Company: RFMZ
Filing Date: 2025-09-05
Form Type: N-CSR
Source: 0001398344-25-017693
Chunk: 53

Company: RiverNorth Flexible Municipal Income Fund II, Inc.
Filing Date: 2025-09-05
Form: N-CSR
Chunk 53
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 outstanding for 86 days during
the period. There was no outstanding balance on the BNP Credit Agreement as of June 30, 2025.

RiverNorth Flexible Municipal Income Fund II, Inc.

Under the 1940 Act, the Fund is not permitted
to incur indebtedness unless immediately after doing so the Fund has an asset coverage of at least 300% of the aggregate outstanding principal
balance of indebtedness (i.e., such indebtedness may not exceed 33 1/3% of the value of the Fund’s total assets including the amount
borrowed). Additionally, under the 1940 Act, the Fund may not declare any dividend or other distribution upon any class of its shares,
or purchase any such shares, unless the aggregate indebtedness of the Fund has, at the time of the declaration of any such dividend or
distribution or at the time of any such purchase, asset coverage of at least 300% after deducting the amount of such dividend, distribution,
or purchase price, as the case may be. Under the 1940 Act, the Fund is not permitted to issue Preferred Shares unless immediately after
such issuance the total asset value of the Fund’s portfolio is at least 200% of the liquidation value of the outstanding Preferred
Shares (i.e., such liquidation value may not exceed 50% of the Fund’s Managed Assets). In addition, the Fund is not permitted to
declare any cash dividend or other distribution on its Common Shares unless, at the time of such declaration, the NAV of the Fund’s
portfolio (determined after deducting the amount of such dividend or other distribution) is at least 200% of such liquidation value of
the Preferred Shares. However, certain short-term borrowings (such as for cash management purposes) are not subject to the 33 1/3% limitation
if (i) repaid within 60 days, (ii) not extended or renewed and (iii) not in excess of 5% of the total assets of the Fund. Normally, holders
of Common Shares will elect the directors of the Fund except that the holders of any Preferred Shares will elect two directors. In the
event the Fund failed to pay dividends on its Preferred Shares for two years, holders of Preferred Shares would be entitled to elect a
majority of the directors until the dividends are paid.

The Fund may be subject to certain restrictions
on investments imposed by lenders or by one or more rating agencies that may issue ratings for any senior securities