Permanent Reduction and Termination of Available Commitment. (i) Subject to the provisions of the Fee and Interest Rate Agreement, the Available Commitment shall be reduced from time to time as requested by the County within three (3) days of the County’s written notice to the Purchaser requesting such reduction; provided, that each such reduction amount shall be in an amount equal to $1,000,000 or an integral multiple thereof. (ii) Subject to the provisions of the Fee and Interest Rate Agreement, the County may at any time and at its sole option terminate the Commitment upon three (3) days’ prior written notice to the Purchaser. After any such termination of the Commitment, the Purchaser shall not purchase any Notes and the Notes outstanding at the time of such termination shall become due and payable on the Maturity Date.
Appears in 3 contracts
Samples: Note Purchase and Reimbursement Agreement, Note Purchase and Reimbursement Agreement, Note Purchase and Reimbursement Agreement
Permanent Reduction and Termination of Available Commitment. (i) Subject to the provisions of the Fee and Interest Rate Agreement, the The Available Commitment shall be reduced from time to time as requested by the County within three (3) days of the County’s written notice to the Purchaser requesting such reduction; provided, that each such reduction amount shall be in an amount equal to $1,000,000 or an integral multiple thereof.
(ii) Subject to the provisions of the Fee and Interest Rate Agreement, the The County may at any time and at its sole option terminate the Commitment upon three (3) days’ prior written notice to the Purchaser. After any such termination of the Commitment, the Purchaser shall not purchase any Notes and the Notes outstanding at the time of such termination shall become due and payable on the Maturity Date.
Appears in 2 contracts
Samples: Note Purchase and Reimbursement Agreement, Note Purchase and Reimbursement Agreement
