Common use of Certain Other Restrictions Clause in Contracts

Certain Other Restrictions. (a) For so long as any Municipal Income Preferred Shares are outstanding, the Trust will not, unless it has received written confirmation from ▇▇▇▇▇'▇ and S&P that any such action would not impair the ratings then assigned by ▇▇▇▇▇'▇ and S&P to Municipal Income Preferred Shares, engage in anyone or more of the following transactions: (i) borrow any money except as may be necessary for the clearance of purchases and sales of portfolio securities and which borrowings shall be repaid within 60 days and not be extended or renewed (provided that no such borrowing will be permitted unless the Trust, after giving effect to such borrowing, maintains ▇▇▇▇▇'▇ Eligible Assets and S&P Eligible Assets at least equal to the Preferred Shares Basic Maintenance Amount); (ii) lend portfolio securities; (iii) designate a new Pricing Service; (iv) engage in short sales; (v) merge or consolidate with any other entity; (vi) engage in reverse repurchase agreements; or (vii) issue a class or series of shares of beneficial interest ranking prior to or on a parity with the Municipal Income Preferred Shares with respect to payment of dividends or the distribution of assets on liquidation. (b) For so long as Municipal Income Preferred Shares are rated by ▇▇▇▇▇'▇ or S&P, the Trust shall give to ▇▇▇▇▇'▇ or S&P, as the case may be, prompt written notice of the following circumstances: (i) any change to the Declaration of Trust or Article 12 of the By-laws; (ii) any failure to declare or pay any dividend on the Municipal Income Preferred Shares; (iii) any mandatory or optional redemption of the Municipal Income Preferred Shares; (iv) any assumption of control of the Trustees by the Holders of Municipal Income Preferred Shares pursuant to Section 6(b) of this Part I; (v) in the event the Trust shall not be a party to a pricing services agreement and dealer quotes on assets are not available; (vi) in the event that the Applicable Dividend Rate equals or exceeds 95% of the applicable Reference Rate; (vii) any person owning of record more than 5% of the Trust's Common Shares; (viii) a change in Internal Revenue Service rules on Additional Dividends relating to the operation of the Trust; and (ix) ▇▇▇▇▇▇ Investment Management, Inc. is no longer the Trust's investment manager.

Certain Other Restrictions. (a) For so long as any Municipal Income Preferred Shares shares of RP are outstanding, the Trust will not, unless it has received written confirmation from ▇▇▇▇▇'▇ Moody's and S&P that any such action would not impair the ratings then assigned by ▇▇▇▇ ▇▇'▇ signed by Moody's and S&P to Municipal Income Preferred Sharesany shares of RP, engage in anyone any one or more of the following ▇▇▇ ▇▇▇lowing transactions: (i) borrow any money except as may be necessary for the clearance of purchases and sales of portfolio securities and which borrowings shall be repaid within 60 days and not be extended or renewed (provided that no such borrowing will be permitted unless the Trust, after giving effect to such borrowing, maintains Moody's Eligible Assets and S&P Eligibl▇ ▇▇▇▇▇'▇ Eligible Assets and S&P Eligible Assets s at least equal to the Preferred Shares RP Basic Maintenance Amount); (ii) lend portfolio securities; (iii) designate a new Pricing Service; (iv) engage in short sales; (v) merge or consolidate with any other entity; (vi) engage in reverse repurchase agreements; or (vii) issue a class or series of shares of beneficial interest ranking prior to or on a parity with the Municipal Income Preferred Shares RP with respect to payment of dividends or the distribution of assets on liquidation. (b) For so long as Municipal Income Preferred Shares any shares of RP are rated by ▇▇▇▇▇'▇ Moody's or S&P, the Trust shall give to ▇▇▇▇▇'▇ Moody's or S&P, as the case may becas▇ ▇▇▇ ▇e, prompt written notice of the following f▇▇▇▇▇▇▇g circumstances: (i) any change to the Declaration of Trust or Article 12 of the By-lawsBylaws; (ii) any failure to declare or pay any dividend on the Municipal Income Preferred Sharesshares of RP; (iii) any mandatory or optional redemption of the Municipal Income Preferred Sharesshares of RP; (iv) any assumption of control of the Trustees by the Holders of Municipal Income Preferred Shares shares of RP pursuant to Section 6(b) of this Part II of Section 12.1; (v) in the event the Trust shall not be a party to a pricing services agreement and dealer quotes on assets are not available; (vi) in the event that the Applicable Dividend Rate equals or exceeds 95% of the applicable Reference Rate; (vii) any person owning of record more than 5% of the Trust's Common Shares; (viii) a change in Internal Revenue Service rules on Additional Dividends relating to the operation of the Trust; and (ix) ▇▇▇▇▇▇ Putnam Investment Management, Inc. is no longer the Trust's investment manager.

Certain Other Restrictions. (a) For so long as any Municipal Income Preferred Shares shares of ATP Series C are outstandingOutstanding and Moody's, Fitch or any Other Rating Agency which so requires is then rating such shares, the Trust Corporation will not, unless it has received written confirmation from Moody's (if ▇▇▇▇▇'▇ is then rating ATP Series C), Fitch (if Fitch is then rating ATP Series C) and S&P (if applicable) such Other Rating Agency that any such action would not impair the ratings rating then assigned by ▇▇▇▇▇'▇ and S&P such rating agency to Municipal Income Preferred SharesATP Series C, engage in anyone any one or more of the following transactions: (ia) purchase or sell futures contracts or options thereon with respect to portfolio securities or write unsecured put or uncovered call options on portfolio securities, engage in options transactions involving cross-hedging, or enter into any swap transaction; (b) borrow any money, except that the Corporation may, without obtaining the written confirmation described above, borrow money except as may be necessary for the clearance purpose of purchases and sales of portfolio clearing securities and which borrowings shall be repaid within 60 days and not be extended or renewed (transactions; provided that no such borrowing will the ATP Basic Maintenance Amount would continue to be permitted unless the Trust, satisfied after giving effect to such borrowing, maintains ▇▇▇▇▇'▇ Eligible Assets borrowing and S&P Eligible Assets at least equal to if the Preferred Shares Basic Maintenance Amount)borrowing matures in not more than 60 days and is non-redeemable; (iic) lend portfolio securities; except in connection with a refinancing of the ATP (iii) designate a new Pricing Service; (iv) engage in short sales; (v) merge or consolidate with including the ATP Series C), issue any other entity; (vi) engage in reverse repurchase agreements; or (vii) issue a class or series of shares of beneficial interest stock ranking prior to or on a parity with the Municipal Income Preferred Shares ATP Series C with respect to the payment of dividends or the distribution of assets on liquidation.upon dissolution, liquidation or winding up of the Corporation, or reissue any shares of ATP Series C previously purchased or redeemed by the Corporation; (bd) engage in any short sales of securities; (e) lend portfolio securities; or (f) merge or consolidate into or with any other corporation. For purposes of valuation of Moody's Eligible Assets and Fitch Eligible Assets: (A) if the Corporation writes a call option, the underlying asset will be valued as follows: (1) if the option is exchange-traded and may be offset readily or if the option expires before the earliest possible redemption of ATP Series C, at the lower of the Discounted Value of the underlying security of the option and the exercise price of the option or (2) otherwise, it has no value; (B) if the Corporation writes a put option. the underlying asset Will be valued as follows: the lesser of (1) exercise price and (2) the Discounted Value of the underlying security; and (C) call or put option contracts which the Corporation buys have no value. For so long as Municipal Income Preferred Shares are ATP Series C is rated by Moody's or Fitch: (A) the Corporation will not engage in options transactions for leveraging or speculative purposes; (B) the Corporation will not write or sell any anticipatory contracts pursuant to which the Corporation ▇▇▇▇▇▇ the anticipated purchase of an asset prior to completion of such purchase; (C) the Corporation will not enter into an !option transaction with respect to portfolio securities unless, after giving effect thereto, the Corporation would continue to have Eligible Assets with an aggregate Discounted Value equal to or greater than the ATP Basic Maintenance Amount; (D) the Corporation will not enter into an option transaction with respect to portfolio securities unless after giving effect to such transaction the Corporation would continue to be in compliance with the provisions relating to the ATP Basic Maintenance Amount; (E) for purposes of the ATP Basic Maintenance Amount assets in margin accounts are not Eligible Assets; (F) the Corporation shall write only exchange-traded options on exchanges approved by Moody's if ▇▇▇▇▇'▇ or S&Pis then