Expiration of Commitments. The obligation of the Equity Investor to make its Equity Investment and the obligations of the Initial Noteholders to purchase Senior Notes shall expire at 11:59 p.m., New York City time, on May 31, 2005. If the Closing Date has not occurred on or before May 31, 2005, the Transaction Parties shall have no obligation to consummate the Transaction and, except as provided in Sections 2.3, 2.4, 9.1 and 9.2, and in any funding indemnity letter between the Lessee and the Initial Noteholders, all obligations of the Transaction Parties shall cease and terminate.
Appears in 2 contracts
Sources: Participation Agreement (Ormat Technologies, Inc.), Participation Agreement (Ormat Technologies, Inc.)