Defeased Obligations definition

Defeased Obligations means Obligations issued under a Supplement that have been discharged, or provision for the discharge of which has been made, pursuant to their terms.

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Defeased Obligations means Indebtedness or other obligations of the -------------------- Borrower or any Restricted Subsidiary (a) in respect of which the Borrower or such Restricted Subsidiary shall have deposited cash and/or cash equivalents in a trust in an amount sufficient to defease in full all payment obligations in respect of such Indebtedness through the maturity of such Indebtedness in accordance with the terms of the defeasance requirements of the indenture or other instrument governing such Indebtedness, and (b) lease in lease out obligations ("LILOs") of C&W Marine or a subsidiary thereof in which C&W Marine or such subsidiary shall have deposited cash, cash equivalents (or deposits with or the obligations of a banking institution with a rating of AA or higher from S&P and Aa2 or higher from ▇▇▇▇▇'▇ or other obligations having such ratings or higher ratings) in a trust or as security in an amount sufficient to pay in full all non-contingent payment obligations in respect of such Indebtedness or obligations through the maturity thereof and in a manner resulting in GAAP treatment in which such obligations do not constitute liabilities and such deposit does not constitute an asset of C&W Marine or such subsidiary, provided that each LILO existing on the date hereof shall not fail to constitute -------- a Defeased Obligation as a result of a failure to meet any ratings requirement at any time prior to the date that is six months after the Effective Date so long as the senior unsecured long-term Indebtedness rating of each Person whose obligations are held in trust or as security to make the payment obligations in respect of such LILO are rated BBB or higher by S&P or Baa2 or higher by ▇▇▇▇▇'▇.

Defeased Obligations means the outstanding bonds of the District to be defeased, as shown on Exhibit C hereto.

Examples of Defeased Obligations in a sentence

The Escrow Agent is not a party to the proceedings authorizing the Defeased Obligations and is not responsible for nor bound by any of the provisions thereof (except as a place of payment and paying agent and/or a Paying Agent/Registrar therefor).
This Agreement shall be binding upon the Issuer and the Escrow Agent and their respective successors and legal representatives, and shall inure solely to the benefit of the owners of the Defeased Obligations, the Issuer, the Escrow Agent and their respective successors and legal representatives.
If, for any reason, at any time, the cash balances on deposit or scheduled to be on deposit in the Escrow Fund shall be insufficient to transfer the amounts required by the Paying Agent for the Defeased Obligations to make the payments set forth in Section 3.02 hereof, the Issuer shall timely deposit in the Escrow Fund, from any funds that are lawfully available therefor, additional funds in the amounts required to make such payments.
The Issuer hereby covenants and agrees that it shall never request the Escrow Agent to exercise any power hereunder or permit any part of the money in the Escrow Fund or proceeds from the sale of Escrowed Securities to be used directly or indirectly to acquire any securities or obligations if the exercise of such power or the acquisition of such securities or obligations would cause any Refunding Obligations or Defeased Obligations to be an "arbitrage bond" within the meaning of the Code.
The owners of the Defeased Obligations shall be entitled to the same preferred claim and first lien upon the Escrowed Securities, the proceeds thereof, and all other assets of the Escrow Fund to which they are entitled as owners of the Defeased Obligations.
This Agreement and all of the terms and provisions hereof shall be liberally construed to effectuate the purposes set forth herein and to achieve the intended purpose of providing for the refunding of the Defeased Obligations in accordance with applicable law.
The terms "Agreement," "Issuer," "Escrow Agent," "Paying Agent," "Defeased Obligations" and "Report" when they are used in this Agreement, shall have the meanings assigned to them in the preamble to this Agreement.
No such amendment shall adversely affect the rights of the holders of the Defeased Obligations.
Such deposit, all proceeds therefrom, and all cash balances from time to time on deposit therein (a) shall be the property of the Escrow Fund, (b) shall be applied only in strict conformity with the terms and conditions of this Agreement, and (c) are hereby irrevocably pledged to the payment of the principal of and interest on the Defeased Obligations, which payment shall be made by timely transfers of such amounts at such times as are provided for in Section 3.02 hereof.
The Escrow Agent is hereby irrevocably instructed to transfer from the cash balances from time to time on deposit in the Escrow Fund, the amounts required to pay the principal of the Defeased Obligations at their respective maturity dates and interest thereon to such maturity dates in the amounts and at the times shown in the Report.

More Definitions of Defeased Obligations

Defeased Obligations means a portion of the medium term notes of the Borrower issued under the Indenture dated November 1, 1988, between the Borrower and State Street Bank and Trust Company, in an aggregate principal amount not in excess of $70,000,000, in respect of which the Borrower shall have deposited cash and cash equivalents in a trust in an amount sufficient to defease in full all payment obligations in respect of such portion of such notes through the maturity of such notes in accordance with the terms of the defeasance requirements of such indenture.

Defeased Obligations means Indebtedness or other obligations of any -------------------- Restricted Person (a) in respect of which such Restricted Person shall have deposited cash and/or cash equivalents in a trust in an amount sufficient to defease in full all payment obligations in respect of such Indebtedness through the maturity of such Indebtedness in accordance with the terms of the defeasance requirements of the indenture or other instrument governing such Indebtedness, and (b) lease in lease out obligations ("LILOs") of Marine or a subsidiary ----- thereof in which Marine or such subsidiary shall have deposited cash, cash equivalents (or deposits with or the obligations of a banking institution with a rating of AA or higher from S&P and Aa2 or higher from ▇▇▇▇▇'▇ or other obligations having such ratings or higher ratings) in a trust or as security in an amount sufficient to pay in full all non-contingent payment obligations in respect of such Indebtedness or obligations through the maturity thereof and in a manner resulting in GAAP treatment in which such obligations do not constitute liabilities and such deposit does not constitute an asset of Marine or such subsidiary.

Defeased Obligations means obligations of any state or territory of the United States or any political subdivision thereof which obligations are rated in the highest rating category by the Rating Agencies and which meet the following requirements: (a) the obligations are not subject to redemption or the fiduciary holding such obligations has been given irrevocable instructions to call such obligations for redemption and the issuer has covenanted not to redeem such obligations other than as set forth in such instructions, (b) the obligations are secured by cash or Government Obligations, Government Certificates or other Defeased Obligations (which are not subject to redemption other than at the option of the holder thereof) that may be applied only to principal, premium and interest payments of such obligations, (c) the principal of and interest on the Government Obligations, Government Certificates or other Defeased Obligations (plus any cash held in escrow) are sufficient to meet the liabilities of the obligations, (d) the Government Obligations, Government Certificates or other Defeased Obligations serving as security for such obligations are held by a bank or trust company acting as