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Cont. (Part 3)
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Vol. 1- City of Santa Ana Financing Authority (Police Admin. and Holding Facility)
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Cont. (Part 3)
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(b) On the first day of each Auction Period commencing after (i) the occurrence <br /> of a Payment Default or (ii) ownership of the ARS and IRS is no longer maintained in book-entry <br /> form by the Securities Depository to and including the Auction Period, if any, during which such <br /> Payment Default is cured in accordance with the Indenture, or ownership of the ARS and IRS <br /> becomes maintained in book-entry form by a Securities Depository, as the case may be, the Market <br /> Agent shall determine the Index. Not later than 9:00 a.m., New York City time, on such day, the <br /> Market Agent shall notify the Trustee by telephone of the Index so determined. <br /> (c) Notice delivered in writing pursuant to this Section 3 shall be substantially in <br /> the form of Exhibit A hereto. <br /> Section 4. Changes in Percentages Used to Determine the Maximum Rate, the <br /> Minimum Rate and the Non-Payment Rate. The Market Agent agrees that it will comply with the <br /> provisions set forth in Section 6 of Appendix A of the Indenture with respect to its duties as Market <br /> Agent in connection with adjusting the percentage used in determining the Minimum Rate, the <br /> Applicable Percentage used in determining the Maximum Rate and the percentage of the Index used <br /> in determining the Non-Payment Rate, including the preparation and delivery of such notices at the <br /> times and containing such information as referred to therein. Any notices delivered in writing <br /> pursuant to this Section 4 shall be substantially in the form of Exhibit C or Exhibit D, as the case <br /> may be, hereto. <br /> Section 5. Changes in Statutory Corporate Tax Rate. <br /> (a) The Market Agent agrees that it will notify the Trustee and the Auction Agent <br /> in writing in the event of a change in the Statutory Corporate Tax Rate. <br /> (b) Notices delivered pursuant to this Section 5 shall be substantially in the form <br /> of Exhibit B hereto. <br /> Section 6. Other Duties. The Market Agent agrees to perform such other duties <br /> in accordance with the Indenture as are set forth therein. <br /> Section 7. Fees. The Market Agent agrees that initially it will receive no fees <br /> for its services as Market Agent under this Agreement. <br /> Section 8. Rights and Liabilities of the Market Agent. <br /> (a) The Market Agent shall incur no liability for, or in respect of, any action <br /> taken or omitted to be taken, or suffered by it in reliance upon the Indenture, any ARS or IRS, <br /> written instruction, notice, request, direction, certificate, consent, report, affidavit, statement, order <br /> or other instrument, paper, document or communication reasonably believed by it in good faith to <br /> be genuine and on which it reasonably believed it is entitled to reply. Any order, certificate, <br /> affidavit, instruction, notice, request, direction, statement or other comment from the Trustee or <br /> LA1-69758.1 2 <br />
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