Defeasance Securities. Securities of the type and maturity permitted under the terms of the related Mortgage Documents to be used in Defeasance.
Defeasance Securities. Any security used for defeasance must provide for the timely payment of principal and interest and cannot be callable or prepayable prior to maturity or earlier redemption of the rated debt (excluding securities that do not have a fixed par value and/or whose terms do not promise a fixed dollar amount at maturity or call date).
