What Is A Remarketing Agreement

  • 14 października 2021
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The Remarketing Agent is an independent contractor appointed by the Issuer (the „Issuer”) for an issue of Bonds. It is paid by the issuer to provide the services provided in the remarketing agreement between the issuer and the remarketing agent (the „Remarketing Agreement”), as further described in the information to be provided. The remarketing agent is appointed by the issuer and is subject to the terms of the remarketing agreement, but acts independently of the issuer, tender agent and letter of credit bank or purchaser of the reserve obligation. The interests of the remarketing agent may differ from and, in some cases, disagree with the interests of existing bondholders and potential bond buyers. This notice describes the tendering and re-marketing process for bonds in general and gives you a summary of your right and ability to sell your bonds as part of the bidding process. This is not intended to replace the Offer Document or additional Offer Documents relating to the Notes (the „Disclosures”). Holders must read and understand the risk factors and other information contained in the disclosures, including information about the tender agent, remarketing agent, letter of credit bank or reserve bond buyer and tendering process. In certain circumstances, the remarketing agent may be removed from office by the issuer of the notes or on the instructions of the issuer of letters of credit or the purchaser of reserve bonds. The remarketing agent may have the right to withdraw or discontinue its remarketing efforts without a successor remarketing agent being appointed, all subject to the terms of the remarketing agreement.

In the event that no successor remarketing agent is designated for the Bonds, the interest rate on the Bonds may differ from the interest rate that a Remarketing Agent would have set in accordance with the requirements of the Remarketing Agreement. As further described in the Remarketing Agreement, the Remarketing Agent has no obligation or responsibility to purchase bonds from holders, but on an individual basis, he may purchase bonds for his own account at his own discretion. The Remarketing Agent may also at any time, for any reason and without notice, stop purchasing Bonds on its own behalf from the Holders, even if it has already purchased Bonds from the same Issue or other Bonds. For example, the remarketing agent may, at its sole discretion, purchase bonds deposited on its own account in order to successfully remarket the bonds brought in. However, the remarketing agent has no obligation to purchase bonds, either on its own account or in its capacity as a remarketing agent, and the decision to purchase bonds or not to buy bonds on its own account is at the sole discretion of the remarketing agent. .

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