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(IV) in any such event, the amount of outstanding ARS, if any, subject to Bids not valid under this subsection (B) shall be treated as the subject of a Bid by a Potential Holder at the rate therein specified; and (C) All Sell Orders shall be considered valid up to and including the excess of the principal amount of outstanding ARS held by such Existing Holder over the aggregate principal amount of ARS subject to Hold Orders referred to in subsection (v)(A) and valid Bids referred to in subsection (v)(B). (vi) If more than one Bid for ARS is submitted on behalf of any Potential Holder, each Bid submitted shall be a separate Bid with the rate and principal amount therein specified. (vii) Any Bid or Sell Order submitted by an Existing Holder covering an aggregate principal amount of ARS not equal to an Authorized Denomination shall be rejected and shall be deemed a Hold Order. Any Bid submitted by a Potential Holder covering an aggregate principal amount of ARS not equal to an Authorized Denomination shall be rejected. (viii) Any Bid specifying a rate higher than the Maximum Rate will be treated as a Sell Order if submitted by an Existing Holder and will not be accepted if submitted by a Potential Holder. Any Bid submitted by an Existing Holder or on behalf of a Potential Holder specifying a rate lower than the Minimum Rate shall be treated as a Bid specifying the Minimum Rate, and each such Bid shall be considered as valid and shall be selected in the ascending order of their respective rates contained in the Submitted Bids. (ix) Any Order submitted in an Auction by a Broker-Dealer to the Auction Agent prior to the Submission Deadline on any Auction Date shall be irrevocable. (x) A Tender Notice given by a Beneficial Owner of IRS with respect to Regular ARS shall supersede any Order given by the Existing Holder of such ARS with respect to such ARS for the Auction occurring on the Auction Date following the Tender Date specified in such Tender Notice. (xi) If a Beneficial Owner of IRS who submitted a Tender Demand fails to provide the Tender Price for the purchase of the ARS specified therein on the Tender Date therefor, such ARS shall be deemed to be subject to a Submitted Sell Order for the Auction occurring on the Auction Date following such Tender Date and such deemed Submitted Sell Order shall supersede any Order given by the Existing Holder of such ARS for such Auction. (c) (i) Not earlier than the Submission Deadline on each Auction Date, the Auction Agent shall assemble all valid Orders submitted or deemed submitted to it by the Broker-Dealers (each such Order as submitted or deemed submitted by a Broker-Dealer being hereinafter referred to individually as a "Submitted Hold Order," a "Submitted Bid" or a "Submitted Sell Order," as the case may be, or as a "Submitted Order" and collectively as "Submitted Hold Orders," "Submitted Bids" or "Submitted Sell Orders," as the case may be, or as "Submitted Orders") and shall determine: LAI-69756.2 C-5