Common use of Remarketing of Bonds Clause in Contracts

Remarketing of Bonds. (a) Upon receipt of any notice given pursuant to Section 2.05 that any Bonds will be or are required to be tendered for purchase in accordance with Section 2.05, the Remarketing Agents shall use their best efforts to remarket such Bonds (or portions thereof in authorized denominations) on any Optional Tender Date or Purchase Date at the Purchase Price. By 2:00 p.m., New York City time, on the Business Day prior to each Optional Tender Date or Purchase Date, the Remarketing Agents shall give notice by telecopy or telephone (confirmed in writing) of the principal amount of such Bonds (or portions thereof in authorized denominations) and the registration information concerning the new Bondowners, for which they have arranged a remarketing and for which the Remarketing Agents hold remarketing proceeds on hand, to the Trustee, the Tender Agent, the Paying Agent and the Bank and, by 12:00 noon, New York City time, on each Optional Tender Date or Purchase Date shall transfer to the Tender Agent the proceeds of the remarketing of such Bonds for delivery to the Bank upon verification that sufficient amounts relating to such Bonds have been paid under the Letter of Credit and upon reinstatement of the related amount under the Letter of Credit. Bonds remarketed pursuant to the provisions of this Indenture shall not be released until a Letter of Credit meeting the terms of this Indenture shall be reinstated for such Bonds.