Examples of Defeasance Account in a sentence

On the date hereof, the Company shall establish the Defeasance Account with the Paying Agent.
All amounts that from time to time are distributable by the Paying Agent from the Distribution Account or the Defeasance Account in accordance herewith shall be paid by the Paying Agent on the Distribution Date in immediately available funds (but not before such amounts become immediately available to it).
The Paying Agent shall transfer funds to the Defeasance Account pursuant to the Priority of Payments.
Any interest or other earnings accrued on any balances in any Account (other than the Defeasance Account), or on any investment thereof, shall be credited to and accumulated in such Account and thereafter be applied without differentiation from other funds in such Account.
No funds from any other source (other than interest or earnings on amounts described in the immediately preceding sentence and amounts deposited (i) pursuant to this Section 3.3, (ii) deposits made by the Purchase Money Notes Guarantor as described in this Section 3.3 or (iii) deposits made by the Manager pursuant to Section 5.4(y) of the LLC Operating Agreement) shall be commingled in the Defeasance Account.

More Definitions of Defeasance Account

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

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 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 an Eligible Account in the name of Lender, its successors and assigns, or as maybe otherwise designated by Lender, into which all amounts received by Lender in connection with any prepayment or defeasance of the Note shall be deposited.

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.