Defeasance Deposit Sample Clauses

Defeasance Deposit. If a Fxxxxx Mxx Investment Security will be the Substitute Collateral, then, on or before 3:00 p.m., Washington, D.C. time, on the Defeasance Closing Date, Borrower shall pay the Defeasance Deposit (reduced by the Defeasance Commitment Fee) to Lender to be used by Lender to purchase the Fxxxxx Mae Investment Security as Borrower’s agent.
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Defeasance Deposit. Borrower hereby authorizes and directs Lender, using the means and sources customarily employed and available to Lender, to use the Defeasance Deposit to purchase the Defeasance Collateral as agent and for the account of Borrower. Payments from the Defeasance Collateral shall be made directly to Lender for application to the Loan as provided hereinabove. Any part of the Defeasance Deposit exceeding the amount necessary to purchase the Defeasance Collateral and to pay the other costs which Borrower is obligated to pay under this Section 14 shall be refunded to Borrower. Borrower agrees to pay all sums referred to in Section 14.1b above on or before the Release Date.
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Defeasance Deposit. If a Xxxxxx Mae Investment Security will be the Substitute Collateral, then, on or before 3:00 p.m., Eastern Standard Time, on the Defeasance Closing Date, the Borrower shall pay the Defeasance Deposit (reduced by the Defeasance Commitment Fee) to Lender to be used by Lender to purchase the Xxxxxx Xxx Investment Security as the Borrower’s agent.
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Defeasance Deposit. If a Fannie Mae Investment Security will ------------------ be the Substitute Collateral, then, on or before 3:00 p.m., Washington, D.C. time, on the Defeasance Closing Date, Borrower shall pay the Defeasance Deposit (reduced by the Defeasance Commitment Fee) to Lender to be used by Lender to purchase the Fannie Mae Investment Security as Borrower's agent.
Sample 1
Defeasance Deposit. Prior to 2:00 p.m., New York City time, on (i) the Funding Date requested pursuant to Section 4.2, and (ii) the fifth day of each calendar month during the Term, for so long as any Obligations remain outstanding (or if such date is not a Business Day, the next succeeding Business Day) (the "Deposit Date") where the Value of the Defeasance Deposit Collateral as of the conclusion of the calendar month immediately preceding such Deposit Date is less than 105% of the aggregate outstanding Advances, the Lessee shall deliver a portion of the Defeasance Deposit Collateral to the Defeasance Deposit Depositary Bank pursuant to the Defeasance Deposit Agreement (x) in the case of the Funding Date in an
Sample 1
Defeasance Deposit. Prior to 2:00 p.m., New York City time, on (i) each Funding Date requested pursuant to Section 4.2 or deemed requested pursuant to Section 2.7 6 13 hereof or Section 2.3 of the Credit Agreement, and (ii) the fifth day of each calendar month during the Construction Period and the Term, for so long as any Obligations remain outstanding (or if such date is not a Business Day, the next succeeding Business Day) (the "Deposit Date") where the Value of the Defeasance Deposit Collateral as of the conclusion of the calendar month immediately preceding such Deposit Date is less than 105% of the aggregate outstanding Advances, the Lessee shall deliver a portion of the Defeasance Deposit Collateral to the Defeasance Deposit Depositary Bank (x) in the case of a Funding Date in an amount equal to 105% of the aggregate Advance so requested (or deemed requested) on such Funding Date pursuant to the Defeasance Deposit Agreement plus an amount, if any, required to maintain the Value of all such deposits equal to 105% of the outstanding Advances and (y) in the case of a Deposit Date which is not a Funding Date, an amount, if any, required to maintain the Value of the Defeasance Deposit Collateral at a level equal to 105% of the aggregate outstanding Advances. The Lessee covenants to maintain the Value of the Defeasance Deposit Collateral at a level equal to 105% of the aggregate outstanding Advances, and in addition to the deliveries required to be made on Funding Dates and Deposit Dates, upon receipt of notice from Agent that the Value of the Defeasance Deposit Collateral is less than 105% of the aggregate outstanding Advances, Lessee shall be obligated to deliver a portion of the Defeasance Deposit Collateral in an amount required to maintain the Value of the Defeasance Deposit Collateral at a level equal to 105% of the aggregate outstanding Advances. Each such deposit (collectively, the "Defeasance Deposit") shall be the property of the Defeasance Deposit Depositary Bank and shall be held and administered in accordance with the Defeasance Deposit Agreement.
Sample 1

