It did this in what the historian Brian Simpson called a topsy-turvy fashion by printing the bond on the front of the document and the condition, whose performance by the obligor would render the bond void ( referred to as the indenture of defeasance ), on the back.
32.
With its stock sale and the removal of the first mortgage notes off its balance sheet through a process known as defeasance, MGM will be able to borrow against a new $ 500 million credit line to finance the acquisition and development of additional resort hotels and casinos, including the MGM Grand Atlantic City.
33.
One historically significant type of penal bond, the penal bond with conditional defeasance, printed the bond ( the obligation to pay ) on the front of the document and the condition which would nullify that promise to pay ( referred to as the indenture of defeasance essentially, the contractual obligation ) on the back of the document.
34.
Although an innovation in its structure, the conditional penal bond was not the first English attempt to impose fixed monetary penalties for failure to perform on an agreement . civil law jurisdictions, as well as penal bonds with separate indentures of defeasance were commonly used to secure the performance of a contract until well into the fifteenth century.
35.
In other words, whereas a while loop sets the truth of a statement as a condition precedent for the code's execution, a do-while loop provides for the action's ongoing execution subject to defeasance by the condition's falsity, which falsity ( " i . e . ", the truth of the condition's negation ) is set as a condition subsequent.
36.
By contrast, a do while loop provides for the action's ongoing execution unless a given condition is determined to be false, " i . e . ", provides for that action's execution subject to defeasance by the condition's falsity, which falsity ( " i . e . ", the truth of the condition's negation ) is set as a condition subsequent.
37.
The solution was to merge the latter-day wadset and gage for years into a single transaction embodied in two instruments : ( 1 ) the absolute conveyance ( the " charter " ) in fee or for years to the lender; ( 2 ) an indenture or bond ( the " defeasance " ) reciting the loan and providing that if it was repaid the land would reinvest in the borrower, but if not the lender would retain title.
