Defeasance Opinion definition
Defeasance Opinion means an opinion of Bond Counsel, addressed to the Authority, the Trustee [and the Bond Insurer (unless waived)], to the effect that Bonds are no longer Outstanding under the Trust Agreement.
Defeasance Opinion means an opinion of counsel in form and substance satisfactory to L▇▇▇▇▇'s Representative, from counsel approved by L▇▇▇▇▇'s Representative, stating, among other things, (A) that the Defeasance Collateral has been duly and validly assigned and delivered to L▇▇▇▇▇'s Representative and that Lender has a legal, valid, perfected, first priority lien on and security interest in the Defeasance Collateral, and (B) that if the holder of this Note shall at the time of the Release be a REMIC, (1) the Defeasance Collateral has been validly assigned to the REMIC trust which holds this Note (the "REMIC Trust"), (2) the Defeasance has been effected in accordance with the requirements of United States Treasury Department Regulation 1.860(G)-2(a)(8), as such regulation may be amended or substituted from time to time, and will not be treated as an exchange pursuant to Section 1001 of the United States Internal Revenue Code and (3) the tax qualification and status of the REMIC Trust as a REMIC will not be adversely affected or impaired as a result of the Defeasance;
Defeasance Opinion means an opinion of Bond Counsel, addressed to the Authority and the Trustee, to the effect that Bonds are no longer Outstanding under this Indenture.
Examples of Defeasance Opinion in a sentence
Defeasance Opinion of Special Counsel with respect to the 2003B Certificates.
On or prior to the date of Bond Closing, the City Finance Director shall be provided legal opinions of counsel to the Authority and counsel to the Museum addressed to the City dated the date of Bond Closing, in form and substance acceptable to the City Finance Director, including without limitation, a Defeasance Opinion.
Defeasance Opinion of Special Counsel with respect to the 2003A Certificates.
More Definitions of Defeasance Opinion
Defeasance Opinion means an opinion prepared by counsel reasonably satisfactory to Lender stating, subject to customary assumptions and exceptions, (A) that the Defeasance Collateral and the proceeds thereof have been duly and validly assigned and delivered to Lender and that Lender has a valid, perfected lien and security interest in the Defeasance Collateral and the proceeds thereof, and (B) that the delivery of the Defeasance Collateral and the grant of a security interest therein to Lender will not constitute an avoidable preference under Section 547 of the U.S. Bankruptcy Code or applicable state law.
Defeasance Opinion means an opinion of Bond Counsel to the Authority to the effect that all of the outstanding 2005 Bonds have been legally defeased, using Seasoned Funds or the proceeds of the Bonds or amounts released from the Reserve Account (or the reserve account for the 2005 Bonds), and are no longer to be considered Outstanding under the 2005 Indenture and are no longer entitled to the benefits of the guarantee of the City under the first Amended and Restated Guarantee and Reimbursement Agreement, dated as of October 1, 2007.