CUSTODIAN CONTRACT

      This Contract is made as of January 4, 2006 between BlackRock Long-Term
Municipal Advantage Trust, a statutory trust organized and existing under the
laws of the State of Delaware, having its principal place of business at 100
Bellevue Parkway, Wilmington, Delaware 19809, hereinafter called the "Fund", and
State Street Bank and Trust Company, a Massachusetts trust company, having its
principal place of business at 225 Franklin Street, Boston, Massachusetts,
02110, hereinafter called the "Custodian."

      WITNESSETH: That in consideration of the mutual covenants and agreements
hereinafter contained, the parties hereto agree as follows:

1.    Employment of Custodian and Property to be Held by It

      The Fund hereby employs the Custodian as the custodian of its assets
pursuant to the provisions of the Fund's agreement and declaration of trust (the
"Declaration of Trust"). The Fund agrees to deliver to the Custodian all
securities and cash owned by it, and all payments of income, payments of
principal or capital distributions received by it with respect to all securities
owned by the Fund from time to time, and the cash consideration received by it
for such new or treasury shares of beneficial interest ("Shares") of the Fund as
may be issued or sold from time to time. The Custodian shall not be responsible
for any property of the Fund held or received by the Fund and not delivered to
the Custodian.

      Upon receipt of "Proper Instructions" (within the meaning of Article 4),
the Custodian shall from time to time employ one or more sub-custodians, but
only in accordance with an applicable vote by the board of trustees of the Fund
(the "Board of Trustees"), and provided that the Custodian shall have no more or
less responsibility or liability to the Fund on account of any actions or
omissions of any sub-custodian so employed than any such sub-custodian has to
the Custodian.

2.    Duties of the Custodian with Respect to Property of the Fund Held By the
      Custodian

2.1   Holding Securities. The Custodian shall hold and physically segregate for
      the account of the Fund all non-cash property, including all securities
      owned by the Fund, other than (a) securities which are maintained pursuant
      to Section 2.8 in a clearing agency registered with the Securities and
      Exchange Commission (the "SEC") under Section 17A of the Securities
      Exchange Act of 1934 (the "Exchange Act"), which acts as a securities
      depository, or in the book-entry system authorized by the U.S. Department
      of the Treasury and certain federal agencies (each, a "Securities System")
      and (b) commercial paper of an issuer for which State Street Bank and
      Trust Company acts as issuing and paying agent ("Direct Paper") which is
      deposited and/or maintained in the Direct Paper System of the Custodian
      (the "Direct Paper System") pursuant to Section 2.9.




2.2   Delivery of Securities. The Custodian shall release and deliver securities
      owned by the Fund held by the Custodian or in a Securities System account
      of the Custodian ("Securities System Account") or in the Custodian's
      Direct Paper book entry system account ("Direct Paper System Account")
      only upon receipt of Proper Instructions, which may be continuing
      instructions when deemed appropriate by the parties, and only in the
      following cases:

      1)    Upon sale of such securities for the account of the Fund and receipt
            of payment therefor;

      2)    Upon the receipt of payment in connection with any repurchase
            agreement related to such securities entered into by the Fund;

      3)    In the case of a sale effected through a Securities System, in
            accordance with the provisions of Section 2.8 hereof;

      4)    To the depository agent in connection with tender or other similar
            offers for securities of the Fund;

      5)    To the issuer thereof or its agent when such securities are called,
            redeemed, retired or otherwise become payable; provided that, in any
            such case, the cash or other consideration is to be delivered to the
            Custodian;

      6)    To the issuer thereof, or its agent, for transfer into the name of
            the Fund or into the name of any nominee or nominees of the
            Custodian or into the name or nominee name of any agent appointed
            pursuant to Section 2.7 or into the name or nominee name of any
            sub-custodian appointed pursuant to Article 1; or for exchange for a
            different number of bonds, certificates or other evidence
            representing the same aggregate face amount or number of units;
            provided that, in any such case, the new securities are to be
            delivered to the Custodian;

