Defeasance Payment definition

Defeasance Payment means any distribution from any defeasance trust described under Section 8.01.
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Defeasance Payment means a payment in the amount required by ------------------ Section 2.5(a)(ii) into a collateral account with an entity reasonably satisfactory to Lender in its sole and absolute discretion for the sole benefit of Lender, established pursuant to an escrow agreement in form and substance satisfactory to Lender in its sole and absolute discretion, with collateral rated "A" or better by either of Standard & Poor's Corporation or Moody's Investors Service and not subject to credit watch by either rating agency.
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Defeasance Payment means (i) a payment sufficient to repay in full all outstanding obligations under the Company's Zero Coupon Senior Notes due 1999 at maturity or (ii) a payment pursuant to Section 4.01(ii) of the indenture governing the Company's Zero Coupon Senior Notes due 1999 sufficient to effect a covenant defeasance of such notes pursuant to such indenture.
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Examples of Defeasance Payment in a sentence

  • All cash from interest and principal payments paid on the Defeasance Collateral shall be paid over to Lender for each Scheduled Defeasance Payment and applied first to accrued and unpaid interest and then to principal.

  • On the Development Rights Fee Funding Date, the Authority shall (X) make payment to the Developer in the amount provided in the WMB Agreement, subject to the Developer’s concurrent performance of its obligations under the WMB Agreement; (Y) defease bonds in an amount equal to the Defeasance Payment, and (Z) return the Deposit Letter of Credit to the Developer.

  • The balance remaining in the Fee Escrow following the disbursement of the Defeasance Payment and the WMB Payment (the Defeasance Payment and the WMB Payment, collectively, the “First Tranche Payment”) shall be disbursed subject to the terms and conditions hereof in three (3) equal installments (together with interest earned thereon through the date of the applicable Tranche Payment) which shall each be referred to herein as a “Tranche Payment”.

  • No tender of a prepayment of this Note with respect to which the Defeasance Payment is due shall be effective unless such prepayment is accompanied by the Defeasance Payment.

  • In addition, any portion of a Scheduled Defeasance Payment in excess of the Debt Service attributable to the principal amount Defeased which is due on such Payment Date calculated at the Interest Rate for the related Interest Accrual Period shall (1) in the case of a total Defeasance, be remitted to the Borrowers, or (2) in the case of a partial Defeasance, be applied together with funds in the Holding Account as provided in Section 9.4.1 hereof.

  • As used in this Agreement, the term "Defeasance Payment" means (i) a payment sufficient to repay in full all outstanding obligations under the Company's Zero Coupon Senior Notes due 1999 at maturity or (ii) a payment pursuant to Section 4.01(ii) of the indenture governing the Company's Zero Coupon Senior Notes due 1999 sufficient to effect a covenant defeasance of such notes pursuant to such indenture.

  • Cash from interest and principal payments paid on the Total Defeasance Collateral or any Partial Defeasance Collateral, as applicable, in the amount of the Scheduled Defeasance Payment then due shall be paid over to Lender on each Payment Date and applied first to accrued and unpaid interest and then to principal.

  • If the indebtedness of this Note shall have been declared due and payable by Lender pursuant to Section 1.04 hereof due to a default by Borrower, then any tender of payment of such indebtedness made prior to the Lock Out Expiration Date must include a Defeasance Payment computed as provided in Section 1.02(a) above plus an additional prepayment fee of one percent (1%) of the principal balance of this Note.

  • All cash from interest and principal payments paid on the Partial Defeasance Collateral shall be paid over to Lender for each Scheduled Partial Defeasance Payment and applied first to accrued and unpaid interest and then to principal.

  • COMPANY: SIX FLAGS ENTERTAINMENT CORPORATION By: __________________________________ Name: Title: TRUSTEE: THE BANK OF NEW YORK By: __________________________________ Name: Title: EXHIBIT A [Form of] Defeasance Payment Certificate PREMIER PARKS INC.


More Definitions of Defeasance Payment

Defeasance Payment means an amount Advanced to Defeasance Trust equal to the Defeasance Rate multiplied by the total amount of the Advance occurring as of the date of such payment; and “Defeasance Rate” means the rate set forth in the Loan Agreement Basic Terms. In no event shall Developer be personally liable to repay the principal balance of the Loan, but Developer shall be personally liable to pay the Defeasance Payment to Defeasance Trust as required hereby, which payment shall be made as provided in Section 2(b) hereof. Subject to the last two sentences of this Section, Defeasance Trust shall be liable to repay the Debt only if and to the extent Developer pays the Defeasance Payment to the Defeasance Trust in accordance with the terms of this Agreement. If Developer shall fail to pay any Defeasance Payment to the Defeasance Trust in accordance with the terms of this Agreement, Defeasance Trust may (but shall not be required to) elect, by written notice to Lender and Developer delivered no less than five (5) Business Days prior to the next scheduled Advance to withdraw its authorization for automatic Advances pursuant to Section 2(b) and, in such event, all future Advances under the Loan shall cease until such failure to pay the Defeasance Payment has been cured to the satisfaction of Defeasance Trust and Lender, each in its sole discretion. The parties hereto acknowledge that after payment in full of the Debt and all other sums required by the Defeasance Trust Instruments, Engagement Agreement and/or License Agreement (as such terms are defined in the Defeasance Trust Agreement), any excess amounts remaining in the Defeasance Trust, if any, shall be paid to DeveloperLender. Notwithstanding anything to the contrary herein, the Lender acknowledges and agrees to the order of distributions from the Defeasance Trust set forth in the Defeasance Trust Agreement, which requires the payment or reimbursement of, or reserves for, certain claims, costs and expenses of the Trustee, Manager and certain other parties, if applicable, prior to distributions for payment of the Debt. If the amount in the Defeasance Trust on the Maturity Date is not sufficient to repay the Debt for any reason (including, without limitation, due to Lender’s failure to cease Advances pursuant to the terms of this Section 3), Lender acknowledges that it has no recourse to Developer or Defeasance Trust (or to Trustee or Manager thereof) for the deficiency; provided, however, Developer shall be personally liabl...
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Related to Defeasance Payment

  • Defeasance Period is defined in the Note, if applicable.

