution duly
adopted, without shareholder approval in order to conform to a VRDP Shares
Purchase Agreement providing a Purchase Obligation.</font></p>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;text-indent:0in;text-justify:inter-ideograph;"><a name="_Toc57655463"></a><b><font color=black face="Times New Roman" style="font-size:11.0pt;">13.</font></b><b><font color=black face="times new roman" style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font></b><b><font face="Times New Roman" style="font-size:11.0pt;">Miscellaneous</font></b></h2>

<h3 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face=times style="font-size:11.0pt;font-weight:normal;">(a)</font><font color=black face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">Amendment of or Supplements to this Statement of Preferences</font></u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">.
Subject to the provisions of Section 9 of Part I of this Statement of
Preferences, the Board of Trustees may, by resolution duly adopted, without
shareholder approval (except as otherwise provided by this Statement of
Preferences or required by applicable law), amend or supplement this Statement
of Preferences to (1) reflect any amendments or supplements hereto which the
Board of Trustees is entitled to adopt pursuant to the terms of this Statement
of Preferences without shareholder approval or (2) designate additional Series
of VRDP Shares (and terms relating thereto). Each such additional Series shall
be governed by the terms of this Statement of Preferences as so amended or
supplemented.</font></h3>

<h3 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face=times style="font-size:11.0pt;font-weight:normal;">(b)</font><font color=black face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">No Fractional Shares</font></u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">. No fractional shares of a Series of
VRDP Shares shall be issued.</font></h3>

<h3 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face=times style="font-size:11.0pt;font-weight:normal;">(c)</font><font color=black face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">Status of VRDP Shares Redeemed, Exchanged or Otherwise
Acquired by the Trust</font></u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">. Shares of a Series of VRDP shares which are
redeemed, exchanged or otherwise acquired by the Trust shall return to the
status of authorized and unissued Preferred Shares without designation as to
series, </font><u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">provided</font></u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">, </font><u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">however</font></u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">, that any shares of a Series of VRDP
Shares which are provisionally delivered by the Trust to or for the account of
an agent of the Trust or to or for the account of a purchaser of the shares of
the Series of VRDP Shares, but for which final payment is not received by the
Trust, shall return to the status of authorized and unissued shares of such
Series of VRDP Shares.</font></h3>

<h3 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face=times style="font-size:11.0pt;font-weight:normal;">(d)</font><font color=black face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">Purchase Obligation Part of the VRDP Shares</font></u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">. Each Holder
and Beneficial Owner, by virtue of acquiring shares of a Series of VRDP Shares,
is deemed to have agreed to treat the Purchase Obligation as part of the VRDP
Shares rather than as a separate property right.</font></h3>

<h3 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face=times style="font-size:11.0pt;font-weight:normal;">(e)</font><font color=black face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">Treatment of VRDP Shares as Equity</font></u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">. Each Holder and
Beneficial Owner, by virtue of acquiring shares of a Series of VRDP Shares, is
deemed to have agreed to treat the VRDP Shares as equity in the Trust for U.S.
federal income tax purposes.</font></h3>

<h3 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face=times style="font-size:11.0pt;font-weight:normal;">(f)</font><font color=black face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">Board of Trustees May Resolve Ambiguities</font></u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">. To the extent
permitted by applicable law, the Board of Trustees may interpret or adjust the
provisions of this Statement of Preferences to resolve any inconsistency or
ambiguity or to remedy any formal defect, and may amend this Statement of
Preferences with respect to VRDP Shares prior to the issuance of such VRDP
Shares.</font></h3>

<h3 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;">&nbsp;</h3>
<a name="_bclFooter47"></a><DIV>


<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;font-weight:normal;">45</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;font-weight:normal;"></font></font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_48"></a><a name="_bclPageBorder48"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<h3 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face=times style="font-size:11.0pt;font-weight:normal;">(g)</font><font color=black face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">Headings Not Determinative</font></u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">. The headings contained in this
Statement of Preferences are for convenience of reference only and shall not
affect the meaning or interpretation of this Statement of Preferences.</font></h3>

<h3 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face=times style="font-size:11.0pt;font-weight:normal;">(h)</font><font color=black face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">Notices</font></u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">. All notices or communications, unless otherwise
specified in the By-laws of the Trust or this Statement of Preferences, shall
be sufficiently given if in writing and delivered in person, by Electronic
Means or mailed by first-class mail, postage prepaid.</font></h3>

<h3 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face=times style="font-size:11.0pt;font-weight:normal;">(i)</font><font color=black face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">Applicable Law Restrictions</font></u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">. Notwithstanding anything
expressed or implied to the contrary in this Statement of Preferences, all
dividends, redemptions and other payments by the Corporation on or in respect
of the VRDP Shares shall be paid only out of legally available funds therefor
in respect of shares of the Trust and otherwise in accordance with applicable
law.</font></h3>

<h3 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face=times style="font-size:11.0pt;font-weight:normal;">(j)</font><font color=black face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">Applicable Law</font></u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">. For purposes of the Section entitled
&#8220;Designation&#8221; in this Statement of Preferences and all of the provisions in
this Statement of Preferences relating to any payment of dividends, purchase or
redemption of shares, and payment and distribution to shareholders upon
dissolution of the Trust on or in respect of the VRDP Shares, including,
without limitation, Sections 2, 3, 10, 11 and 13(i) of Part I of this Statement
of Preferences, applicable law shall include sections 151, 160, 170, 173 and
281 of the Delaware General Corporation Law, including any successor
provisions, as if the Trust were a Delaware corporation subject to the Delaware
General Corporation Law.</font></h3>

<h3 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face=times style="font-size:11.0pt;font-weight:normal;">(k)</font><font color=black face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">Appendix A Incorporated by Reference</font></u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">.&#160; The Notice of
Special Rate Period </font><font color=black face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">attached as Appendix A hereto
amends, modifies, and is a part of, this Statement of Preferences. In the event
of any conflict between the terms of Appendix A and any other terms of this
Statement of Preferences during the Special Rate Period specified in Appendix
A, the terms of Appendix A shall govern</font><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">.</font></h3>

<h1 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;text-indent:0in;"><a name="_Toc57655464"></a><b><font color=black face="times new roman bold" style="font-size:11.0pt;text-transform:uppercase;">PART II</font></b><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">&nbsp;</font></h1>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:0in;text-justify:inter-ideograph;"><a name="_Toc57655465"></a><b><font color=black face="Times New Roman" style="font-size:11.0pt;">1.</font></b><b><font color=black face="times new roman" style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font></b><b><font face="Times New Roman" style="font-size:11.0pt;">Remarketing Procedures</font></b></h2>

<h3 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face=times style="font-size:11.0pt;font-weight:normal;">(a)</font><font color=black face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">Pursuant to an Optional Tender, Beneficial Owners may elect to
tender their VRDP Shares (in one or more shares) for purchase at the Purchase
Price on the Purchase Date designated in the Notice of Tender (or, if such day
is not a Business Day, on the next succeeding Business Day) by an effective
delivery of a Notice of Tender to the Tender and Paying Agent. Each Notice of
Tender shall be irrevocable (except as described below) and effective upon receipt
by the Tender and Paying Agent and shall:</font></h3>

<h4 style="margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">(i)</font><font color=black face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">be delivered by a Beneficial Owner, directly or through its Agent
Member, by email transmission (or if email transmission shall be unavailable,
by facsimile transmission), to the Tender and Paying Agent not later than 2:00
p.m., New York City time, on any Business Day;</font></h4>

<h4 style="margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">(ii)</font><font color=black face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">state the series and the aggregate number of VRDP Shares to be
purchased, the CUSIP number of the Series of VRDP Shares to be purchased, and
the Purchase Date and be in substantially the form of and contain such other
information specified in an exhibit to the VRDP Shares Purchase Agreement; and</font></h4>

<h4 style="margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">(iii)</font><font color=black face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">state that the tendering Beneficial Owner acknowledges that such
Beneficial Owner is required to deliver the VRDP Shares that are the subject of
a Notice of Tender (that has not been duly revoked as provided below) on or
before 2:00 p.m., New York City time, on the Purchase Date.</font></h4>

<h3 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;">&nbsp;</h3>
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<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;font-weight:normal;">46</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;font-weight:normal;"></font></font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_49"></a><a name="_bclPageBorder49"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<h3 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face=times style="font-size:11.0pt;font-weight:normal;">(b)</font><font color=black face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">Upon receipt of a Notice of Tender, the Tender and Paying Agent
shall provide a copy of such notice to the Liquidity Provider and the
Remarketing Agent (with a copy to the Trust) as promptly as practicable by
Electronic Means, but no later than 4:00 p.m., New York City time, on the date
of receipt or deemed receipt.</font></h3>

<h3 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face=times style="font-size:11.0pt;font-weight:normal;">(c)</font><font color=black face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">Any Notice of Tender delivered to the Tender and Paying Agent by
a Beneficial Owner or its Agent Member after 2:00 p.m., New York City time,
shall be deemed to have been received by the Tender and Paying Agent on the
next succeeding Business Day, and the Purchase Date shall be adjusted such that
the Purchase Date shall be the Business Day next succeeding the date specified
as the Purchase Date in the relevant Notice of Tender.</font></h3>

<h3 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face=times style="font-size:11.0pt;font-weight:normal;">(d)</font><font color=black face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">The determination of the Tender and Paying Agent as to whether a
Notice of Tender has been properly delivered pursuant to the foregoing
paragraph (a) shall be conclusive and binding upon the Beneficial Owner and its
Agent Member.</font></h3>

<h3 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face=times style="font-size:11.0pt;font-weight:normal;">(e)</font><font color=black face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">(i)&#160; Shares of a Series of VRDP Shares are subject to Mandatory
Tender upon the occurrence of a Mandatory Tender Event.</font></h3>

<h4 style="margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">(ii)</font><font color=black face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">So long as the shares of a Series of VRDP Shares are in
book-entry form and held through the Securities Depository, any Mandatory
Tender will be effected automatically through the book-entry system of the
Securities Depository, without any action required on the part of the Holders
or Beneficial Owners. Promptly following the occurrence of a Mandatory Tender
Event, and in any event within three (3) Business Days thereafter, the Trust,
or the Tender and Paying Agent at the direction of the Trust (</font><u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">provided</font></u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">,
that the Tender and Paying Agent may require up to two (2) Business Days prior
notification by Electronic Means by the Trust), shall provide a Mandatory
Tender Notice by Electronic Means to the Holders, the Remarketing Agent and the
Liquidity Provider, specifying a Purchase Date for all Outstanding shares of
such Series of VRDP Shares. Any notice given in respect of a Mandatory Tender
under this Statement of Preferences will be conclusively presumed to have been
duly given, whether or not the Holders receive such notice.</font></h4>

<h4 style="margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">(iii)</font><font color=black face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">Upon the occurrence of a Mandatory Tender Event, all Outstanding
shares of a Series of VRDP Shares automatically shall be subject to Mandatory
Tender and delivered to the Tender and Paying Agent for purchase on the
designated Purchase Date by purchasers in the Remarketing in the event of a
successful Remarketing or otherwise by the Liquidity Provider, including any
shares of such Series of VRDP Shares previously tendered pursuant to an
Optional Tender for which the Purchase Date has not yet occurred. In the event
that shares of a Series of VRDP Shares are issued in certificated form outside
the book-entry system of the Securities Depository and a Holder of shares of
such Series of VRDP Shares fails to deliver such shares to which a Mandatory
Tender relates on or prior to the Purchase Date, the Holder of shares of such
Series of VRDP Shares shall not be entitled to any payment (including any
accumulated but unpaid dividends thereon, whether or not earned or declared)
other than the Purchase Price of such undelivered shares of such Series of VRDP
Shares as of the scheduled Purchase Date. Any such undelivered shares of such
Series of VRDP Shares will be deemed to be delivered to the Tender and Paying
Agent, and the Tender and Paying Agent will place stop-transfer orders against
the undelivered shares of such Series of VRDP Shares. Any moneys held by the
Tender and Paying Agent for the purchase of undelivered shares of a Series of
VRDP Shares will be held in a separate account by the Tender and Paying Agent,
will not be invested, and will be held for the exclusive benefit of the Holder
of such undelivered </font></h4>
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<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;font-weight:normal;">47</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;font-weight:normal;"></font></font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_50"></a><a name="_bclPageBorder50"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<h4 style="margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.5in;text-justify:inter-ideograph;"><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">shares of such Series of VRDP Shares.
The undelivered shares of a Series of VRDP Shares will be deemed to be no
longer Outstanding (except as to entitlement to payment of the Purchase Price),
and the Trust will issue to the purchaser a replacement share certificate in
lieu of such undelivered shares of such Series of VRDP Shares.</font></h4>

