Examples of Defeasance Account in a sentence

The Bond Trustee shall be authorised to apply any amount credited to the Defeasance Account towards any amount payable by the Issuer under any Finance Document on the due date for the relevant payment until all obligations of the Issuer and all amounts outstanding under the Finance Documents are repaid and discharged in full.
The Bond Trustee may, if the Defeasance Amount cannot be finally and conclusively determined, decide the amount to be deposited to the Defeasance Account in its discretion, applying such buffer amount as it deems necessary.
The Bond Trustee may, if the Defeasance Amount cannot be finally and conclusively determined, decide the amount to be deposited to the Defeasance Account in its discretion, applying such buffer amount as it deems required.
The Bond Trustee may, if the relevant Defeasance Amount cannot be finally and conclusively determined, decide the amount to be deposited to the Defeasance Account in its discretion, applying such buffer amount as it deems required.
The Bond Trustee shall be authorised to apply any Defeasance Amount deposited on the Defeasance Account towards any amount payable by the Issuer under or pursuant to the Bond Terms on the relevant Payment Date until all obligations of the Issuer are repaid and discharged in full.

More Definitions of Defeasance Account

Defeasance Account means a segregated trust or custodial account established and maintained at a branch of the Bank for the sole purpose of holding and distributing funds deposited into such account (i) pursuant to the Priority of Payments and Section 3.3 and (ii) as Excess Working Capital Advances advanced to cure any Purchase Money Notes Trigger Event.

Defeasance Account. As defined in Section 3.30(j).

Defeasance Account has the meaning given in the Custodial and Paying “Deficiency Balances” has the meaning given in the Contribution Agency Agreement.

Defeasance Account shall have the meaning specified in Section 9A of this Series Supplement.

Defeasance Account means any Deposit Account to be titled "Defeasance Account" or words of similar nature established or maintained for the benefit of the holders of Senior Secured Note Obligations (as defined in the Collateral Trust Agreement).

Defeasance Account means the Defeasance Account created under Section 5.01 hereof. “Default Rate” means the Taxable Rate plus six percent (6.00%) for the Bonds. “Depository” means any securities depository that is a clearing agency under federal law operating and maintaining, with its participants or otherwise, a book entry system to record ownership of book entry interests in Bonds, and to effect transfers of book entry interests in Bonds in book entry form, and includes and means initially The Depository Trust Company (a limited purpose trust company), New York, New York.

Defeasance Account means each of the Companies’ non-interest bearing demand accounts nos. 00113397856 (for HC) and 00113324538 (for HMC) to be maintained with JPMorgan and used for the deposit of cash Collateral pledged to the Agent in defeasance of other Collateral for the Loan. Each Defeasance Account is (and shall continuously be) part of the Collateral for the Obligations. Each Defeasance Account shall be subject to setoff by the Agent for Pro Rata distribution to the Lenders. The Companies shall not have any right to withdraw funds from the Defeasance Accounts, but instead such funds may be withdrawn or paid out only against the order of an authorized officer of the Agent, although upon written request for redemption of all or part of such Collateral pursuant to, and the Companies’ satisfaction of the terms and conditions therefor of, Section 7.14, the Agent shall use diligent and reasonable efforts to cause such redeemed, excess cash Collateral to be transferred to an account on which a Company does have withdrawal order authority on that same Business Day or on the Business Day thereafter when the Agent next determines the Lenders’ proportionate shares of an Advance or a distribution of Loan principal paid.