Examples of Defeasance in a sentence
In the event Covenant Defeasance occurs, the failure of the Company to comply with such covenants shall no longer constitute an Event of Default with respect to such Notes.
The Company’s Option to Effect Defeasance or Covenant Defeasance.
Following a Defeasance, payment of the Securities of such series may not be accelerated because of an Event of Default.
Anything in this Indenture to the contrary notwithstanding, the Trustee shall deliver or pay to the Company from time to time upon Company Request any money or U.S. Government Obligations held by it as provided in Section 13.4 which, in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification delivered to the Trustee, are in excess of the amount which would then be required to be deposited to effect an equivalent Defeasance or Covenant Defeasance.
Concurrently with any Legal Defeasance, the Issuer may, at its further option, cause to be terminated, as of the date on which such Legal Defeasance occurs, all of the obligations under any or all of the Note Guarantees, if any, then existing and obtain the release of the Note Guarantees of any or all Guarantors.