<h3 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face=times style="font-size:11.0pt;font-weight:normal;">(f)</font><font color=black face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">A Beneficial Owner or its Agent Member that delivered a Notice of
Tender in connection with an Optional Tender may deliver in writing by email
transmission (or if email transmission shall be unavailable, by facsimile
transmission) to the Tender and Paying Agent, not later than 10:00 a.m., New
York City time, on or prior to the Business Day immediately preceding the
Purchase Date, a notice to the effect that such Beneficial Owner wishes to
revoke its election to tender some or all of the shares of a Series of VRDP
Shares that were specified in such Notice of Tender to be purchased (a &#8220;Notice
of Revocation&#8221;). Any Notice of Revocation delivered to the Tender and Paying
Agent shall be promptly delivered by Electronic Means by the Tender and Paying
Agent to the Liquidity Provider and the Remarketing Agent (with a copy to the
Trust) by 12:00 noon, New York City time, on the Business Day immediately
preceding the relevant Purchase Date. The Remarketing Agent (following receipt
of such Notice of Revocation) shall notify the Tender and Paying Agent and the
Liquidity Provider of the number of shares of such Series of VRDP Shares
specified in such Notice of Revocation that are subject to an agreement of sale
pursuant to a Remarketing by Electronic Means not later than 2:00 p.m., New
York City time, on the Business Day immediately preceding the Purchase Date.
The Tender and Paying Agent shall contact the Remarketing Agent by Electronic
Means by 1:45 p.m., New York City time, if such notification has not been
received by such time. The Tender and Paying Agent shall deliver such
notification to the Beneficial Owner or its Agent Member promptly following
receipt from the Remarketing Agent, and in any event by 4:00 p.m., New York City
time, on the Business Day immediately preceding the Purchase Date. Any such
Notice of Revocation shall be effective (without further action on the part of
the Beneficial Owner or its Agent Member) as a revocation of the Optional
Tender of the number of shares of such Series of VRDP Shares specified therein
as being sought to be revoked, but (except as set forth below) only if and to
the extent that the Remarketing Agent has not entered into an agreement to sell
shares of such Series of VRDP Shares. A Notice of Revocation shall be effective
as to the number of shares of a Series of VRDP Shares specified therein as
having been revoked less the number of shares of such Series of VRDP Shares in
respect of which the Remarketing Agent has so notified the Tender and Paying
Agent and the Liquidity Provider that it has entered into an agreement of sale.
Notwithstanding the foregoing, tendered shares of a Series of VRDP Shares, if
any, that remain unsold on the related Purchase Date shall be allocated by the
Remarketing Agent to each Notice of Revocation received in respect of shares of
such Series of VRDP Shares tendered for purchase on such Purchase Date and not
already satisfied in the chronological order in which each such Notice of
Revocation was received by the Tender and Paying Agent, and each such Notice of
Revocation shall be effective only to the extent of such allocation and
availability of unsold shares of such Series of VRDP Shares.</font></h3>

<h3 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face=times style="font-size:11.0pt;font-weight:normal;">(g)</font><font color=black face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">In connection with any Special Rate Period designated pursuant to
Section 4 of Part I of this Statement of Preferences, the Board of Trustees,
without the vote or consent of any Holder of any shares of any Series of VRDP
Shares but with the prior written consent of the Liquidity Provider (except in
the case of an Initial Special Rate Period), in the Notice of Special Rate
Period relating to a Series of the VRDP Shares (other than in the case of an
Initial Special Rate Period), as delivered to the Remarketing Agent and the
Liquidity Provider, may provide for optional tender provisions relating solely
to such Special Rate Period (&#8220;Special Optional Tender Provisions&#8221;) whereby the
minimum number of days&#8217; notice required for an Optional Tender may exceed seven
(7) days as specified in the Special Optional Tender Provisions for such Special
Rate Period.</font></h3>

<h3 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face=times style="font-size:11.0pt;font-weight:normal;">(h)</font><font color=black face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">The Trust shall use its best efforts to engage at all times a
Remarketing Agent that is a nationally recognized securities dealer with
experience in remarketing variable-rate securities to use its </font></h3>
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<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;font-weight:normal;">48</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;font-weight:normal;"></font></font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_51"></a><a name="_bclPageBorder51"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<h3 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">best efforts to find purchasers for all shares of a
Series of VRDP Shares properly tendered pursuant to a Tender.</font></h3>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;text-indent:0in;text-justify:inter-ideograph;"><a name="_Toc57655466"></a><b><font color=black face="Times New Roman" style="font-size:11.0pt;">2.</font></b><b><font color=black face="times new roman" style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font></b><b><font face="Times New Roman" style="font-size:11.0pt;">Remarketing Schedule</font></b></h2>

<h3 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face=times style="font-size:11.0pt;font-weight:normal;">(a)</font><font color=black face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">In connection with any attempted Remarketing, all tendered shares
of a Series of VRDP Shares shall be remarketed at the Purchase Price of such
shares. The calculation of the Purchase Price of the shares of such Series of
VRDP Shares that are remarketed or purchased by the Liquidity Provider shall be
made by the Remarketing Agent in advance of such Remarketing or purchase and,
together with the details of the aggregate number and Purchase Price of
remarketed shares of such Series of VRDP Shares and the aggregate number and
Purchase Price of shares of such Series of VRDP Shares to be purchased by the
Liquidity Provider pursuant to the Purchase Obligation, shall be communicated
by the Remarketing Agent to the Trust, the Liquidity Provider and the Tender
and Paying Agent by Electronic Means by 2:00 p.m., New York City time, on the
Business Day immediately preceding the Purchase Date, as described below. The
proceeds of any sale of any remarketed shares of a Series of VRDP Shares by the
Remarketing Agent relating to tendered shares of such Series of VRDP Shares
shall be used by the Tender and Paying Agent for the purchase of the tendered
shares of such Series of VRDP Shares at the Purchase Price, and the terms of
the sale will provide for the wire transfer of such Purchase Price by the
Remarketing Agent to be received by the Tender and Paying Agent no later than
11:00 a.m., New York City time, on the related Purchase Date for payment to the
Agent Member of the Beneficial Owner, in the case of an Optional Tender, or
Holder, in the case of a Mandatory Tender, tendering shares of such Series of
VRDP Shares for sale through the Securities Depository in immediately available
funds against delivery of the tendered shares of such Series of VRDP Shares to
the Tender and Paying Agent through the Securities Depository, the delivery of
such VRDP Shares to the Tender and Paying Agent through the Securities
Depository no later than 2:00 p.m., New York City time, on the related Purchase
Date and the re-delivery of such shares of such Series of VRDP Shares by means
of &#8220;FREE&#8221; delivery through the Securities Depository to the Remarketing Agent
for delivery to the purchaser&#8217;s Agent Member through the Securities Depository
by 3:00 p.m., New York City time, on the related Purchase Date.</font></h3>

<h3 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face=times style="font-size:11.0pt;font-weight:normal;">(b)</font><font color=black face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">By 2:00 p.m., New York City time, on the Business Day immediately
preceding each Purchase Date, the Remarketing Agent shall deliver a notice, in
the form attached as Annex Ito the VRDP Shares Remarketing Agreement, to the
Tender and Paying Agent and the Liquidity Provider (and, at the direction of
the Trust, concurrently therewith or as promptly as practicable thereafter, to
each Beneficial Owner or Holder tendering VRDP Shares that are the subject of
such notice) (a &#8220;Remarketing Notice&#8221;), by Electronic Means, that sets forth the
number of shares of the Series of VRDP Shares, if any, that it successfully
remarketed for purchase on such Purchase Date and the aggregate Purchase Price
of such sold shares of the Series of VRDP Shares and the number of shares of
such Series of VRDP Shares, if any, not successfully remarketed for purchase on
such Purchase Date and the aggregate Purchase Price of such unsold shares of
the Series of VRDP Shares to be paid by the Liquidity Provider. If the
Remarketing Notice states that the Remarketing Agent has not successfully
remarketed all of the shares of the Series of VRDP Shares to be purchased on
such Purchase Date, the Tender and Paying Agent shall promptly, and in any
event not later than 4:00 p.m., New York City time, on such Business Day,
deliver by Electronic Means to the Liquidity Provider (with a copy to the
Trust) a Preliminary Notice of Purchase that, subject to delivery of the Final
Notice of Purchase on the Purchase Date described below, provides for the
purchase by the Liquidity Provider of the number of such shares of the Series
of VRDP Shares that the Remarketing Agent stated in the Remarketing Notice as
not having been successfully remarketed, including the aggregate Purchase Price
of such shares of the Series of VRDP Shares, as calculated by the Remarketing
Agent. If the Remarketing Notice states that the Remarketing Agent has not
successfully remarketed all of the shares of the Series of VRDP Shares to be
purchased on such Purchase Date (or if proceeds from a Remarketing for any
tendered shares of the Series of VRDP Shares have not been received for any
reason by the Tender and Paying Agent by 11:00 a.m., New York City time, on the
</font></h3>
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<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;font-weight:normal;">49</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;font-weight:normal;"></font></font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_52"></a><a name="_bclPageBorder52"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<h3 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">Purchase Date), the Tender and Paying Agent shall
deliver by Electronic Means to the Liquidity Provider (with a copy to the
Trust) by 12:00 noon, New York City time, on such Purchase Date a Final Notice
of Purchase that states the number of shares of the Series of VRDP Shares
required to be purchased by the Liquidity Provider. For purposes of the Final
Notice of Purchase, any tendered shares of the Series of VRDP Shares for which
proceeds from a Remarketing have not been received for any reason by the Tender
and Paying Agent by 11:00 a.m., New York City time, on the Purchase Date (other
than VRDP Shares owned by the Remarketing Agent or Liquidity Provider and
tendered for Remarketing), shall be treated as not having been successfully
remarketed and shall be required to be purchased by the Liquidity Provider.
Except for manifest error, the payment obligation of the Liquidity Provider
shall equal the Purchase Price of the shares of the Series of VRDP Shares
stated in the Final Notice of Purchase delivered to the Liquidity Provider as
being required to be purchased by the Liquidity Provider.</font></h3>

<h3 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face=times style="font-size:11.0pt;font-weight:normal;">(c)</font><font color=black face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">The Liquidity Provider shall, no later than 2:00 p.m., New York
City time, on a Purchase Date for any shares of a Series of VRDP Shares, wire
transfer the aggregate Purchase Price of all shares of such Series of VRDP
Shares in respect of which Final Notices of Purchase have been delivered to it
for purchase of shares of such Series of VRDP Shares on such date, as follows:
(i) in the case of a Final Notice of Purchase delivered by the Tender and
Paying Agent, by wire transfer, in immediately available funds, to the account
of the Tender and Paying Agent specified by the Tender and Paying Agent in any
such Final Notice of Purchase; and (ii) in the event there is no Tender and
Paying Agent or for any reason the Tender and Paying Agent does not perform its
obligations under the VRDP Shares Purchase Agreement and the Liquidity Provider
has received a Remarketing Notice that such shares of such Series of VRDP
Shares have not been the subject of an agreement of sale in a Remarketing and
has received written notice from the Trust that there is no Tender and Paying
Agent or that the Tender and Paying Agent does not intend to perform its
obligations under the VRDP Shares Purchase Agreement, in the case of a Final
Notice of Purchase delivered by a Beneficial Owner or its Agent Member, in the
case of an Optional Tender, or by a Holder, in the case of a Mandatory Tender,
by payment against delivery of the shares of such Series of VRDP Shares that
are the subject of any such Final Notice of Purchase, through means of the
Securities Depository in the case of shares of such Series of VRDP Shares in
the form of global securities.</font></h3>

