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59 <br /> the unsold Bonds of that maturity to the public. That reporting obligation shall continue, <br /> whether or not the Closing Date (as hereinafter defined)has occurred, until the 10%test has been <br /> satisfied as to the Bonds of that maturity or until all Bonds of that maturity have been sold to the <br /> public. <br /> (c) The Representative confirms that the Underwriters have offered the Bonds <br /> to the public on or before the date of this Bond Purchase Agreement at the offering price or <br /> prices (the "initial offering price"), or at the corresponding yield or yields, set forth in Exhibit B <br /> attached hereto, except as otherwise set forth therein. Exhibit B also sets forth, as of the date of <br /> this Bond Purchase Agreement, the maturities, if any, of the Bonds for which the 10% test has <br /> not been satisfied and for which the County and the Underwriters agree that the restrictions set <br /> forth in the next sentence shall apply, which will allow the County to treat the initial offering <br /> price to the public of each such maturity as of the sale date as the issue price of that maturity(the <br /> "hold-the-offering-price rule"). So long as the hold-the-offering-price rule remains applicable to <br /> any maturity of the Bonds, the County will neither offer nor sell unsold Bonds of that maturity to <br /> any person at a price that is higher than the initial offering price to the public during the period <br /> starting on the sale date and ending on the earlier of the following: <br /> (1) the close of the fifth(5th) business day after the sale date; or <br /> (2) the date on which the Underwriters have sold at least 10% of that <br /> maturity of the Bonds to the public at a price that is no higher than <br /> the initial offering price to the public. <br /> The Representative shall promptly advise the County when the Underwriters have sold <br /> 10% of that maturity of the Bonds to the public at a price that is no higher than the initial <br /> offering price to the public, if that occurs prior to the close of the fifth (5th) business day after <br /> the sale date. <br /> (d) Each Underwriter confirms that any selling group agreement and any retail <br /> distribution agreement (to which the Underwriter is a party) relating to the initial sale of the <br /> Bonds to the public, together with the related pricing wires, contains or will contain language <br /> obligating each underwriter, each dealer who is a member of the selling group and each broker- <br /> dealer that is a party to such retail distribution agreement, as applicable, to (A) report the prices <br /> at which it sells to the public the unsold Bonds of each maturity allotted to it until it is notified by <br /> the Underwriter that either the 10% test has been satisfied as to the Bonds of that maturity or all <br /> Bonds of that maturity have been sold to the public and (B) comply with the hold-the-offering- <br /> price rule, if applicable, in each case if and for so long as directed by the Underwriters The <br /> County acknowledges that, in making the representation set forth in this subsection, the <br /> Underwriters will rely on (i) in the event a selling group has been created in connection with the <br /> initial sale of the Bonds to the public, the agreement of each dealer who is a member of the <br /> selling group to comply with the hold-the-offering-price rule, if applicable, as set forth in a <br /> selling group agreement and the related pricing wires, and (ii) in the event that a retail <br /> distribution agreement was employed in connection with the initial sale of the Bonds to the <br /> public, the agreement of each broker-dealer that is a party to such agreement to comply with the <br /> hold-the-offering-price rule, if applicable, as set forth in the retail distribution agreement and the <br /> related pricing wires. The County further acknowledges that the Underwriters shall not be liable <br /> -3- <br />