      7)    Upon the sale of such securities for the account of the Fund, to the
            broker or its clearing agent, against a receipt, for examination in
            accordance with "street delivery" custom; provided that in any such
            case, the Custodian shall have no responsibility or liability for
            any loss arising from the delivery of such securities prior to
            receiving payment for such securities except as may arise from the
            Custodian's own negligence or willful misconduct;

      8)    For exchange or conversion pursuant to any plan of merger,
            consolidation, recapitalization, reorganization or readjustment of
            the securities of the issuer of such securities, or pursuant to
            provisions for conversion contained in such securities, or pursuant
            to any deposit agreement; provided that, in any such case, the new
            securities and cash, if any, are to be delivered to the Custodian;

      9)    In the case of warrants, rights or similar securities, the surrender
            thereof in the exercise of such warrants, rights or similar
            securities or the surrender of interim


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            receipts or temporary securities for definitive securities; provided
            that, in any such case, the new securities and cash, if any, are to
            be delivered to the Custodian;

      10)   For delivery in connection with any loans of securities made by the
            Fund, but only against receipt of adequate collateral as agreed upon
            from time to time by the Custodian and the Fund, which may be in the
            form of cash or obligations issued by the United States government,
            its agencies or instrumentalities, except that in connection with
            any loans for which collateral is to be credited to the Custodian's
            account in the book-entry system authorized by the U.S. Department
            of the Treasury, the Custodian will not be held liable or
            responsible for the delivery of securities owned by the Fund prior
            to the receipt of such collateral;

      11)   For delivery as security in connection with any borrowings by the
            Fund requiring a pledge of assets by the Fund, but only against
            receipt of amounts borrowed;

      12)   For delivery in accordance with the provisions of any agreement
            among the Fund, the Custodian and a broker-dealer registered under
            the Exchange Act and a member of The National Association of
            Securities Dealers, Inc. ("NASD"), relating to compliance with the
            rules of The Options Clearing Corporation and of any registered
            national securities exchange, or of any similar organization or
            organizations, regarding escrow or other arrangements in connection
            with transactions by the Fund;

      13)   For delivery in accordance with the provisions of any agreement
            among the Fund, the Custodian, and a Futures Commission Merchant
            registered under the Commodity Exchange Act, relating to compliance
            with the rules of the Commodity Futures Trading Commission (the
            "CFTC") and/or any Contract Market, or any similar organization or
            organizations, regarding account deposits in connection with
            transactions by the Fund;

      14)   For any other proper purpose, but only upon receipt of Proper
            Instructions specifying the securities of the Fund to be delivered,
            setting forth the purpose for which such delivery is to be made,
            declaring such purpose to be a proper purpose, and naming the person
            or persons to whom delivery of such securities shall be made.

2.3   Registration of Securities. Securities held by the Custodian (other than
      bearer securities) shall be registered in the name of the Fund or in the
      name of any nominee of the Fund or of any nominee of the Custodian which
      nominee shall be assigned exclusively to the Fund, unless the Fund has
      authorized in writing the appointment of a nominee to be used in common
      with other registered investment companies having the same investment
      adviser as the Fund, or in the name or nominee name of any agent appointed
      pursuant to Section 2.7 or in the name or nominee name of any
      sub-custodian appointed pursuant to Article 1. All securities accepted by
      the Custodian on behalf of the Fund under the terms of this Contract shall
      be in "street name" or other good delivery form. If, however, the Fund
      directs the Custodian to maintain securities in "street name", the
      Custodian shall utilize its best efforts only to timely collect income due
      the Fund on such securities and to notify the Fund on a


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      best efforts basis only of relevant corporate actions including, without
      limitation, pendency of calls, maturities, tender or exchange offers.

2.4   Bank Accounts. The Custodian shall open and maintain a separate bank
      account or accounts in the name of the Fund, subject only to draft or
      order by the Custodian acting pursuant to the terms of this Contract, and
      shall hold in such account or accounts, subject to the provisions hereof,
      all cash received by it from or for the account of the Fund, other than
      cash maintained by the Fund in a bank account established and used in
      accordance with Rule 17f-3 under the Investment Company Act of 1940, as
      amended (the "1940 Act"). Funds held by the Custodian for the Fund may be
      deposited by it to its credit as Custodian in the banking department of
      the Custodian or in such other banks or trust companies as it may in its
      discretion deem necessary or desirable; provided, however, that every such
      bank or trust company shall be qualified to act as a custodian under the
      1940 Act and that each such bank or trust company and the funds to be
      deposited with each such bank or trust company shall be approved by vote
      of a majority of the Board of Trustees of the Fund. Such funds shall be
      deposited by the Custodian in its capacity as Custodian and shall be
      withdrawable by the Custodian only in that capacity.

