Common use of Changes in Auction Period Clause in Contracts

Changes in Auction Period. (i) During any ARS Rate Period, the Corporation, may, from time to time on the Interest Payment Date immediately following the end of any Auction Period, change the length of the Auction Period with respect to all of the Notes of a Series among daily, seven-days, 28-days, 35-days, three months, six months or a Flexible Auction Period in order to accommodate economic and financial factors that may affect or be relevant to the length of the Auction Period and the interest rate borne by such Notes. The Corporation shall initiate the change in the length of the Auction Period by giving written notice to the Issuer, the Indenture Trustee, the Auction Agent, the Broker-Dealers and the Securities Depository that the Auction Period shall change if the conditions described herein are satisfied and the proposed effective date of the change, at least 10 Business Days prior to the Auction Date for such Auction Period. (ii) Any such changed Auction Period shall be for a period of one day, seven-days, 28-days, 35-days, three months, six months or a Flexible Auction Period and shall be for all of the Notes of such Series. (iii) The change in length of the Auction Period shall take effect only if Sufficient Clearing Bids exist at the Auction on the Auction Date for such new Auction Period. For purposes of the Auction for such new Auction Period only, except to the extent any Existing Owner submits an Order with respect to such Notes of any Series, each Existing Owner shall be deemed to have submitted Sell Orders with respect to all of its Notes of such Series if the change is to a longer Auction Period and a Hold Order if the change is to a shorter Auction Period. If there are not Sufficient Clearing Bids for the first Auction Period, the Auction Rate for the new Auction Period shall be the Maximum Rate, and the Auction Period shall be a seven-day Auction Period.

Changes in Auction Period. (i) During any ARS Auction Rate Period, the Corporation, Borrower may, from time to time on the any Interest Payment Date immediately following the end of any Auction PeriodDate, change the length of the Auction Period with respect to all of the Notes of a Series Bonds among daily, seven-seven days, 28-28 days, 35-35 days, three months, six months or and a Flexible Auction Special Rate Period in order to accommodate economic and financial factors that may affect or be relevant to the length of the Auction Period and the interest rate borne by such NotesBonds. The Corporation Borrower shall initiate the change in the length of the Auction Period by giving written notice to the Issuer, the Indenture Trustee, the Auction Agent, the Broker-Dealers and the Securities Depository that the Auction Period shall change if the conditions described herein are satisfied and the proposed effective date of the change, at least 10 Business Days prior to the Auction Date for such Auction Period. (ii) . Any such changed Auction Period shall be for a period of one day, seven-seven days, 28-28 days, 35-35 days, three months, six months or a Flexible Auction Special Rate Period and shall be for all of the Notes Bonds in an Auction Rate Period. The change in the length of such Series. the Auction Period shall not be allowed unless Sufficient Clearing Bids existed at both the Auction before the date on which the notice of the proposed change was given as provided in this subsection (iiia) and the Auction immediately preceding the proposed change. The change in length of the Auction Period shall take effect only if (A) the Trustee and the Auction Agent receive, by 11:00 A.M., New York City time, on the Business Day before the Auction Date for the first such Auction Period, a certificate from the Borrower consenting to the change in the length of the Auction Period specified in such certificate and (B) Sufficient Clearing Bids exist at the Auction on the Auction Date for such new first Auction Period. For purposes of the Auction for such new first Auction Period only, except to the extent any Existing Owner submits an Order with respect to such Notes of any Series, each Existing Owner shall be deemed to have submitted Sell Orders with respect to all of its Notes of Bonds except to the extent such Series if the change is Existing Owner submits an Order with respect to a longer Auction Period and a Hold Order if the change is to a shorter Auction Periodsuch Bonds. If there are the condition referred to in (A) above is not Sufficient Clearing Bids for the first Auction Periodmet, the Auction Rate for the new next Auction Period shall be determined pursuant to the Auction Procedures and the Auction Period shall be the Auction Period determined without reference to the proposed change. If the condition referred to in (A) is met but the condition referred to in (B) above is not met, the Auction Rate for the next Auction Period shall be the Maximum Auction Rate, and the Auction Period shall be a seven-day Auction Period.

