Defeasance Escrow definition

Defeasance Escrow means an irrevocable escrow established to redeem obligations on their earliest call date in an amount that, together with investment earnings thereon, is sufficient to pay all the principal of, and interest and call premium on, obligations from the date the escrow is established to the earliest call date. A Defeasance Escrow may not be invested in higher yielding investments or in any investment under which the obligor is a user of the proceeds of the obligations.
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Defeasance Escrow means an irrevocable escrow established to redeem obligations on their earliest call date in an amount that, together with investment earnings thereon, is sufficient to pay the entire principal of, and interest and call premium on, obligations from the date the escrow is established to the earliest call date. A Defeasance Escrow may not be invested in higher yielding investments or in any investment under which the obligor is a user of the proceeds of the obligations, unless the District rebates the investment earnings that exceed the yield on the Obligation to the United States in the same manner and at the same time as arbitrage rebate payments are required to be made, treating the first computation period as beginning on the date the defeasance escrow is established.
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Defeasance Escrow is defined in Section 33.15 of the Lease.
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Examples of Defeasance Escrow in a sentence

  • Bonds for which a Defeasance Escrow Fund has been established pursuant to Article VIII hereof shall be payable from and secured only by the Defeasance Escrow Fund and shall no longer be Outstanding under this Master Indenture.

  • On the Escrow Funding Date the Escrow Agent will create in its books a special fund and irrevocable escrow to be known as the “Fort Bend County, Texas 2020 Defeasance Escrow Fund” (the “Escrow Fund”).

  • Any Bonds that are defeased as provided in this Section shall no longer be secured by or entitled to any right, title or interest in or to the Trust Estate, and the Debt Service on and Redemption Price thereof shall be paid solely from the Defeasance Securities and money held in the Defeasance Escrow Fund.

  • The Borrower hereby grants to the Administrative Agent, for the benefit of the Secured Parties, a first priority security interest in all of its right, title and interest in and to the Defeasance Escrow Deposit and the Defeasance Escrow Agreements.

  • Seller(s) shall establish the Bond Defeasance Escrow and complete other tasks necessary to complete the defeasance of the Bond Indebtedness.

  • Seller shall maintain the Bond Defeasance Escrow Account in the form presented to Buyer at Closing.

  • Note that the ability to create a Defeasance Escrow applies only if the Obligations to be defeased and redeemed all mature or are callable within ten and one-half (10.5) years of the date the Obligations are originally issued or executed and delivered.

  • The Series 2021A Debt Service Fund and the Series 2021B Debt Service Fund and any other Fund or Account created hereunder (excluding any Defeasance Escrow Fund), shall be held by the Trustee, for the benefit of the Owners of the Series 2021A Bonds and the Series 2021B Bonds, respectively, as specified in this First Supplemental Indenture.

  • The Trustee shall hold all Defeasance Escrow Fund Investments, whether purchased or transferred, in the 2020-1 Defeasance Escrow Fund and shall apply the Defeasance Escrow Fund Investments and the proceeds thereof only for the purposes and in the manner provided in this Agreement.

  • On the date of execution and delivery of this Agreement, the Trustee shall apply so much of the sums deposited in the 2020-2 Defeasance Escrow Fund pursuant to Section 2 hereof as shall be necessary to purchase the Defeasance Obligations (as defined in the Bond Resolution) identified in Exhibit B hereto, with a cash balance of $7.17 (such Defeasance Obligations and cash collectively referred to as the “Defeasance Escrow Fund Investments”).


More Definitions of Defeasance Escrow

Defeasance Escrow means an irrevocable escrow established to redeem obligations on their earliest call date in an amount that, together with investment earnings thereon, is sufficient to pay all the principal of, and interest and call premium on, obligations from the date the escrow
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Related to Defeasance Escrow

  • Defeasance Deposit means an amount equal to 100% of the remaining principal amount of this Note, the Yield Maintenance Premium, any costs and expenses incurred or to be incurred in the purchase of the U.S. Obligations necessary to meet the Scheduled Defeasance Payments and any revenue, documentary stamp or intangible taxes or any other tax or charge due in connection with the transfer of this Note or otherwise required to accomplish the agreements of this subsection;

  • Defeasance Event shall have the meaning set forth in Section 2.5.1(a).

  • Defeasance Date shall have the meaning set forth in Section 2.4.1(a)(i) hereof.

  • Defeasance Collateral means: (i) a ▇▇▇▇▇▇▇ Mac Debt Security, (ii) a ▇▇▇▇▇▇ Mae Debt Security, (iii) U.S. Treasury Obligations, or (iv) FHLB Obligations.

  • Defeasance Loan Those Mortgage Loans which provide the related Mortgagor with the option to defease the related Mortgaged Property.