Common use of Release Upon Defeasance Clause in Contracts

Release Upon Defeasance. If Borrower has elected to defease the Note and the requirements of Section 2.4.2 have been satisfied, the Property shall be released from the Lien of the Mortgage and the other Loan Documents, and the Defeasance Collateral pledged pursuant to the Defeasance Security Agreement shall constitute the only collateral which shall secure the Note and all other Obligations. In connection with the release of the Lien, Borrower shall submit to Lender, not less than thirty (30) days prior to the Release Date (or such shorter time as is acceptable to Lender in its sole discretion), a release of Lien (and related Loan Documents) for execution by Lender. Such release shall be in a form appropriate in the jurisdiction in which the Property is located and contain standard provisions protecting the rights of the releasing lender. In addition, Borrower shall provide all other documentation Lender reasonably requires to be delivered by Borrower in connection with such release, together with an Officer’s Certificate certifying that such documentation (i) is in compliance with all Legal Requirements, and (ii) will effect such release in accordance with the terms of this Agreement. Borrower shall pay all costs, taxes and expenses associated with the release of the Lien of the Mortgage, including Lender’s reasonable attorneys’ fees. Borrower, pursuant to the Defeasance Security Agreement, shall authorize and direct that the payments received from Defeasance Collateral be made directly to Lender and applied to satisfy the Obligations, including payment in full of the Outstanding Principal Balance as of the Stated Maturity Date.

Release Upon Defeasance. If Borrower has Borrowers have elected to defease the Note a Full Defeasance and the requirements of Section 2.4.2 have been satisfied, the Property Properties shall be released from the Lien Liens of the Mortgage Mortgages and the other Loan Documents, and the Defeasance Collateral pledged pursuant to the Defeasance Security Agreement shall constitute the only collateral which shall secure the Note and all other Obligations. In connection with the release releases of the LienLiens, Borrower Borrowers shall submit to Lender, not less than thirty (30) days prior to the Release Date (or such shorter time as is acceptable to Lender in its sole reasonable discretion), a release releases of Lien Liens (and related Loan Documents) for execution by Lender. Such release releases shall be in a form appropriate in the jurisdiction in which the Property is Properties are located and contain standard provisions protecting the rights of the releasing lender. In addition, Borrower Borrowers shall provide all other documentation Lender reasonably requires to be delivered by Borrower Borrowers in connection with such release, together with an Officer’s Certificate certifying that such documentation (i) is in compliance with all Legal Requirements, and (ii) will effect such release in accordance with the terms of this Agreement. Borrower Borrowers shall pay all costs, taxes and expenses associated with the release releases of the Lien Liens of the MortgageMortgages, including Lender’s reasonable attorneys’ fees. BorrowerBorrowers, pursuant to the Defeasance Security Agreement, shall authorize and direct that the payments received from Defeasance Collateral be made directly to Lender and applied to satisfy the Obligations, including payment in full of the Outstanding Principal Balance as of the Stated Maturity Date.

Release Upon Defeasance. If Borrower has elected to defease the Note and the requirements of Section 2.4.2 have been satisfied, the Property Collateral shall be released from the Lien of the Mortgage and the other Loan Security Documents, and the Defeasance Collateral pledged pursuant to the Defeasance Security Agreement shall constitute the only collateral which shall secure the Note and all other Obligations. In connection with the release of the Lien, Borrower shall submit to Lender, not less than thirty (30) days prior to the Release Date (or such shorter time as is acceptable to Lender in its sole discretion), a release of Lien (and related Loan Documents) for execution by Lender. Such release shall be in a form appropriate in the jurisdiction in which the Property is located and contain standard provisions protecting the rights of the releasing lenderUCC termination. In addition, Borrower shall provide all other documentation Lender reasonably requires to be delivered by Borrower in connection with such release, together with an Officer’s Certificate certifying that such documentation (i) is in compliance with all Legal Requirements, and (ii) will effect such release in accordance with the terms of this Agreement. Borrower shall pay all costs, taxes and expenses associated with the release of the Lien of the MortgageSecurity Documents, including Lender’s reasonable attorneys’ fees. Borrower, pursuant to the Defeasance Security Agreement, shall authorize and direct that the payments received from Defeasance Collateral be made directly to Lender and applied to satisfy the Obligations, including payment in full of the Outstanding Principal Balance as of the Stated Maturity Date.