<h3 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face=times style="font-size:11.0pt;font-weight:normal;">(d)</font><font color=black face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">Upon receipt by the Tender and Paying Agent from the Beneficial
Owner or its Agent Member, in the case of an Optional Tender, or from the
Holder, in the case of a Mandatory Tender, of tendered shares of a Series of
VRDP Shares and the payment by the Tender and Paying Agent to such Beneficial
Owner or its Agent Member, or such Holder, as the case may be, of the Purchase
Price therefor on the applicable Purchase Date, the Tender and Paying Agent
shall deliver to the Liquidity Provider, by means of &#8220;FREE&#8221; delivery through
the system of the Securities Depository, shares of such Series of VRDP Shares
in satisfaction of the Liquidity Provider&#8217;s Purchase Obligation on such
Purchase Date. Any funds paid by the Liquidity Provider and held in the account
of the Tender and Paying Agent for the payment of the Purchase Price shall be
held in trust (i) in the case of an Optional Tender, on the Purchase Date, for
the benefit of the tendering Beneficial Owners or their Agent Members until
2:00 p.m., New York City time, on the Purchase Date and, after such time, in
trust for the benefit of the Liquidity Provider, for payment of the Purchase
Price upon delivery of the shares of such Series of VRDP Shares or, with
respect to shares of such Series of VRDP Shares that are not delivered, for
return to the Liquidity Provider upon its request and (ii) in the case of a
Mandatory Tender, for the benefit of the tendering Holders until delivery of
the shares of such Series of VRDP Shares by the tendering Holders against
payment therefor. Any funds paid by the Remarketing Agent and held in an account
of the Tender and Paying Agent for the payment of the Purchase Price in
connection with a Remarketing shall be held in trust (i) in the case of an
Optional Tender, on the Purchase Date, for the benefit of the tendering
Beneficial Owners or their Agent Members until 2:00 p.m., New York City time,
on the Purchase Date and, after such time, in trust for the benefit of the
Remarketing Agent on account of purchasers purchasing in a Remarketing or for
the Remarketing Agent&#8217;s account to the extent it has advanced the </font></h3>
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<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;font-weight:normal;">50</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;font-weight:normal;"></font></font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_53"></a><a name="_bclPageBorder53"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<h3 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">Purchase Price of any shares of such Series of VRDP
Shares (which it may or may not do in its sole discretion) on behalf of one or
more purchasers, as applicable, for payment of the Purchase Price upon delivery
of the shares of such Series of VRDP Shares or, with respect to shares of such
Series of VRDP Shares that are not delivered, for return to the Remarketing
Agent on account of purchasers purchasing in a Remarketing or for the
Remarketing Agent&#8217;s account to the extent it has advanced the Purchase Price of
any shares of such Series of VRDP Shares (which it may or may not do in its
sole discretion) on behalf of one or more purchasers, as applicable, upon the
Remarketing Agent&#8217;s request and (ii) in the case of a Mandatory Tender, for the
benefit of the tendering Holders until delivery of the shares of the Series of
VRDP Shares by the tendering Holders against payment therefor. Upon receipt of
the shares of a Series of VRDP Shares from the tendering Beneficial Owners or
their Agent Members, in the case of an Optional Tender, or from the tendering
Holders, in the case of a Mandatory Tender, by the Tender and Paying Agent, the
Tender and Paying Agent shall pay, subject to receipt of the Purchase Price by
the Tender and Paying Agent in the form of proceeds of a Remarketing from the
Remarketing Agent, with respect to the shares of such Series of VRDP Shares
remarketed by the Remarketing Agent, or in the form of payment pursuant to the
VRDP Shares Purchase Agreement from the Liquidity Provider, with respect to the
shares of such Series of VRDP Shares subject to purchase pursuant to the
Purchase Obligation, the Purchase Price for shares of such Series of VRDP
Shares to such tendering Beneficial Owner, Agent Member or Holder, as the case
may be. In accordance with and subject to the foregoing, the Tender and Paying
Agent shall effect any such payment on the applicable Purchase Date.</font></h3>

<h3 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face=times style="font-size:11.0pt;font-weight:normal;">(e)</font><font color=black face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">Except as otherwise expressly provided for herein, the purchase
and delivery of tendered shares of a Series of VRDP Shares in the form of
global securities and their Remarketing will be accomplished in accordance with
the applicable rules and procedures of the Securities Depository.</font></h3>

<h3 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face=times style="font-size:11.0pt;font-weight:normal;">(f)</font><font color=black face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">In connection with the allocation of shares of a Series of VRDP
Shares tendered for Remarketing, the Remarketing Agent shall allocate those
shares of such Series of VRDP Shares previously acquired by the Liquidity
Provider pursuant to its Purchase Obligation first to any purchasers in a
Remarketing (such allocation coming first from those shares of such Series of
VRDP Shares acquired earliest by the Liquidity Provider).</font></h3>

<h3 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face=times style="font-size:11.0pt;font-weight:normal;">(g)</font><font color=black face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">The Remarketing Agent and the Tender and Paying Agent each shall
use commercially reasonable efforts to meet the timing requirements set forth
above. Subject to the VRDP Shares Remarketing Agreement, the Remarketing Agent
may, in its sole discretion, modify the settlement procedures set forth above
with respect to any Remarketing upon ten (10) days&#8217; prior written notice to the
Trust, the Liquidity Provider and the Tender and Paying Agent, provided any
such modification does not adversely affect the Holders, the Beneficial Owners,
the Tender and Paying Agent, the Liquidity Provider or the Trust. The
Remarketing Agent may sell shares of a Series of VRDP Shares for its own
account outside of a Remarketing at a price other than the Purchase Price,
subject to the restrictions set forth in Section 2(f) of the VRDP Shares
Remarketing Agreement.</font></h3>

<h3 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face=times style="font-size:11.0pt;font-weight:normal;">(h)</font><font color=black face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">At any time that no Purchase Obligation is in effect (or with
respect to a remarketing of shares of a Series of VRDP Shares held by the
Liquidity Provider as to which any then-effective Purchase Obligation by a
successor liquidity provider is inapplicable), any shares of a Series of VRDP
Shares unsold in a Remarketing will be returned to the relevant tendering Beneficial
Owners or their Agent Members, or the relevant tendering Holders, as the case
may be, including the Liquidity Provider with respect to Purchased VRDP Shares,
by the Tender and Paying Agent.</font></h3>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;text-indent:0in;text-justify:inter-ideograph;"><a name="_Toc57655467"></a><b><font color=black face="Times New Roman" style="font-size:11.0pt;">3.</font></b><b><font color=black face="times new roman" style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font></b><b><font face="Times New Roman" style="font-size:11.0pt;">Determination of Applicable Rate</font></b></h2>

<h3 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face=times style="font-size:11.0pt;font-weight:normal;">(a)</font><font color=black face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">The Applicable Rate shall be determined by the Remarketing Agent
on and as of each Rate Determination Date as the lowest rate under
then-existing market conditions that in the Remarketing </font></h3>
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<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;font-weight:normal;">51</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;font-weight:normal;"></font></font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_54"></a><a name="_bclPageBorder54"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<h3 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">Agent&#8217;s
sole judgment would result in the shares of the Series of VRDP Shares on the
first (1st) day of the Subsequent Rate Period next succeeding the Rate
Determination Date having a market value equal to the Liquidation Preference
thereof (</font><i><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">plus </font></i><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">accumulated but unpaid dividends thereon, whether or not
earned or declared). Such determination shall be conclusive and binding upon
the interested parties. The Applicable Rate shall not be more than the Maximum
Rate.</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;"> </font><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">Notwithstanding the foregoing, the
Applicable Rate for a Subsequent Rate Period that has been designated a Special
Rate Period may be determined in accordance with the Notice of Special Rate
Period designating such Special Rate Period.</font></h3>

<h3 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face=times style="font-size:11.0pt;font-weight:normal;">(b)</font><font color=black face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">The Remarketing Agent shall establish the Applicable Rate by 5:00
p.m., New York City time, on each Rate Determination Date to the nearest one-thousandth
(0.001) of one percent </font><i><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">per annum </font></i><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">for the Subsequent Rate Period. The
Applicable Rate shall be in effect from and including the first (1st) day
following such Rate Determination Date to and including the following Rate
Determination Date. The Remarketing Agent shall make the Applicable Rate
available after 5:00 p.m., New York City time, on the Rate Determination Date
by Electronic Means to the Trust, the Tender and Paying Agent and the Liquidity
Provider and post the Applicable Rate on Bloomberg on such Rate Determination
Date.</font></h3>

<h3 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face=times style="font-size:11.0pt;font-weight:normal;">(c)</font><font color=black face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">In the event that the Remarketing Agent establishes the Maximum
Rate as the Applicable Rate for a Subsequent Rate Period, the Remarketing Agent
shall notify the Trust and the Tender and Paying Agent of the Maximum Rate by
Electronic Means after 5:00 P.M., New York City time, on each Rate
Determination Date. The Trust will require in the Tender and Paying Agent
Agreement that the Tender and Paying Agent will notify the Liquidity Provider
and the Holders of VRDP Shares by first-class mail, postage prepaid (in the
case of physical shares), or by Electronic Means (in the case of VRDP Shares in
the form of global securities) that the Applicable Rate for the Subsequent Rate
Period is the Maximum Rate.</font></h3>

<h3 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face=times style="font-size:11.0pt;font-weight:normal;">(d)</font><font color=black face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">In the event the Remarketing Agent does not or is unable to
determine the Applicable Rate, or if there is no Remarketing Agent, the
Applicable Rate shall be the Maximum Rate.</font></h3>

<h3 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face=times style="font-size:11.0pt;font-weight:normal;">(e)</font><font color=black face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">In the event of a Failed Remarketing Condition, the Applicable
Rate as of the close of business on the day the Failed Remarketing Condition
first occurs will be adjusted to the Maximum Rate (with the Applicable Spread
subject to adjustment as set forth in the definition of Applicable Spread) and
the Maximum Rate will continue to be the Applicable Rate (i) until the first
(1st) day of the next succeeding Subsequent Rate Period after a Failed
Remarketing Condition no longer exists in the case of a Minimum Rate Period or
a Special Rate Period of twenty-eight (28) Rate Period Days or fewer, and (ii)
until the first (1st) day of the next succeeding Dividend Period after the
Failed Remarketing Condition no longer exists in the case of a Special Rate
Period of greater than twenty-eight (28) Rate Period Days.</font></h3>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:0in;text-justify:inter-ideograph;"><a name="_Toc57655468"></a><b><font color=black face="Times New Roman" style="font-size:11.0pt;">4.</font></b><b><font color=black face="times new roman" style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font></b><b><font face="Times New Roman" style="font-size:11.0pt;">Failed Remarketing Condition</font></b></h2>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:.4pt;text-align:justify;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">In the event of a Failed Remarketing Condition, pursuant
to the Tender and Paying Agent Agreement, the Tender and Paying Agent shall
provide notice of a Failed Remarketing Condition promptly, but in any event
within two (2) Business Days of receipt by the Tender and Paying Agent of
notice from the Trust of the occurrence of such Failed Remarketing Condition,
by Electronic Means (or by first-class mail, postage prepaid, in the case where
VRDP Shares are in physical form outside the book-entry system of the
Securities Depository) to the Holders (with a copy to the Trust).</font></p>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:0in;text-justify:inter-ideograph;"><a name="_Toc57655469"></a><b><font color=black face="Times New Roman" style="font-size:11.0pt;">5.</font></b><b><font color=black face="times new roman" style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font></b><b><font face="Times New Roman" style="font-size:11.0pt;">Purchase of VRDP Shares by Remarketing Agent</font></b></h2>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:.4pt;text-align:justify;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">The Remarketing Agent in its sole discretion may purchase
for its own account shares of a Series of VRDP Shares in a Remarketing;
however, the Remarketing Agent shall not be obligated to purchase any shares of
a Series of VRDP Shares that would otherwise remain unsold in a Remarketing.
None of the </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Trust, the Tender and Paying Agent or any
Remarketing Agent shall be obligated in any case to provide funds to make
payment to a Beneficial Owner or its Agent Member upon such Beneficial Owner&#8217;s
tender of its shares of a Series of VRDP Shares in a Remarketing unless, in
each case, such shares of such Series of VRDP Shares were acquired for the
account of the Trust, the Tender and Paying Agent or the Remarketing Agent.</font></p>
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</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_55"></a><a name="_bclPageBorder55"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">


