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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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Auction Date in order to cause such ARS to be Fixed with all or a portion of such IRS, and that <br /> if such Bid is unsuccessful, in whole or in part, such Beneficial Owner requires that ARS (which <br /> are not Fixed) in an aggregate principal amount equal to the unsuccessful portion of such Bid <br /> be tendered to such Beneficial Owner for purchase on the seventh Business Day prior to the next <br /> succeeding Auction Date following the Auction in which such bid proved unsuccessful (a <br /> "Tender Date"). Such ARS shall be tendered for purchase at a price equal to the principal <br /> amount thereof, plus accrued but unpaid interest to the Tender Date less an amount equal to the <br /> Service Charge, if any, applicable to any such ARS multiplied by a fraction, the numerator of <br /> which is the number of days from and including the immediately preceding Interest Payment <br /> Date to but not including the Tender Date and the denominator of which is 180 (the "Tender <br /> Price"). Any such purchase shall be effected by book-entry transfer of such ARS to the account <br /> of the Participant of such Beneficial Owner identified in such notice. <br /> (b) If any such Bid is unsuccessful, in whole or in part, such Broker-Dealer <br /> shall give the Trustee and the Auction Agent written notice (a "Tender Demand") stating that <br /> a Beneficial Owner of IRS is the Beneficial Owner of a specified principal amount of IRS of a <br /> specified maturity and that such Beneficial Owner wishes to purchase an equal principal amount <br /> of ARS (having the same maturity date as such IRS)on a specified Tender Date to be Fixed with <br /> such IRS. Such notice shall be given to the Trustee and the Auction Agent not later than the <br /> Business Day following the Auction in which such Bid proved unsuccessful. The Auction Agent <br /> shall, not later than the next Business Day, deliver such Tender Demand to the Securities <br /> Depository. <br /> (c) On the second Business Day following the day of the Securities <br /> Depository's receipt of a Tender Demand, the Securities Depository shall select, by lot in such <br /> manner as it shall determine from a position listing of the aggregate stated amounts of Regular <br /> ARS as of the close of business on the date of such Tender Demand, the Regular ARS to be <br /> tendered. Such Regular ARS shall have the same maturity date as the maturity date of the IRS <br /> held by the Beneficial Owner relating to the Tender Demand. The Securities Depository shall <br /> give the Participant for the Regular ARS so selected and the Auction Agent written notice (a <br /> "Tender Notice") thereof. Such Tender Notice shall specify the Tender Date set forth in such <br /> Tender Demand, the amount of Regular ARS to be tendered by such Participant on the Tender <br /> Date and the Tender Price thereof. Each Tender Notice shall be mailed to such Participant and <br /> the Auction Agent by first-class mail, postage prepaid no later than the second Business Day <br /> following the Securities Depository's receipt of such Tender Demand. On receipt of the Tender <br /> Notice, the Auction Agent may contact such Participant to request such Participant to disclose <br /> to the Auction Agent the names of the Beneficial Owners of the Regular ARS so specified in the <br /> Tender Notice. <br /> (d) The giving of a Tender Notice with respect to Regular ARS shall supersede <br /> any Order (as defined in the Auction Agent Agreement) given by the Existing Holder of such <br /> ARS with respect to such ARS for the Auction occurring on the Auction Date following the <br /> Tender Date specified in the Tender Notice. The Securities Depository shall deliver such ARS <br /> against payment therefor by the Broker-Dealer by book-entry transfer on the Tender Date to the <br /> account of the Broker-Dealer without any action on the part of or on behalf of the Beneficial <br /> Owners of the ARS. Upon receipt of such ARS on the Tender Date, the Broker-Dealer shall <br /> LAL69760.2 9 <br />
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