Changes in Auction Period. (i) During any ARS Rate Auction Period, the CorporationIssuer, may, from time to time on the Interest Payment Date immediately following the end of any Auction Period, change the length of the Auction Period with respect to all of the Tortoise Notes of a Series among daily, seven-days, 28-days, 35-days, three months, six months or a Flexible Auction Period series in order to accommodate economic and financial factors that may affect or be relevant to the length of the Auction Period and the interest rate borne by of Tortoise Notes of such Notesseries. The Corporation Issuer shall initiate the change in the length of the Auction Period by giving written notice to the Issuer, the Indenture Trustee, the Auction Agent, the Broker-Dealers and the Securities Depository that the Auction Period shall change if the conditions described herein are satisfied and the proposed effective date of the change, at least 10 Business Days prior to the Auction Date for such Auction Period. (ii) Any such changed Auction Period shall be for a period of one day, seven-days, 28-days, 35-days, three months, six months or a Flexible Auction Period and shall be for all of the Tortoise Notes of such Seriesseries. (iii) The change in length of the Auction Period shall take effect only if Sufficient Clearing Bids exist at the Auction on the Auction Date for such new Auction Period. For purposes of the Auction for such new Auction Period only, except to the extent any such Existing Owner Holder submits an Order with respect to such Tortoise Notes of any Series, each Existing Owner Holder shall be deemed to have submitted Sell Orders with respect to all of its Tortoise Notes of such Series series if the change is to a longer Auction Period and a Hold Order if the change is to a shorter Auction Period. If there are not Sufficient Clearing Bids for the first Auction Period, the Auction Rate for the new Auction Period shall be the Maximum Rate, and the Auction Period shall be a seven-day Auction Period.

Changes in Auction Period. (i) The Auction Period for the ARS with respect to each ARS Interest Rate Period, if any, shall be either a seven-day period or a 35-day period commencing generally on a Monday, generally on a Tuesday, generally on a Wednesday, generally on a Thursday or generally on a Friday, in each case as announced by the School Board in its notice of the proposed Conversion to such subsequent ARS Interest Rate Period as provided in Section 204(k). (ii) During any ARS Interest Rate Period, the Corporation, may, School Board may from time to time on the any ARS Interest Payment Date immediately following the end of any Auction Period, change the length of the Auction Period with respect to all of the Notes of a Series ARS among daily, seven-days, 28-days, 35-days, three months, six months or days and a Flexible Auction Period in order to accommodate economic and financial factors that may affect or be relevant to the length of the Auction Period and the interest rate borne at which the Series 2014A Interest represented by such NotesARS is calculated. The Corporation School Board shall initiate the change in the length of the Auction Period by giving written notice to the Issuer, the Indenture Trustee, the Auction Agent, the Broker-Dealers and the Securities Depository that the Auction Period shall change if the conditions described herein are satisfied and the proposed effective date of the change, at least 10 three Business Days prior to the Auction Date for such Auction Period. (iiiii) Any such changed Auction Period shall be for a period of one day, seven-days, 28-days, 35-days, three months, six months days or a Flexible Auction Period and shall be apply for all of the Notes of such SeriesARS. (iiiiv) No change in the length or the day of commencement of the Auction Period for ARS shall be allowed unless Sufficient Clearing Bids existed at both the Auction before the date on which the notice of the proposed change was given and the Auction immediately preceding the proposed change. (v) The change in length of the Auction Period for ARS shall take effect only if Sufficient Clearing Bids exist at the Auction on the Auction Date for the first such new Auction Period. For purposes of the Auction for such new first Auction Period only, except to the extent any Existing Owner submits an Order with respect to such Notes of any SeriesARS, each Existing Owner Holder shall be deemed to have submitted Sell Orders with respect to all of its Notes of such Series ARS if the change is to a longer Auction Period and a Hold Order if the change is to a shorter Auction Period. If there are not Sufficient Clearing Bids for the condition referred to in the first Auction Periodsentence of this clause (v) is not met, the Auction Rate for the new next Auction Period shall be the ARS Maximum Rate, and the Auction Period shall be a seven-day the Auction PeriodPeriod already in effect.