<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:0in;text-justify:inter-ideograph;"><a name="_Toc57655470"></a><b><font color=black face="Times New Roman" style="font-size:11.0pt;">6.</font></b><b><font color=black face="times new roman" style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font></b><b><font face="Times New Roman" style="font-size:11.0pt;">Notification of Allocations</font></b></h2>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:.4pt;text-align:justify;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Whenever the Trust intends to include any net capital
gains or ordinary income taxable for regular federal income tax purposes in any
dividend on shares of a Series of VRDP Shares, the Trust shall (except as
provided below) notify the Remarketing Agent and Tender and Paying Agent of the
amount to be so included (i) not later than fourteen (14) calendar days
preceding the first Rate Determination Date on which the Applicable Rate for
such dividend is to be established, and (ii) for any successive Rate
Determination Date on which the Applicable Rate for such dividend is to be
established, not later than the close of business on the immediately preceding
Rate Determination Date. Whenever such advance notice is received from the
Trust, the Tender and Paying Agent will notify each Holder and the Remarketing
Agent will promptly notify each potential Beneficial Owner or its Agent Member.
With respect to a Rate Period for which such advance notice was given and whose
dividends are comprised partly of such ordinary income or capital gains and
partly of exempt interest income, the different types of income will be paid in
the same relative proportions for each day during the Rate Period. The Trust
may also include such ordinary income or capital gains in a dividend on shares
of a Series of VRDP Shares without giving advance notice thereof if it
increases the dividends by an additional amount calculated as if such income
was a Taxable Allocation and the additional amount was a Gross-up Payment,
provided the Trust will notify the Tender and Paying Agent of the additional
amounts to be included in such dividend at least five (5) Business Days prior
to the applicable Dividend Payment Date.</font></p>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;text-indent:0in;text-justify:inter-ideograph;"><a name="_Toc57655471"></a><b><font color=black face="Times New Roman" style="font-size:11.0pt;">7.</font></b><b><font color=black face="times new roman" style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font></b><b><font face="Times New Roman" style="font-size:11.0pt;">Transfers</font></b></h2>

<h3 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face=times style="font-size:11.0pt;font-weight:normal;">(a)</font><font color=black face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">Unless otherwise permitted by the Corporation/Trust or otherwise
permitted by the VRDP Shares Remarketing Agreement in the case of VRDP Shares
owned by the Liquidity Provider or the Remarketing Agent, a Beneficial Owner or
Holder may sell, transfer or otherwise dispose of shares of a Series of VRDP
Shares only in whole shares and only pursuant to a Remarketing in accordance
with the Remarketing Procedures set forth in Part II of this Statement of
Preferences, </font><u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">provided</font></u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">, </font><u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">however</font></u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">, that a sale, transfer or other
disposition of shares of a Series of VRDP Shares from a Beneficial Owner who
holds shares of a Series of VRDP Shares through an Agent Member to another
Beneficial Owner who holds shares of a Series of VRDP Shares through the same
Agent Member shall be permitted. In the case of all transfers other than
pursuant to Remarketings made in accordance with the preceding sentence, the
Agent Member or other Person to whom such transfer is made shall advise the
Remarketing Agent. The Trust has not registered the shares of any Series of
VRDP Shares under the Securities Act. Accordingly, the shares of each Series of
VRDP Shares are subject to restrictions on transferability and resale and may
only be purchased by and sold to &#8220;qualified institutional buyers&#8221; (as defined
in Rule 144A under the Securities Act or any successor provision) in accordance
with Rule 144A under the Securities Act or any successor provision or any
exemption from registration available and otherwise in accordance with the
legend set forth on the face of the share certificate for the share of a Series
of VRDP Shares.</font></h3>

<h3 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face=times style="font-size:11.0pt;font-weight:normal;">(b)</font><font color=black face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">The Investment Adviser, affiliated persons of the Investment
Adviser (as defined in Section 2(a)(3) of the 1940 Act) (other than the Trust,
in the case of a purchase of shares of a Series of VRDP Shares which are to be
cancelled within ten (10) days of purchase by the Trust), and Persons over
which the Investment Adviser, or affiliated persons of the Investment Adviser
(as defined in Section 2(a)(3) of the 1940 Act), exercise discretionary
investment or voting authority (other than the Trust, in the case of a purchase
of shares of a Series of VRDP Shares which are to be cancelled within ten (10)
days of </font></h3>
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</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_56"></a><a name="_bclPageBorder56"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<h3 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">purchase by the Trust) are not permitted to
purchase shares of a Series of VRDP Shares without the prior written consent of
the Liquidity Provider, and any such purchases shall be </font><i><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">void ab initio</font></i><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">; </font><u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">provided</font></u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">,
</font><u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">however</font></u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">, that the Trust shall give prompt notice to Beneficial Owners by
Electronic Means upon any of the foregoing Persons (with the prior written
consent of the Liquidity Provider), singly or in the aggregate, acquiring a
beneficial interest in 20% or more of the VRDP Shares; </font><u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">provided</font></u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">, </font><u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">further</font></u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">,
that without regard to the preceding requirements, purchases of shares of a
Series of VRDP Shares may be made by broker-dealers that are affiliated persons
of the Investment Adviser in riskless principal transactions with respect to
such purchases of shares of a Series of VRDP Shares.</font></h3>

<h3 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face=times style="font-size:11.0pt;font-weight:normal;">(c)</font><font color=black face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">If at any time the Trust is not furnishing information to the SEC
pursuant to Section 13 or 15(d) of the Exchange Act, in order to preserve the
exemption for resales and transfers under Rule 144A, the Trust shall furnish,
or cause to be furnished, to Holders and Beneficial Owners of shares of a
Series of VRDP Shares and prospective purchasers of shares of a Series of VRDP
Shares, upon request, information with respect to the Trust satisfying the
requirements of subsection (d)(4) of Rule 144A.</font></h3>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;text-indent:0in;text-justify:inter-ideograph;"><a name="_Toc57655472"></a><b><font color=black face="Times New Roman" style="font-size:11.0pt;">8.</font></b><b><font color=black face="times new roman" style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font></b><b><font face="Times New Roman" style="font-size:11.0pt;">Global Certificate</font></b></h2>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Prior to the commencement of a Voting Period,
(i) all of the shares of a Series of VRDP Shares Outstanding from time to time
shall be represented by one or more global certificates registered in the name
of the Securities Depository or its nominee and countersigned by the Tender and
Paying Agent and (ii) no registration of transfer of shares of a Series of VRDP
Shares shall be made on the books of the Trust to any Person other than the
Securities Depository or its nominee. The foregoing restriction on registration
of transfer shall be conspicuously noted on the face or back of the
certificates of VRDP Shares in such a manner as to comply with the requirements
of Section 8-204 of the Uniform Commercial Code as in effect in the State of
Delaware, or any successor provisions.</font></p>









<a name="_bclFooter56"></a><DIV>


<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;font-weight:normal;">54</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;font-weight:normal;"></font></font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_57"></a><a name="_bclPageBorder57"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">IN WITNESS WHEREOF,
BLACKROCK NEW YORK MUNICIPAL INCOME TRUST has caused these presents to be
signed as of March 31, 2021 in its name and on its behalf by its Vice President
and attested by its Assistant Secretary. Said officers of the Trust have
executed this Statement as officers and not individually, and the obligations
and rights set forth in this Statement are not binding upon any such officers,
or the trustees or shareholders of the Trust, individually, but are binding
only upon the assets and property of the Trust.</font></p>

<p style="margin-bottom:0in;margin-left:3.0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:3.0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">BLACKROCK NEW YORK MUNICIPAL INCOME TRUST</font></p>

<p style="margin-bottom:0in;margin-left:3.0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:3.0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:3.0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">By: </font><u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">/s/ Jonathan Diorio__________________________</font></u></p>

<p style="margin-bottom:0in;margin-left:3.0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Name:&#160; Jonathan Diorio</font></p>

<p style="margin-bottom:0in;margin-left:3.0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Title:&#160; Vice President </font></p>

<p style="margin-bottom:0in;margin-left:3.0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:3.0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;text-align:justify;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">ATTEST:</font></p>

<p style="margin:0in;text-align:justify;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;text-align:justify;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;text-align:justify;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;text-align:justify;text-justify:inter-ideograph;"><u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">/s/ Janey Ahn&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></u></p>

<p style="margin:0in;text-align:justify;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Name:&#160; Janey Ahn </font></p>

<p style="margin:0in;text-align:justify;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Title:&#160; Secretary </font></p>

<p style="margin:0in;text-align:justify;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;text-align:justify;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>









<a name="_bclFooter57"></a><DIV>


<p align=center style="margin:0in;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:9.0pt;">Signature Page to Statement of Preferences BNY</font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_58"></a><a name="_bclPageBorder58"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p align=center style="margin:0in;margin-top:.5pt;text-align:center;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.7pt;vertical-align:baseline;">Appendix A</font></b></p>

<p align=center style="margin:0in;margin-top:11.95pt;text-align:center;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.65pt;vertical-align:baseline;">Notice of Special Rate Period</font></p>









</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_59"></a><a name="_bclPageBorder59"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p align=center style="margin:0in;margin-bottom:12.0pt;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;text-transform:uppercase;">BLACKROCK
NEW YORK MUNICIPAL INCOME TRUST <br>
(THE &#8220;FUND&#8221;) <br>
SERIES W-7 <br>
VARIABLE RATE DEMAND PREFERRED SHARES <br>
(&#8220;VRDP SHARES&#8221;)</font></b></p>

<p align=center style="margin:0in;margin-bottom:12.0pt;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;text-transform:uppercase;">CUSIP
NO. 09248L502<sup>*</sup></font></b><b><font face="arial narrow,sans-serif" lang=EN-US style="font-size:11.0pt;letter-spacing:-.05pt;text-transform:uppercase;"> </font></b></p>

<p align=center style="margin:0in;margin-bottom:12.0pt;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Notice of Special Rate Period</font></b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"> </font></p>

<p style="margin:0in;margin-left:202.5pt;text-align:justify;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">March 31, 2021</font></p>

<p style="margin:0in;margin-left:202.5pt;text-align:justify;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-left:202.5pt;text-align:justify;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;">BlackRock New York
Municipal Income Trust</font></p>

<p style="margin:0in;margin-left:202.5pt;text-align:justify;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;">100
Bellevue Parkway</font></p>

<p style="margin:0in;margin-left:202.5pt;text-align:justify;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Wilmington,
Delaware 19809</font></p>

<p style="margin:0in;margin-left:202.5pt;text-align:justify;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:12.0pt;text-align:justify;text-justify:inter-ideograph;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">To: </font></b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Addressees listed on Schedule 1 hereto</font></p>

<p style="margin:0in;margin-bottom:12.0pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">In accordance
with the Fund&#8217;s Statement of Preferences of Variable Rate Demand Preferred
Shares, dated March 31, 2021 (the </font><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8220;Statement of Preferences&#8221;</font></b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">), the Fund
hereby notifies the Liquidity Provider, the Remarketing Agent and the Holders
of the VRDP Shares that the Fund hereby exercises its option to designate the
current Rate Period of the Series W-7 VRDP Shares as a Special Rate Period. The
first day of the Special Rate Period shall be March 31, 2021 and the last day
of the Special Rate Period shall be April 15, 2022. </font></p>

<p style="margin:0in;margin-bottom:12.0pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">The Special
Rate Period shall not commence if (1) any VRDP Shares are owned by the
Liquidity Provider pursuant to the Purchase Obligation on either the Rate
Determination Date immediately preceding the Special Rate Period or on the
first day of the Special Rate Period or (2) full cumulative dividends or any
amounts due with respect to redemptions payable prior to such Rate Determination
Date have not been paid in full.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Certain
capitalized terms used in this Notice of Special Rate Period are defined in
Appendix A hereto. Capitalized terms used but not defined in this Notice of
Special Rate Period, including in Appendix A hereto, shall have the meanings
given to such terms in the Statement of Preferences.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;page-break-after:avoid;text-align:justify;text-justify:inter-ideograph;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Calculation of Dividends During Special Rate Period</font></b></p>

<p style="margin:0in;margin-bottom:12.0pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">During the
Special Rate Period, for each SRP Calculation Period for the VRDP Shares, the
dividend rate on the VRDP Shares (the &#8220;</font><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">SRP Applicable Rate</font></b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8221;) shall be
calculated by the </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;">Tender and Paying Agent and shall be equal to the rate </font><i><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;">per annum </font></i><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;">that
results from the sum of the (1) Base Rate and (2) Ratings Spread (the &#8220;</font><b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;">SRP
Applicable Rate Determination</font></b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;">&#8221;). During the Special Rate Period, references
in the Statement of Preferences and the other Related Documents to the
&#8220;Applicable Rate Determination,&#8221; the &#8220;Applicable Rate,&#8221; a &#8220;Subsequent Rate
Period&#8221; or a </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;">&#8220;Rate Determination Date,&#8221; in each case
with respect to the VRDP Shares, shall be deemed to be references to the SRP
Applicable Rate Determination, the SRP Applicable Rate, an SRP Calculation
Period or an SRP Calculation Date, respectively. The SRP Applicable Rate for
any SRP Calculation Period (or part thereof) shall in no event be greater than
the Maximum Rate.</font></p>
<a name="_bclFooter59"></a><DIV>


<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;font-weight:normal;">2</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;font-weight:normal;"></font></font></p>


</DIV>

<hr align=left size=1 width="33%">
<div id=ftn1><font lang=EN-US>

</font><p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;vertical-align:super;">*</font><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; NOTE: Neither the Fund nor
the Tender and Paying Agent shall be responsible for the selection or use of
the CUSIP Numbers selected, nor is any representation made as to its
correctness indicated in any notice or as printed on any VRDP Share
certificate. It is included solely as a convenience to Holders of VRDP Shares.</font></p><font lang=EN-US>

</font></div>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_60"></a><a name="_bclPageBorder60"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">


<p style="margin:0in;margin-bottom:12.0pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">The amount of
dividends payable on each VRDP Share on any Dividend Payment Date during the
Special Rate Period shall be calculated by the Tender and Paying Agent and
shall equal the sum of the dividends accumulated but not yet paid for each SRP
Calculation Period (or part thereof) and, if applicable, any other Rate Period
(or part thereof) occurring during the related Dividend Period. For the
avoidance of doubt, the amount of dividends payable on each VRDP Share on any
Dividend Payment Date during the Special Rate Period shall include any Late
Charge applicable under Section 2(e)(i)(C) of the Part I of the Statement of
Preferences. The amount of dividends accumulated for each such SRP Calculation
Period (or part thereof) shall be computed by multiplying the SRP Applicable
Rate for the VRDP Shares for such SRP Calculation Period (or part thereof) by a
fraction, the numerator of which shall be the number of days in such SRP
Calculation Period (or part thereof) and the denominator of which shall be the
actual number of days in the year (365 or 366), and multiplying such product by
$100,000.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">During the
Special Rate Period, the scheduled Dividend Payment Dates for the VRDP Shares
shall continue to be the first Business Day of each calendar month; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">provided</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">,
</font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">however</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">, that the Dividend Payment Date with respect to dividends accumulated
on each VRDP Share on March 31, 2021 shall be the first (1st) Business Day of May
2021.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">For the
avoidance of doubt, Section 3 of Part II of the Statement of Preferences shall
not be applicable during the Special Rate Period.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;page-break-after:avoid;text-align:justify;text-justify:inter-ideograph;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Optional
Tender and Transfers of VRDP Shares</font></b></p>

<p style="margin:0in;margin-bottom:12.0pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">During the
Special Rate Period, Beneficial Owners and Holders shall not have the right to
tender their VRDP Shares for Remarketing pursuant to an Optional Tender.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.1pt;">The Fund agrees, however, that during the Special Rate Period, a
Beneficial Owner or Holder of VRDP Shares may sell, transfer or otherwise
dispose of VRDP Shares in whole shares only to (i) Persons that such Beneficial
Owner or Holder reasonably believes are QIBs that are either registered
closed-end management investment companies, the common shares of which are
traded on a national securities exchange (</font><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.1pt;">&#8220;Closed-End Funds&#8221;</font></b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.1pt;">), banks or
entities that are 100% direct or indirect subsidiaries of banks</font><font face="Times New Roman" lang=EN-US style="font-size:12.5pt;letter-spacing:.1pt;">&#8217; </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.1pt;">publicly traded parent holding companies
(collectively, </font><font face="Times New Roman" lang=EN-US style="font-size:12.5pt;letter-spacing:.1pt;">&#8220;</font><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.1pt;">Banks</font></b><font face="Times New Roman" lang=EN-US style="font-size:12.5pt;letter-spacing:.1pt;">&#8221;</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.1pt;">), insurance companies, companies that are included
in the S&amp;P 500 Index (and their direct or indirect wholly owned
subsidiaries) or registered open-end management investment companies, (ii) TOB
Trust (whether tax-exempt or taxable) in which all investors are Persons that
such Beneficial Owner or Holder reasonably believes are QIBs that are
Closed-End Funds, Banks, insurance companies, companies that are included in
the S&amp;P 500 Index (and their direct or indirect wholly owned subsidiaries)
or registered open-end management investment companies (or, in the case of a
TOB Trust in which an affiliate of such Beneficial Owner or Holder retains a
residual interest, such affiliate of such Beneficial Owner or Holder, but only
to the extent expressly provided for in an agreement between the Fund and such
Beneficial Owner or Holder) or (iii) such other Persons approved in writing by </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.1pt;">the Fund, in each case, pursuant to Rule 144A of the
Securities Act or another available exemption from registration under the
Securities Act, in a manner not involving any public offering within the
meaning of Section 4(a)(2) of the Securities Act. Any transfer in violation of
the foregoing restrictions shall be void </font><i><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.1pt;">ab initio </font></i><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.1pt;">and any transferee of
VRDP Shares transferred in violation of the foregoing restrictions shall be
deemed to agree to hold all payments it received on any such improperly
transferred VRDP Shares in trust for the benefit of the transferor of such VRDP
Shares.</font></p>
<a name="_bclFooter60"></a><DIV>


<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;font-weight:normal;">3</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;font-weight:normal;"></font></font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_61"></a><a name="_bclPageBorder61"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">


<p style="margin:0in;margin-bottom:12.0pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">In the event
that a Beneficial Owner transfers VRDP Shares to a TOB Trust in which such
Beneficial Owner or an affiliate of such Beneficial Owner that is a wholly
owned direct or indirect subsidiary of such Beneficial Owner retains a residual
interest, for so long as no event has occurred that results in the termination
of such TOB Trust, for purposes of each section of the Statement of Preferences
that requires, permits or provides for (i) notice or the delivery of
information to the Beneficial Owner of VRDP Shares or (ii) voting of the VRDP
Shares by or the giving of any consent by the Beneficial Owner of VRDP Shares
(collectively, the </font><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8220;Applicable Sections&#8221;</font></b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">), then such Beneficial Owner,
and not such TOB Trust, shall be deemed to be the actual holder and Beneficial
Owner of such VRDP Shares.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Anything
herein to the contrary notwithstanding, except with respect to the deemed
holding and ownership provisions set forth above in respect of the Applicable
Sections, any TOB Trust to which the VRDP Shares are transferred and each of
the beneficial owners thereof shall, subject to the provisions of the
agreements governing the TOB Trust, retain all of its other rights in respect
of the VRDP Shares under the Statement of Preferences or applicable law, including,
for the avoidance of doubt, the rights of such TOB Trust in respect of matters
addressed by any of the Applicable Sections to the extent necessary for the
protection or exercise of such other rights or that are otherwise applicable as
a result of the exercise of such other rights.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;page-break-after:avoid;text-align:justify;text-justify:inter-ideograph;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Notice
of Taxable Allocations and Gross-Up Payments</font></b></p>

<p style="margin:0in;margin-bottom:12.0pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 3 of
Part I and Section 6 of Part II of the Statement of Preferences shall have no
effect during the Special Rate Period.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">During the
Special Rate Period, Holders of VRDP Shares shall be entitled to receive, when,
as and if declared by the Board of Trustees, out of funds legally available
therefor under applicable law and otherwise in accordance with applicable law,
dividends in an amount equal to the aggregate Gross-up Payments as follows:</font></p>

<p style="margin:0in;margin-bottom:12.0pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160; Whenever
the Fund intends or expects to include any net capital gains or ordinary income
taxable for regular federal income tax purposes in any dividend on VRDP Shares,
the Fund shall notify the Tender and Paying Agent of the amount to be so
included (i) not later than 14 calendar days preceding the first SRP
Calculation Date on which the SRP Applicable Rate for such dividend is to be
established, and (ii) for any successive SRP Calculation Date on which the SRP
Applicable Rate for such dividend is to be established, not later than the
close of business on the immediately preceding SRP Calculation Date. Whenever
such advance notice is received from the Fund, the Tender and Paying Agent will
notify each Holder and each Beneficial Owner or its Agent Member identified to
the Tender and Paying Agent. With respect to an SRP Calculation Period for
which such notice was given and whose dividends are comprised partly of </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">such ordinary income or capital gains and partly of
exempt-interest income, the different types of income will be paid in the same
relative proportions for each day during the SRP Calculation Period.</font></p>
<a name="_bclFooter61"></a><DIV>


<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;font-weight:normal;">4</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;font-weight:normal;"></font></font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_62"></a><a name="_bclPageBorder62"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">


<p style="margin:0in;margin-bottom:12.0pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font color=red><strike><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(i)</font></strike></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(i) If the Fund allocates, under Subchapter M of Chapter
1 of the Code, any net capital gains or ordinary income taxable for regular
federal income tax purposes to a dividend paid on VRDP Shares, the Fund shall
to the extent practical simultaneously </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;">increase such dividend payment by an additional amount equal to
the Gross-up Payment and direct the Tender and Paying Agent to send notice with
such dividend describing the Gross-up Payment and </font><font color=red><strike><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(ii)</font></strike></font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(ii)&nbsp;if the Fund allocates, under
Subchapter M of Chapter 1 of the Code, any net capital gains or ordinary income
taxable for regular federal income tax purposes to a dividend paid on VRDP
Shares without simultaneously increasing such dividend as described in clause
(i) above the Fund shall, prior to the end of the calendar year in which such
dividend was paid, direct the Tender and Paying Agent to send notice with a
Gross-up Payment to the Holder that was entitled to such dividend payment
during such calendar year at such Holder&#8217;s address as the same appears or last
appeared on the record books of the Fund. The Fund shall compute the Gross-up
Payment.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160; The
Fund shall not be required to make Gross-up Payments with respect to any </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">net capital gains or ordinary income determined by the
Internal Revenue Service to be allocable in a manner different from the manner
used by the Fund.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;page-break-after:avoid;text-align:justify;text-justify:inter-ideograph;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Additional
Provisions Relating to the Termination of Special Rate Period</font></b></p>

<p style="margin:0in;margin-bottom:12.0pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">If the
Scheduled Termination Date for the VRDP Shares is further extended to a
succeeding Scheduled Termination Date in accordance with the terms of the VRDP
Shares Purchase Agreement, then, unless the Special Rate Period has been
extended in accordance with the procedures set forth below, the VRDP Shares
beneficially owned by any Beneficial Owner will be deemed automatically
tendered for Remarketing on the seventh day prior to the last day of the
Special Rate Period (the &#8220;</font><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Automatic Tender Date</font></b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8221;) with a Purchase Date
occurring on the first day of the Subsequent Rate Period immediately succeeding
the Special Rate Period. Notice of the extension of the Scheduled Termination
Date for the VRDP Shares and the automatic tender of such VRDP Shares for
Remarketing shall be provided by or on behalf of the Fund to the Holders of
such VRDP Shares as soon as reasonably practicable upon the extension of the
Scheduled Termination Date, but in no event later than one Business Day before
the Automatic Tender Date. Notwithstanding the foregoing provisions of this
Notice of Special Rate Period, if any VRDP Shares beneficially owned by BANA
for federal income tax purposes on such Purchase Date are not successfully
remarketed for purchase on such Purchase Date, a Failed Remarketing
Condition-Purchased VRDP Shares will be deemed to exist in respect of such VRDP
Shares for all purposes of the Statement of Preferences (including Section
10(b) thereof and the definition of Maximum Rate) and the other Related
Documents and, as of such Purchase Date, such VRDP Shares will be deemed
beneficially owned by the Liquidity Provider. Accordingly, all such VRDP Shares
deemed beneficially owned by the Liquidity Provider will thereafter be deemed
tendered for Remarketing on each Business Day in accordance with the Related
Documents, and the continued beneficial ownership of such VRDP Shares by the
Liquidity Provider will result in a Failed Remarketing Condition-Purchased VRDP
Shares Redemption in accordance with, and subject to, the terms of such
definition and the Related </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Documents. For the
avoidance of doubt, if any VRDP Shares beneficially owned by a Beneficial Owner
other than BANA are not successfully remarketed on the Purchase Date relating
to the Automatic Tender Date and are purchased by the Liquidity Provider
pursuant to the Purchase Obligation, such VRDP Shares shall constitute Failed
Remarketing Condition-Purchased VRDP Shares, such VRDP Shares will thereafter
be deemed tendered for Remarketing on each Business Day in accordance with the
Related Documents, and </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;">the
continued beneficial ownership of such VRDP Shares by the Liquidity Provider
will result in a Failed Remarketing Condition-Purchased VRDP Shares Redemption
in accordance with, and subject to, the terms of such definition and the
Related Documents.</font></p>
<a name="_bclFooter62"></a><DIV>