2.5   Collection of Income. Subject to the provisions of Section 2.3, the
      Custodian shall collect on a timely basis all income and other payments
      with respect to registered securities held hereunder to which the Fund
      shall be entitled either by law or pursuant to custom in the securities
      business, and shall collect on a timely basis all income and other
      payments with respect to bearer securities if, on the date of payment by
      the issuer, such securities are held by the Custodian or its agent thereof
      and shall credit such income, as collected, to the Fund's custodian
      account. Without limiting the generality of the foregoing, the Custodian
      shall detach and present for payment all coupons and other income items
      requiring presentation as and when they become due and shall collect
      interest when due on securities held hereunder. Income due the Fund on
      securities loaned pursuant to the provisions of Section 2.2 (10) shall be
      the responsibility of the Fund. The Custodian will have no duty or
      responsibility in connection therewith, other than to provide the Fund
      with such information or data as may be necessary to assist the Fund in
      arranging for the timely delivery to the Custodian of the income to which
      the Fund is properly entitled.

2.6   Payment of Fund Monies. Upon receipt of Proper Instructions, which may be
      continuing instructions when deemed appropriate by the parties, the
      Custodian shall pay out monies of the Fund in the following cases only:

      1)    Upon the purchase of securities, options, futures contracts or
            options on futures contracts for the account of the Fund but only
            (a) against the delivery of such securities or evidence of title to
            such options, futures contracts or options on futures contracts to
            the Custodian (or any bank, banking firm or trust company doing
            business in the United States or abroad which is qualified under the
            1940 Act to act as a custodian and has been designated by the
            Custodian as its agent for this purpose) registered in the name of
            the Fund or in the name of a nominee of the Custodian referred to in
            Section 2.3 hereof or in proper form for transfer; (b) in the case
            of a purchase effected through a Securities System, in accordance
            with the conditions set


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            forth in Section 2.8 hereof; (c) in the case of a purchase involving
            the Direct Paper System, in accordance with the conditions set forth
            in Section 2.11; (d) in the case of repurchase agreements entered
            into between the Fund and the Custodian, or another bank, or a
            broker-dealer which is a member of NASD, (i) against delivery of the
            securities either in certificate form or through an entry crediting
            the Custodian's account at the Federal Reserve Bank with such
            securities or (ii) against delivery of the receipt evidencing
            purchase by the Fund of securities owned by the Custodian along with
            written evidence of the agreement by the Custodian to repurchase
            such securities from the Fund or (e) for transfer to a time deposit
            account of the Fund in any bank; such transfer may be effected prior
            to receipt of a confirmation from a broker and/or the applicable
            bank pursuant to Proper Instructions as defined in Article 4;

      2)    In connection with conversion, exchange or surrender of securities
            owned by the Fund as set forth in Section 2.2 hereof;

      3)    For the payment of any expense or liability incurred by the Fund,
            including but not limited to the following payments for the account
            of the Fund: interest, taxes, management fees, accounting fees,
            transfer agent and legal fees, and operating expenses of the Fund
            whether or not such expenses are to be in whole or part capitalized
            or treated as deferred expenses;

      4)    For the payment of any dividends declared pursuant to the governing
            documents of the Fund;

      5)    For payment of the amount of dividends received in respect of
            securities sold short;

      6)    For any other proper purpose, but only upon receipt of Proper
            Instructions specifying the amount of such payment, setting forth
            the purpose for which such payment is to be made, declaring such
            purpose to be a proper purpose, and naming the person or persons to
            whom such payment is to be made.

