Common use of The Remarketing Agent Clause in Contracts

The Remarketing Agent. On or prior to the Business Day immediately preceding the effective date of a change to a Short-Term Mode, the Borrower shall appoint a Remarketing Agent who shall enter into a Remarketing Agreement at such time. The Remarketing Agent shall be a member of the National Association of Securities Dealers, Inc. having capitalization of at least $25,000,000, and be authorized by law to perform all the duties imposed upon it by this Agreement and the Remarketing Agreement. The Remarketing Agreement shall terminate on the Conversion Date to the Fixed Rate for all of the Bonds. The Remarketing Agent may at any time resign and be discharged of the duties and obligations created by this Agreement by giving at least 30 days' notice to the Issuer, the Borrower, the Trustee, the Paying Agent, and the Tender Agent. The Remarketing Agent may be removed at any time by the Borrower by an instrument signed by the Borrower and filed with the Remarketing Agent, the Tender Agent, and the Paying Agent upon at least 30 days' notice; provided that, prior to the Conversion Date to the Fixed Rate for all of the Bonds, an agreement in substantially the form of the Remarketing Agreement shall be entered into with a successor Remarketing Agent. In the event that, prior to the Conversion Date to the Fixed Rate for all of the Bonds, the Remarketing Agent shall resign or be removed or dissolved, or if the property or affairs of the Remarketing Agent shall be taken under the control of any state or federal court or administrative body because of bankruptcy or insolvency, or for any other reason, the Borrower shall use its best efforts to appoint a successor as Remarketing Agent.

The Remarketing Agent. On or prior to the Business Day immediately preceding the effective date of a change to a Short-Term Mode, the Borrower shall appoint a Remarketing Agent who shall enter into a Remarketing Agreement at such time. The Remarketing Agent shall be a member of the National Association of Securities Dealers, Inc. having capitalization of at least $25,000,000, and be authorized by law to perform all the duties imposed upon it by this Agreement and the Remarketing Agreement. The Remarketing Agreement shall terminate on the Conversion Date to the Fixed Rate for all of the Bonds. The Remarketing Agent may at any time resign and be discharged of the duties and obligations created by this Agreement by giving at least 30 days' notice to the Issuer, the Borrower, the Trustee, the Paying Agent, Agent and the Tender Agent. The Remarketing Agent may be removed at any time by the Borrower by an instrument signed by the Borrower and filed with the Remarketing Agent, the Tender Agent, and the Paying Agent upon at least 30 days' notice; provided that, prior to the Conversion Date to the Fixed Rate for all of the Bonds, an agreement in substantially the form of the Remarketing Agreement shall be entered into with a successor Remarketing Agent. In the event that, prior to the Conversion Date to the Fixed Rate for all of the Bonds, the Remarketing Agent shall resign or be removed or dissolved, or if the property or affairs of the Remarketing Agent shall be taken under the control of any state or federal court or administrative body because of bankruptcy or insolvency, or for any other reason, the Borrower shall use its best efforts to appoint a successor as Remarketing Agent.