Common use of Voluntary Defeasance of the Loan Clause in Contracts

Voluntary Defeasance of the Loan. Provided no Event of Default exists, at any time after the Release Date and prior to the Anticipated Payment Date Borrower may voluntarily defease all or any portion of the Loan by providing Lender with U.S. Obligations that produce payments which replicate the Scheduled Defeasance Payments (hereinafter, a "Defeasance Event"). Each Defeasance Event by the Borrower shall be subject to the satisfaction of the following conditions precedent:

Voluntary Defeasance of the Loan. (a) Provided that no Event of Default existshas occurred and is then continuing, at any time after the Release Date and prior to the Anticipated Payment Date Lockout Release Date, Borrower may voluntarily defease (hereinafter, a “Defeasance Event”) all or any portion (but not part) of the Loan by providing Lender with U.S. Obligations that produce payments which replicate the Scheduled Defeasance Payments (hereinafter, a "“Defeasance Event"Collateral”). Each A Defeasance Event by the Borrower shall be subject to the satisfaction of the following conditions precedent: