Defeasance Option definition

Defeasance Option. The right of a Mortgagor, pursuant to the terms of the related Mortgage Note or related Mortgage Loan documents, to obtain a release of any portion of the related Mortgaged Property from the lien of the related Mortgage upon the pledge to the Trustee of Defeasance Collateral.

Defeasance Option has the meaning assigned in Section 2.3(c).

Defeasance Option means the right and option of maker to release the Mortgaged Property (as defined in the Mortgage) from the lien of the Mortgage in accordance with the provision set forth in Paragraph 55 of the Mortgage.

Examples of Defeasance Option in a sentence

• The Company may exercise its Legal Defeasance Option notwithstanding its prior exercise of its Covenant Defeasance Option.

• In connection with the satisfaction and discharge of this Indenture or the Covenant Defeasance Option or Legal Defeasance Option with respect to the Recovery Bonds, all moneys then held by any Paying Agent other than the Indenture Trustee under the provisions of this Indenture shall, upon demand of the Issuer, be paid to the Indenture Trustee to be held and applied according to Section 3.03 and thereupon such Paying Agent shall be released from all further liability with respect to such moneys.

• The Issuer may exercise the Legal Defeasance Option with respect to Recovery Bonds notwithstanding its prior exercise of the Covenant Defeasance Option.

• The Issuer may exercise the Legal Defeasance Option with respect to any Series of Transition Bonds notwithstanding its prior exercise of the Covenant Defeasance Option with respect to such Series.

• The Issuer may exercise the Legal Defeasance Option with respect to the Storm Recovery Bonds notwithstanding its prior exercise of the Covenant Defeasance Option.

More Definitions of Defeasance Option

Defeasance Option. With respect to any Defeasance Loan, the right of a Borrower, pursuant to the terms of the related Mortgage Note or the Mortgage, to obtain a release (or the right of the holder of such Mortgage Loan to condition the release) of the related Mortgaged Property from the lien of the related Mortgage upon the pledge to the Trustee of Defeasance Collateral.

Defeasance Option has the meaning ascribed thereto in Section 9.6;

Defeasance Option means the right and option of Maker to release the Trust Property from the lien of the Deed of Trust in accordance with the provision set forth in Paragraph 57 of the Deed of Trust.

Defeasance Option shall have the meaning accorded such term in the Note. -----------------

Defeasance Option has the meaning specified in Section 9.3. “Definitive Notes” means Notes in definitive form. “Depository” means, initially, CDS Clearing and Depository Services Inc., or such other Person recognized as a “clearing agency” pursuant to applicable securities laws, as is designated in writing by the Company and acceptable to the Trustee to act as depository in respect of any Notes issued in Book-Entry Only Form. “Depository System” means the book-entry only system that is administered by the Depository. “Directors” means either the Board or any member thereof or any duly authorized committee of the Board or any member thereof. “Encumbrance” includes a mortgage, charge, hypothec, security interest, pledge, assignment, lien or privilege, floating charge or other encumbrance, including any sale and repurchase or sale and leaseback arrangement or any other arrangement of similar effect. “Event of Default” has the meaning specified in Section 8.1. “Extraordinary Resolution” means any Noteholders' Resolution which is proposed to be passed as an Extraordinary Resolution and is (a) signed by or for the Holders of not less than sixty-six and two-thirds percent (66 2/3%) of the aggregate principal amount of the Outstanding Notes (or Outstanding Notes of a particular Series, as applicable); or (b) adopted by the favorable votes of the Holders of not less than sixty-six and two-thirds percent (66 2/3%) of the aggregate principal amount of the Outstanding Notes (or Outstanding Notes of a particular Series, as applicable) represented in person or by proxy and voted thereon at a meeting of the Holders of Notes duly called and held pursuant to the provisions of Article 11. “Funded Obligations” means all Company Indebtedness that is not payable on demand and that matures by its terms, or which the Company or any of its Subsidiaries, as the case may be, has the right at its option to renew or extend to a date which is more than 12 months after the date of its original creation, assumption or guarantee; 5799176 v10

Defeasance Option has the meaning set forth in section 7.1.1;

Defeasance Option has the meaning set forth in Section 8.1(b).