Changes in Auction Period. (i) During any ARS Auction Rate Period, the CorporationCompany, may, from time to time on the any Interest Payment Date immediately following the end of any Auction PeriodDate, change the length of the Auction Period with respect to all of the Notes of a Series among daily, seven-days, 28-days, 35-days, three months, six months or a Flexible Auction Period Bonds in order to accommodate economic and financial factors that may affect or be relevant to the length of the Auction Period and the interest rate borne by such NotesBonds. The Corporation Company shall initiate the change in the length of the Auction Period by giving seven days’ prior written notice to the Issuer, the Indenture Trustee, the Auction Agent, the Authority, the Broker-Dealers and the Securities Depository that Depository. If the change is from an Auction Period of one year or less to an Auction Period longer than one year, or vice versa, the Company shall also provide the Trustee with a Favorable Opinion of Tax Counsel as to such change if in the conditions described herein are satisfied and the proposed effective date of the change, at least 10 Business Days prior to the Auction Date for such Auction Period. (ii) Any such changed The change in the length of the Auction Period shall not be for a period of one day, seven-days, 28-days, 35-days, three months, six months or a Flexible effective unless Sufficient Clearing Bids existed at both the Auction Period and shall be for all before the date on which the notice of the Notes of such Seriesproposed change was given as provided in this subsection (a) and the Auction immediately preceding the proposed change. (iii) The change in length of the Auction Period shall take effect only if (A) Sufficient Clearing Bids exist at the Auction on the Auction Date for such new first Auction Period and (B) if the Favorable Opinion of Tax Counsel as to such change in the Auction Period, if required, is confirmed on the effective date of such change. For purposes of the Auction for such new first Auction Period only, except to the extent any Existing Owner submits an Order with respect to such Notes of any Series, each Existing Owner shall be deemed to have submitted Sell Orders with respect to all of its Notes Bonds except to the extent such Existing Owner submits an Order with respect to such Bonds. If the conditions referred to in the first sentence of such Series this paragraph (iii) are not met, the Trustee shall notify the Auction Agent and then (C) if the change is to a longer preceding Auction Period and was a Hold Order period of one year or less, the new Auction Period shall be seven days (or if the change seventh day is not followed by a Business Day then the new Auction Period shall be extended to the succeeding day which is followed by a shorter Auction Period. If there are not Sufficient Clearing Bids for the first Auction PeriodBusiness Day), and the Auction Mode Rate for the new Auction Period shall be the Maximum Ratesame as the Auction Mode Rate for the preceding Auction Period, and (D) if the preceding Auction Period was a period of greater than one year, the preceding Auction Period shall be extended to the seventh day following the day that would have been the last day of such Auction Period had it not been extended (or if such seventh day is not followed by a Business Day, then the Auction Period shall be extended to the next succeeding day which is followed by a seven-Business Day) and the Auction Mode Rate in effect for the preceding Auction Period will continue in effect for the Auction Period as so extended. In the event an Auction Period is extended as set forth in clause (C) or (D) of the preceding sentence, an Auction shall be held on the last Business Day of the Auction Period as so extended to take effect for an Auction Period beginning on the Business Day immediately following the last day of the Auction PeriodPeriod as extended, which new Auction Period will end on the date it would otherwise have ended on had the prior Auction Period not been extended. Notwithstanding the foregoing, no Auction Mode Rate shall be extended for more than 35 days. If, at the end of 35 days, the Auction Agent fails to calculate or provide the Auction Mode Rate, the Auction Mode Rate shall be the Maximum Interest Rate. (iv) On the conversion date of the Bonds selected for conversion from one Auction Period to another, any Bonds which are not the subject of a specific Hold Order or Bid will be deemed to be subject to a Sell Order.

Changes in Auction Period. (i1) During any ARS Rate Period, the CorporationCompany, may, from time to time on the Interest Payment Date immediately following the end of any Auction Period, change the length of the Auction Period with respect to all of the Notes Bonds of a Series among daily, seven-days, 28-days, 35-days, three months, six months or a Flexible Auction Period in order to accommodate economic and financial factors that may affect or be relevant to the length of the Auction Period and the interest rate borne by such NotesBonds. The Corporation Company shall initiate the change in the length of the Auction Period by giving written notice to the IssuerAuthority, the Indenture Trustee, the Auction Agent, the Broker-Dealers and the Securities Depository that the Auction Period shall change if the conditions described herein are satisfied and the proposed effective date of the change, at least 10 Business Days prior to the Auction Date for such Auction Period. (ii2) Any such changed Auction Period shall be for a period of one day, seven-days, 28-days, 35-days, three months, six months or a Flexible Auction Period and shall be for all of the Notes Bonds of such Series. (iii3) The change in length of the Auction Period shall take effect only if Sufficient Clearing Bids exist at the Auction on the Auction Date for such new Auction Period. For purposes of the Auction for such new Auction Period only, except to the extent any Existing Owner submits an Order with respect to such Notes Bonds of any Series, each Existing Owner shall be deemed to have submitted Sell Orders with respect to all of its Notes Bonds of such Series if the change is to a longer Auction Period and a Hold Order if the change is to a shorter Auction Period. If there are not Sufficient Clearing Bids for the first Auction Period, the Auction Rate for the new Auction Period shall be the Maximum Rate, and the Auction Period shall be a seven-day Auction Period.