Release Upon Defeasance. If Borrower has elected to defease the Note and the requirements of Section 2.4.2 have been satisfied, the Property shall be released from the Lien of the Mortgage and the other Loan Documents, and the Defeasance Collateral pledged pursuant to the Defeasance Security Agreement shall constitute the only collateral which shall secure the Note and all other Obligations. In connection with the release of the Lien, Borrower shall submit to Lender, not less than thirty (30) days prior to the Release Date (or such shorter time as is acceptable to Lender in its sole reasonable discretion), a release of Lien (and related Loan Documents) for execution by Lender. Such release shall be in a form appropriate in the jurisdiction in which the Property is located and contain standard provisions protecting the rights of the releasing lender. In addition, Borrower shall provide all other documentation Lender reasonably requires to be delivered by Borrower in connection with such release, together with an Officer’s Certificate certifying that such documentation (i) is in compliance with all Legal Requirements, and (ii) will effect such release in accordance with the terms of this Agreement. Borrower shall pay all costs, taxes and expenses associated with the release of the Lien of the Mortgage, including Lender’s reasonable attorneys’ fees. Borrower, pursuant to the Defeasance Security Agreement, shall authorize and direct that the payments received from Defeasance Collateral be made directly to Lender and applied to satisfy the Obligations, including payment in full of the Outstanding Principal Balance as of the Stated Maturity Date.

Release Upon Defeasance. If Borrower has Borrowers have elected to defease the Note a Full Defeasance and the requirements of Section 2.4.2 have been satisfied, the Property Properties shall be released from the Lien Liens of the Mortgage Mortgages and the other Loan Documents, and the Defeasance Collateral pledged pursuant to the Defeasance Security Agreement shall constitute the only collateral which shall secure the Note and all other Obligations. In connection with the release releases of the LienLiens, Borrower Borrowers shall submit to Lender, not less than thirty (30) days prior to the Release Date (or such shorter time as is acceptable to Lender in its sole reasonable discretion), a release releases of Lien Liens (and related Loan Documents) for execution by Lender. Such release releases shall be in a form appropriate in the jurisdiction in which the Property is Properties are located and contain standard provisions protecting the rights of the releasing lender. In addition, Borrower Borrowers shall provide all other documentation Lender reasonably requires to be delivered by Borrower Borrowers in connection with such release, together with an Officer’s Certificate certifying that such documentation (i) is in compliance with all Legal Requirements, and (ii) will effect such release in accordance with the terms of this Agreement. Borrower Borrowers shall pay all reasonable costs, taxes and expenses associated with the release releases of the Lien Liens of the MortgageMortgages, including Lender’s reasonable attorneys’ fees. BorrowerBorrowers, pursuant to the Defeasance Security Agreement, shall authorize and direct that the payments received from Defeasance Collateral be made directly to Lender and applied to satisfy the Obligations, including payment in full of the Outstanding Principal Balance as of the Stated Maturity Date.

Release Upon Defeasance. If Borrower has elected to defease the Note and the requirements of Section 2.4.2 have been satisfied, the Property Collateral shall be released from the Lien of the Mortgage and the other Loan Security Documents, and the Defeasance Collateral pledged pursuant to the Defeasance Security Agreement shall constitute the only collateral which shall secure the Note and all other Obligations. In connection with the release of the Lien, Borrower shall submit to Lender, not less than thirty (30) days prior to the Release Date (or such shorter time as is acceptable to Lender in its sole discretion), a release of Lien (and related Loan Documents) for execution by Lender. Such release shall be in a form appropriate in the jurisdiction in which the Property is located and contain standard provisions protecting the rights of the releasing lenderUCC termination. In addition, Borrower shall provide all other documentation Lender reasonably requires to be delivered by Borrower in connection with such release, together with an Officer’s Certificate certifying that such documentation (i) is in compliance with all Legal Requirements, and (ii) will effect such release in accordance with the terms of this Agreement. Borrower shall pay all costs, taxes and expenses associated with the release of the Lien of the MortgageSecurity Documents, including Lender’s reasonable attorneys’ fees. Borrower, pursuant to the Defeasance Security Agreement, shall authorize and direct that the payments received from Defeasance Collateral be made directly to Lender and applied to satisfy the Obligations, including payment in full of the Outstanding Principal Balance as of the Stated Maturity Date.Date.‌

