Common use of Commitment to Purchase Bonds Clause in Contracts

Commitment to Purchase Bonds. The Corporation agrees, ---------------------------- on the terms and conditions contained in this Agreement, to purchase Bonds bearing interest at a Variable Rate (and not defeased) that are tendered to the Corporation from time to time pursuant to the Authorizing Document during the Purchase Period at the Purchase Price. In accordance with Section 2.3 of the GE Capital Agreement such purchase shall be made from Corporation moneys or moneys made available by GE Capital to the Corporation under the GE Capital Agreement. The Corporation will exercise its rights under the GE Capital Agreement and make a borrowing thereunder in a timely manner in order to obtain all funds necessary to meet the payment obligations under this Agreement. The aggregate principal amount of the Bonds purchased by the Corporation on any Purchase Date shall not exceed the Available Principal Commitment on such date and the aggregate amount of the Purchase Price comprising interest on Bonds purchased by the Corporation on any Purchase Date shall not exceed the lesser of (1) the Available Interest Commitment and (2) the actual amount of interest accrued and unpaid on such Bonds to but excluding such date. The Corporation agrees that in no event shall amounts paid by it in respect of the Purchase Price be paid from funds or property of the Issuer. The parties hereto acknowledge that the obligation of the Corporation hereunder to purchase Bonds pursuant and subject to the terms and conditions of this Agreement is irrevocable and constitutes an extension of credit to the Issuer at the Effective Date and that the obligation of the Issuer to repay amounts advanced by the Corporation under this Agreement in respect of the purchase of Bonds shall be evidenced by the Bonds so purchased. From and after the Effective Date, the obligation of the Corporation to purchase Bonds pursuant to this Agreement shall run to the benefit of those beneficiaries identified in Section 7.10.

Commitment to Purchase Bonds. The Corporation agrees, ---------------------------- on the terms and conditions contained in this Agreement, to purchase Bonds bearing interest at a Variable Rate (and not defeased) that are tendered to the Corporation from time to time pursuant to the Authorizing Document during the Purchase Period at the Purchase Price. In accordance with Section 2.3 of the GE Capital Agreement such purchase shall be made from Corporation moneys or moneys made available by GE Capital to the Corporation under the GE Capital Agreement. The Corporation will exercise its rights under the GE Capital Agreement and make a borrowing thereunder in a timely manner in order to obtain all funds necessary to meet the payment obligations under this Agreement. The aggregate principal amount of the Bonds purchased by the Corporation on any Purchase Date shall not exceed the Available Principal Commitment on such date and the aggregate amount of the Purchase Price comprising interest on Bonds purchased by the Corporation on any Purchase Date shall not exceed the lesser of (1) the Available Interest Commitment and (2) the actual amount of interest accrued and unpaid on such Bonds to but excluding such date. The Corporation agrees that in no event shall amounts paid by it in respect of the Purchase Price be paid from funds or property of the Issuer. The parties hereto acknowledge that the obligation of the Corporation hereunder to purchase Bonds pursuant and subject to the terms and conditions of this Agreement is irrevocable and constitutes an extension of credit to the Issuer at the Effective Date and that the obligation of the Issuer to repay amounts advanced by the Corporation under this Agreement in respect of the purchase of Bonds shall be evidenced by the Bonds so purchased. From and after the Effective Date, the obligation of the Corporation to purchase Bonds pursuant to this Agreement shall run to the benefit of those beneficiaries identified in Section 7.10.