Right to Sell Liquidity Provider Bonds Sample Clauses

Right to Sell Liquidity Provider Bonds. The Bank expressly reserves the right to sell, in Authorized Denominations, at any time, any Liquidity Provider Bond or the beneficial interest therein subject, however, to the express terms of this Agreement. The Bank agrees that such sales (other than sales made pursuant to Section 2.04(b) hereof or to Assignees pursuant to Section 8.01) will be made only to institutional investors or other entities or individuals which customarily purchase commercial paper or tax-exempt securities in large denominations. The Bank agrees to notify the Issuer, the Bond Insurer, the Trustee and the Remarketing Agent promptly in writing of any such sale (other than a sale made pursuant to Section 2.04(b)) and to notify the transferee in writing that (i) so long as such Bond remains a Liquidity Provider Bond the Bank is not obligated to purchase it hereunder, (ii) there may not be a short-term investment rating assigned to such Bond so long as it remains a Liquidity Provider Bond, and (iii) such Bond is subject to sale, and may cease to be a Liquidity Provider Bond, as provided in Section 2.04(b). The Bank shall provide the Trustee with the written agreement of each Liquidity Provider Bondowner purchasing a Liquidity Provider Bond or beneficial interest therein (A) acknowledging the terms of this Agreement relating to Liquidity Provider Bonds, (B) agreeing not to sell such Liquidity Provider Bond or beneficial interest except for sales to the Bank, sales to a purchaser identified by the Remarketing Agent pursuant to Section 2.04(b), and sales to institutional investors or other entities which customarily purchase tax-exempt securities and who agree to be bound by the sale restrictions of this Section 2.04(a), (C) acknowledging that such Liquidity Provider Bondowner has no right to tender such Liquidity Provider Bond for purchase pursuant to the 1991 Master Resolution, and (D) specifying appropriate notice and account information for purposes of all notices and payments to such Liquidity Provider Bondowner.
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