Common use of Failed Remarketing Clause in Contracts

Failed Remarketing. (a) With respect to each Reset Date for which the holder of the Call Option does not deliver the Call Option Notice, a Failed Remarketing will be declared by the Remarketing Agents and the provisions of this Section 6 will apply if any of the conditions set forth in the definition of "Failed Remarketing" are applicable. In order to prevent the declaration of a Failed Remarketing, the Remarketing Agents will have the option, but not the obligation, to purchase any Reset Rate Notes tendered that they are not otherwise able to remarket or with respect to which a committed purchaser defaults on their purchase obligations. (b) At any time a Failed Remarketing is declared: (i) all Reset Rate Notes will be retained by the Reset Rate Noteholders on the related Reset Date, regardless of any deemed mandatory or voluntary tenders made to the Remarketing Agents, (ii) the Failed Remarketing Rate for Reset Rate Notes will apply for the related Reset Period and (iii) a Reset Period of three months will be established. In addition, if the Reset Rates Notes are in Foreign Exchange Mode at the time a Failed Remarketing is declared, the provisions of Sections 10(a)(i) and (ii) shall also apply. (c) If there is a Failed Remarketing of the Reset Rate Notes, the Reset Rate Noteholders shall not be entitled to exercise any remedies as a result of the failure of the Reset Rate Notes to be remarketed on the Reset Date.

Failed Remarketing. (a) With respect to each Reset Date for which the holder of the Call Option does not deliver the related Call Option Notice, a Failed Remarketing will be declared by the Remarketing Agents and the provisions of this Section 6 will apply if any of the conditions set forth in the definition of "Failed Remarketing" are applicable. In order to prevent the declaration of a Failed Remarketing, the Remarketing Agents will have the option, but not the obligation, to purchase any Reset Rate Notes tendered that they are not otherwise able to remarket or with respect to which a committed purchaser defaults on their purchase obligations. (b) At any time a Failed Remarketing is declared: (i) all related Reset Rate Notes will be retained by the Reset Rate applicable Noteholders on the related Reset Date, regardless of any deemed mandatory or voluntary tenders made to the Remarketing Agents, (ii) the Failed Remarketing Rate for such class of Reset Rate Notes will apply for the related Reset Period and (iii) a Reset Period of three months will be established. In addition, if the Reset Rates Notes are in Foreign Exchange Mode at the time a Failed Remarketing is declared, the provisions of Sections 10(a)(i) and (ii) shall also apply. (c) If there is a Failed Remarketing of the a class of Reset Rate Notes, the related Reset Rate Noteholders shall not be entitled to exercise any remedies as a result of the failure of the their class of Reset Rate Notes to be remarketed on the related Reset Date.

Failed Remarketing. (a) With with respect to each Reset Date for which the holder of the Call Option does not deliver the Call Option Notice, a Failed Remarketing will be declared by the Remarketing Agents and the provisions of this Section 6 will apply if any of the conditions set forth in the definition of "Failed Remarketing" are applicable. In order to prevent the declaration of a Failed Remarketing, the Remarketing Agents will have the option, but not the obligation, to purchase any Reset Rate Notes tendered that they are not otherwise able to remarket or with respect to which a committed purchaser defaults on their purchase obligations. (b) At any time a Failed Remarketing is declared: (i) all Reset Rate Notes will be retained by the Reset Rate Noteholders on the related Reset Date, regardless of any deemed mandatory or voluntary tenders made to the Remarketing Agents, (ii) the Failed Remarketing Rate for Reset Rate Notes will apply for the related Reset Period and (iii) a Reset Period of three months will be established. In addition, if the Reset Rates Notes are in Foreign Exchange Mode at the time a Failed Remarketing is declared, the provisions of Sections 10(a)(i) and (ii) shall also apply. (c) If there is a Failed Remarketing of the Reset Rate Notes, the Reset Rate Noteholders shall not be entitled to exercise any remedies as a result of the failure of the Reset Rate Notes to be remarketed on the Reset Date.