defeasance


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de·fea·sance

 (dĭ-fē′zəns)
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.]

defeasance

(dɪˈfiːzəns)
n
1. (Law) the act or process of rendering null and void; annulment
2. (Law)
a. a condition, the fulfilment of which renders a deed void
b. the document containing such a condition
[C14: from Old French, from desfaire to defeat]

de•fea•sance

(dɪˈfi zəns)

n.
1. a condition rendering a deed or other instrument void.
2. a document stipulating such a condition.
[1400–50; Old French defesance <desfes- (past participle s. of desfaire to undo; see defeat)]
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Translations
défaisance
References in periodicals archive ?
ENPNewswire-July 31, 2019--KBRA Releases Research - As Freddie Mac K-Series Defeasance Accelerates, Supplemental Debt Slows
Increased Credit Enhancement and Defeasance: Amortization continues to increase credit support to the bonds and defeased collateral now makes up over 95% of the pool.
Penney's existing notes, including defeasance of any untendered Tender Securities.
Update on financial policies, defeasance of electric bonds, reserve fund status and transfers/use of reserves.
In that case, the government ceases to report trust assets and related debt on its statement of net positon, just as though the debt had been repaid (legal defeasance).
The net proceeds from the financing were used to repay the company's 2017 debt maturities at 900 Third Avenue and Waterview, including swap breakage, defeasance and other closing costs.
"In doing so, many have turned to defeasance while others have chosen to avail themselves of the agency's supplemental debt program," KBRA's Freddie Mac K-Series Borrowers Move On, or Top Off report said.
When handling the tax ramifications of a defeasance, a practitioner must first have a working understanding of defeasance and why it exists.
SiriusXM intends to use the remaining net proceeds from this offering for general corporate purposes, which may include, from time to time and as market conditions warrant, the repayment, repurchase, redemption, defeasance or tender of its outstanding indebtedness, including any future borrowings under its senior secured revolving credit facility, dividends or loans to Holdings to fund share repurchases of Holdings common stock and the payment of the cash consideration for, and fees related to, the previously announced recapitalization of Sirius XM Canada Holdings Inc.
In this instance, the sponsor was looking for a 10-year loan that would not lock them into 10 years of defeasance or yield maintenance as prepayment penalty.
The company said it intends to use the net proceeds of this offering for the repayment, redemption, repurchase, defeasance or other retirement of certain outstanding indebtedness, including commercial paper and debt outstanding under its revolving credit facility, and for general corporate purposes.
Sirius XM said it intends to use the net proceeds from the offering for general corporate purposes, which may include, from time to time and as market conditions warrant, the repurchase, redemption, defeasance, tender or repayment of its outstanding senior or subordinated indebtedness, including any borrowings outstanding under its revolving credit facility, and dividends to SiriusXM, its parent corporation, to fund share repurchases of SiriusXM's common stock.