Changes in Auction Period. (i) During any ARS Rate PeriodAuction Mode, the Corporation, Borrower may, from time to time on the any Interest Payment Date immediately following the end of any Auction PeriodDate, change the length of the Auction Period with respect to all of the Notes of a Series Bonds among daily, seven-daysday, 28-daysday, 35-days, three months, six months or day and six-month Auction Periods and a Flexible Auction Special Rate Period in order to accommodate economic and financial factors that may affect or be relevant to the length of the Auction Period and the interest rate borne by such NotesBonds. The Corporation Borrower shall initiate the <PAGE> B-16 change in the length of the Auction Period by giving written notice to the Issuer, the Indenture Trustee, the Auction Agent, the Broker-Dealers and the Securities Depository that the Auction Period shall change if the conditions described herein are satisfied and the proposed effective date of the change, at least 10 Business Days prior to the Auction Date for such Auction Period. (ii) Any such changed Auction Period shall be for a period of one day, seven-seven days, 28-28 days, 35-35 days, three months, six months or a Flexible Auction Special Rate Period and shall be for all of the Notes of such SeriesBonds in an Auction Mode. (iii) The change in the length of the Auction Period shall not be allowed unless Sufficient Clearing Bids existed at both the Auction before the date on which the notice of the proposed change was given as provided in this subsection (a) and the Auction immediately preceding the proposed change. (iv) The change in length of the Auction Period shall take effect only if (A) the Trustee and the Auction Agent receive, by 11:00 a.m., New York City time, on the Business Day before the Auction Date for the first such Auction Period, a certificate from the Borrower consenting to the change in the length of the Auction Period specified in such certificate and (B) Sufficient Clearing Bids exist at the Auction on the Auction Date for such new first Auction Period. For purposes of the Auction for such new first Auction Period only, except to the extent any Existing Owner submits an Order with respect to such Notes of any Series, each Existing Owner shall be deemed to have submitted Sell Orders with respect to all of its Notes of Bonds except to the extent such Series if the change is Existing Owner submits an Order with respect to a longer Auction Period and a Hold Order if the change is to a shorter Auction Periodsuch Bonds. If there are the condition referred to in (A) above is not Sufficient Clearing Bids for the first Auction Periodmet, the Auction Rate for the new next Auction Period shall be determined pursuant to the Auction Procedures and the Auction Period shall be the Auction Period determined without reference to the proposed change. If the condition referred to in (A) is met but the condition referred to in (B) above is not met, the Auction Rate for the next Auction Period shall be the Maximum Auction Rate, and the Auction Period shall be a seven-day Auction Period.

Changes in Auction Period. (i) During any ARS Auction Rate Period, the Corporation, mayCompany may with the written consent of the Bond Insurer, from time to time on the any Interest Payment Date immediately following the end of any Auction PeriodDate, change the length of the Auction Period with respect to all of the Notes of a Series Bonds among daily, seven-days, 28-days, 35-days, three months, six months or and a Flexible Special Auction Period in order to accommodate economic and financial factors that may affect or be relevant to the length of the Auction Period and the interest rate borne by such NotesBonds; provided, however, in the case of a change from a Special Auction Period the date of such change shall be the Interest Payment Date immediately following the last day of the final Auction Period. The Corporation Company shall initiate the change in the length of the Auction Period by giving written notice to the IssuerTrustee, the Indenture TrusteeBond Insurer, the Auction Agent, the Broker-Dealers and the Securities Depository that the Auction Period shall change if the conditions described herein are satisfied and the proposed effective date of the change, at least 10 Business Days prior to the Auction Date for such Auction Period. In the event that the Company is in default under any of its obligations relating to the Bonds (including without limitation any default under this Agreement or the Bond Insurance Agreement), the Bond Insurer will succeed to any rights of the Company to direct a conversion of the interest rate on the Bonds. The Trustee shall not be charged with knowledge or notice of any such default, other than a default under Section 801(a)(i) unless and except to the extent it has actual knowledge thereof or has received written notice thereof from the Insurer. (ii) Any such changed Auction Period shall be for a period of one day, seven-days, 28-days, 35-days, three months, six months or a Flexible Special Auction Period and shall be for all of the Notes of such SeriesBonds in an Auction Rate Period. (iii) The change in the length of the Auction Period shall not be allowed unless Sufficient Clearing Bids existed at both the Auction before the date on which the notice of the proposed change was given as provided in this subsection (a) and the Auction immediately preceding the proposed change. (iv) The change in length of the Auction Period shall take effect only if Sufficient Clearing Bids exist at the Auction on the Auction Date for such new first Auction Period. For purposes of the Auction for such new first Auction Period only, except to the extent any Existing Owner submits an Order with respect to such Notes of any Series, each Existing Owner shall be deemed to have submitted Sell Orders with respect to all of its Notes of Bonds except to the extent such Series if the change is Existing Owner submits an Order with respect to a longer Auction Period and a Hold Order if the change is to a shorter Auction Periodsuch Bonds. If there are the condition referred to above is not Sufficient Clearing Bids for the first Auction Periodmet, the Auction Rate for the new next Auction Period shall be the Maximum Rate, Auction Rate and the Auction Period shall be a seven-day Auction Period.

