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 Defeasance Collateral as substitute Collateral for the Loan in accordance with Section 2.1; and the terms "Defeased" and "Defeasance" have meanings correlative to the foregoing.

Examples of Defease in a sentence

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

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.

Lien on Cash Deposited to Defease (a) $58,300,000 aggregate face amount principal amount of Showboat's First Mortgage Bonds due 2008, and (b) the $2,400,000 aggregate outstanding principal amount of Showboat's Senior Subordinated Notes due 2009.

Subject to compliance with this Article, the Company or the Guarantor may Defease any Securities pursuant to this Section notwithstanding the prior Covenant Defeasance of such Securities pursuant to Section 1303.

Financing• Execute financing that results in overall lowest Project costs in consideration of the governance structure developed and risk transfer achieved;• Defease capital lease obligations associated with existing assets, and finance potential new/renovated beds in a manner where the capital raise is not included on the BOR’s balance sheet.The entire portfolio of institutions included in the RFP is expected to enter into a P3 transaction with the selected concessionaire.


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 has a meaning correlative thereto.]]
Defease means to deliver Defeasance Collateral as substitute collateral for a Defeased Mortgage Loan in accordance with the terms of the applicable Defeased Loan Agreement and to cause the Defeased Note to be assumed by a Defeasance Borrower in accordance with the terms of the applicable Defeasance Loan Agreement. The terms “Defeased”, “Defeasing” and “Defeasance” have the correlative meanings.
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.
Defease means to bank sufficient proceeds from the transaction to cover lease and loan requirements. This may also be accomplished through the purchase of an annuity.
Defease or “defeased” means, with reference to the Existing Notes, the defeasance of the Existing Notes pursuant to Article 8 of the Existing Indenture.