2.7   Appointment of Agents. The Custodian may at any time or times in its
      discretion appoint (and may at any time remove) any other bank or trust
      company which is itself qualified under the 1940 Act to act as a
      custodian, as its agent to carry out such of the provisions of this
      Article 2 as the Custodian may from time to time direct; provided,
      however, that the appointment of any agent shall not relieve the Custodian
      of its responsibilities or liabilities hereunder.

2.8   Deposit of Securities in Securities Systems. The Custodian may deposit
      and/or maintain securities owned by the Fund in a Securities System in
      compliance with the conditions of Rule 17f-4 under the 1940 Act, as
      amended from time to time.

2.9   Fund Assets Held in the Custodian's Direct Paper System. The Custodian may
      deposit and/or maintain securities owned by the Fund in the Direct Paper
      System of the Custodian subject to the following provisions:


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      1)    No transaction relating to securities in the Direct Paper System
            will be effected in the absence of Proper Instructions;

      2)    The Custodian may keep securities of the Fund in the Direct Paper
            System only if such securities are represented in Direct Paper
            System Account which shall not include any assets of the Custodian
            other than assets held as a fiduciary, custodian or otherwise for
            customers;

      3)    The records of the Custodian with respect to securities of the Fund
            which are maintained in the Direct Paper System shall identify by
            book-entry those securities belonging to the Fund;

      4)    The Custodian shall pay for securities purchased for the account of
            the Fund upon the making of an entry on the records of the Custodian
            to reflect such payment and transfer of securities to the account of
            the Fund. The Custodian shall transfer securities sold for the
            account of the Fund upon the making of an entry on the records of
            the Custodian to reflect such transfer and receipt of payment for
            the account of the Fund;

      5)    The Custodian shall furnish the Fund confirmation of each transfer
            to or from the account of the Fund, in the form of a written advice
            or notice, of Direct Paper on the next business day following such
            transfer and shall furnish to the Fund copies of daily transaction
            sheets reflecting each day's transaction in the Securities System
            for the account of the Fund;

      6)    The Custodian shall provide the Fund with any report on its system
            of internal accounting control as the Fund may reasonably request
            from time to time.

2.10  Segregated Account. The Custodian shall upon receipt of Proper
      Instructions from the Fund establish and maintain a segregated account or
      accounts for and on behalf of the Fund, into which account or accounts may
      be transferred cash and/or securities, including securities maintained in
      an account by the Custodian pursuant to Section 2.8 hereof, (i) in
      accordance with the provisions of any agreement among the Fund, the
      Custodian and a broker-dealer registered under the Exchange Act and a
      member of the NASD (or any futures commission merchant registered under
      the Commodity Exchange Act), relating to compliance with the rules of The
      Options Clearing Corporation and of any registered national securities
      exchange (or the CFTC or any registered contract market), or of any
      similar organization or organizations, regarding escrow or other
      arrangements in connection with transactions by the Fund, (ii) for
      purposes of segregating cash or government securities in connection with
      options purchased, sold or written by the Fund or commodity futures
      contracts or options thereon purchased or sold by the Fund, (iii) for the
      purposes of compliance by the Fund with the procedures required by
      Investment Company Act Release No. 10666, or any subsequent release or
      releases of the SEC relating to the maintenance of segregated accounts by
      registered investment companies and (iv) for other proper purposes, but
      only, in the case of


                                       6.



      clause (iv), upon receipt of Proper Instructions from the Fund setting
      forth the purpose or purposes of such segregated account and declaring
      such purposes to be proper purposes.

2.11  Ownership Certificates for Tax Purposes. The Custodian shall execute
      ownership and other certificates and affidavits for all federal and state
      tax purposes in connection with receipt of income or other payments with
      respect to securities of the Fund held by it and in connection with
      transfers of such securities.

2.12  Proxies. The Custodian shall, with respect to the securities held
      hereunder, cause to be promptly executed by the registered holder of such
      securities, if the securities are registered otherwise than in the name of
      the Fund or a nominee of the Fund, all proxies, without indication of the
      manner in which such proxies are to be voted, and shall promptly deliver
      to the Fund such proxies, all proxy soliciting materials and all notices
      relating to such securities.