<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;font-weight:normal;">5</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;font-weight:normal;"></font></font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_63"></a><a name="_bclPageBorder63"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">


<p style="margin:0in;margin-bottom:12.0pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">The Fund shall
have the right, exercisable not more than 120 days nor less than 90 days prior
to the last day of the Special Rate Period, to request that each Holder of the
VRDP Shares (x) extend the term of the Special Rate Period for the VRDP Shares
for an additional 364-day period, which request may be conditioned upon terms
and conditions that are different from the terms and conditions herein,
including, without limitation, the further extension of the Scheduled
Termination Date and (y) notify the Fund and the Tender and Paying Agent of
such Holder</font><font face="Times New Roman" lang=EN-US style="font-size:12.5pt;">&#8217;</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">s acceptance or rejection of such request within 30
days after receiving such request. If any Holder of the VRDP Shares fails to
notify the Fund and the Tender and Paying Agent of its acceptance or rejection
of the Fund</font><font face="Times New Roman" lang=EN-US style="font-size:12.5pt;">&#8217;</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">s request for extension within 30 days after receiving
such request, such failure to respond shall constitute a rejection of such
request. Any acceptance by a Holder within such 30-day period may be
conditioned upon terms and conditions, including, without limitation, the
further extension of the Scheduled Termination Date, that are different from
the terms and conditions herein or the terms proposed by the Fund in making an
extension request (a </font><font face="Times New Roman" lang=EN-US style="font-size:12.5pt;">&#8220;</font><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Conditional Acceptance</font></b><font face="Times New Roman" lang=EN-US style="font-size:12.5pt;">&#8221;</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">). If any
Holder provides a Conditional Acceptance, then the Fund shall have 30 days
thereafter to notify the Total Holders and the Tender and Paying Agent of the
Fund</font><font face="Times New Roman" lang=EN-US style="font-size:12.5pt;">&#8217;</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">s
acceptance or rejection of the terms and conditions specified in any such
Conditional Acceptance. The Fund</font><font face="Times New Roman" lang=EN-US style="font-size:12.5pt;">&#8217;</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">s failure to notify the Total Holders and the Tender
and Paying Agent within such 30-day period will be deemed a rejection of the
terms and conditions specified in a Conditional Acceptance. Each Holder of the
VRDP Shares may grant or deny any request for extension of the Special Rate
Period for the VRDP Shares in their sole and absolute discretion and any
request for such extension will be effective only if granted by the Total
Holders.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">If the
Scheduled Termination Date is not further extended to a succeeding Scheduled
Termination Date in accordance with the terms of the VRDP Shares Purchase
Agreement or if the VRDP Shares Purchase Agreement is otherwise terminated on
or prior to the Scheduled Termination Date for any reason, then the VRDP Shares
beneficially owned by any Beneficial Owner will be deemed automatically
tendered for Remarketing on the seventh day prior to the Scheduled Termination
Date (whether or not the VRDP Shares Purchase Agreement has terminated on or
prior to such date) with a Purchase Date occurring on such Scheduled
Termination Date. Notice of the automatic tender of such VRDP Shares for
Remarketing shall be provided by or on behalf of the Fund to the Holders of
such VRDP Shares as soon as reasonably practicable prior to, but in no event
later than one Business Day before, the Automatic Tender Date. Notwithstanding
the foregoing provisions of this Notice of Special Rate Period, if any VRDP
Shares beneficially owned by BANA for federal income tax purposes on such
Purchase Date are not successfully remarketed for purchase on such Purchase
Date, a Failed Remarketing Condition-Purchased VRDP Shares will be deemed to
exist in respect of such VRDP Shares for all purposes of the Statement of
Preferences (including Section 10(b) thereof and the definition </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">of Maximum Rate) and the other Related Documents and, as
of such Purchase Date, such VRDP Shares will be deemed beneficially owned by
the Liquidity Provider, unless the Fund has entered into an Alternate VRDP
Shares Purchase Agreement and all VRDP Shares beneficially owned by BANA are
subject to purchase </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.05pt;">by the replacement Liquidity Provider pursuant to the
Purchase Obligation of such Liquidity Provider under such Alternate VRDP Shares
Purchase Agreement on and as of such Purchase Date. Accordingly, if a Failed
Remarketing Condition-Purchased VRDP Shares is so deemed to exist in respect of
any VRDP Shares deemed beneficially owned by the Liquidity Provider on such
Purchase Date, such VRDP Shares will thereafter be deemed tendered for
Remarketing on each Business Day in accordance with the Related Documents and
the continued beneficial ownership of such VRDP Shares by the Liquidity
Provider will result in a Failed Remarketing Condition-Purchased VRDP Shares
Redemption in accordance with, and subject to, the terms of such definition and
the Related Documents. For the avoidance of doubt, if any VRDP Shares
beneficially owned by a Beneficial Owner other than BANA are not successfully remarketed
on the Purchase Date relating to the automatic tender described above and are
purchased by the Liquidity Provider pursuant to the Purchase Obligation, such
VRDP Shares shall constitute Failed Remarketing Condition-Purchased VRDP
Shares, such VRDP Shares will thereafter be deemed tendered for Remarketing on
each Business Day in accordance with the Related Documents, and the continued
beneficial ownership of such VRDP Shares by the Liquidity Provider will result
in a Failed Remarketing Condition-Purchased VRDP Shares Redemption in
accordance with, and subject to, the terms of such definition and the Related
Documents.</font></p>
<a name="_bclFooter63"></a><DIV>


<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;font-weight:normal;">6</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;font-weight:normal;"></font></font></p>


</DIV>
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<p style="margin:0in;margin-bottom:12.0pt;page-break-after:avoid;text-align:justify;text-justify:inter-ideograph;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Other
Additional Provisions Applicable During Special Rate Period</font></b></p>

<p style="margin:0in;margin-bottom:12.0pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">During the
Special Rate Period, there shall be no Mandatory Tender Events or Mandatory
Tenders or any consequences or penalties as a result of there being no
Mandatory Tender Events or Mandatory Tenders.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">During the
Special Rate Period, the first sentence of the first paragraph of Section 12 of
the Statement of Preferences shall be inapplicable.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">During the
Special Rate Period, Section 4(f) of Part I of the Statement of Preferences
shall be inapplicable. Section 4(f) of Part I of the Statement of Preferences
states the following: </font><font face="Times New Roman" lang=EN-US style="font-size:12.5pt;">&#8220;</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Notwithstanding the foregoing, no Special Rate Period
shall end later than the fifteenth (15th) day prior to the Scheduled
Termination Date at which point the Rate Periods shall revert to Minimum Rate
Periods.</font><font face="Times New Roman" lang=EN-US style="font-size:12.5pt;">&#8221;</font></p>

<p style="margin:0in;margin-bottom:12.0pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">During the
Special Rate Period, the Fund is not required to obtain or maintain any
short-term preferred share rating of the VRDP Shares and there shall be no
other consequences, penalties or notices with respect to the withdrawal of the
VRDP Shares</font><font face="Times New Roman" lang=EN-US style="font-size:12.5pt;">&#8217; </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">short-term preferred shares ratings by a Rating
Agency.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Notwithstanding
the Fund</font><font face="Times New Roman" lang=EN-US style="font-size:12.5pt;">&#8217;</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">s option to designate any succeeding Subsequent Rate Period of a Series
of VRDP Shares as a Special Rate Period under Section 4 of Part I of the
Statement of Preferences, during the Special Rate Period (unless extended in
accordance with the terms specified above in </font><font face="Times New Roman" lang=EN-US style="font-size:12.5pt;">&#8220;</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Additional Provisions Relating
to the Termination of Special Rate Period</font><font face="Times New Roman" lang=EN-US style="font-size:12.5pt;">&#8221;</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">), the Fund shall not, without (i) the prior written
consent of the Liquidity Provider and the </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Remarketing
Agent and (ii) the affirmative vote or consent of the Holders of a majority of
the VRDP Shares of such Series Outstanding at the time, in person or by proxy,
either in writing or at a meeting, voting as a separate class, designate
another Special Rate Period for such Series, amend, alter or repeal the term of
the Special Rate Period or any other provision of this </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Notice of Special Rate Period so as to
adversely affect any preference, right or power of the VRDP Shares of such
Series or the Holders thereof set forth herein; </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;">provided</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;">, that any
amendment, alteration or repeal of such other provision of this Notice of
Special Rate Period that adversely affects the amount, timing, priority or
taxability of any dividend, redemption or other payment or distribution due to
the Holders of the VRDP Shares of such Series shall require the affirmative
vote or consent of the Total Holders of such Series, in person or by proxy,
either in writing or at a meeting, voting as a separate class.</font></p>
<a name="_bclFooter64"></a><DIV>


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</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_65"></a><a name="_bclPageBorder65"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">


<p style="margin:0in;margin-bottom:12.0pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">During the
Special Rate Period, any amendment to the provisions of the Statement of
Preferences during the Special Rate Period in connection with the issuance of
additional shares of the same series of VRDP Shares shall be deemed to
adversely affect the preference, right or power of such VRDP Shares or the
Holders thereof for purposes of Section 5(c)(i) of Part I of the Statement of
Preferences.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">In the event
of any conflict between the terms of this Notice of Special Rate Period and the
terms of the Statement of Preferences, the terms of this Notice of Special Rate
Period shall govern.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">The Fund is
authorized to amend, or consent to any amendment to, any Related Document in
accordance with the terms therein for purposes of conforming the terms and
provisions therein to the terms and provisions specified in this Notice of
Special Rate Period.</font></p>

<p align=center style="margin:0in;margin-top:14.0pt;text-align:center;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;line-height:13.6pt;vertical-align:baseline;">[Signature Page Follows]</font></p>









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<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;font-weight:normal;">8</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;font-weight:normal;"></font></font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_66"></a><a name="_bclPageBorder66"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p style="margin:0in;margin-bottom:12.0pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">IN WITNESS WHEREOF, I have signed this Notice of
Special Rate Period as of the date first written above.</font></p>

<p style="margin:0in;margin-left:3.0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">BLACKROCK
NEW YORK MUNICIPAL INCOME TRUST</font></p>

<p style="margin:0in;margin-left:3.0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-left:3.0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-left:3.0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">By:
</font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">/s/ Jonathan Diorio_______________________</font></u></p>

<p style="margin:0in;margin-left:3.0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Name:&#160;
Jonathan Diorio</font></p>

<p style="margin:0in;margin-left:3.0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Title:&#160;
Vice President </font></p>

<p style="margin:0in;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:12.0pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>









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<p align=center style="margin:0in;text-align:center;"><i><font face="Times New Roman" lang=EN-US style="font-size:9.0pt;">[Signature Page to BNY Notice of Special Rate Period]</font></i></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_67"></a><a name="_bclPageBorder67"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p align=right style="margin:0in;margin-bottom:12.0pt;text-align:right;"><b><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Appendix A</font></u></b></p>

<p align=center style="margin:0in;margin-bottom:12.0pt;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Definitions</font></b></p>

<p style="margin:0in;margin-bottom:12.0pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">The following
terms shall have the following meanings:</font></p>

<p style="margin:0in;margin-bottom:12.0pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8220;</font><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">BANA</font></b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8221;
means, unless the context indicates otherwise, Bank of America, N.A., in its
individual capacity and not in its capacity as Liquidity Provider.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8220;</font><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Base Rate</font></b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8221;
means, with respect to an SRP Calculation Period, the SIFMA Municipal Swap
Index on the SRP Calculation Date for such SRP Calculation Period.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8220;</font><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Maximum
Rate</font></b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8221; means 15% per annum, exclusive of any applicable Gross-up Payment or
increased dividend payment relating to the inclusion in any dividend of net
capital gains or ordinary income taxable for regular federal income tax
purposes, in each case due and payable in accordance with the Statement of
Preferences.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8220;</font><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Ratings
Spread</font></b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8221; means, with respect to an SRP Calculation Period, the percentage
per annum set forth below opposite the highest applicable credit rating
assigned to the VRDP Shares, unless the lowest applicable rating is below
A3/A-, in which case the Ratings Spread shall mean the percentage per annum set
forth below opposite the lowest applicable credit rating assigned to the VRDP Shares
by Moody&#8217;s, Fitch or any Other Rating Agency, in each case rating the VRDP
Shares at the request of the Fund, on the SRP Calculation Date for such SRP
Calculation Period:</font></p>

