Common use of Restrictions and Limitations on Voluntary Withdrawal of Member Agencies Clause in Contracts

Restrictions and Limitations on Voluntary Withdrawal of Member Agencies. (a) The Member Agencies acknowledge that under current law no Member Agency may withdraw or in any other way terminate, amend or modify its obligations under this Agreement to the detriment of the holders of CIWW’s issued Bonds while any of the Bonds are outstanding and unpaid. Accordingly, no withdrawal, termination, amendment, or modification of the obligations of a Member Agency under this Agreement shall be effective unless adequate provision is made in accordance with section 28F.3 for defeasance and/or payment of Member Agency’s allocation of issued and outstanding Bonds, including without limitation payment in full of any unpaid Capital Call.

Restrictions and Limitations on Voluntary Withdrawal of Member Agencies. (a) The Member Agencies acknowledge that under current law no Member Agency may withdraw or in any other way terminate, amend or modify its obligations under this Agreement to the detriment of the holders of CIWW’s issued Bonds while any of the Bonds are outstanding and unpaid. Accordingly, no withdrawal, termination, amendment, or modification of the obligations of a Member Agency under this Agreement shall be effective unless adequate provision is made in accordance with section 28F.3 for defeasance and/or payment of Member Agency’s allocation of obligations supporting issued and outstanding Bonds, including without limitation payment in full of any unpaid Capital Call.