2.13  Communications Relating to Fund Securities. Subject to the provisions of
      Section 2.3, the Custodian shall transmit promptly to the Fund all written
      information (including, without limitation, pendency of calls and
      maturities of securities and expirations of rights in connection therewith
      and notices of exercise of call and put options written by the Fund and
      the maturity of futures contracts purchased or sold by the Fund) received
      by the Custodian from issuers of the securities being held for the Fund.
      With respect to tender or exchange offers, the Custodian shall transmit
      promptly to the Fund all written information received by the Custodian
      from issuers of the securities whose tender or exchange is sought and from
      the party (or his agents) making the tender or exchange offer. If the Fund
      desires to take action with respect to any tender offer, exchange offer or
      any other similar transaction, the Fund shall notify the Custodian at
      least three business days prior to the date on which the Custodian is to
      take such action.

2.14  Reports to Fund by Independent Public Accountants The Custodian shall
      provide the Fund, at such times as the Fund may reasonably require, with
      reports by independent public accountants on the accounting system,
      internal accounting control and procedures for safeguarding securities,
      futures contracts and options on futures contracts, including securities
      deposited and/or maintained in a Securities System, relating to the
      services provided by the Custodian under this Contract; such reports,
      shall be of sufficient scope and in sufficient detail, as may reasonably
      be required by the Fund, to provide reasonable assurance that any material
      inadequacies would be disclosed by such examination, and, if there are no
      such inadequacies, the reports shall so state.


                                       7.



3.    Payments for Sales or Repurchases or Redemptions of Shares

      The Custodian shall receive from the distributor of the Shares or from the
Fund's Transfer Agent (the "Transfer Agent") and deposit into the account of the
Fund such payments as are received for Shares thereof issued or sold from time
to time by the Fund. The Custodian will provide timely notification to the Fund
and the Transfer Agent of any receipt by it of payments for Shares of the Fund.

      From such funds as may be available for the purpose, the Custodian shall,
upon receipt of instructions from the Transfer Agent, make funds available for
payment to holders of Shares who have delivered to the Transfer Agent a request
for redemption or repurchase of their Shares. In connection with the redemption
or repurchase of Shares, the Custodian is authorized upon receipt of
instructions from the Transfer Agent to wire funds to or through a commercial
bank designated by the redeeming shareholders. In connection with the redemption
or repurchase of Shares, the Custodian shall honor checks drawn on the Custodian
by a holder of Shares, which checks have been furnished by the Fund to the
holder of Shares, when presented to the Custodian in accordance with such
procedures and controls as are mutually agreed upon from time to time between
the Fund and the Custodian.

4.    Proper Instructions

      Proper Instructions as used throughout this Contract means a writing
signed or initialed by one or more person or persons as the Board of Trustees
shall have from time to time authorized. Each such writing shall set forth the
specific transaction or type of transaction involved, including a specific
statement of the purpose for which such action is requested. Oral instructions
will be considered Proper Instructions if the Custodian reasonably believes them
to have been given by a person authorized to give such instructions with respect
to the transaction involved. The Fund shall cause all oral instructions to be
confirmed in writing. Proper Instructions may include communications effected
directly between electro-mechanical or electronic devices provided that the
instructions are consistent with the security procedures agreed to by the Fund
and the Custodian including, but not limited to, the security procedures
selected by the Fund on the Funds Transfer Addendum to this Contract. For
purposes of this Article, Proper Instructions shall include instructions
received by the Custodian pursuant to any three-party agreement which requires a
segregated asset account in accordance with Section 2.10.

5.    Actions Permitted without Express Authority

      The Custodian may in its discretion, without express authority from the
Fund:

      1)    make payments to itself or others for minor expenses of handling
            securities or other similar items relating to its duties under this
            Contract, provided that all such payments shall be accounted for to
            the Fund;

      2)    surrender securities in temporary form for securities in definitive
            form;


                                       8.



      3)    endorse for collection, in the name of the Fund, checks, drafts and
            other negotiable instruments; and

      4)    in general, attend to all non-discretionary details in connection
            with the sale, exchange, substitution, purchase, transfer and other
            dealings with the securities and property of the Fund except as
            otherwise directed by the Board of Trustees.