<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<div align=center>

<table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:325.449951pt;">
 <tr>
  <td valign=top width=50% style="border:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman" style="font-size:12.0pt;">Moody&#8217;s/Fitch</font></b></p>
  </td>
 <td valign=top width=50% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman" style="font-size:12.0pt;">Percentage</font></b></p>
  </td>
 </tr>
<tr>
  <td valign=top width=50% style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;text-align:center;"><font face="Times New Roman" lang=PL style="font-size:12.0pt;">Aa2/AA to Aaa/AAA</font></p>
  </td>
 <td valign=top width=50% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;text-align:center;"><font face="Times New Roman" style="font-size:12.0pt;">0.85%</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=50% style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;text-align:center;"><font face="Times New Roman" style="font-size:12.0pt;">Aa3/AA-</font></p>
  </td>
 <td valign=top width=50% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;text-align:center;"><font face="Times New Roman" style="font-size:12.0pt;">0.94%</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=50% style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;text-align:center;"><font face="Times New Roman" style="font-size:12.0pt;">A3/A- to A1/A+</font></p>
  </td>
 <td valign=top width=50% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;text-align:center;"><font face="Times New Roman" style="font-size:12.0pt;">2.00%</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=50% style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;text-align:center;"><font face="Times New Roman" style="font-size:12.0pt;">Baa3/BBB- to Baa1/BBB+</font></p>
  </td>
 <td valign=top width=50% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;text-align:center;"><font face="Times New Roman" style="font-size:12.0pt;">3.00%</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=50% style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;text-align:center;"><font face="Times New Roman" style="font-size:12.0pt;">Non-investment grade or Unrated</font></p>
  </td>
 <td valign=top width=50% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;text-align:center;"><font face="Times New Roman" style="font-size:12.0pt;">4.00%</font></p>
  </td>
 </tr>
</table>

</div>

<p style="margin:0in;"><font face=calibri,sans-serif lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.3in;margin-right:0in;margin-top:.45pt;"><font face="Times New Roman" lang=EN-US style="font-size:8.0pt;line-height:9.2pt;vertical-align:baseline;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:12.0pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8220;SRP
Calculation Date&#8221; </font></b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">means (i) with
respect to the SRP Initial Calculation Period, March 30, 2021 and (ii) with
respect to any SRP Subsequent Calculation Period, the last day of the
immediately preceding SRP Calculation Period, </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">provided</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"> that the next
succeeding SRP Calculation Date will be determined without regard to any prior
extension of a SRP Calculation Date to a Business Day.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8220;SRP
Calculation Period&#8221; </font></b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">means the SRP
Initial Calculation Period and any SRP Subsequent Calculation Period.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8220;</font><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">SRP
Initial Calculation Period</font></b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8221; means, with respect to the VRDP Shares, the
period commencing on, and including, March 31, 2021 and ending on, and
including, the next succeeding Wednesday, or, if such day is not a Business
Day, the next succeeding Business Day.</font></p>


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<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;font-weight:normal;">A-</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;font-weight:normal;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;font-weight:normal;">1</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;font-weight:normal;"></font></font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_68"></a><a name="_bclPageBorder68"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p style="margin:0in;margin-bottom:12.0pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8220;SRP Subsequent Calculation Period&#8221; </font></b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">means, with respect to the VRDP Shares, the period
from, and including, the first day following a SRP Calculation Date to, and
including, the next succeeding Wednesday, or, if such day is not a Business
Day, the next succeeding Business Day.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><b><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&#8220;</font></b><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">TOB Trust</font></b><b><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&#8221;
</font></b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">means a tender option bond trust or
similar vehicles that are functionally equivalent to tender option bond trusts
and used for providing financing for municipal obligations and municipal
closed-end fund preferred shares.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><b><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&#8220;</font></b><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Total Holders</font></b><b><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&#8221; </font></b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">means, with respect to any
Series of VRDP Shares, the Holders of 100% of the aggregate Outstanding amount
of the VRDP Shares of such Series.</font></p>









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<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;font-weight:normal;">A-</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;font-weight:normal;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;font-weight:normal;">2</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;font-weight:normal;"></font></font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_69"></a><a name="_bclPageBorder69"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p align=right style="margin:0in;margin-top:1.1pt;text-align:right;"><b><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.6pt;vertical-align:baseline;">Schedule 1</font></u></b></p>

<p align=right style="margin:0in;margin-top:1.1pt;text-align:right;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.6pt;text-decoration:none;vertical-align:baseline;">&nbsp;</font></b></p>

<p align=center style="margin:0in;margin-top:1.1pt;text-align:center;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.6pt;vertical-align:baseline;">Recipients of this Notice of Special Rate Period</font></b></p>

<p style="margin:0in;margin-top:14.0pt;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.6pt;vertical-align:baseline;">Bank of America, N.A.</font></b></p>

<p style="margin:0in;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.5pt;vertical-align:baseline;">One Bryant Park</font></p>

<p style="margin:0in;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.1pt;line-height:13.55pt;vertical-align:baseline;">1111 Avenue of the
Americas, 9<sup>th</sup> Floor</font></p>

<p style="margin:0in;margin-top:.25pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">New York, New York 10036</font></p>

<p style="margin:0in;margin-top:.1pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Attention: &#160;&#160;&#160;&#160;&#160;&#160; Thomas
Visone</font></p>

<p style="margin:0in;margin-top:.1pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Mary
Ann Olson</font></p>

<p style="margin:0in;margin-top:.1pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Todd
Blasiak</font></p>

<p style="margin:0in;margin-top:.1pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Lisa
Irizarry</font></p>

<p style="margin:0in;margin-top:.1pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Michael
Jentis</font></p>

<p style="margin:0in;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.7pt;vertical-align:baseline;">Telephone: &#160;&#160;&#160;&#160; (212) 449-7358 (Visone/Blasiak/Irizarry)</font></p>

<p style="margin:0in;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.7pt;vertical-align:baseline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (212) 449-8300
(Jentis)</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.0in;margin-right:0in;margin-top:.2pt;text-indent:-1.0in;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.75pt;vertical-align:baseline;">Email: &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font color=blue face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.75pt;text-decoration:none;vertical-align:baseline;">thomas.visone@bofa.com</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.0in;margin-right:0in;margin-top:.2pt;text-indent:-1.0in;"><font color=blue face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.75pt;vertical-align:baseline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font color=blue face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:13.75pt;text-decoration:none;vertical-align:baseline;">mary.ann.olson@bofa.com</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.0in;margin-right:0in;margin-top:.2pt;text-indent:-1.0in;"><font color=blue face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.75pt;vertical-align:baseline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font color=blue face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:13.75pt;text-decoration:none;vertical-align:baseline;">todd.blasiak@bofa.com</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.0in;margin-right:0in;margin-top:.2pt;text-indent:-1.0in;"><font color=blue face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.75pt;vertical-align:baseline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font color=blue face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:13.75pt;text-decoration:none;vertical-align:baseline;">lisa.m.irizarry@bofa.com</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.0in;margin-right:0in;margin-top:.2pt;text-indent:-1.0in;"><font color=blue face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.75pt;vertical-align:baseline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font color=blue face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:13.75pt;text-decoration:none;vertical-align:baseline;">michael.jentis@bofa.com</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.0in;margin-right:0in;margin-top:.2pt;text-indent:-1.0in;"><font color=blue face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.75pt;vertical-align:baseline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font color=blue face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:13.75pt;vertical-align:baseline;">DG.pfloats@bofa.com</font></p>

<p style="margin:0in;margin-top:14.2pt;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.6pt;vertical-align:baseline;">BofA Securities, Inc.</font></b></p>

<p style="margin:0in;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.6pt;vertical-align:baseline;">One Bryant Park</font></p>

<p style="margin:0in;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.1pt;line-height:13.35pt;vertical-align:baseline;">1111 Avenue of the
Americas </font></p>

<p style="margin:0in;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.1pt;line-height:13.35pt;vertical-align:baseline;">9<sup>th</sup> Floor</font></p>

<p style="margin:0in;margin-top:.45pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">New York, NY 10036</font></p>

<p style="margin:0in;margin-top:.1pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Attention: &#160;&#160;&#160;&#160;&#160;&#160; Thomas
Visone</font></p>

<p style="margin:0in;margin-top:.1pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Mary
Ann Olson</font></p>

<p style="margin:0in;margin-top:.1pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font color=black face="Times New Roman" lang=ES style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Todd Blasiak</font></p>

<p style="margin:0in;margin-top:.1pt;"><font color=black face="Times New Roman" lang=ES style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Lisa
Irizarry</font></p>

<p style="margin:0in;margin-top:.1pt;"><font color=black face="Times New Roman" lang=ES style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Michael
Jentis</font></p>

<p style="margin:0in;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.7pt;vertical-align:baseline;">Telephone: &#160;&#160;&#160;&#160; (212) 449-7358
(Visone/Blasiak/Irizarry)</font></p>

<p style="margin:0in;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.7pt;vertical-align:baseline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (212) 449-8300
(Jentis)</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.0in;margin-right:0in;margin-top:.2pt;text-indent:-1.0in;"><font color=black face="Times New Roman" lang=FR style="font-size:12.0pt;line-height:13.75pt;vertical-align:baseline;">Email:
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font color=blue face="Times New Roman" lang=FR style="font-size:12.0pt;line-height:13.75pt;text-decoration:none;vertical-align:baseline;">thomas.visone@bofa.com</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.0in;margin-right:0in;margin-top:.2pt;text-indent:-1.0in;"><font color=blue face="Times New Roman" lang=FR style="font-size:12.0pt;line-height:13.75pt;vertical-align:baseline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font color=blue face="Times New Roman" lang=FR style="font-size:11.0pt;line-height:13.75pt;text-decoration:none;vertical-align:baseline;">mary.ann.olson@bofa.com</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.0in;margin-right:0in;margin-top:.2pt;text-indent:-1.0in;"><font color=blue face="Times New Roman" lang=FR style="font-size:12.0pt;line-height:13.75pt;vertical-align:baseline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font color=blue face="Times New Roman" lang=FR style="font-size:11.0pt;line-height:13.75pt;text-decoration:none;vertical-align:baseline;">todd.blasiak@bofa.com</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.0in;margin-right:0in;margin-top:.2pt;text-indent:-1.0in;"><font color=blue face="Times New Roman" lang=FR style="font-size:12.0pt;line-height:13.75pt;vertical-align:baseline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font color=blue face="Times New Roman" lang=FR style="font-size:11.0pt;line-height:13.75pt;text-decoration:none;vertical-align:baseline;">lisa.m.irizarry@bofa.com</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.0in;margin-right:0in;margin-top:.2pt;text-indent:-1.0in;"><font color=blue face="Times New Roman" lang=FR style="font-size:12.0pt;line-height:13.75pt;vertical-align:baseline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font color=blue face="Times New Roman" lang=FR style="font-size:11.0pt;line-height:13.75pt;text-decoration:none;vertical-align:baseline;">michael.jentis@bofa.com</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.0in;margin-right:0in;margin-top:.2pt;text-indent:-1.0in;"><font color=blue face="Times New Roman" lang=FR style="font-size:11.0pt;line-height:13.75pt;vertical-align:baseline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; tommy.murray@bofa.com</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.0in;margin-right:0in;margin-top:.2pt;text-indent:-1.0in;"><font color=blue face="Times New Roman" lang=FR style="font-size:12.0pt;line-height:13.75pt;vertical-align:baseline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font color=blue face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.75pt;vertical-align:baseline;">dg.temm@bofa.com</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.0in;margin-right:0in;margin-top:.2pt;text-indent:-1.0in;"><font color=blue face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.75pt;vertical-align:baseline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></p>

<p style="margin:0in;margin-top:14.0pt;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.6pt;vertical-align:baseline;">Banc of America
Preferred Fund Corporation</font></b></p>

<p style="margin:0in;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.5pt;vertical-align:baseline;">One Bryant Park</font></p>

<p style="margin:0in;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.1pt;line-height:13.55pt;vertical-align:baseline;">1111 Avenue of the
Americas, 9<sup>th</sup> Floor</font></p>