Release Upon Defeasance. If Borrower has elected to defease the Note Notes and the requirements of Section 2.4.2 have been satisfied, the Property and the other security for the Loan shall be released from the Lien of the Mortgage and the other Loan Documents, and the Defeasance Collateral pledged pursuant to the Defeasance Security Agreement shall constitute the only collateral which shall secure the Note Notes and all other Obligations. In connection with the release of the Lien, Borrower shall submit to Lender, not less than thirty fifteen (3015) days prior to the Release Date (or such shorter time as is acceptable to Lender in its sole discretion), a release of Lien (and related Loan Documents) for execution by Lender. Such release shall be in a form appropriate in the jurisdiction in which the Property is located and contain standard provisions protecting the rights of the releasing lender. In addition, Borrower shall provide all other documentation Lender reasonably requires to be delivered by Borrower in connection with such release, together with an Officer’s Certificate certifying that such documentation (i) is in compliance with all Legal Requirements, and (ii) will effect such release or assignment, as applicable, in accordance with the terms of this Agreement. Borrower shall pay all reasonable costs, taxes and expenses associated with the release of the Lien of the Mortgage, including Lender’s reasonable attorneys’ fees. Borrower, pursuant to the Defeasance Security Agreement, shall authorize and direct that the payments received from Defeasance Collateral be made directly to Lender and applied to satisfy the Obligations, including payment in full of the Outstanding Principal Balance as of the Stated Maturity Open Prepayment Date.

Release Upon Defeasance. (i) If the Borrower has elected to defease the Note entire Loan and the requirements of Section 2.4.2 2.4 and this Section 2.5(a) and (b) have been satisfied, the Property shall be released from the Lien Liens of the Mortgage and the other Loan Documents, Second Mortgage and the Defeasance Collateral U.S. Obligations, pledged pursuant to the Defeasance Security Agreement or Security Agreements, as applicable, shall constitute be the only sole source of collateral which securing the Note; provided, however, that, no release shall secure be granted unless, after giving effect to such release, (A) the Note Debt Service Coverage Ratio for the Additional Property then remaining subject to Liens in favor of Lender (taking into account the payment of the Additional Payment Stream) shall be equal to the greater of (1) the Debt Service Coverage Ratio for the Property and all other Obligations. the Additional Property for the twelve (12) full calendar months immediately preceding the release of the Property, and (2) the Debt Service Coverage Ratio for the Property and the Additional Property on the Closing Date, and (B) the LTV for the Additional Loan remaining after the release of the Property (after subtracting from the outstanding principal amount of the Additional Loan the principal amounts of such Additional Loan that will be repaid over time pursuant to the payment of the Scheduled Defeasance Payments) shall be the lesser of (1) the combined LTV for the Property and the Additional Property on the Closing Date and (2) the combined LTV for the Property and the Additional Property immediately prior to the release. (ii) In connection with the release of the LienLiens, the Borrower shall submit to Lender, not less than thirty (30) days prior to the Release Date (or such shorter time as is acceptable to Lender in its sole discretion)Defeasance Date, a release of Lien Liens (and related Loan Documents) for execution by Lender. Such release shall be in a form appropriate in the each jurisdiction in which the Property is located and contain standard provisions protecting the rights of the releasing lendersatisfactory to Lender in its reasonable discretion. In addition, Borrower shall provide all other documentation Lender reasonably requires to be delivered by Borrower in connection with such release, together with an Officer’s Certificate certifying that such documentation (i) is in compliance with all Legal Requirements, and (ii) will effect such release in accordance with the terms of this Agreement. Borrower shall pay all costs, taxes and expenses associated with the release of the Lien of the Mortgage, including Lender’s reasonable attorneys’ fees. Borrower, pursuant to the Defeasance Security Agreement, shall authorize and direct that the payments received from Defeasance Collateral be made directly to Lender and applied to satisfy the Obligations, including payment in full of the Outstanding Principal Balance as of the Stated Maturity Date.

