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Section 4.03. Remarketing and Purchase. <br /> (a) Remarketing of Tendered Bonds. Unless otherwise instructed by the City, <br /> with the consent of the Bank, the Remarketing Agent shall use its best efforts to remarket Bonds <br /> or portions thereof for which notice of tender has been received pursuant to Section 4.01(b) or <br /> that are subject to mandatory tender on a Mandatory Purchase Date (other than a Default Tender <br /> Date). The terms of any remarketing by the Remarketing Agent shall provide for the payment of <br /> the full Purchase Price for tendered Bonds by the purchaser to the appropriate DTC Participant in <br /> immediately available funds at or before 9:00 a.m., New York City time, on the Purchase Date. <br /> The Remarketing Agent shall not remarket any Bonds to the City. The Remarketing Agent shall <br /> not sell any Bond as to which a notice of Fixed Rate Conversion Date or notice of redemption <br /> has been given by the Registrar unless the Remarketing Agent has notified the Person to whom <br /> the sale is made of the conversion or redemption. If the "principal portion" and"interest portion" <br /> of the Credit Facility are not fully reinstated automatically upon a remarketing of Bank Bonds, <br /> the Bank Bonds may not be remarketed (delivered to new purchasers) unless the Registrar has <br /> received written confirmation by Electronic Means from the Bank to the effect that the "Principal <br /> Portion" and the "Interest Portion" as defined in the Credit Facility has been fully reinstated with <br /> respect to such Bank Bonds or will be upon the remarketing of such Bank Bonds. <br /> (b) Purchase of Tendered Bonds. <br /> (1) Notice. Not later than 9:00 a.m., New York City time, on any <br /> Purchase Date or Mandatory Purchase Date, as the case may be, the Remarketing Agent shall <br /> give notice by telephone or Electronic Means to the Registrar of the principal amount of tendered <br /> Bonds that were remarketed and those that were not remarketed, if any. Not later than 9:30 a.m., <br /> New York City time, on the Purchase Date or the Mandatory Purchase Date, the Registrar shall <br /> -37-- P\CMW\CMW4ZL 11/20/01 <br />