Defeased Debt definition

Defeased Debt means that portion of debt which has already been defeased by depositing collateral in the form of obligations supported by the credit of the United States government in such amounts as are required and permitted under the terms of the applicable loan documents.

Defeased Debt means any Debt which has been defeased (a)(i) in accordance with generally accepted accounting principles or (ii) pursuant to the deposit of cash, or debt securities backed by the full faith and credit of the United States, in either case in an amount sufficient to satisfy all such Debt at maturity or redemption, as applicable, and all payments of interest and premium, if any, in a trust or account created or pledged for the sole benefit of the holders of such Debt, and subject to no other Lien, and (b) in accordance with the other applicable terms of the instrument governing such Debt.

Defeased Debt has the meaning assigned to such term in the definition of “Adjusted Consolidated Total Indebtedness”.

Examples of Defeased Debt in a sentence

• To the extent the Consolidated Operating Partnership has Defeased Debt, both the underlying debt and interest payable thereon and the financial assets used to defease such debt and interest earned thereon shall be excluded from calculations of the foregoing financial covenants.

• Defeased Debt: In prior years, the School Board defeased certain general obligation bonds by placing the proceeds of the new bonds in an irrevocable trust to provide for all future debt service payments on the defeased bonds.

• Defeased Debt (Continued)During 2002, the County issued water revenue refunding bonds (2002 Water Revenue Refunding Bond) in the amount of $9,275,000 to advance refund a water revenue issue of the Enterprise Funds, (1994 Waterworks System Revenue Bonds).

• Defeased Debt OutstandingMontana State University and the University of Montana have defeased certain bond issues by placing the proceeds of new bonds in an irrevocable trust to provide for all future debt service payments on the old bonds.

• Defeased Debt OutstandingThe State of Montana has defeased certain general obligation and special revenue bonds by placing the proceeds of new bonds in an irrevocable trust to provide for all future debt service payments on the old bonds.

More Definitions of Defeased Debt

Defeased Debt as defined in the definition of “Indebtedness”.

Defeased Debt means any Indebtedness of the Corporation or any of its Subsidiaries which (i) is specifically designated by the Corporation as “Defeased Debt” pursuant to an officer’s certificate from an Authorized Officer of the Corporation delivered to the Administrative Agent and (ii) has been properly defeased in accordance with the terms of the documentation governing such Indebtedness.

Defeased Debt means (a) the $58,300,000 aggregate principal amount of Showboat's First Mortgage Bonds due 2008, (b) the $2,400,000 aggregate outstanding principal amount of Showboat's Senior Subordinated Notes due 2009, and (c) any other Indebtedness of Parent and its Subsidiaries which, at any relevant time, is subject to legal or covenant defeasance in a manner which is reasonably acceptable to the Administrative Agent.

Defeased Debt means any Indebtedness of Parent and its Subsidiaries which, at any relevant time, is subject to legal or covenant defeasance in a manner which is reasonably acceptable to the Administrative Agent.

Defeased Debt any Indebtedness of a Group Member that has been legally or economically fully defeased by such Group Member in a manner that is reasonably acceptable to the Administrative Agent.

Defeased Debt means any Indebtedness of Parent or the Restricted Subsidiaries which, at any relevant time, is subject to legal or covenant defeasance in a manner which is reasonably acceptable to the Administrative Agent.

Defeased Debt has the meaning specified in the definition of “Consolidated Net Funded Indebtedness”.