Common use of Reduction of Available Commitment Clause in Contracts

Reduction of Available Commitment. Upon any Variable Rate Bond ceasing to be outstanding pursuant to the Authorizing Document or upon conversion to a Bond Interest Term Rate, a Long Rate or a Fixed Interest Rate of all or any portion of the principal amount of the Variable Rate Bonds, the aggregate Available Principal Commitment shall automatically be terminated by an amount equal to the principal amount of such Variable Rate Bonds ceasing to be outstanding or converted to a Bond Interest Term Rate, a Long Rate or a Fixed Interest Rate pursuant to the Authorizing Document.