Release Upon Defeasance. If Fee Borrower has elected to defease the Note and the requirements of Section 2.4.2 2.4.2(b) have been satisfied, the Property shall be released from the Lien of the Mortgage and the other Loan Documents, and the Defeasance Collateral pledged pursuant to the Defeasance Security Agreement shall constitute the only collateral which shall secure the Note and all other Obligations. In connection with the release of the Lien, Borrower shall submit to Lender, not less than thirty ten (3010) days Business Days prior to the Release Date (or such shorter time as is acceptable to Lender in its sole discretion), a release of Lien (and related Loan Documents) for execution by Lender. Such release shall be in a form appropriate in the jurisdiction in which the Property is located and contain standard provisions protecting the rights of the releasing lender. In addition, Borrower shall provide all other documentation Lender reasonably requires to be delivered by Borrower in connection with such release, together with an Officer’s Certificate certifying that such documentation (i) is in compliance with all Legal Requirements, and (ii) will effect such release in accordance with the terms of this Agreement. Borrower shall pay all costs, taxes and expenses associated with the release of the Lien of the Mortgage, including Lender’s reasonable attorneys’ fees. Fee Borrower, pursuant to the Defeasance Security Agreement, shall authorize and direct that the payments received from Defeasance Collateral be made directly to Lender and applied to satisfy the Obligations, including payment in full of the Outstanding Principal Balance as of the Stated Maturity DateCommencement of the Open Period.

Release Upon Defeasance. If Borrower has elected to defease the Note and the requirements of Section 2.4.2 have been satisfied, the Property shall be released from the Lien of the Mortgage and the other Loan Documents, and the Defeasance Collateral pledged pursuant to the Defeasance Security Agreement shall constitute the only collateral which shall secure the Note and all other Obligations. In connection with the release of the Lien, Borrower shall submit to Lender, not less than thirty (30) days prior to the Release Date (or such shorter time as is acceptable to Lender in its sole discretion), a release of Lien (and related Loan Documents) for execution by Lender. Such release shall be in a form appropriate in the jurisdiction in which the Property is located and contain standard provisions protecting the rights of the releasing lender. In addition, Borrower shall provide all other documentation Lender reasonably requires to be delivered by Borrower in connection with such release, together with an Officer’s Certificate certifying that such documentation (i) is in compliance with all Legal Requirements, and (ii) will effect such release in accordance with the terms of this Agreement. Borrower shall pay all costs, taxes and expenses associated with the release of the Lien of the Mortgage, including Lender’s reasonable attorneys’ fees. Borrower, pursuant to the Defeasance Security Agreement, shall authorize and direct that the payments received from Defeasance Collateral be made directly to Lender and applied to satisfy the Obligations, including payment in full of the Outstanding Principal Balance as of the Stated Maturity Open Prepayment Date.

