Conditions Precedent to Remarketing of Unredeemed Bonds. The remarketing of the Unredeemed Bonds on the Mandatory Tender Date is subject to the satisfaction of each of the following conditions precedent before the Mandatory Tender Date:
(i) Not less than four (4) Business Days before the Mandatory Tender Date, the Trustee has received notice from the Remarketing Agent that all of the outstanding Unredeemed Bonds have been remarketed and that the proceeds from the remarketing are expected to be available to the Trustee on the Mandatory Tender Date and deposited into the Remarketing Proceeds Account in an amount equal to the Purchase Price.
(ii) Not less than four (4) Business Days before the Mandatory Tender Date, the Trustee, the Remarketing Agent and the Rating Agency have received a Cash Flow Projection with respect to the proposed Remarketing Period.
(iii) Not less than two (2) Business Days before the Mandatory Tender Date, the Trustee has received an amount necessary to cover negative arbitrage, if any, on the Unredeemed Bonds through the earlier of the next Mandatory Tender Date or the Maturity Date, as set forth in a Cash Flow Projection.
(iv) Not less than one (1) Business Day before the Mandatory Tender Date, the Trustee has received an executed Opinion of Bond Counsel to the effect that the remarketing of the Unredeemed Bonds on the Mandatory Tender Date will not adversely affect the Federal Tax Status of the Bonds.