Changes in Auction Period. (i) During any ARS Auction Rate Period, and with the Corporationconsent of the Bond Insurer for changes to Auction Periods over 35 days, maythe Authority, at the request of the Company, may from time to time on the any Interest Payment Date immediately following the end of any Auction PeriodDate, change the length of the Auction Period with respect to all of the Notes of a Series Bonds among daily, seven-days, 14-days, 28-days, 35-days, three months, six months or and a Flexible Auction Special Rate Period in order to accommodate economic and financial factors that may affect or be relevant to the length of the Auction Period and the interest rate borne by such NotesBonds. The Corporation Authority shall initiate the change in the length of the Auction Period by giving written notice to the Issuer, the Indenture TrusteeBond Insurer, the Auction Agent, the Broker-Dealers Dealers, the Trustee and the Securities Depository that the Auction Period shall change if the conditions described herein are satisfied and the proposed effective date of the change, at least 10 Business Days prior to the Auction Date for such Auction Period; provided, however, that in the case of a change from a Special Rate Period of 92 or more days, the date of such change shall be the Interest Payment Date immediately following the last day of such Special Rate Period. The Bond Insurer may direct a change in the length of the Auction Period following an Event of Default. (ii) Any such changed Auction Period shall be for a period of one day, seven-days, 14-days, 28-days, 35-days, three months, six months or a Flexible Auction Special Rate Period and shall be for all of the Notes of such SeriesBonds in an Auction Rate Period. (iii) The change in the length of the Auction Period for Bonds shall not be allowed unless Sufficient Clearing Bids existed at both the Auction before the date on which the notice of the proposed change was given as provided in this subsection (a) and the Auction immediately preceding the proposed change. (iv) The change in length of the Auction Period for Bonds shall take effect only if (A) the Trustee and the Auction Agent receive, by 11:00 a.m., New York City time, on the Business Day before the Auction Date for the first such Auction Period, a certificate from the Company consenting to the change in the length of the Auction Period specified in such certificate and (B) Sufficient Clearing Bids exist at the Auction on the Auction Date for such new first Auction Period. For purposes of the Auction for such new first Auction Period only, except to the extent any Existing Owner submits an Order with respect to such Notes of any Series, each Existing Owner shall be deemed to have submitted Sell Orders with respect to all of its Notes of such Series if the change Bonds for which there is to be a longer change in the length of the Auction Period and a Hold except to the extent such Existing Owner submits an Order if the change is with respect to a shorter Auction Periodsuch Bonds. If there are the condition referred to in (A) above is not Sufficient Clearing Bids for the first Auction Periodmet, the Auction Rate for the new next Auction Period shall be determined pursuant to the Auction Procedures and the Auction Period shall be the Auction Period determined without reference to the proposed change. If the condition referred to in (A) is met but the condition referred to in (B) above is not met, the Auction Rate for the next Auction Period shall be the Maximum Rate, Auction Rate and the Auction Period shall be a seven-day Auction Period. (v) On the conversion date for Bonds from one Auction Period to another, any Bonds which are not the subject of a specific Hold Order or Bid shall be deemed to be subject to a Sell Order.

