Defease definition

Defease or “Defeasance” means the setting aside in escrow or other special fund or account of sufficient investments and money dedicated to pay all principal of and interest on all or a portion of an obligation as it comes due.
Defease means to deliver Defeasance Collateral as substitute Collateral for the Loan in accordance with Section 2.1 and to cause the Defeased Note to be assumed by a Defeasance Borrower in accordance herewith; and the terms “Defeased” and “Defeasance” have meanings correlative to the foregoing.
Defease means to deliver Federal Obligations as substitute Collateral for the Loan in accordance with Section 11.3; and the term “Defeasance” has the meaning correlative to the foregoing.

Examples of Defease in a sentence

  • Defease: To set aside sufficient money to retire outstanding debt.

  • MacCary, How to Defease a Loan on Schedule and Avoid Future Liability, Cal Real Estate Journal (June 4, 2007), at <http://www.nossaman.com/ showarticle.aspx?show=3852> (accessed August 1, 2008).

  • See Case No. 1989-00211, The Application of Kenton County Water District No. 1 (A) For Authority to Merge the City of Independence Water Distribution System as Provided by an Existing Contract; (B) For Certificate of Public Convenience and Necessity to Operate the Merged System Under the Uniform Rates of the District; and (C) For Authority to Defease the Remaining Bond Indebtedness of the City Water System in the Approximate Principal Amount of $269,000 With Funds Held by the District (Ky. PSC Nov.

  • Composition of the Erasmus Selection/Grant Allocation Committee (ESGAC) ▪ An ESGAC shall be established with the responsibility for the selection and awarding of grants.

  • First Reading of Ordinance No. 057, 2018, Appropriating Funds from the Light and Power Fund to Defease the City of Fort Collins, Colorado, Electric Utility Enterprise Taxable Revenue Bonds Series 2010B.The purpose of this item is to appropriate (1) bond proceeds for the construction of a municipal broadband system and (2) Light & Power reserves for the defeasance of outstanding debt.


More Definitions of Defease

Defease or "Defeasance": with respect to any Bankers' Acceptance accepted by a C$ Bank, the payment by CCCL to such C$ Bank of an amount equal to the aggregate face amount of CCCL's obligations pursuant to such Bankers' Acceptance which amount shall be (a) held by such C$ Bank for application, at the maturity of such Bankers' Acceptance, to the payment of such C$ Bank's obligations with respect to such Bankers' Acceptance and (b) invested by such C$ Bank in bankers' acceptances or cash equivalents reasonably acceptable to such C$ Bank as directed by CCCL, provided that in the case of investments in bankers' acceptances, (i) such investments shall be available to such C$ Bank on customary terms and (ii) the amounts and maturities thereof shall be no greater or longer than the amount and maturity of such Bankers' Acceptance. Each of CCCL and each C$ Bank hereby agrees that, upon CCCL effecting the Defeasance of any Bankers' Acceptance accepted by such C$ Bank, CCCL shall be released from all obligations to such C$ Bank in any way relating to such Bankers' Acceptance. In addition, each such C$ Bank agrees that it will, at the maturity of the applicable Bankers' Acceptance, pay to CCCL an amount equal to the income earned by such C$ Bank on any investments made pursuant to clause (b) of this definition.
Defease means to deliver Defeasance Collateral as substitute Collateral for the Loan in accordance with Section 2.1 and to cause the Defeased Note to be assumed by a Defeasance Borrower in accordance herewith; and the terms “Defeased” and “Defeasance” have meanings correlative to the foregoing. “Defeased Note” has the meaning set forth in Section 2.1(b). “Deferred Maintenance Amount” means $0.00. “Deferred Maintenance Conditions” means those items described in Schedule C. “Deferred Maintenance and Environmental Escrow Account” has the meaning set forth in Section 3.7(a). “DSCR” means, with respect to any Test Period, the quotient obtained by dividing (i) Net Operating Income by (ii) the product of (x) the Loan Amount, (y) 3.753% and (z) a fraction, the numerator of which is the actual number of days in such Test Period and the denominator of which is 360. “DSCR Threshold” means, with respect to any release of a Permitted Release Parcel, the greater of (x) the Closing Date DSCR and (y) the lesser of (i) DSCR immediately prior to such release and (ii) 4.09x. “EEA Bail-In Action” means the exercise of any EEA Write-Down and Conversion Powers by the applicable EEA Resolution Authority in respect of any liability of an EEA Financial Institution. “EEA Bail-In Legislation” means, with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law for such EEA Member Country from time to time which is described in the EEA Bail-In Legislation Schedule. “EEA Bail-In Legislation Schedule” means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor person), as in effect from time to time. “EEA Financial Institution” means (a) any credit institution or investment firm established in any EEA Member Country which is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described in clause (a) of this definition, or (c) any financial institution established in an EEA Member Country which is a subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision with its parent. 7
Defease. “Defeased”, “Defeasing”, and “Defeasance” shall have the meaning set forth in Section 14.4(a)(i) hereof.
Defease shall have the meaning set forth in Section 14.4(a)(i) hereof.
Defease shall have correlative meanings.
Defease means that the amount of debt on a bond is paid through cash or issuance of new bonds.
Defease means, with respect to any Letters of Credit, that the actions described in Section 2.22 have been taken in respect of such Letters of Credit.