Common use of Failed Remarketing Clause in Contracts

Failed Remarketing. (a) If at any time a Failed Remarketing is declared on the related Spread Determination Date, (i) all applicable Reset Rate Notes will be deemed to have been held by the applicable Noteholders on the related Reset Date, regardless of any deemed tenders made to Remarketing Agents, (ii) the Failed Remarketing Rate for such class of Reset Rate Notes will apply and (iii) a Reset Period of three months will be established.