</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_70"></a><a name="_bclPageBorder70"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p style="margin:0in;margin-top:.25pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">New
York, New York 10036</font></p>

<p style="margin:0in;margin-top:.1pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">Attention: &#160;&#160;&#160;&#160;&#160;&#160; Thomas
Visone</font></p>

<p style="margin:0in;margin-top:.1pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Mary
Ann Olson</font></p>

<p style="margin:0in;margin-top:.1pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Todd
Blasiak</font></p>

<p style="margin:0in;margin-top:.1pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Lisa
Irizarry</font></p>

<p style="margin:0in;margin-top:.1pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Michael
Jentis</font></p>

<p style="margin:0in;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.7pt;vertical-align:baseline;">Telephone: &#160;&#160;&#160;&#160; (212) 449-7358
(Visone/Blasiak/Irizarry)</font></p>

<p style="margin:0in;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.7pt;vertical-align:baseline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (212) 449-8300
(Jentis)</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.0in;margin-right:0in;margin-top:.2pt;text-indent:-1.0in;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.75pt;vertical-align:baseline;">Email: &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font color=blue face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.75pt;text-decoration:none;vertical-align:baseline;">thomas.visone@bofa.com</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.0in;margin-right:0in;margin-top:.2pt;text-indent:-1.0in;"><font color=blue face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.75pt;vertical-align:baseline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font color=blue face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:13.75pt;text-decoration:none;vertical-align:baseline;">mary.ann.olson@bofa.com</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.0in;margin-right:0in;margin-top:.2pt;text-indent:-1.0in;"><font color=blue face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.75pt;vertical-align:baseline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font color=blue face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:13.75pt;text-decoration:none;vertical-align:baseline;">todd.blasiak@bofa.com</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.0in;margin-right:0in;margin-top:.2pt;text-indent:-1.0in;"><font color=blue face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.75pt;vertical-align:baseline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font color=blue face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:13.75pt;text-decoration:none;vertical-align:baseline;">lisa.m.irizarry@bofa.com</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.0in;margin-right:0in;margin-top:.2pt;text-indent:-1.0in;"><font color=blue face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.75pt;vertical-align:baseline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font color=blue face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:13.75pt;text-decoration:none;vertical-align:baseline;">michael.jentis@bofa.com</font><font color=blue face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:13.75pt;vertical-align:baseline;"><br>
<br>
</font></p>

<p style="margin:0in;margin-top:13.9pt;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">The Depository Trust
Company <br>
</font></b><font color=blue face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">LensNotice@dtcc.com</font><u><font color=blue face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;"> </font></u><font color=blue face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.8pt;vertical-align:baseline;">&#160;</font></p>

<p style="margin:0in;"><font color=blue face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>










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<DOCUMENT>
<TYPE>INTERNAL CONTROL RPT
<SEQUENCE>3
<FILENAME>NCEN_811-10337_5759591331.txt
<TEXT>
REPORT OF INDEPENDENT REGISTERED PUBLIC
ACCOUNTING FIRM

To the Shareholders and Board of Trustees of BlackRock
California Municipal Income Trust, BlackRock Municipal
2030 Target Term Trust, and BlackRock New York
Municipal Income Trust:

In planning and performing our audits of the financial
statements of BlackRock California Municipal Income Trust,
BlackRock Municipal 2030 Target Term Trust, and
BlackRock New York Municipal Income Trust (the "Funds")
as of and for the year ended July 31, 2021, in accordance with
the standards of the Public Company Accounting Oversight
Board (United States) (PCAOB), we considered the Funds'
internal control over financial reporting, including controls
over safeguarding securities, as a basis for designing our
auditing procedures for the purpose of expressing our opinion
on financial statements and to comply with the requirements
of Form N-CEN, but not for the purpose of expressing an
opinion on the effectiveness of the Funds' internal control
over financial reporting. Accordingly, we express no such
opinion.

The management of the Funds is responsible for establishing
and maintaining effective internal control over financial
reporting. In fulfilling this responsibility, estimates and
judgments by management are required to assess the expected
benefits and related costs of controls. A company's internal
control over financial reporting is a process designed to
provide reasonable assurance regarding the reliability of
financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted
accounting principles. A company's internal control over
financial reporting includes those policies and procedures that
(1) pertain to the maintenance of records that, in reasonable
detail, accurately and fairly reflect the transactions and
dispositions of the assets of the company; (2) provide
reasonable assurance that transactions are recorded as
necessary to permit preparation of financial statements in
accordance with generally accepted accounting principles, and
that receipts and expenditures of the company are being made
only in accordance with authorizations of management and
directors of the company; and (3) provide reasonable
assurance regarding prevention or timely detection of
unauthorized acquisition, use, or disposition of a company's
assets that could have a material effect on the financial
statements.

Because of its inherent limitations, internal control over
financial reporting may not prevent or detect misstatements.
Also, projections of any evaluation of effectiveness to future
periods are subject to the risk that controls may become
inadequate because of changes in conditions or that the degree
of compliance with the policies or procedures may deteriorate.
A deficiency in internal control over financial reporting exists
when the design or operation of a control does not allow
management or employees, in the normal course of
performing their assigned functions, to prevent or detect
misstatements on a timely basis. A material weakness is a
deficiency, or a combination of deficiencies, in internal
control over financial reporting, such that there is a reasonable
possibility that a material misstatement of the company's
annual or interim financial statements will not be prevented or
detected on a timely basis.

Our consideration of the Funds' internal control over financial
reporting was for the limited purpose described in the first
paragraph and would not necessarily disclose all deficiencies
in internal control that might be material weaknesses under
standards established by the PCAOB. However, we noted no
deficiencies in the Funds' internal control over financial
reporting and its operation, including controls for safeguarding
securities, that we consider to be a material weakness, as
defined above, as of July 31, 2021.

This report is intended solely for the information and use of
management and the Board of Trustees of the Funds and the
Securities and Exchange Commission and is not intended to be
and should not be used by anyone other than these specified
parties.

/s/Deloitte & Touche LLP
Boston, Massachusetts
September 21, 2021






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<DOCUMENT>
<TYPE>ADVISORY CONTRACTS
<SEQUENCE>4
<FILENAME>NCEN_811-10337_9107417115.htm
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<p align=right style="margin:0in;text-align:right;"><b><font style=""><b><i><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Execution Version</font></i></b></font></b></p>


</DIV>
<p align=center style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Amendment No. 1 to the Investment Management Agreement</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">This
Amendment No. 1 dated as of April 12, 2021 to the Investment Management
Agreement (as defined below) (the &#8220;</font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Amendment</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8221;) is entered into by and
between BlackRock New York Municipal Income Trust (the &#8220;</font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Trust</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8221;), a
Delaware statutory trust, and BlackRock Advisors, LLC (the &#8220;</font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Advisor</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8221;), a
Delaware limited liability company.&#160; Capitalized terms used herein and not
otherwise defined shall have the meaning as set forth in the Investment
Management Agreement.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">WHEREAS, the
Trust and the Advisor have entered into an Investment Management Agreement
dated September 29, 2006 (the &#8220;</font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Investment Management Agreement</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8221;)
pursuant to which the Advisor agreed to act as </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">investment</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">
advisor to the Trust; and</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">WHEREAS, </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 9 of the Investment Management Agreement provides
that the Trust will pay to the Advisor a monthly fee in arrears at an annual
rate equal to 0.60% of the average weekly value of the Trust&#8217;s Managed Assets;
and</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">WHEREAS, the
Investment Management Agreement provides that the Investment Management
Agreement may be </font><font color=black face="Times New Roman" lang=EN-US style="background:white;font-size:12.0pt;">changed only by an
instrument in writing signed by the party against which enforcement of the
change is sought and any amendment of the Investment Management Agreement shall
be subject to the Investment Company Act of 1940, as amended (the &#8220;</font><u><font color=black face="Times New Roman" lang=EN-US style="background:white;font-size:12.0pt;">1940 Act</font></u><font color=black face="Times New Roman" lang=EN-US style="background:white;font-size:12.0pt;">&#8221;);
and</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">WHEREAS, the
Board of Trustees, including a majority of those Trustees who are not &#8220;interested
persons&#8221; (as such term is defined in the 1940 Act) of the Trust, specifically
approved this Amendment at a meeting held on June 16, 2020.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">NOW, THEREFORE,
the parties hereto, intending to be legally bound, hereby agree as follows:</font></p>

<p style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:5.0pt;text-align:justify;text-indent:-.25in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">1.</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">The Investment Management Agreement is hereby amended by deleting
Section 9 and replacing it with the following: </font></p>

<p style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:5.0pt;text-align:justify;text-indent:.5in;"><font color=black face="Times New Roman" lang=EN-US style="background:white;font-size:12.0pt;">9. &#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font color=black face="Times New Roman" lang=EN-US style="background:white;font-size:12.0pt;">Compensation of the Advisor</font></u><font color=black face="Times New Roman" lang=EN-US style="background:white;font-size:12.0pt;">. The Trust agrees to pay
to the Advisor and the Advisor agrees to accept as full compensation for all
services rendered by the Advisor as such, a monthly fee (the &#8220;</font><u><font color=black face="Times New Roman" lang=EN-US style="background:white;font-size:12.0pt;">Investment
Advisory Fee</font></u><font color=black face="Times New Roman" lang=EN-US style="background:white;font-size:12.0pt;">&#8221;) in arrears at an annual rate equal to 0.55% of the average
weekly value of the Trust&#8217;s Managed Assets. &#8220;</font><u><font color=black face="Times New Roman" lang=EN-US style="background:white;font-size:12.0pt;">Managed Assets</font></u><font color=black face="Times New Roman" lang=EN-US style="background:white;font-size:12.0pt;">&#8221; means the
total assets of the Trust minus the sum of the accrued liabilities (other than
the aggregate indebtedness constituting financial leverage). For any period
less than a month during which this Agreement is in effect, the fee shall be
prorated according to the proportion which such period bears to a full month of
28, 29, 30 or 31 days, as the case may be.</font></p>

<p style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:5.0pt;text-align:justify;text-indent:-.25in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">2.</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Except to the extent supplemented hereby, the Investment Management
Agreement shall remain unchanged and in full force and effect, and is hereby
ratified and confirmed in all respects as supplemented hereby.</font></p>









</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_2"></a><a name="_bclPageBorder2"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">IN WITNESS WHEREOF, the parties
hereto have caused this Amendment No. 1 to the Investment Management Agreement
to be executed by their officers designated below as of the day and year first
above written.</font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td valign=top width=47% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
  </td>
 <td colspan=3 valign=top width=53% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:12.0pt;">BLACKROCK NEW YORK MUNICIPAL
  INCOME TRUST<br>
  <br>
  </font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=47% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=7% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=8% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=38% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=47% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=7% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=8% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=38% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=47% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=7% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:12.0pt;">By:</font></p>
  </td>
 <td colspan=2 valign=top width=46% style="border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:12.0pt;">/s/ John M. Perlowski </font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=47% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=7% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=8% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:12.0pt;">Name:</font></p>
  </td>
 <td valign=top width=38% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:12.0pt;">John M. Perlowski</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=47% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=7% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=8% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:12.0pt;">Title:</font></p>
  </td>
 <td valign=top width=38% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:12.0pt;">President and Chief Executive
  Officer</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=47% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=7% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=8% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=38% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=47% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=7% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=8% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=38% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=47% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
  </td>
 <td colspan=3 valign=top width=53% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:12.0pt;">BLACKROCK ADVISORS, LLC</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=47% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=7% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=8% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=38% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=47% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=7% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=8% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=38% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=47% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=7% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:12.0pt;">By:</font></p>
  </td>
 <td colspan=2 valign=top width=46% style="border-bottom:solid black 1.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:12.0pt;">/s/ Jonathan Diorio </font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=47% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=7% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=8% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:12.0pt;">Name:</font></p>
  </td>
 <td valign=top width=38% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:12.0pt;">Jonathan Diorio</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=47% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=7% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=8% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:12.0pt;">Title:</font></p>
  </td>
 <td valign=top width=38% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:12.0pt;">Managing Director </font></p>
  </td>
 </tr>
</table></div>

<p style="margin:0in;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>




<a name="_bclFooter2"></a><DIV>


<p align=center style="margin:0in;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">[Signature Page to Amendment
No. 1 to BNY Investment Management Agreement]</font></p>


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