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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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Section 2. The Auction <br /> 2.1. Auction Procedures and Settlement Procedures. <br /> (a) On each Auction Date, the provisions of the Auction Procedures will be <br /> followed by the Auction Agent for the purpose of determining the Applicable ARS Rate for the <br /> next Auction Period. Each periodic operation of such procedures is hereinafter referred to as <br /> an "Auction." <br /> (b) All of the provisions contained in the Auction Procedures and the <br /> Settlement Procedures are incorporated herein by reference in their entirety and shall be deemed <br /> to be a part of this Agreement to the same extent as if such provisions were fully set forth <br /> herein. <br /> (c) Smith Barney agrees to act as, and assumes the obligations of and <br /> limitations and restrictions placed upon, a Broker-Dealer under the Indenture and as otherwise <br /> set forth in this Agreement. Smith Barney understands that other persons meeting the <br /> requirements specified in the definition of "Broker-Dealer" contained in Appendix A to the <br /> Indenture may enter into an agreement with the Auction Agent and participate as Broker-Dealers <br /> in Auctions. <br /> (d) Smith Barney and other Broker-Dealers may participate in Auctions for <br /> their own accounts. However, the Trustee may, by notice to Smith Barney and all other Broker- <br /> Dealers, prohibit all Broker-Dealers from submitting Bids in Auctions for their own accounts, <br /> provided that Broker-Dealers may continue to submit Hold Orders and Sell Orders. Neither the <br /> Auction Agent nor the Trustee shall have any duty or liability with respect to monitoring or <br /> enforcing the requirements of this subsection (d). <br /> 2.2 Preparation for Each Auction. <br /> (a) Not later than 9:30 a.m., New York City time, on each Auction Date for <br /> the ARS, the Auction Agent shall advise Smith Barney by telephone of the Minimum Rate, <br /> Maximum Rate and the "AA" Composite Commercial Paper Rate or the Index, as the case may <br /> be, used in determining such rates. <br /> (b) In the event the Auction Date for any Auction shall be changed after the <br /> Auction Agent has given notice of such Auction Date pursuant to clause (vii) of paragraph (a) <br /> of the Settlement Procedures, the Auction Agent, by such means as the Auction Agent deems <br /> practicable, shall give notice of such change to Smith Barney not later than the earlier of 9:15 <br /> a.m., New York City time, on the new Auction Date and 9:15 a.m., New York City time, on <br /> the old Auction Date. Thereafter, Smith Barney shall use its best efforts to promptly notify its <br /> customers who are Existing Holders of such change in the Auction Date. <br /> (c) The Auction Agent may request, from time to time, Smith Barney to <br /> provide it with a list of the respective customers Smith Barney believes are Existing Holders and <br /> the aggregate amount held by Smith Barney. Smith Barney shall promptly comply with any such <br /> LA1-69760 2 4 <br />
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