Bond Defeasance definition
Examples of Bond Defeasance in a sentence
The Escrow Agent hereby creates on its books a special trust and irrevocable escrow fund to be known as City of Arlington, Texas, Cowboys Complex Bond Defeasance Escrow Fund No.1 (the “Escrow Fund”) for the purpose of paying the principal of and interest on the Defeased Bonds, as described in Exhibit A, in order to make firm banking arrangements therefor.
Seller(s) shall establish the Bond Defeasance Escrow and complete other tasks necessary to complete the defeasance of the Bond Indebtedness.
Seller shall maintain the Bond Defeasance Escrow Account in the form presented to Buyer at Closing.
Buyer will have delivered to the Escrow Agent the Escrow Fund, to the Bond Escrow Account the Post-Closing Bond Defeasance Amount and to Sellers the remainder of the Purchase Price.
On and after the Bond Defeasance Date until the Agreement Termination Date, the District and the City shall contribute Existing Funds annually to the Authority (“Post Defeasance Payments”) and such Post Defeasance Payments shall be distributed to the District and City as set forth in Section 3.5.
Seller shall not withdraw funds from the Bond Defeasance Escrow Account or use the funds deposited therein except to defease or redeem and/or fund the debt service on the portion of the ▇▇▇▇▇▇▇ County Hospital Authority Revenue Anticipation Certificates (Southern Regional Medical Center Project), Series 1998A, attributable to the acquisition of the Purchased Assets (the “Allocated Portion of the Bonds”).