CLASS REMITTANCE RATE Sample Clauses
CLASS REMITTANCE RATE. SECTION 2.1.1. DETERMINING THE CLASS REMITTANCE RATE FOR THE POOL I AUCTION RATE CERTIFICATES. Promptly after the Remarketing Agent has made the determinations described in Section 2.1.3, the Remarketing Agent is to advise the Trustee of the Maximum Auction Rate, the All Hold Rate and the components thereof on the Auction Date, and based on such determinations, the Auction Rate for the next succeeding Interest Period for the Pool I Auction Rate Certificates. Promptly after the Remarketing Agent has determined the Auction Rate, the Remarketing Agent will determine and advise the Trustee of such Auction Rate for the Pool I Auction Rate Certificates, which rate will be the lesser of (a) the Maximum Auction Rate for the Pool I Auction Rate Certificates and (b) the rate established by the Remarketing Agent for the Class AF-6 Certificates no later than 1:00 p.m., New York City time, on the Auction Date immediately preceding each Interest Period for the Class AF-6 Certificates as being the minimum rate of interest that would be necessary, in the best professional judgment of the Remarketing Agent, taking into account prevailing market conditions, to sell all of the Class AF-6 Certificates for the next succeeding Interest Period on such date in the secondary market at a price equal to the principal amount thereof for settlement on the next succeeding Remittance Date for the Class AF-6 Certificates (or, in the case of the Initial Rate Adjustment Date for the Class AF-6 Certificates, the rate announced as such for such period on or prior to delivery of the Class AF-6 Certificates). In the process of taking into account prevailing market conditions, the Remarketing Agent shall take, among other actions it may deem appropriate, the following actions. Not more than one Business Day before the Auction Date, the Remarketing Agent shall make available to all interested parties an estimated range of interest rates for the Class AF-6 Certificates for the next ensuing Interest Period (the "Estimated Range of Interest Rate"). The Remarketing Agent shall then inquire of owners of the Class AF-6 Certificates that communicate with the Remarketing Agent as to whether or not such owners choose to continue to hold their Class AF-6 Certificates at the Estimated Range of Interest Rate or, if not, as to the specific interest rate, if any, at which such owners would choose to continue to hold such Class AF-6 Certificates. The Remarketing Agent shall thereupon establish the Auction Rate...
CLASS REMITTANCE RATE. DETERMINING THE CLASS REMITTANCE RATE FOR THE POOL II AUCTION RATE CERTIFICATES. By purchasing Pool II Auction Rate Certificates, whether in an Auction or otherwise, each purchaser of the Pool II Auction Rate Certificates, or its Broker-Dealer, must agree and shall be deemed by such purchase to have agreed (i) to participate in Auctions on the terms described herein, (ii) to have its beneficial ownership of the Pool II Auction Rate Certificates maintained at all times in Book-Entry Form for the account of its Participant, which in turn will maintain records of such beneficial ownership and (iii) to authorize such Participant to disclose to the Auction Agent such information with respect to such beneficial ownership as the Auction Agent may request. So long as the ownership of a Class of Pool II Auction Rate Certificates is maintained in Book-Entry Form, an Existing Certificateholder may sell, transfer or otherwise dispose of Pool II Auction Rate Certificates only pursuant to a Bid or Sell Order placed in an Auction or otherwise sell, transfer or dispose of Pool II Auction Rate Certificates through a Broker-Dealer, provided that, in the case of all transfers other than pursuant to Auctions, such Existing Certificateholder, its Broker-Dealer or its Participant advises the Auction Agent of such transfer. Auctions shall be conducted on each Auction Date, if there is an Auction Agent on such Auction Date, in the following manner: