Ordinance 3405-14 - Laserfiche WebLink

described in this ordinance by giving at least 30 days notice to the City, the Bond Registrar, the Tender Agent, the Liquidity Facility Provider and the Credit Facility Provider, if any, and the Rating Agencies. The Remarketing Agent may be removed at any time upon written notice by the City to the Remarketing Agent, the Tender Agent, the Bond Registrar, the Liquidity Facility Provider and the Credit Facility Provider, if any, and the Rating Agencies. Section 3.14. Sale of Bonds by Remarketing Agent. (a) Upon the receipt by the Remarketing Agent of (1) notice of tender of Variable Rate Bonds pursuant to Section 3.08, or (2) notice of mandatory tender of Bonds pursuant to Section 3.10, the Remarketing Agent shall offer for sale and use its best efforts subject to the terms of the Remarketing Agreement to solicit purchases of Bonds subject to purchase on the applicable Purchase Date at a price equal to the Purchase Price; provided, however, that such Remarketing Agent shall not offer for sale or use its best efforts to solicit purchases of Bonds subject to mandatory tender on the fifth day next preceding the Expiration Date of the Liquidity Facility or Credit Facility (unless, on or prior to such day, the Expiration Date of such Liquidity Facility or Credit Facility is extended), the Termination Date or the Non reinstatement Date; and provided further, however, that, so long as a Liquidity Facility or Credit Facility is in effect the Remarketing Agent shall not offer for sale or sell any Bonds to the City. (b) The Remarketing Agent shall direct that the proceeds of all purchases of Bonds solicited and arranged by such Remarketing Agent be paid to the Tender Agent (for deposit in the Remarketing Account of the Purchase Fund), at or prior to Noon, New York City time, on the applicable Purchase Date, in immediately available funds. (c) At or prior to 4:30 p.m.,New York City time, on the Business Day next preceding each Purchase Date (other than a Purchase Date arising under Section 3.08 with respect to a -76- P 0287 CMWM20287 AMT 10/14/14