Related to Defeasance Deposit

  • Defeasance Collateral Account On or before the date on which Borrower delivers the Defeasance Collateral, Borrower or Successor Borrower (as applicable) shall open at any Eligible Bank the defeasance collateral account (the “Defeasance Collateral Account”) which shall at all times be an Eligible Account. The Defeasance Collateral Account shall contain only (i) Defeasance Collateral and (ii) cash from interest and principal paid on the Defeasance Collateral. All cash from interest and principal payments paid on the Defeasance Collateral shall be paid over to Lender on each Payment Date and applied to the monthly installments of interest on the Loan (and in the case of a Partial Defeasance, the portion thereof evidenced by the Defeased Note) and, upon Maturity, to accrued interest and the Principal Balance of the Loan (and in the case of a Partial Defeasance, the portion thereof evidenced by the Defeased Note) Borrower shall cause the Eligible Bank at which the Defeasance Collateral is deposited to enter an agreement with Borrower and Lender, satisfactory to Lender in its sole discretion, pursuant to which such Eligible Bank shall agree to hold and distribute the Defeasance Collateral in accordance with this Loan Agreement. Borrower (or Successor Borrower, as applicable) shall be the owner of the Defeasance Collateral Account and shall report all income accrued on Defeasance Collateral for federal, state and local income tax purposes in its income tax return. Borrower shall prepay all costs and expenses associated with opening and maintaining the Defeasance Collateral Account. Lender shall not in any way be liable by reason of any insufficiency in the Defeasance Collateral Account.

  • DEFEASANCE AND COVENANT DEFEASANCE SECTION 1301.

  • Defeasance of Certain Obligations The Company may omit to comply with any term, provision or condition set forth in clause (iii) of Section 5.01 and Sections 4.03 through 4.18, and clause (c) of Section 6.01 with respect to clause (iii) of Section 5.01, and clauses (d), (e) and (g) of Section 6.01 shall be deemed not to be Events of Default, in each case with respect to the outstanding Notes, if:

  • Option to Effect Legal Defeasance or Covenant Defeasance; Defeasance The Issuer may, at its option and at any time, elect to have either Section 8.2 or 8.3 hereof be applied to all outstanding Notes upon compliance with the conditions set forth below in this Article VIII.

  • Defeasance upon Deposit of Moneys or U.S. Government Obligations At the Company’s option, either (a) the Company shall be deemed to have been Discharged from its obligations with respect to the Notes on the first day after the applicable conditions set forth in Section 12.03 of the Base Indenture have been satisfied or (b) the Company shall cease to be under any obligation to comply with any term, provision or condition set forth in Section 10.02 of the Base Indenture and Sections 2.8, 2.9 and 2.10 of this Supplemental Indenture with respect to the Notes at any time after the applicable conditions set forth in Section 12.03 of the Base Indenture have been satisfied.

  • Satisfaction, Discharge and Defeasance of the Notes (a) Upon satisfaction of the conditions set forth in Section 4.2(b) below, the Issuer shall be deemed to have paid and discharged the entire indebtedness on all the Notes Outstanding, and the provisions of this Indenture, as it relates to such Notes, shall no longer be in effect (and the Indenture Trustee, at the expense of the Issuer, shall execute proper instruments acknowledging the same), except as to:

  • Conditions to Defeasance or Covenant Defeasance The following shall be the conditions to the application of Section 1302 or Section 1303 to any Securities or any series of Securities, as the case may be:

  • Option to Effect Defeasance or Covenant Defeasance The Issuer may, at the option of its Board of Directors evidenced by a Board Resolution set forth in an Officer’s Certificate, at any time, elect to have either SECTION 8.2 or 8.3 hereof applied to all outstanding Notes upon compliance with the conditions set forth below in this Article VIII.

  • Company’s Option to Effect Defeasance or Covenant Defeasance The Company may elect, at its option at any time, to have Section 1302 or Section 1303 applied to any Securities or any series of Securities, as the case may be, designated pursuant to Section 301 as being defeasible pursuant to such Section 1302 or 1303, in accordance with any applicable requirements provided pursuant to Section 301 and upon compliance with the conditions set forth below in this Article. Any such election shall be evidenced by a Board Resolution or in another manner specified as contemplated by Section 301 for such Securities.

  • Issuer’s Option to Effect Defeasance or Covenant Defeasance The Issuer may, at its option and at any time prior to the Stated Maturity of the Notes, by a resolution of its Board of Directors, elect to have either Section 8.02 or Section 8.03 be applied to all outstanding Notes upon compliance with the conditions set forth below in this Article Eight.

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