Defeasance Note definition

Defeasance Note shall have the meaning set forth in Section 9.1(a)(i).
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Defeasance Note has the meaning set forth in Section 2.18.
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Defeasance Note. Shall have the meaning provided in Section 42(a).
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Examples of Defeasance Note in a sentence

  • Any such application to the Debt shall be without any prepayment consideration except that if an Event of Default has occurred then Borrower shall pay to Lender an additional amount equal to the Yield Maintenance Premium, if any, that would be required under Section 2.4 hereof if a Defeasance Note in the amount so prepaid was to be entered into by Borrower and any amount then payable under the last sentence of Section 2.3.

  • Any such application to the Debt shall be without any prepayment consideration except that if an Event of Default has occurred, then Borrower shall pay to Lender an additional amount equal to the Yield Maintenance Premium, if any, that would be required under Section 2.4 hereof if a Defeasance Note in the amount so prepaid was to be entered into by Borrower and any amount then payable under the last sentence of Section 2.3.

  • For purposes of determining the principal balance of each individual Undefeased Note, the principal amount of each Defeasance Note shall be applied on a pro rata basis to reduce the principal amount of each Undefeased Note.

  • Such Defeasance Obligor shall assume the obligations under the Defeasance Note and any Defeasance Security Agreement as well as under such provisions of the Loan Documents as Lender may designate, in each case pursuant to an assumption agreement in form and substance satisfactory to Lender.

  • In connection with any Defeasance hereunder, Borrower may, or at the option of Lender shall, in each instance at Borrower's expense, establish or designate a successor entity acceptable to Lender in its sole and absolute discretion (the "Defeasance Obligor") and in such event, Borrower shall transfer and assign all of its obligations, rights and duties under and to the Defeasance Note together with the Defeasance Collateral to such Defeasance Obligor.

  • Borrowers, pursuant to the Security Agreement or other appropriate document, shall irrevocably authorize and direct that the payments received from the U.S. Government Securities may be made directly to Lender and applied to satisfy the obligations of Borrowers under the Notes or, if issued, the Defeasance Note.

  • Without limitation of the foregoing, Borrower shall pay on demand any revenue, documentary stamp or intangible taxes or any other tax or charge due in connection with the creation of the Defeasance Note, the modification of the Note, and all costs of acquisition and administration of the Defeasance Collateral.

  • This appraisal is based on the following Extraordinary Assumption as defined on page 8:Mr. Jared AmbrosierMI Dept.

  • Borrower shall authorize and direct that the payments received from such obligations shall be made directly to Lender or Lender's designee and applied to satisfy the obligations of Borrower or, if applicable, Defeasance Obligor, under the Defeasance Note.

  • Pledgor acknowledges that it has requested the endorsement of the Defeasance Note and the assignment of the Mortgage to Pledgee in order to facilitate the disposition of the Real Property in compliance with all applicable laws and regulations regarding the payment of certain New York mortgage recording taxes.


More Definitions of Defeasance Note

Defeasance Note means the note(s) that is (are) secured in whole or part by the applicable Defeasance Collateral. Therefore, after defeasance of all of the Properties, the Defeasance Note shall (and if Defeasance has occurred as to fewer than all of the Properties, then, at Lender's option, the Defeasance Note may) be secured solely by Defeasance Collateral.
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Defeasance Note shall have the meaning set forth in Section 13.1.1.
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Related to Defeasance Note

  • 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 Period is defined in the Note, if applicable.

  • 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 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.

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

  • 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:

  • Defeasance Obligations means any of the following obligations:

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

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

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

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

  • Defeasance has the meaning specified in Section 13.2.

  • Defeased Note shall have the meaning set forth in Section 2.4.1(a)(v) hereof.

  • Non-Securitizing Note Holder means, with respect to a Securitization, each Note Holder that is not a Securitizing Note Holder with respect to such Securitization.

  • Securitizing Note Holder means, with respect to a Securitization, each Note Holder that is contributing its Note to such Securitization.

  • Optional Repurchase is defined in Section 5.1(b).

  • Junior Subordinated Notes means the $__________ aggregate principal amount of the Depositor's Series __ ____% Junior Subordinated Notes due ____ __, ____, issued pursuant to the Subordinated Indenture.

  • Covenant Defeasance has the meaning specified in Section 1303.

  • Subordinated Note Amount has the meaning set forth in the Recitals.

  • Senior Subordinated Notes means the Company's 10 1/2% Senior Subordinated Notes due 2009 issued pursuant to the Senior Subordinated Notes Indenture.

  • Optional Purchase has the meaning set forth in Section 8.1 of the Sale and Servicing Agreement.

  • Senior Subordinated Note Indenture means the Indenture dated as of May 12, 2009, between the Company and U.S. Bank National Association, as trustee, in respect of the 2020 Senior Subordinated Notes and the 2023 Senior Subordinated Notes, as supplemented and amended from time to time.

  • Optional Purchase Price has the meaning set forth in Section 8.1 of the Sale and Servicing Agreement.

  • Subordinated Note means the Subordinated Note (or collectively, the “Subordinated Notes”) in the form attached as Exhibit A hereto, as amended, restated, supplemented or modified from time to time, and each Subordinated Note delivered in substitution or exchange for such Subordinated Note.

  • Pari Passu Indebtedness means: (a) with respect to the Issuer, the Notes and any Indebtedness which ranks pari passu in right of payment to the Notes; and (b) with respect to any Guarantor, its Guarantee and any Indebtedness which ranks pari passu in right of payment to such Guarantor’s Guarantee.