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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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Settlement Procedures and take such other action as is required by Smith Barney pursuant to the <br /> Settlement Procedures. <br /> (c) The Auction Agent shall deliver to Smith Barney after receipt of all notices <br /> and certificates which the Auction Agent is required to deliver to Smith Barney pursuant to <br /> Section 2 of the Auction Agent Agreement at the times and in the manner set forth in the <br /> Auction Agent Agreement. <br /> 2.5. Service Charge to Be Paid to Smith Barney. On the first Interest Payment <br /> Date and each Interest Payment Date thereafter, unless ownership of the ARS is not then <br /> maintained in book-entry form by the Securities Depository, the Auction Agent shall pay to <br /> Smith Barney from moneys received from the Trustee pursuant to Section 6.5(b) of the Auction <br /> Agent Agreement an amount equal to (i) .25 of 1% per annum, multiplied by (ii) (A) in the case <br /> of the first Interest Payment Date, the aggregate principal amount of outstanding Regular ARS <br /> on the Closing Date or (B) in the case of each Interest Payment Date thereafter, the sum of(x) <br /> for each Auction Period during the Interest Period for which an Auction was held, the aggregate <br /> principal amount of the ARS placed by Smith Barney in such Auction that were the subject of <br /> (a) Submitted Bids of Existing Holders submitted by Smith Barney and continued to be held as <br /> a result of such submission, (b) Submitted Bids of Potential Holders submitted by Smith Barney <br /> and purchased as a result of such submission and (c) valid Hold Orders (determined in <br /> accordance with the Auction Agent Agreement) that were previously acquired by an Existing <br /> Holder through Smith Barney, (y) for each Auction Period during the Interest Period in which <br /> an Auction was not held, the aggregate principal amount of Regular ARS that were acquired by <br /> Existing Holders through Smith Barney and (z)with respect to Newly Fixed AIRS, the aggregate <br /> principal amount of the ARS with respect to such Newly Fixed AIRS that were acquired by <br /> Existing Holders through Smith Barney, multiplied by (iii) the number of days in such Interest <br /> Period, divided by (iv)360. For purposes of the foregoing sentence, if any Existing Holder who <br /> acquired ARS through Smith Barney transfers those ARS to another person other than pursuant <br /> to an Auction, then the Broker-Dealer for the ARS so transferred shall continue to be Smith <br /> Barney; provided, however, that if the transfer was effected by, or if the transferee is a Broker- <br /> Dealer other than Smith Barney, then such Broker-Dealer shall be the Broker-Dealer for such <br /> ARS. <br /> 2.6. Settlement. <br /> (a) If any Existing Holder on whose behalf Smith Barney has submitted a Bid <br /> or Sell Order for ARS that was accepted in whole or in part fails to instruct its Participant to <br /> cause to deliver the ARS subject to such Bid or Sell Order against payment therefor, Smith <br /> Barney shall instruct such Participant to cause to be delivered such ARS against payment <br /> therefor and Smith Barney may deliver to the Potential Holder on whose behalf Smith Barney <br /> submitted a Bid that was accepted in whole or in part, a principal amount of the ARS that is less <br /> than the principal amount of the ARS specified in such Bid to be purchased by such Potential <br /> Holder. Notwithstanding the foregoing terms of this Section, any delivery or nondelivery of <br /> ARS which represents any departure from the results of an Auction, as determined by the <br /> Auction Agent, shall be of no effect unless and until the Auction Agent shall have been notified <br /> LA1-69760.2 7 <br />
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