Commitment to Purchase Bonds. (a) Subject to Section 2.2, at any time and from time to time during the Availability Period for the 2025 Bonds when there is an Available Commitment relating to the 2025 Bonds, upon receipt by the Authority of a Notice of Authority Purchase from the Trustee pursuant to Section 2.3 of this Agreement, and in accordance with the Indenture, the Authority agrees on the terms and conditions specified herein, to purchase by 3:00 p.m. New York City time on the Purchase Date specified in the Notice of Authority Purchase the aggregate principal amount of the 2025 Bonds bearing interest at a Weekly Rate specified for purchase in the Notice of Authority Purchase at a price equal to the Purchase Price of such 2025 Bonds; provided that in no event shall the aggregate outstanding principal amount of all 2025 Bonds held by or for the account of the Authority exceed the Available Principal Commitment with respect to such 2025 Bonds at such time. (b) Funds transferred by the Authority to the Trustee to purchase 2025 Bonds shall be deposited by the Trustee in the Authority Liquidity Account established pursuant to Section [ ] or the Supplemental Indenture solely for the benefit of Holders of the 2025 Bonds to be purchased pursuant to the terms of the Indenture and this Agreement. (c) Upon the termination of the Availability Period with respect to the 2025 Bonds, the Available Commitment applicable to the 2025 Bonds shall be reduced to zero.
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Samples: Standby Bond Purchase Agreement