Puttable preferred stock is similar to auction market preferred stock in that it is expected to pay dividends at variable rates. Rather than being set through auctions, these rates will be set through remarketings run by one or more financial institutions acting as remarketing agents. After providing a preliminary notice of the likely dividend rate, the remarketing agent(s) will solicit existing holders and potential buyers for indications of interest to buy or sell. It will then match up buyers and sellers at the lowest possible dividend rate. Bids will be filled to the extent shares are available, and sell orders will be filled to the extent there are bids. All filled bids will receive dividends at the new set dividend rate. Unlike auction market preferred stock, if there are more sell orders than bids, a third party, commonly referred to as a liquidity provider, will be contractually obligated to unconditionally purchase all puttable preferred stock. As a result of this new feature,