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defeasance

   Also found in: Legal, Financial, Wikipedia 0.04 sec.
de·fea·sance  (d-fzns)
n.
1. A rendering void; an annulment.
2.
a. The voiding of a contract or deed.
b. A clause within a contract or deed providing for annulment.

[Middle English defesaunce, from Anglo-Norman, from Old French defesance, from defesant, present participle of desfaire, to destroy; see defeat.]

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At that time Capmark Finance provided a forward rate lock, which enabled the borrower to take advantage of January's lower interest rate environment when the loan became eligible for defeasance in August.
The Governmental Accounting Standards Board issued an exposure draft specifying how state and local governments should account for current refundings or advance refundings that result in defeasance of debt reported in proprietary funds.
Defeasance continues to be a major factor in upgrades, and the amount of loan defeasance continues to rise,' said Johnson.
 
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