Changes in Auction Period. (i) During any ARS Rate Period, the CorporationCompany, may, from time to time on the Interest Payment Date immediately following the end of any Auction Period, change the length of the Auction Period with respect to all of the Notes Bonds of a Series among daily, seven-days, 28-days, 35-days, three months, six months or a Flexible Auction Period in order to accommodate economic and financial factors that may affect or be relevant to the length of the Auction Period and the interest rate borne by such NotesBonds. The Corporation Company shall initiate the change in the length of the Auction Period by giving written notice to the IssuerAuthority, the Indenture Trustee, the Auction Agent, the Broker-Dealers and the Securities Depository that the Auction Period shall change if the conditions described herein are satisfied and the proposed effective date of the change, at least 10 Business Days prior to the Auction Date for such Auction Period. (ii) Any such changed Auction Period shall be for a period of one day, seven-days, 28-days, 35-days, three months, six months or a Flexible Auction Period and shall be for all of the Notes Bonds of such Series. (iii) The change in length of the Auction Period shall take effect only if Sufficient Clearing Bids exist at the Auction on the Auction Date for such new Auction Period. For purposes of the Auction for such new Auction Period only, except to the extent any Existing Owner submits an Order with respect to such Notes Bonds of any Series, each Existing Owner shall be deemed to have submitted Sell Orders with respect to all of its Notes Bonds of such Series if the change is to a longer Auction Period and a Hold Order if the change is to a shorter Auction Period. If there are not Sufficient Clearing Bids for the first Auction Period, the Auction Rate for the new Auction Period shall be the Maximum Rate, and the Auction Period shall be a seven-day Auction Period.

Changes in Auction Period. (i) During any ARS Auction Rate Period, the Corporation, mayCompany may with the written consent of the Bond Insurer, from time to time on the any Interest Payment Date immediately following the end of any Auction PeriodDate, change the length of the Auction Period with respect to all of the Notes of a Series Bonds among daily, seven-days, 28-days, 35-days, three months, six months or and a Flexible Special Auction Period in order to accommodate economic and financial factors that may affect or be relevant to the length of the Auction Period and the interest rate borne by such NotesBonds; provided, however, in the case of a change from a Special Auction Period the date of such change shall be the Interest Payment Date immediately following the last day of the final Auction Period. The Corporation Company shall initiate the change in the length of the Auction Period by giving written notice to the IssuerTrustee, the Indenture TrusteeBond Insurer, the Auction Agent, the Broker-Dealers and the Securities Depository that the Auction Period shall change if the conditions described herein are satisfied and the proposed effective date of the change, at least 10 Business Days prior to the Auction Date for such Auction Period. In the event that the Company is in default under any of its obligations relating to the Bonds (including without limitation any default under this Agreement or the Bond Insurance Agreement), the Bond Insurer will succeed to any rights of the Company to direct a conversion of the interest rate on the Bonds. For purposes of the preceding sentence, the Trustee shall not be charged with notice or knowledge of any such default other than a default under Section 801(a)(i) unless and except to the extent it has actual knowledge thereof or has received written notice thereof from the Bond Insurer. Notwithstanding the above, the Auction Period for the Bonds will change from 28-days to 35-days after the first such Auction Period, without the need for written consent or notice. (ii) Any such changed Auction Period shall be for a period of one day, seven-days, 28-days, 35-days, three months, six months or a Flexible Special Auction Period and shall be for all of the Notes of such SeriesBonds in an Auction Rate Period. (iii) The change in the length of the Auction Period shall not be allowed unless Sufficient Clearing Bids existed at both the Auction before the date on which the notice of the proposed change was given as provided in this subsection (a) and the Auction immediately preceding the proposed change. (iv) The change in length of the Auction Period shall take effect only if Sufficient Clearing Bids exist at the Auction on the Auction Date for such new first Auction Period. For purposes of the Auction for such new first Auction Period only, except to the extent any Existing Owner submits an Order with respect to such Notes of any Series, each Existing Owner shall be deemed to have submitted Sell Orders with respect to all of its Notes of Bonds except to the extent such Series if the change is Existing Owner submits an Order with respect to a longer Auction Period and a Hold Order if the change is to a shorter Auction Periodsuch Bonds. If there are the condition referred to above is not Sufficient Clearing Bids for the first Auction Periodmet, the Auction Rate for the new next Auction Period shall be the Maximum Rate, Auction Rate and the Auction Period shall be a seven-day Auction Period.