(1) Bidder ("Bidder") submitting winning bid ("Winning Bid") is irrevocably obligated to purchase Bonds or provide Investments at rates and/or prices submitted, if acceptable to the Issuer, as set forth in related Notice. Winning Bids are not officially awarded to Winning Bidders until formally accepted by Issuer.
(2) Speer Financial, Inc. is not responsible for technical difficulties that result in loss of Bidder's internet connection with SpeerAuction, slowness in transmission of bids, or other technical problems.
(3) If for any reason Bidder is disconnected from Auction Page during an auction after having submitted a Winning Bid, bid is valid and binding upon Bidder, unless Issuer exercises its right to reject bids, as set forth in related Notice.
(4) Bids which generate error messages are not accepted until error is corrected and bid is resubmitted.
(5) Bidders accept and agree to abide by all terms and conditions specified in Notice (including Amendments, if any) related to each auction.
(6) Speer Financial, Inc. is not responsible for any defect or inaccuracy in the Notice, Amendments, and Preliminary Official Statement, as applicable, as they appear on SpeerAuction.
(7) Only Bidders who request and receive admission to an auction may submit bids. Speer Financial, Inc. reserves right to deny access to SpeerAuction website to any Bidder, whether registered or not, at any time and for any reason whatsoever, in its sole and absolute discretion.
(8) Neither Speer Financial, Inc. nor Auction Administrator is responsible for protecting the confidentiality of a Bidders SpeerAuction password.
(9) If two bids submitted in same auction by same or different Bidders result in same displayed Yield-to-Maturity (in maturity-by-maturity auction) or same displayed True Interest Cost (in all-or-none auction), first confirmed bid received by SpeerAuction prevails, unless stated otherwise in related Notice. Any change to a submitted bid constitutes a new bid, regardless of whether there is a corresponding change in True Interest Cost or Yield-to-Maturity.
(10) Bidders must compare their final bids to those shown on the Observation Pages immediately after the auction ends, and if they disagree with final results shown on Observation Pages they must report them to SpeerAuction within 15 minutes after the auction ends. Regardless of the final results reported by SpeerAuction, and regardless of verbal award by the MBM Clearing Agent, as applicable, Bonds are definitively awarded to winning bidders only upon official award by the Issuer. If, for any reason, the Issuer fails to: i) award Bonds or Investments to the winner reported by SpeerAuction and confirmed by the MBM Clearing Agent, as applicable, or ii) deliver Bonds or Investments to winning bidders at settlement, neither Speer Financial, Inc. nor the MBM Clearing Agent, as applicable, will be liable for damages.
(11) Bidders who submit a bid on the Auction Page by clicking the 'Submit Bid' button must confirm that bid by clicking the 'Yes, Submit Bid' button on the Confirmation Page.
(12) For auctions utilizing the "Two Minute Rule", if any bid becomes a leading bid within two (2) minutes prior to the scheduled end of the auction, then the auction will be automatically extended for two (2) minutes from the time such new leading bid was received by SpeerAuction. The auction end time will continue to be extended, indefinitely, until all leading bid(s) remain the leading bid(s) for at least two minutes, unless an absolute end time is stipulated in the Notice.

"Bid" - any confirmed purchase offer received by SpeerAuction on or before the auction deadline.
"Bidder" - any firm registered with SpeerAuction and approved for participation in auctions.
"Bonds" - includes bonds, notes, and any other debt instrument.
"Investments" - includes investment agreements, repurchase agreements, certificates of deposit, commercial paper, and any other investment vehicle.
"Notice" - issuer's official solicitation to Bidders which sets forth the terms and conditions Bidder's agree to abide by.
"True Interest Cost" - calculation described in Notice of Sale related to each auction which serves as basis for awarding Bonds to Winning Bidders in all-or-none auctions or all-or-none versus maturity-by-maturity auctions. Sometimes referred to as "Net Interest Cost."
"Winning Bid" - any offer made by a Bidder by clicking the "Submit Bid" button which, at the end of the auction, results in: (1) for Bonds: (a) the lowest True Interest Cost in an all-or-none auction, (b) the lowest yield-to-maturity or net interest cost for any maturity in a maturity-by-maturity auction, or (c) the lowest True Interest Cost in an all-or-none versus maturity-by-maturity auction; (2) for Investments: the highest rate or lowest price, as applicable; and which is acceptable to the Issuer.

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