6.    Evidence of Authority

      The Custodian shall be protected in acting upon any instructions, notice,
request, consent, certificate or other instrument or paper believed by it to be
genuine and to have been properly executed by or on behalf of the Fund. The
Custodian may receive and accept a certified copy of a vote of the Board of
Trustees as conclusive evidence (a) of the authority of any person to act in
accordance with such vote or (b) of any determination or of any action by the
Board of Trustees pursuant to the Declaration of Trust as described in such
vote, and such vote may be considered as in full force and effect until receipt
by the Custodian of written notice to the contrary.

7.    Duties of Custodian with Respect to the Books of Account and Calculation
      of Net Asset Value and Net Income

      The Custodian shall cooperate with and supply necessary information to the
entity or entities appointed by the Board of Trustees to keep the books of
account of the Fund and/or compute the net asset value per share of the
outstanding shares of the Fund or, if directed in writing to do so by the Fund,
shall itself keep such books of account and/or compute such net asset value per
share. If so directed, the Custodian shall also calculate weekly the net income
of the Fund as described in the Fund's registration statement on Form N-2 under
the 1940 Act as filed with the SEC (the "Registration Statement") and shall
advise the Fund and the Transfer Agent weekly of the total amounts of such net
income and, if instructed in writing by an officer of the Fund to do so, shall
advise the Transfer Agent periodically of the division of such net income among
its various components. The calculations of the net asset value per share and
the weekly income of the Fund shall be made at the time or times described from
time to time in the Fund's currently effective Registration Statement.

8.    Records

      The Custodian shall with respect to the Fund create and maintain all
records relating to its activities and obligations under this Contract in such
manner as will meet the obligations of the Fund under the 1940 Act, with
particular attention to Section 31 thereof and Rules 31a-1 and 31a-2 thereunder.
All such records shall be the property of the Fund and shall at all times during
the regular business hours of the Custodian be open for inspection by duly
authorized officers, employees or agents of the Fund and employees and agents of
the SEC. The Custodian shall, at the Fund's request, supply the Fund with a
tabulation of securities owned by the Fund and held by the


                                       9.



Custodian and shall, when requested to do so by the Fund and for such
compensation as shall be agreed upon between the Fund and the Custodian, include
certificate numbers in such tabulations.

9.    Opinion of Fund's Independent Accountants

      The Custodian shall take all reasonable action, as the Fund may from time
to time request, to obtain from year to year favorable opinions from the Fund's
independent accountants with respect to its activities hereunder in connection
with the preparation of the Fund's Registration Statement, and Form N-SAR or
other annual reports to the SEC and with respect to any other requirements of
the SEC.

10.   Compensation of Custodian

      The Custodian shall be entitled to reasonable compensation for its
services and expenses as Custodian, as agreed upon from time to time between the
Fund and the Custodian.

11.   Responsibility of Custodian

      So long as and to the extent that it is in the exercise of reasonable
care, the Custodian shall not be responsible for the title, validity or
genuineness of any property or evidence of title thereto received by it or
delivered by it pursuant to this Contract and shall be held harmless in acting
upon any notice, request, consent, certificate or other instrument reasonably
believed by it to be genuine and to be signed by the proper party or parties,
including any futures commission merchant acting pursuant to the terms of a
three-party futures or options agreement. The Custodian shall be held to the
exercise of reasonable care in carrying out the provisions of this Contract, but
shall be kept indemnified by and shall be without liability to the Fund for any
action taken or omitted by it in good faith without negligence. It shall be
entitled to rely on and may act upon advice of counsel (who may be counsel for
the Fund) on all matters, and shall be without liability for any action
reasonably taken or omitted pursuant to such advice.

      If the Fund requires the Custodian to take any action with respect to
securities, which action involves the payment of money or which action may, in
the opinion of the Custodian, result in the Custodian or its nominee assigned to
the Fund being liable for the payment of money or incurring liability of some
other form, the Fund, as a prerequisite to requiring the Custodian to take such
action, shall provide indemnity to the Custodian in an amount and form
satisfactory to it.