Release Upon Defeasance. (a) If Borrower has elected to defease obtain a release of the Note collateral for the Loan (other than the Defeasance Collateral) pursuant to Section 2.4.2 and the requirements of Section 2.4.2 have been satisfied, the Property collateral (other than the Defeasance Collateral) shall be released from the Lien Liens of the Mortgage and the other Loan Documents, and the Defeasance Collateral pledged pursuant to the Defeasance Security Agreement shall constitute the only collateral which shall secure the Note and all other Obligations. In connection with the release of the Lien, Borrower shall submit to Lender, not less than thirty twenty (3020) days prior to the Release Date (or such shorter time as is acceptable to Lender in its sole discretion)Date, a release of Lien (and related Loan Documents) for execution by Lender. Such release shall be in a form appropriate in the jurisdiction in which the Property is located and contain standard provisions protecting the rights of the releasing lenderlocated. In addition, Borrower shall provide all other documentation Lender reasonably requires to be delivered by Borrower in connection with such release, together with an Officer’s Certificate certifying that such documentation (i) is in compliance with all Legal Requirements, Requirements and (ii) will effect such release in accordance with the terms of this Agreement. Borrower shall pay all reasonable out- of-pocket costs, taxes and expenses associated with the release of the Lien Liens of the MortgageMortgage and the other Loan Documents, including Lender’s reasonable attorneys’ fees. Borrower (or the Successor Borrower, if applicable), pursuant to the Defeasance Security Agreement, shall authorize and direct that the payments received from Defeasance Collateral be made directly to Lender and applied to satisfy the Obligations, including payment in full of the Outstanding Principal Balance as of the Stated Defeasance Collateral Maturity Date. (b) If Borrower advises Lender that it desires to defease the Note in a manner which will permit the assignment of the Note and the Mortgage to any Person designated by Borrower (the “Designated Purchaser”) in order to preserve mortgage recording tax or to legally avoid the payment of any other taxes, Borrower and Lender shall effect such proposed assignment in the following manner: Lender shall assign the Note and the Mortgage, each without recourse, covenant or warranty of any nature, express or implied (except representations that Lender owns the Note and Mortgage free of any liens and encumbrances and has the authority to effect the assignment), to the Designated Purchaser, provided that Borrower (i) has executed and delivered to the Designated Purchaser a new note to be secured by the Defeasance Collateral pursuant to the security agreement between Borrower and the Designated Purchaser (such new note to have the same term, interest rate, unpaid principal balance and all other material terms and conditions of the Note, except that the New Note shall be secured only by the Defeasance Collateral), which new note, together with the defeasance security agreement and the rights of such new lender in and to the Defeasance Collateral, shall be assigned by such new lender to Lender simultaneously with the assignment of the Note and the Mortgage by Lender, and (ii) has complied with all other provisions of Section 2.4 and this Section 2.5 to the extent not inconsistent with this subsection 2.5.1(b). In addition, any such assignment shall be conditioned on the following: (A) the payment by Borrower of the reasonable out-of-pocket expenses of Lender incurred in connection therewith, including Lender’s reasonable attorneys’ fees and disbursements; (B) prior to the assignment of the new note to Lender, the Designated Purchaser shall not materially modify the Note such that it shall be treated as a new loan for federal tax purposes; (C) such an assignment is not then prohibited by any federal, state or local law, rule, regulation, order or by any other governmental authority; (D) such assignment and the actions described above do not constitute a prohibited transaction for any REMIC Trust then holding the Loan and will not disqualify such REMIC Trust as a “real estate mortgage investment conduit” within the meaning of Section 860D of the Code as a result of such assignment and the defeasance of the Note, and an opinion of counsel to Borrower in form and substance, and delivered by counsel, that would be reasonably acceptable to a prudent lender to that effect are delivered to Lender; and (E) Borrower shall provide such other opinions, items, information and documents which a prudent lender would reasonably require to effectuate such assignment, provided that none of the foregoing shall impose greater obligations (other than to a de minimis extent) or liabilities on Borrower or reduce Borrower’s rights under the Loan Documents (other than to a de minimis extent) from those otherwise provided for herein. Borrower shall be responsible for all mortgage recording taxes, recording fees and other charges payable in connection with any such assignment. Lender agrees that the assignment of the Note and the Mortgage to the new lender and the assignment of the new note, the Defeasance Collateral and the defeasance security agreement by the new lender to Lender shall be accomplished by an escrow closing conducted through an escrow agent reasonably satisfactory to Lender and pursuant to an escrow agreement reasonably satisfactory to Lender in form and substance. Notwithstanding the foregoing, Lender reserves the right to impose different requirements or procedures on such an assignment of the Note and the Mortgage in order to accommodate any applicable Legal Requirements at the time of such defeasance if a reasonably prudent Lender would impose such requirements or procedures, provided that none of the foregoing shall impose greater obligations or liabilities on Borrower (other than to a de minimis extent) or reduce Borrower’s rights under the Loan Documents (other than to a de minimis extent) from those otherwise provided for herein.

Release Upon Defeasance. If Borrower has elected to defease the Note and the requirements of Section 2.4.2 have been satisfied, the Property shall be released from the Lien of the Mortgage and the other Loan Documents, and the Defeasance Collateral pledged pursuant to the Defeasance Security Agreement shall constitute the only collateral which shall secure the Note and all other Obligations. In connection with the release of the Lien, Borrower shall submit to Lender, not less than thirty twenty (3020) days prior to the Release Date (or such shorter time as is acceptable to Lender in its sole discretion), a release of Lien (and related Loan Documents) for execution by Lender. Such release shall be in a form appropriate in the jurisdiction in which the Property is located and contain standard provisions protecting the rights of the releasing lender. In addition, Borrower shall provide all other documentation Lender reasonably requires to be delivered by Borrower in connection with such release, together with an Officer’s 's Certificate certifying that such documentation (i) is in compliance with all Legal Requirements, and (ii) will effect such release in accordance with the terms of this Agreement. Borrower shall pay all costs, taxes and expenses associated with the release of the Lien of the MortgageMortgage and the other Loan Documents, including Lender’s 's reasonable attorneys’ ' fees. Borrower, pursuant to the Defeasance Security Agreement, shall authorize and direct that the payments received from Defeasance Collateral be made directly to Lender and applied to satisfy the Obligations, including payment in full of the Outstanding Principal Balance as of the Stated Maturity Open Prepayment Date.

