Common use of Notes Outstanding Clause in Contracts

Notes Outstanding. In the event the Auction Agent receives from the Trustee written notice of any partial redemption of any Tax Exempt Auction Rate Series 1997-1 Notes, the Auction Agent shall, at least two Business Days prior to the next Auction, request each Participant to disclose to the Auction Agent (upon selection by such Participant of the Existing Holders whose Tax Exempt Auction Rate Series 1997-1 Notes are to be redeemed) the aggregate principal amount of such Tax Exempt Auction Rate Series 1997-1 Notes of each such Existing Holder, if any, which are to be redeemed; provided the Auction Agent has been furnished with the name and telephone number of a person or department at such Participant from which it is to request such information. In the absence of receiving any such information with respect to any Existing Holder, from such Existing Holder's Participant or otherwise, the Auction Agent may continue to treat such Existing Holder as the beneficial owner of the principal amount of Tax Exempt Auction Rate Series 1997-1 Notes shown in the Existing Holder Registry.

Notes Outstanding. In the event the Auction Agent receives from the Trustee written notice of any partial redemption of any Tax Exempt Taxable Auction Rate Series 1997-1 Notes, the Auction Agent shall, at least two Business Days prior to the next Auction, request each Participant to disclose to the Auction Agent (upon selection by such Participant of the Existing Holders whose Tax Exempt Taxable Auction Rate Series 1997-1 Notes are to be redeemed) the aggregate principal amount of such Tax Exempt Taxable Auction Rate Series 1997-1 Notes of each such Existing Holder, if any, which are to be redeemed; provided the Auction Agent has been furnished with the name and telephone number of a person or department at such Participant from which it is to request such information. In the absence of receiving any such information with respect to any Existing Holder, from such Existing Holder's Participant or otherwise, the Auction Agent may continue to treat such Existing Holder as the beneficial owner of the principal amount of Tax Exempt Taxable Auction Rate Series 1997-1 Notes shown in the Existing Holder Registry.