rating ATP Series C) and Fitch (if Fitch is then rating ATP Series C); (G) where delivery may be made to the Corporation with any of a class of securities, the Trust Corporation shall give to ▇▇▇▇▇'▇ or S&P, as the case may be, prompt written notice assume for purposes of the following circumstances: ATP Basic Maintenance Amount that it takes delivery of that security which yields it the least value; (iH) any change to the Declaration of Trust or Article 12 Corporation will not engage in forward contracts; and (I) there shall be a quarterly audit made of the By-laws; (ii) any failure to declare or pay any dividend on the Municipal Income Preferred Shares; (iii) any mandatory or optional redemption of the Municipal Income Preferred Shares; (iv) any assumption of control of the Trustees Corporation's options transactions by the Holders of Municipal Income Preferred Shares pursuant Corporation's independent accountants to Section 6(b) of this Part I; (v) in the event the Trust shall not be a party to a pricing services agreement and dealer quotes on assets are not available; (vi) in the event confirm that the Applicable Dividend Rate equals or exceeds 95% of the applicable Reference Rate; (vii) any person owning of record more than 5% of the Trust's Common Shares; (viii) a change Corporation is in Internal Revenue Service rules on Additional Dividends relating to the operation of the Trust; and (ix) ▇▇▇▇▇▇ Investment Management, Inc. is no longer the Trust's investment managercompliance with these standards.

Certain Other Restrictions. (a) For so long as any Municipal Income Preferred Shares shares of ATP are outstandingOutstanding and Moody's, Fitch or any Other Rating Agency which so requires is then rating such shares, the Trust Corporation will not, unless it has received written confirmation from Moody's (if ▇▇▇▇▇'▇ is then rating the ATP), Fitch (if Fitch is then rating the ATP) and S&P (if applicable) such Other Rating Agency that any such action would not impair the ratings rating then assigned by ▇▇▇▇▇'▇ and S&P such rating agency to Municipal Income Preferred Sharesthe ATP, engage in anyone any one or more of the following transactions: (ia) purchase or sell futures contracts or options thereon with respect to portfolio securities or write unsecured put or uncovered call options on portfolio securities, engage in options transactions involving cross-hedging, or enter into any swap transaction; (b) borrow any money, except that the Corporation may, without obtaining the written confirmation described above, borrow money except as may be necessary for the clearance purpose of purchases and sales of portfolio clearing securities and which borrowings shall be repaid within 60 days and not be extended or renewed (transactions; provided that no such borrowing will the ATP Basic Maintenance Amount would continue to be permitted unless the Trust, satisfied after giving effect to such borrowing, maintains ▇▇▇▇▇'▇ Eligible Assets borrowing and S&P Eligible Assets at least equal to if the Preferred Shares Basic Maintenance Amount)borrowing matures in not more than 60 days and is non-redeemable; (ii) lend portfolio securities; (iii) designate a new Pricing Service; (iv) engage in short sales; (v) merge or consolidate with any other entity; (vi) engage in reverse repurchase agreements; or (viic) issue a any class or series of shares of beneficial interest stock ranking prior to or on a parity with the Municipal Income Preferred Shares ATP with respect to the payment of dividends or the distribution of assets on liquidationupon dissolution, liquidation or winding up of the Corporation, or reissue any shares of ATP previously purchased or redeemed by the Corporation; (d) engage in any short sales of securities; (e) lend portfolio securities; or (f) merge or consolidate into or with any other corporation. (b1) if the option is exchange-traded and may be offset, readily or if the option expires before the earliest possible redemption of the ATP, at the lower of the Discounted Value of the underlying security of the option and the exercise price of the option or (2) otherwise, it has no value; (B) if the Corporation writes a put option, the underlying asset will be valued as follows: the lesser of (1) exercise price and (2) the Discounted Value of the underlying security; and (C) call or put option contracts which the Corporation buys have no value. For so long as Municipal Income Preferred Shares ATP are rated by Moody's or Fitch: (A) the Corporation will not engage in options transactions for leveraging or speculative purposes; (B) the Corporation will not write or sell any anticipatory contracts pursuant to which the Corporation ▇▇▇▇▇▇ the anticipated purchase of an asset prior to completion of such purchase; (C) the Corporation will not enter into an option transaction with respect to portfolio securities unless, after giving effect thereto, the Corporation would continue to have Eligible Assets with an aggregate Discounted Value equal to or greater than the ATP Basic Maintenance Amount; (D) the Corporation will not enter into an option transaction with respect to portfolio securities unless after giving effect to such transaction the Corporation would continue to be in compliance with the provisions relating to the ATP Basic Maintenance Amount; (E) for purposes of the ATP Basic Maintenance Amount assets in margin accounts are not Eligible Assets; (F) the Corporation shall write only exchange-traded options on exchanges approved by Moody's (if ▇▇▇▇▇'▇ or S&Pis then rating the ATP) and Fitch (if Fitch is then rating the ATP); (G) where delivery may be made to the Corporation with any of a class of securities, the Trust Corporation shall give to ▇▇▇▇▇'▇ or S&P, as the case may be, prompt written notice assume for purposes of the following circumstances: (i) any change to ATP Basic Maintenance Amount that it takes delivery of that security which yields it the Declaration of Trust or Article 12 of the By-laws; (ii) any failure to declare or pay any dividend on the Municipal Income Preferred Shares; (iii) any mandatory or optional redemption of the Municipal Income Preferred Shares; (iv) any assumption of control of the Trustees by the Holders of Municipal Income Preferred Shares pursuant to Section 6(b) of this Part I; (v) in the event the Trust shall not be a party to a pricing services agreement and dealer quotes on assets are not available; (vi) in the event that the Applicable Dividend Rate equals or exceeds 95% of the applicable Reference Rate; (vii) any person owning of record more than 5% of the Trust's Common Shares; (viii) a change in Internal Revenue Service rules on Additional Dividends relating to the operation of the Trust; and (ix) ▇▇▇▇▇▇ Investment Management, Inc. is no longer the Trust's investment manager.least

Certain Other Restrictions. (a) For Notwithstanding any other provision in this Declaration, for so long as there are any Municipal Income Preferred Shares are outstandingOutstanding ARPS and Moody's, S&P or any Other Rating Agency which so requires is then rating such ARPS, the Trust will not, unless it has received written confirmation from Moody's (if Moody's is then rating ARPS), S&P (if S&P is then rating ARPS) a▇▇ (▇▇▇▇'▇ and S&P applicable) such Other Rating Agency that any such action would not impair the ratings rating then assigned by ▇▇▇▇▇'▇ and S&P such rating agency to Municipal Income Preferred Sharesa Series, engage in anyone any one or more of the following activities or transactions: (ia) borrow any money except as may be necessary for the clearance of purchases and sales of purchase or sell futures contracts or options thereon with respect to portfolio securities and which borrowings shall be repaid within 60 days and not be extended or renewed (provided that no such borrowing will be permitted unless the Trust, after giving effect to such borrowing, maintains ▇▇▇▇▇'▇ Eligible Assets and S&P Eligible Assets at least equal to the Preferred Shares Basic Maintenance Amount); (ii) lend write unsecured put or uncovered call options on portfolio securities; (iii) designate a new Pricing Service; (iv) engage in short sales; (v) merge or consolidate with any other entity; (vi) engage in reverse repurchase agreements; or (viib) issue a class additional ARPS or series of shares of beneficial interest any Shares ranking prior to or on a parity with the Municipal Income Preferred Shares ARPS with respect to the payment of dividends or the distribution of assets on liquidation. (b) For so long as Municipal Income Preferred Shares are rated by ▇▇▇▇▇'▇ upon dissolution, liquidation or S&P, the Trust shall give