REMARKETING OF TENDERED AND PURCHASED BONDS Sample Clauses

REMARKETING OF TENDERED AND PURCHASED BONDS. (a) The Remarketing Agent will use its best efforts to remarket Bonds to be tendered and purchased on a Purchase Date pursuant to Section 3.01 (a), (b) or (c); provided, however, that with respect to any Bonds which have been called for redemption, such Bonds must be accompanied by a copy of the notice of redemption and will only be remarketed to a purchaser who acknowledges that such Bonds have been called for redemption and will be redeemed on the date stated in the notice. (b) On the Business Day prior to each Purchase Date (whether optional or mandatory), the Remarketing Agent will give notice to the Trustee and the Credit Provider by telephone at or before 11:00 a.m., New York City time, followed by telecopy or telex, of the aggregate amount of Bonds to be purchased pursuant to Section 3.01 that have not been successfully remarketed by the Remarketing Agent. The Trustee will draw on the Credit Facility under Section 3.02. (c) At or before 3:00 p.m., New York City time, on each Purchase Date, the Purchase Price of such Bonds will be immediately deposited by the Trustee in the Credit Facility Account or the General Account of the Bond Purchase Fund, as appropriate. (d) Under no circumstances shall Bonds bearing interest at a Variable Rate or a Term Rate for a Term Rate Period not extending to the final stated maturity date of the Bonds be remarketed unless a Credit Facility is then in effect at the time of any such remarketing securing the payment of such Bonds. (e) Bonds bearing interest at a Term Rate for a Term Rate Period ending on the final stated maturity date of the Bonds may be remarketed without a Credit Facility being in effect with respect to the payment of such Bonds.