      If the Fund requires the Custodian, its affiliates, subsidiaries or
agents, to advance cash or securities for any purpose (including but not limited
to securities settlements and assumed settlement) or in the event that the
Custodian or its nominee shall incur or be assessed any taxes, charges,
expenses, assessments, claims or liabilities in connection with the performance
of this Contract, except such as may arise from its or its nominee's own
negligent action, negligent failure to act or willful misconduct, any property
at any time held for the account of the Fund shall be security therefor and
should the Fund fail to repay the Custodian promptly, the Custodian shall be


                                       10.



entitled to utilize available cash and to dispose of the Fund's assets to the
extent necessary to obtain reimbursement.

      In no event shall the Custodian be liable for indirect, special or
consequential damages.

12.   Effective Period, Termination and Amendment

      This Contract shall become effective as of the date of its execution,
shall continue in full force and effect until terminated as hereinafter
provided, may be amended at any time by mutual agreement of the parties hereto
and may be terminated by either party by an instrument in writing delivered or
mailed, postage prepaid to the other party, such termination to take effect not
sooner than thirty (30) days after the date of such delivery or mailing;
provided, however, that the Fund shall not amend or terminate this Contract in
contravention of any applicable federal or state regulations, or any provision
of the Declaration of Trust, and further provided, that the Fund may at any time
by action of its Board of Trustees (i) substitute another bank or trust company
for the Custodian by giving notice as described above to the Custodian, or (ii)
immediately terminate this Contract in the event of the appointment of a
conservator or receiver for the Custodian by the Comptroller of the Currency or
upon the happening of a like event at the direction of an appropriate regulatory
agency or court of competent jurisdiction.

      Upon termination of the Contract, the Fund shall pay to the Custodian such
compensation as may be due as of the date of such termination and shall likewise
reimburse the Custodian for its costs, expenses and disbursements.

13.   Successor Custodian

      If a successor custodian shall be appointed by the Board of Trustees, the
Custodian shall, upon termination, deliver to such successor custodian at the
office of the Custodian, duly endorsed and in the form for transfer, all
securities then held by it hereunder and shall transfer to an account of the
successor custodian all of the Fund's securities held in a Securities System.

      If no such successor custodian shall be appointed, the Custodian shall, in
like manner, upon receipt of a certified copy of a vote of the Board of
Trustees, deliver at the office of the Custodian and transfer such securities,
funds and other properties in accordance with such vote.

      In the event that no written order designating a successor custodian or
certified copy of a vote of the Board of Trustees shall have been delivered to
the Custodian on or before the date when such termination shall become
effective, then the Custodian shall have the right to deliver to a bank or trust
company, which is a "bank" as defined in the 1940 Act, doing business in Boston,
Massachusetts, of its own selection, having an aggregate capital, surplus, and
undivided profits, as shown by its last published report, of not less than
$25,000,000, all securities, funds and other properties held by the Custodian
and all instruments held by the Custodian relative thereto and all other
property held by it under this Contract and to transfer to an account of such
successor


                                       11.



custodian all of the Fund's securities held in any Securities System.
Thereafter, such bank or trust company shall be the successor of the Custodian
under this Contract.

      In the event that securities, funds and other properties remain in the
possession of the Custodian after the date of termination hereof owing to
failure of the Fund to procure the certified copy of the vote referred to or of
the Board of Trustees to appoint a successor custodian, the Custodian shall be
entitled to fair compensation for its services during such period as the
Custodian retains possession of such securities, funds and other properties and
the provisions of this Contract relating to the duties and obligations of the
Custodian shall remain in full force and effect.

14.   Interpretive and Additional Provisions

      In connection with the operation of this Contract, the Custodian and the
Fund, may from time to time agree on such provisions interpretive of or in
addition to the provisions of this Contract as may in their joint opinion be
consistent with the general tenor of this Contract. Any such interpretive or
additional provisions shall be in a writing signed by both parties and shall be
annexed hereto, provided that no such interpretive or additional provisions
shall contravene any applicable federal or state regulations or any provision of
the Declaration of Trust. No interpretive or additional provisions made as
provided in the preceding sentence shall be deemed to be an amendment of this
Contract.

15.   Massachusetts Law to Apply

      This Contract shall be construed and the provisions thereof interpreted
under and in accordance with laws of The Commonwealth of Massachusetts.