Release Upon Defeasance. If Borrower has elected to defease the Note Notes and the requirements of Section 2.4.2 have been satisfied, the Property Collateral shall be released from the Lien of the Mortgage and the other Loan Security Documents, and the Defeasance Collateral pledged pursuant to the Defeasance Security Agreement shall constitute the only collateral which shall secure the Note Notes and all other Obligations. In connection with the release of the Lien, Borrower shall submit to Lender, not less than thirty fifteen (3015) days prior to the Release Date (or such shorter time as is acceptable to Lender in its sole discretion), a release of Lien (and related Loan Documents) for execution by Lender. Such release shall be UCC termination in a form an appropriate in the jurisdiction in which the Property is located and contain standard provisions protecting the rights of the releasing lenderform. In addition, Borrower shall provide all other documentation Lender reasonably requires to be delivered by Borrower in connection with such release, together with an Officer’s Certificate certifying that such documentation (i) is in compliance with all Legal Requirements, and (ii) will effect such release in accordance with the terms of this Agreement. Borrower shall pay all reasonable costs, taxes and expenses associated with the release of the Lien of the MortgageSecurity Documents, including Lender’s reasonable attorneys’ fees. Borrower, pursuant to the Defeasance Security Agreement, shall authorize and direct that the payments received from Defeasance Collateral be made directly to Lender and applied to satisfy the Obligations, including payment in full of the Outstanding Principal Balance as of the Stated Maturity Open Prepayment Date.

Release Upon Defeasance. (i) If the Borrower has elected to defease the Note entire Loan and the requirements of Section 2.4.2 2.4 and this Section 2.5(a) and (b) have been satisfied, the Property shall be released from the Lien of the Mortgage and the other Loan DocumentsU.S. Obligations, and the Defeasance Collateral pledged pursuant to the Defeasance Security Agreement or Security Agreements, as applicable, shall constitute be the only sole source of collateral which securing the Note; provided, however, that, no release shall secure be granted unless, after giving effect to such release, (A) the Note Debt Service Coverage Ratio for the Additional Property then remaining subject to Liens in favor of Lender (taking into account the payment of the Additional Payment Stream) shall be equal to the greater of (1) the Debt Service Coverage Ratio for the Property and all other Obligations. the Additional Property for the twelve (12) full calendar months immediately preceding the release of the Property, and (2) the Debt Service Coverage Ratio for the Property and the Additional Property on the Closing Date, and (B) the LTV for the Additional Loan remaining after the release of the Property (after subtracting from the outstanding principal amount of the Additional Loan the principal amounts of such Additional Loan that will be repaid over time pursuant to the payment of the Scheduled Defeasance Payments) shall be the lesser of (1) the combined LTV for the Property and the Additional Property on the Closing Date and (2) the combined LTV for the Property and the Additional Property immediately prior to the release. (ii) In connection with the release of the LienLiens, the Borrower shall submit to Lender, not less than thirty (30) days prior to the Release Date (or such shorter time as is acceptable to Lender in its sole discretion)Defeasance Date, a release of Lien Liens (and related Loan Documents) for execution by Lender. Such release shall be in a form appropriate in the each jurisdiction in which the Property is located and contain standard provisions protecting the rights of the releasing lendersatisfactory to Lender in its reasonable discretion. In addition, Borrower shall provide all other documentation Lender reasonably requires to be delivered by Borrower in connection with such release, together with an Officer’s Certificate certifying that such documentation (i) is in compliance with all Legal Requirements, and (ii) will effect such release in accordance with the terms of this Agreement. Borrower shall pay all costs, taxes and expenses associated with the release of the Lien of the Mortgage, including Lender’s reasonable attorneys’ fees. Borrower, pursuant to the Defeasance Security Agreement, shall authorize and direct that the payments received from Defeasance Collateral be made directly to Lender and applied to satisfy the Obligations, including payment in full of the Outstanding Principal Balance as of the Stated Maturity Date.