Common use of Hold Orders Clause in Contracts

Hold Orders. All Hold Orders will be considered valid, but only up to the aggregate principal amount of outstanding Auction Rate Securities held by such Existing Holder, and if the aggregate principal amount of Auction Rate Securities subject to such Hold Orders exceeds the aggregate principal amount of Auction Rate Securities held by such Existing Holder, the aggregate principal amount of Auction Rate Securities subject to each such Hold Order will be reduced pro rata so that the aggregate principal amount of Auction Rate Securities subject to all such Hold Orders equals the aggregate principal amount of outstanding Auction Rate Securities held by such Existing Holder.