Examples of Defeasance Portfolio in a sentence
For the avoidance of doubt, the preceding sentence shall not in any way affect the obligation to eliminate Cash Equivalents from the Defeasance Portfolio.
If a pre-defined trigger event occurs and is continuing past the cure period on the funds, Main Place has the right to reallocate the assets to the Defeasance Portfolio or cash (the “Defeasance Event’).
If the Insurer exercises remedies provided by Section 4.01(c) or Section 4.01(d), the Insurer shall instruct the Custodian to invest the assets of the Fund in a Defeasance Portfolio.
The Maximum Operating Expense Limit (as a percentage of average net assets) with respect to assets other than the Defeasance Portfolio (the "Other Assets") shall remain as set forth in the table above, and the Fund Operating Expenses subject to such Maximum Operating Expense Limit for the Other Assets shall be payable solely from the Other Assets and not from the Defeasance Portfolio.
Economic Defeasance - A legal defeasance typically occurs when an Escrow Defeasance Portfolio is funded with either State and Local Government Series securities (“SLGS”) or securities that are direct obligations of the U.S. Government.