to ▇▇▇▇▇'▇ or S&P, as the case may be, prompt written notice termination of the following circumstances: (i) any change to the Declaration of Trust or Article 12 of the By-lawsTrust; (iic) engage in any failure to declare or pay any dividend on the Municipal Income Preferred Sharesshort sales of securities; (iiid) merge or consolidate into or with any mandatory or optional redemption of the Municipal Income Preferred Sharesother Person; (ive) utilize any assumption of control of the Trustees by the Holders of Municipal Income Preferred Shares pursuant to Section 6(b) of this Part I; (v) in the event the Trust shall not be a party to a pricing services agreement and dealer quotes on assets are not available; (vi) in the event that the Applicable Dividend Rate equals or exceeds 95% of the applicable Reference Rate; (vii) any person owning of record more service other than 5% of the Trust's Common Shares; (viii) a change in Internal Revenue Service rules on Additional Dividends relating to the operation of the Trust; and (ix) ▇FT Interactive Data, Reuters, Telekurs, Bloomberg Financial Markets, J.J. Kenney Pricing Service, Merrill Lynch Securities Pricing Se▇▇▇▇▇ Investment Management▇▇ ▇▇idge Data Corp., Inc. is no longer o▇ ▇▇▇ ▇t▇▇▇ ▇ricing service then permitted by S&P and Moody's, or fail to notify S&P and Moody's upon a change of the Trust's investment managerthen-current pricing service provider; or (f) enter into any interest rate swap or cap agreement, unless: (1) the value of such agreement is marked to market daily by the counterparty; (2) upon failure of the trust to maintain Eligible Assets with an aggregate Discounted Value at least equal to the ARPS Basic Maintenance Amount, the Trust will have the right to terminate such agreement and the Trust shall terminate such agreement; (3) the counterparty to such agreement agrees that it will not institute against the Trust any bankruptcy, reorganization, insolvency, arrangement or liquidation proceedings under the laws of the United States or any state thereof; and (4) the Trust obtains such rating agency confirmation with respect to any amendment to, or transfer of, such agreement. For purposes of valuation of Moody's Eligible Assets: (A) if the Trust writes a call option, the underlying asset will be valued as follows: (1) if the option is exchange-traded and may be offset readily or if the option expires before the earliest possible redemption of ARPS, at the lower of the Discounted Value of the underlying security of the option and the exercise price of the option or (2) otherwise, it has no value; (B) if the Trust writes a put option, the underlying asset will be valued as follows: the lesser of (1) exercise price and (2) the Discounted Value of the underlying security; and (C) call or put option contracts which the Trust buys have no value. For so long as ARPS are rated by Moody's: (A) the Trust will not engage in options transactions for leveraging or speculative purposes; (B) the Trust will not write or sell any anticipatory contracts pursuant to which the Trust hedges the anticipated purchase of an asset prior to completion ▇▇ ▇▇▇h purchase; (C) the Trust will not enter into an option transaction with respect to portfolio securities unless, after giving effect thereto, the Trust would continue to have Eligible Assets with an aggregate Discounted Value equal to or greater than the ARPS Basic Maintenance Amount; (D) the Trust will not enter into an option transaction with respect to portfolio securities unless after giving effect to such transaction the Trust would continue to be in compliance with the provisions relating to the ARPS Basic Maintenance Amount; (E) for purposes of the ARPS Basic Maintenance Amount assets in margin accounts are not Eligible Assets; (F) the Trust shall write only exchange-traded options on exchanges approved by Moody's; (G) where delivery may be made to the Trust with any of a class of securities, the Trust shall assume for purposes of the ARPS Basic Maintenance Amount that it takes delivery of that security which yields it the least value; (H) the Trust will not engage in forward contracts; and (I) there shall be a quarterly audit made of the Trust's options transactions by the Trust's independent accountants to confirm that the Trust is in compliance with these standards.