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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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of such delivery or non-delivery in accordance with the terms of Section 2.3(d) hereof. The <br /> Auction Agent shall have no duty or liability with respect to enforcement of this subsection (a). <br /> (b) None of the Auction Agent, the Trustee, or the Authority shall have any <br /> responsibility or liability with respect to the failure of an Existing Holder, a Potential Holder <br /> or its respective Participant to deliver ARS or to pay for ARS sold or purchased pursuant to the <br /> Auction Procedures or otherwise. <br /> 2.7. Fixing and Separating of ARS and IRS. <br /> (a) Upon receipt of instructions to cause an equal amount of Regular ARS to <br /> be Fixed with Regular IRS from any Beneficial Owner of such ARS and IRS, Smith Barney <br /> shall, on a Business Day other than during a Closed Period, promptly deliver to the Auction <br /> Agent (at the address specified herein) a Request to Fix. Smith Barney shall submit a separate <br /> Request to Fix to the Auction Agent for each Beneficial Owner requesting ARS and IRS to be <br /> Fixed. A Request to Fix delivered to the Auction Agent pursuant to this Section 2.7 shall only <br /> be effective for Regular ARS and Regular IRS for which Smith Barney requests that specified <br /> equal principal amounts of such Beneficial Owner's Regular ARS be Fixed with Regular IRS <br /> (which shall have the same maturity date) in the designated account of the Participant of such <br /> Beneficial Owner at the Securities Depository. <br /> (b) Upon receipt of instructions to cause Regular Fixed AIRS or Newly Fixed <br /> AIRS to be Separated from any Beneficial Owner of Regular Fixed AIRS or Newly Fixed AIRS, <br /> as the case may be, Smith Barney shall, on a Business Day during the seven-day period, other <br /> than during a Closed Period, immediately prior to a Record Date, deliver to the Auction Agent <br /> (at the address specified herein) a completed Request to Separate. Smith Barney shall submit <br /> a Request to Separate to the Auction Agent for each Beneficial Owner requesting that its Regular <br /> Fixed AIRS or Newly Fixed AIRS be Separated. A Request to Separate delivered to the Auction <br /> Agent pursuant to this Section 2.7 shall only be effective for Regular Fixed AIRS or Newly <br /> Fixed AIRS, as the case may be, for which Smith Barney requests that specified equal amounts <br /> of such Beneficial Owners' Regular Fixed AIRS or Newly Fixed AIRS be Separated in the <br /> designated account of the Participant of such Beneficial Owner at the Securities Depository on <br /> the following Interest Payment Date or, if such Interest Payment Date falls within a Closed <br /> Period, on the next succeeding Auction Period Accrual Date. <br /> (c) Notwithstanding anything herein to the contrary (i) ARS and IRS may be <br /> Fixed and Separated only so long as the ownership thereof is maintained in book-entry form and <br /> (ii) while DTC is the Securities Depository, in the event of any conflict between the provisions <br /> of Sections 2.7(a) or 2.7(b) hereof and of any agreement with DTC, the latter provisions shall <br /> govern. <br /> 2.8 Mandatory Tender of ARS. <br /> (a) Any Beneficial Owner of IRS may, at any time and from time to time, <br /> notify a Broker-Dealer that such Beneficial Owner intends to submit a Bid for a specified <br /> principal amount of ARS (having the same maturity date as such IRS) on the next succeeding <br /> LA1-69760a 8 <br />
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