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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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rejected in whole or in part and principal amount of ARS is <br /> allocated as provided in Section 2(d) of the Auction Procedures. <br /> The Auction Agent gives notice of Auction results as set forth in <br /> paragraph (a) of the Settlement Procedures. <br /> (b) Smith Barney agrees not to sell, assign or dispose of any ARS which are <br /> not Fixed to any person who has not delivered a signed Purchaser's Letter to the Auction Agent. <br /> (c) Smith Barney shall submit Orders to the Auction Agent pursuant to an <br /> Order Form. Smith Barney shall submit separate Orders to the Auction Agent for each Potential <br /> Holder or Existing Holders on whose behalf Smith Barney is submitting an Order and shall not <br /> net or aggregate the Orders of different Potential Holders or Existing Holders on whose behalf <br /> Smith Barney is submitting Orders. <br /> (d) Smith Barney shall deliver to the Auction Agent (i) a Notice of Transfer <br /> in writing of any transfer of ARS made through Smith Barney by an Existing Holder to another <br /> person other than pursuant to an Auction, and shall deliver or cause to be delivered the related <br /> Purchaser's Letter executed by such person if such person has not previously so delivered a <br /> Purchaser's Letter, and (ii) a Notice of a Failure to Deliver in writing of the failure of any ARS <br /> to be transferred to or by any person that purchased or sold ARS through Smith Barney pursuant <br /> to an Auction. The Auction Agent is not required to accept any notice delivered pursuant to the <br /> terms of the foregoing sentence with respect to an Auction unless it is received by the Auction <br /> Agent by 3:00 p.m., New York City time, on the Business Day next preceding the applicable <br /> Auction Date. <br /> (e) Smith Barney has delivered to the Auction Agent its executed Purchaser's <br /> Letter. Smith Barney and other Broker-Dealers which have delivered duly executed Purchaser's <br /> Letters may submit Orders in Auctions for their own accounts; provided, however, that any <br /> Broker-Dealer that is an affiliate of the Authority must submit at the next Auction therefor a Sell <br /> Order covering all ARS held for its own account. The Auction Agent shall have no duty or <br /> liability with respect to monitoring or enforcing the requirements of this subsection (e). <br /> (t) Smith Barney agrees to handle its customers' Orders in accordance with <br /> its duties under applicable securities laws and rules. <br /> 2.4. Notices. <br /> (a) On each Auction Date, the Auction Agent shall notify Smith Barney by <br /> telephone of the results of the Auction as set forth in paragraph (a)of the Settlement Procedures. <br /> The Auction Agent shall by 10:30 a.m., New York City time, on the Business Day next <br /> succeeding such Auction Date if previously requested by Smith Barney notify Smith Barney in <br /> writing of the disposition of all Orders submitted by Smith Barney in the Auction held on such <br /> Auction Date. <br /> (b) Smith Barney shall notify each Existing Holder or Potential Holder on <br /> whose behalf Smith Barney has submitted an Order as set forth in paragraph (b) of the <br /> IA1-69760.2 <br />
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