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Be available at reasonable times b.v telephone or at the offices of the Civ; to discuss on a <br /> continuous basis the results of any studies and analyses associated vath the financing, the <br /> progress of the financing and any additiotml matters desired to be discussed by the City.. <br /> <br />CompensatiOn: <br /> <br /> 5. At a mutually agreed-upon date prior to the closing of the financmg, the City and <br /> Undo'writer shall enter into a purchase agreement for the sale of the bonds of the Authority <br /> to the Underwriter. The purchase agreement shah provide for the bonds to bear interest at <br /> such rate as may be mutually agre~lble to the City and the Underwriter. The undcrwriter's <br /> discount shall not exceed 0.9% of the principal amount of the bonds. The purchase of such <br /> bonds shall be subject to the standard and customary conditions of purchases of bonds of <br /> similar nature. including an unqualffied legal opinion of nationally recognized bond counsel <br /> witix respect to the validity of and tax-exnnpt status of intorut received on such obligations. <br /> <br /> Th~ Und~ter's common shall be derived solely from the sale of the seamties of the <br /> Authority. If no sale occurs, then neither the City nor any of its agents or employees are <br /> undn- any obligation to compensate the Underwriter for any services performed. <br /> <br /> 6. In ,ccordance with the terms and ctntitiom of the purcha~ agreement, th~ U~r <br /> shall, from the discount, bear nil ~ underwri~ ~ and out-of-pocket costs <br /> and expmses of the Wann~m ~ wi~mut ~ travel, telephon~ te, iqlnph, <br /> ~hic and similar expenses mnarn~ by the Underwriter in its duties and obligations <br /> hernnt~. The Underwrit~ shall also bear the costs of any counsel which it may employ for <br /> the transaction. The Underwriter is not responsible for and shall not be held liable for any <br /> other expenses or expenditure incurrot by any party in comasion with the fuuncinS <br /> program other than agr~ed to in writing by the U~ and the City. <br /> <br />TernUnation: <br /> <br /> 7. Th~ term of this ~ shall ezpi~ 30 dan af~ the close of the Authority issu~ but <br /> nay be cance|ed without cause by tbe City by SirinS the Unti=wmer five da.vs wrinm notice <br /> of such canceilatim. <br /> <br /> 1N WrrNESS HEREOF, said City, party ofthe fint pan, has caused ~ presents to be propetty <br /> exmmi, and said to be execimi by m- of its ~, as of fiz date hereinabove s~t forth. <br /> <br /> PAINEWEBBER INCORPORATED <br /> <br /> CITY OF PLEASANTON <br /> <br /> <br />