Delivery of Remarketed Authority Notes; Tender Proceeds Sample Clauses

Delivery of Remarketed Authority Notes; Tender Proceeds. (1) The Tender Agent shall hold all Authority Notes delivered to it in trust for the benefit of the respective Holders which shall have so delivered such Authority Notes or for the Direct Participants who have transferred their interests in the Book-Entry Notes until moneys representing the Purchase Price of such Authority Notes shall have been delivered to or for the account of or to the order of such Holders or Direct Participants. The Trustee, for Book-Entry Notes, or the Tender Agent (or after five Business Days, as provided in Section 4.07(g), the Trustee) for non-Book-Entry Notes shall hold all Tender Proceeds received for the purchase of Authority Notes in trust, uninvested and in non-commingled funds for the benefit of the Person which shall have so delivered such moneys until Authority Notes purchased with such moneys shall have been delivered to or for the account of such Person, and such Tender Proceeds shall, subject to Section 4.07(a)(3)(B), thereupon immediately be delivered to the respective tendering Holders. Neither the Authority, the Borrower or any Guarantor shall have any right, title, or interest in or to any Tender Proceeds held by the Trustee, the Tender Agent or the Remarketing Agent or pursuant to Section 4.07(g) hereof. Authority Notes purchased with moneys described in Section 4.07(a)(2)(A) hereof, including without limitation Authority Notes issued in place of such Authority Notes pursuant to Section 4.07(a)(3)(C) hereof, shall, in the case of Authority Notes which are not Book-Entry Notes, be registered as directed by the Trustee (from instructions received from the Remarketing Agent) and made available to the Remarketing Agent by 12:00 noon (New York City time) (9 a.m. Los Angeles time) on the date of such purchase or, in the case of Book-Entry Notes purchased with such moneys, be transferred on the registration books of DTC on the date of such purchase or the date the ownership interest shall be transferred to the new Direct Participants on the books of DTC, against payment in immediately available funds or evidence of immediately available funds in the form of a federal reserve wire number.
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Related to Delivery of Remarketed Authority Notes; Tender Proceeds

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