Defeasance Lockout Period definition

Defeasance Lockout Period shall have the meaning set forth in the Note.
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Defeasance Lockout Period shall have the meaning provided in the Note. Defeasance Note shall have the meaning provided in Section 9.1.
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Defeasance Lockout Period means the period commencing on the date hereof and expiring on the earlier date to occur of (a) two years after (i) the “startup day,” within the meaning of Section 860G(a)(9) of the Code, of a “real estate mortgage investment conduit,” (REMIC) within the meaning of Section 860D of the Code, that holds this Note and the Security Instrument or (ii) if this Note is severed and such severed portions are included in REMICs that do not have the same “startup day,” the “startup day” of the REMIC in which the last of such severed portions is included, or (b) three (3) years after the funding of this Note occurs.
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Examples of Defeasance Lockout Period in a sentence

  • From and after expiration of the Defeasance Lockout Period and prior to the Prepayment Lockout Release Date, Borrower shall have the right to defease the Loan pursuant to the provisions of Section 9.1.1 of the Loan Agreement.

  • From and after expiration of the Defeasance Lockout Period and prior to the Anticipated Repayment Date, Borrower shall have the right to defease the Loan pursuant to the provisions of Article IX of the Loan Agreement.

  • Limited Prepayment Period shall mean the period commencing on the date hereof and ending on the last day of the Defeasance Lockout Period, during which time Borrower shall have the right to prepay a portion of the Loan in connection with the Property Release of one or more Designated Release Properties, subject to the conditions provided in Section 8.7 of the Loan Agreement and payment of the Yield Maintenance Premium on the amount prepaid.

  • A Mortgage Loan containing a defeasance provision has a Defeasance Lockout Period of not less than two years after the Closing Date or includes other conditions precedent the satisfaction of which will ensure that the exercise of such a feature will not cause a REMIC to fail to be a REMIC.

  • Limited Prepayment Period shall mean the period commencing on the date hereof and ending on the last day of the Defeasance Lockout Period, during which time Borrower shall have the right to prepay a portion of the Loan in connection with the Property Release of one or more Designated Release Properties, subject to the conditions provided in Section 8.7 of the Loan Agreement and payment of the Yield Maintenance Premium 011 the amount prepaid.

  • From and after expiration of the Defeasance Lockout Period and prior to the Prepayment Lockout Release Date, Borrower shall have the right to defease the Loan pursuant to the provisions of Section 2.3.4 of the Loan Agreement.


More Definitions of Defeasance Lockout Period

Defeasance Lockout Period means the period commencing on the date hereof and expiring on the earlier to occur of (i) two years after the "startup day," within the meaning of Section 860G(a)(9) of the Code, of a "real estate mortgage investment conduit," ("REMIC") within the meaning of Section 860D of the Code, with respect to the last portion of the debt evidenced by the Notes and the Mortgage and (ii) three (3) years after the Closing Date.
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Defeasance Lockout Period shall have the meaning set forth in the Note. Deficiency shall have the meaning set forth in Section 6.2.4(b)(ii).
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Defeasance Lockout Period means the period commencing on the date hereof and expiring on the earlier date to occur of (a) two years after (i) the “startup day,” within the meaning of Section 860G(a)(9) of the Code, of a REMIC, that holds the Notes and the Security Instruments or (ii) if the Notes are severed and such severed portions are included in REMICs that do not have the same “startup day,” the “startup day” of the REMIC in which the last of such severed portions is included, or (b) three (3) years after the first day of the Interest Period during which the Loan begins to accrue interest at the fixed Interest Rate referred to in clause (3) of the definition of “Interest Rate”, whichever shall first occur. Defeasance Note shall have the meaning provided in Section 9.1. Defeasance Security Agreement shall have the meaning provided in Section 9.1. Deficiency shall have the meaning set forth in Section 6.2.4(b).
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Related to Defeasance Lockout Period

  • Defeasance Period is defined in the Note, if applicable.

  • Defeasance Loan Those Mortgage Loans which provide the related Mortgagor with the option to defease the related Mortgaged Property.

  • Defeasance Date shall have the meaning set forth in Section 2.5.1(a)(i) hereof.

  • Defeasance Event shall have the meaning set forth in Section 2.5.1(a) hereof.

  • Defeasance Securities means (i) Federal Securities, (ii) noncallable obligations of an agency or instrumentality of the United States of America, including obligations that are unconditionally guaranteed or insured by the agency or instrumentality and that, on the date the Commissioners Court adopts or approves proceedings authorizing the issuance of refunding bonds or otherwise provide for the funding of an escrow to effect the defeasance of the Bonds are rated as to investment quality by a nationally recognized investment rating firm not less than "AAA" or its equivalent, (iii) noncallable obligations of a state or an agency or a county, municipality, or other political subdivision of a state that have been refunded and that, on the date the Commissioners Court adopts or approves proceedings authorizing the issuance of refunding bonds or otherwise provide for the funding of an escrow to effect the defeasance of the Bonds, are rated as to investment quality by a nationally recognized investment rating firm no less than "AAA" or its equivalent, and (iv) any other then authorized securities or obligations under applicable State law that may be used to defease obligations such as the Bonds.

  • Scheduled Defeasance Payments shall have the meaning set forth in Section 2.5.1(b) hereof.

  • Defeasance Deposit means an amount equal to 100% of the remaining principal amount of this Note, the Yield Maintenance Premium, any costs and expenses incurred or to be incurred in the purchase of the U.S. Obligations necessary to meet the Scheduled Defeasance Payments and any revenue, documentary stamp or intangible taxes or any other tax or charge due in connection with the transfer of this Note or otherwise required to accomplish the agreements of this subsection;

  • Defeasance Collateral means: (i) a Xxxxxxx Mac Debt Security, (ii) a Xxxxxx Mae Debt Security, (iii) U.S. Treasury Obligations, or (iv) FHLB Obligations.

  • Defeasance Agent means another financial institution which is eligible to act as Trustee hereunder and which assumes all of the obligations of the Trustee necessary to enable the Trustee to act hereunder. In the event such a Defeasance Agent is appointed pursuant to this Section, the following conditions shall apply:

  • Covenant Defeasance Option is defined in Section 4.01(b) of the Indenture.

  • Defeasance Obligations means any of the following obligations:

  • Legal Defeasance Option is defined in Section 4.01(b) of the Indenture.

  • Lockout Period if applicable, is defined in the Note.

  • Defeasance has the meaning specified in Section 13.2.

  • ECF Prepayment Amount has the meaning assigned to such term in Section 2.11(b)(i).

  • Principal Prepayment Period The month preceding the month in which the related Remittance Date occurs.

  • Required Prepayment Date as defined in Section 2.15(c).

  • Full Prepayment Any payment of the entire principal balance of a Mortgage Loan which is received in advance of its scheduled Due Date and is not accompanied by an amount of interest representing scheduled interest due on any date or dates in any month or months subsequent to the month of prepayment.

  • Principal Prepayment Amount For any Distribution Date and for any Loan Group, the sum with respect to the Mortgage Loans in such Loan Group of (i) Curtailments received during the Prior Period from such Mortgage Loans and (ii) Payoffs received during the Payoff Period from such Mortgage Loans.

  • Prepayment Period With respect to any Distribution Date, the calendar month preceding the calendar month in which such Distribution Date occurs.

  • Specified Discount Prepayment Notice means an irrevocable written notice of a Borrower Offer of Specified Discount Prepayment made pursuant to Section 2.11(a)(ii)(B) substantially in the form of Exhibit I.

  • Permitted Prepayment Date means the Business Day after the second (2nd) anniversary of the first Payment Date

  • Specified Discount Prepayment Amount has the meaning set forth in Section 2.05(a)(v)(B)(1).

  • Principal Prepayment in Full Any Principal Prepayment made by a Mortgagor of the entire principal balance of a Mortgage Loan.

  • Offer Amount has the meaning set forth in Section 4.12(e).

  • Discount Range Prepayment Notice means a written notice of a Borrower Solicitation of Discount Range Prepayment Offers made pursuant to Section 2.05(a)(v)(C) substantially in the form of Exhibit M-4.