  • Defeasance Date shall have the meaning set forth in Section 2.5.1(a)(i) hereof.

  • Defeasance Event shall have the meaning set forth in Section 2.5.1(a) hereof.

  • Defeasance Deposit means an amount equal to 100% of the remaining principal amount of this Note, the Yield Maintenance Premium, any costs and expenses incurred or to be incurred in the purchase of the U.S. Obligations necessary to meet the Scheduled Defeasance Payments and any revenue, documentary stamp or intangible taxes or any other tax or charge due in connection with the transfer of this Note or otherwise required to accomplish the agreements of this subsection;

  • Defeasance Loan Those Mortgage Loans which provide the related Mortgagor with the option to defease the related Mortgaged Property.

  • Defeasance Agent means another financial institution which is eligible to act as Trustee hereunder and which assumes all of the obligations of the Trustee necessary to enable the Trustee to act hereunder. In the event such a Defeasance Agent is appointed pursuant to this Section, the following conditions shall apply:

  • Scheduled Defeasance Payments shall have the meaning set forth in Section 2.5.1(b) hereof.

  • Defeasance Obligations means any of the following obligations:

  • Defeasance Collateral means: (i) a Xxxxxxx Mac Debt Security, (ii) a Xxxxxx Mae Debt Security, (iii) U.S. Treasury Obligations, or (iv) FHLB Obligations.

  • Defeasance Securities means (i) Federal Securities, (ii) noncallable obligations of an agency or instrumentality of the United States of America, including obligations that are unconditionally guaranteed or insured by the agency or instrumentality and that, on the date the Commissioners Court adopts or approves proceedings authorizing the issuance of refunding bonds or otherwise provide for the funding of an escrow to effect the defeasance of the Bonds are rated as to investment quality by a nationally recognized investment rating firm not less than "AAA" or its equivalent, (iii) noncallable obligations of a state or an agency or a county, municipality, or other political subdivision of a state that have been refunded and that, on the date the Commissioners Court adopts or approves proceedings authorizing the issuance of refunding bonds or otherwise provide for the funding of an escrow to effect the defeasance of the Bonds, are rated as to investment quality by a nationally recognized investment rating firm no less than "AAA" or its equivalent, and (iv) any other then authorized securities or obligations under applicable State law that may be used to defease obligations such as the Bonds.

  • Legal Defeasance Option is defined in Section 4.01(b) of the Indenture.

  • Covenant Defeasance Option is defined in Section 4.01(b) of the Indenture.

  • Defeasance has the meaning specified in Section 13.2.

  • ECF Prepayment Amount has the meaning assigned to such term in Section 2.11(b)(i).

  • Sinking Fund means each Sinking Fund Subaccount under the Indenture. To the extent necessary for compliance with the Authority’s tax covenants and other provisions of the Indenture and the Act, the Authorized Officers of the Authority may subdivide each such subaccount in respect of separate categories or issues of Sinking Fund Bonds.

  • Principal Prepayment Amount For any Distribution Date and for any Loan Group, the sum with respect to the Mortgage Loans in such Loan Group of (i) Curtailments received during the Prior Period from such Mortgage Loans and (ii) Payoffs received during the Payoff Period from such Mortgage Loans.

  • Maturity Redemption Payment means an amount per Deposit to which you are entitled on the Maturity Date based on the performance of the Reference Portfolio which is equal to your Principal Amount x (1 + Variable Return).

  • Tax Event Redemption Price means an amount equal to the unpaid principal amount of this Note to be redeemed, which shall be determined by multiplying (1) the Outstanding Principal Amount of this Note by (2) the quotient derived by dividing (A) the outstanding principal amount to be redeemed by Principal Life of the Funding Agreement by (B) the outstanding principal amount of the Funding Agreement.

  • Special Event Prepayment Price means 100% of the outstanding principal amount of the Notes, plus any accrued and unpaid interest thereon up to but excluding the date of prepayment.

  • Covenant Defeasance has the meaning specified in Section 1303.

  • Principal Prepayment in Full Any Principal Prepayment made by a Mortgagor of the entire principal balance of a Mortgage Loan.

  • Sinking Fund Account means the sinking fund account established and held by the Treasurer of Charleston County designed to provide for the payment of the principal of, premium, if any, and interest on the Bonds, as the same respectively fall due.

  • Defeased Note shall have the meaning set forth in Section 2.4.1(a)(v) hereof.

  • Specified Discount Prepayment Amount has the meaning set forth in Section 2.05(a)(v)(B)(1).

  • Reinvestment Prepayment Amount with respect to any Reinvestment Event, the Reinvestment Deferred Amount relating thereto less any amount expended prior to the relevant Reinvestment Prepayment Date to acquire or repair assets useful in the Borrower’s business.

  • Servicer Prepayment Charge Payment Amount The amounts payable by the Servicer in respect of any waived Prepayment Charges pursuant to Section 2.05 or Section 3.01.