16.   Prior Contracts

      This Contract supersedes and terminates, as of the date hereof, all prior
contracts between the Fund and the Custodian relating to the custody of the
Fund's assets.

17.   Reproduction of Documents

      This Contract and all schedules, exhibits, attachments, addenda and
amendments hereto may be reproduced by any photographic, photostatic, microfilm,
micro-card, miniature photographic or other similar process. The parties hereto
all/each agree that any such reproduction shall be admissible in evidence as the
original itself in any judicial or administrative proceeding, whether or not the
original is in existence and whether or not such reproduction was made by a
party in the regular course of business, and that any enlargement, facsimile or
further reproduction of such reproduction shall likewise be admissible in
evidence.


                                       12.



18.   Notices

      Any notice, instruction or other instrument required to be given hereunder
may be delivered in person to the offices of the parties as set forth herein
during normal business hours or delivered prepaid registered mail or by telex,
cable or facsimile to the parties at the following addresses or such other
addresses as may be notified by any party from time to time.

    To the Fund:        BlackRock Long-Term Municipal Advantage Trust
                        c/o BlackRock Advisors, Inc.
                        100 Bellevue Parkway
                        Wilmington, Delaware 19809
                        Attention: Jeff Wing, Vice President
                        Telephone: 302-797-2134
                        Facsimile: 302-797-2459

   To the Custodian:    State Street Bank and Trust Company
                        2 Avenue de Lafayette, LCC 5
                        Boston, MA  02111
                        Attention: Michael J. Andrews, Assistant Vice President
                        Telephone: 617- 662-1626
                        Facsimile: 617-662-0057

      Such notice, instruction or other instrument shall be deemed to have been
served in the case of a registered letter at the expiration of five business
days after posting, in the case of cable twenty-four hours after dispatch and,
in the case of telex, immediately on dispatch and if delivered outside normal
business hours it shall be deemed to have been received at the next time after
delivery when normal business hours commence and in the case of cable, telex or
facsimile on the business day after the receipt thereof. Evidence that the
notice was properly addressed, stamped and put into the post shall be conclusive
evidence of posting.

19.   Remote Access Services Addendum

      The Custodian and the Fund each agree to abide by the terms of the Remote
Access Services Addendum attached hereto.

20.   Shareholder Communications Election

      SEC Rule 14b-2 requires banks which hold securities for the account of
customers to respond to requests by issuers of securities for the names,
addresses and holdings of beneficial owners of securities of that issuer held by
the bank unless the beneficial owner has expressly objected to disclosure of
this information. In order to comply with the rule, the Custodian needs the Fund
to indicate whether it authorizes the Custodian to provide the Fund's name,
address, and share position to requesting companies whose securities the Fund
owns. If the Fund tells the Custodian


                                       13.



"no", the Custodian will not provide this information to requesting companies.
If the Fund tells the Custodian "yes" or does not check either "yes" or "no"
below, the Custodian is required by the rule to treat the Fund as consenting to
disclosure of this information for all securities owned by the Fund or any funds
or accounts established by the Fund. For the Fund's protection, the Rule
prohibits the requesting company from using the Fund's name and address for any
purpose other than corporate communications. Please indicate below whether the
Fund consents or objects by checking one of the alternatives below.

      YES [ ]      The Custodian is authorized to release the Fund's name,
                   address, and share positions.

      NO  [X]      The Custodian is not authorized to release the Fund's name,
                   address, and share positions.


                   REMAINDER OF PAGE INTENTIONALLY LEFT BLANK


                                      14.



                                 SIGNATURE PAGE


      IN WITNESS WHEREOF, each of the parties has caused this instrument to be
executed in its name and behalf by its duly authorized representative and its
seal to be hereunder affixed as of the date first above-written.


ATTEST:                               BLACKROCK LONG-TERM MUNICIPAL
                                         ADVANTAGE TRUST


________________________              By:___________________________________
Name:                                     Anne F. Ackerley, Vice President
Title:


ATTEST:                               STATE STREET BANK AND TRUST COMPANY


________________________              By:_________________________________
Matthew J. Kelly, Vice President          Joseph L. Hooley, Executive
                                            Vice President


                                       15.