New York Statutes

§ 241 — Early maturity

New York·Law STF State Finance·Art. 16 Water Pollution Control Linked Deposit Program Act
§ 241. Early maturity. Unless otherwise agreed to by the corporation,\nthe linked deposit shall automatically mature on the thirtieth calendar\nday after the occurrence of any event, monetary or non-monetary, which,\nwhether declared by the lender or not, constitutes a default under any\nterm or terms of the linked loan and such default remains uncured as of\nsuch thirty calendar days. Upon early repayment of a linked loan, the\nlinked deposit shall automatically mature with payment due to the\ncorporation on or before the last day of the month in which prepayment\noccurs.\n

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