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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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(i)each Potential Holder and Existing Holder with an Order in the Auction <br /> on such Auction Date shall instruct its Participant as provided in (b)(ii) or (b)(iii) <br /> above, as the case may be; <br /> (ii) each Seller's Broker-Dealer that is not a Participant of the Securities <br /> Depository shall instruct its Participant to (A) pay through the Securities <br /> Depository to the Participant of the Existing Holder delivering ARS to such <br /> Broker-Dealer following such Auction pursuant to (b)(iii) above the amount <br /> necessary to purchase such ARS against receipt of such ARS, and (B) deliver <br /> such ARS through the Securities Depository to a Buyer's Broker-Dealer (or its <br /> Participant) identified to such Seller's Broker-Dealer pursuant to (a)(v) above <br /> against payment therefor; and <br /> (iii) each Buyer's Broker-Dealer that is not an Participant in the Securities <br /> Depository shall instruct its Participant to (A) pay through the Securities <br /> Depository to Seller's Broker-Dealer (or its Participant)identified following such <br /> Auction pursuant to (a)(vi) above the amount necessary to purchase the ARS to <br /> be purchased pursuant to (b)(ii) above against receipt of such ARS, and (B) <br /> deliver such ARS through the Securities Depository to the Participant of the <br /> purchaser thereof against payment therefor. <br /> (e) On the Business Day following each Auction Date: <br /> (i) each Participant for a Bidder in the Auction on such Auction Date <br /> referred to in (d)(i) above shall instruct the Securities Depository to execute the <br /> transactions described under (b)(ii) or (b)(iii) above for such Auction, and the <br /> Securities Depository shall execute such transactions; <br /> (ii) each Seller's Broker-Dealer or its Participant shall instruct the <br /> Securities Depository to execute the transactions described in (d)(ii) above for <br /> such Auction, and the-Securities Depository shall execute such transactions; and <br /> (iii) each Buyer's Broker-Dealer or its Participant shall instruct the <br /> Securities Depository to execute the transactions described in (d)(iii) above for <br /> such Auction, and the Securities Depository shall execute such transactions. <br /> (f) If an Existing Holder selling ARS in an Auction fails to deliver such ARS (by <br /> authorized book-entry), a Broker-Dealer may deliver to the Potential Holder on behalf of which <br /> it submitted a Bid that was accepted a principal amount of ARS that is less than the principal <br /> amount of ARS that otherwise was to be purchased by.such Potential Holder. In such event, <br /> the principal amount of ARS to be so delivered shall be determined solely by such <br /> Broker-Dealer. Delivery of such lesser principal amount of ARS shall constitute good delivery. <br /> Notwithstanding the foregoing terms of this paragraph (f), any delivery or nondelivery of ARS <br /> which shall represent any departure from the results of an Auction, as determined by the Auction <br /> Agent, shall be of no effect unless and until the Auction Agent shall have been notified of such <br /> Ln1-69760.2 A-3 <br />
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