Defeasance Property definition

Defeasance Property means any Individual Property or Properties that are released from the lien of the Deed of Trust as a result of a Partial Defeasance.
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Defeasance Property means, collectively, any Defeasance Debt Securities and/or any Defeasance Letter of Credit.
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Defeasance Property shall collectively refer to (A) the Individual Property known as Tides at Calabash and located at 0000 Xxxx Xxxxxx Xxxx, Xxxxxx, Xxxxx Xxxxxxxx (the “Tides Property”), (B) the Individual Property comprised of vacant land adjacent to the Tides Property (the “Tides Vacant Land”), (C) the Individual Property known as Kensington Commons Residences and located at 0000 Xxxxxxx Xxxx, Xxxxx Xxxxxxxxxx, Xxxx (the “Kensington Property”), (D) the Individual Property known as Xxxxxx Farms and located at 0000 Xxxxxxx Xxx, Canal Winchester, Ohio (the “Xxxxxx Farms Property”), (E) the Individual Property known as Cherry Grove Commons and located at 0000 Xxxxx Xxxxxx, North Myrtle Beach, South Carolina (the “Cherry Grove Property”) and (F) the Individual Property known as Riverchase Apartments and located at 0000 Xxxxxxxxxx Xxxxx, Xxxxxxxxxxxx, Xxxxxxx (the “Riverchase Property”); (ii) the term “Assumption Property” shall collectively refer to (A) the Individual Property known as Hartshire Lakes and located at 0000 Xxxxxxxxx Xxxxx Xxxxx, Xxxxxxxxxxxx, Xxxxxxx (the “Hartshire Property”), (B) the Individual Property known as Brunswick Point and located at 0000 Xxxxxxxxxxx Xxxxx, Xxxxxx, North Carolina (the 8
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Examples of Defeasance Property in a sentence

  • Such release shall be in a form appropriate in each jurisdiction in which the Partial Defeasance Property is located and satisfactory to Lender in its sole discretion.

  • Upon the Defeasance Close of Escrow (as hereinafter defined), a portion of the Deposit equal to Three Million Three Hundred Thirty-Three Thousand Three Hundred Thirty-Three and 33/100 Dollars ($3,333,333.33) (the “Defeasance Property Deposit”) shall be applied as a credit to the Purchase Price payable at the Defeasance Closing (as defined below) in accordance with the Individual Property Allocations for the Defeasance Property (as defined below) (the “Defeasance Property Purchase Price”).

  • Escrow Holder shall be instructed to record such Defeasance Property Deeds if and when Escrow Holder holds the instruments and funds accruing to Buyer and Seller as set forth herein and can obtain for Buyer the Defeasance Title Policies (as defined below).

  • EU citizenship grants the right of free movement within the EU.1 EU nationals do not require an entry clearance (visa) to enter the UK, and no time limit may be placed on their stay.

  • Lender shall, at Borrower’s expense, prepare, execute and deliver any instruments reasonably necessary to release the lien of the Mortgage and other Loan Documents from the Defeasance Property and the Collateral (or, for a Partial Defeasance, the Defeasance Property and the associated portion of the Collateral).


More Definitions of Defeasance Property

Defeasance Property means any Individual Property or Properties that are released from the lien of the Mortgage as a result of a Partial Defeasance.
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Defeasance Property means any Individual Property or Properties that are released from the lien of the Security
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Defeasance Property has the meaning stated in Section 4.2.
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Defeasance Property means any Individual Property or Properties that are released from the lien as a result of a Partial Defeasance.
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Related to Defeasance Property

  • 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 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 Period is defined in the Note, if applicable.

  • 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 Deposit means an amount equal to the remaining principal amount of the Note, the Defeasance Payment Amount, any costs and expenses incurred or to be incurred in the purchase of 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 the Note or otherwise required to accomplish the agreements of Sections 2.4 and 2.5 hereof (including, without limitation, any fees and expenses of accountants, attorneys and the Rating Agencies incurred in connection therewith).

  • Defeasance Obligations means any of the following obligations:

  • 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.

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

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

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

  • Defeasance has the meaning specified in Section 1302.

  • Collateral Substitution has the meaning specified in Section 3.13.

  • Junior Subordinated Payment has the meaning specified in Section 13.2.

  • 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.

  • trust money means money held in trust on behalf of third parties in a trust contemplated in terms of Section 12 of the Act.

  • Junior Subordinated Indebtedness means the principal of (and premium, if any) and unpaid interest on (a) indebtedness of the Company (including indebtedness of others guaranteed by the Company), whether outstanding on the date hereof or thereafter created, incurred, assumed or guaranteed, for money borrowed, which in the instrument creating or evidencing the same or pursuant to which the same is outstanding it is provided that such indebtedness ranks junior in right of payment to the Company’s Senior Indebtedness and Senior Subordinated Indebtedness and equally and pari passu in right of payment to any other Junior Subordinated Indebtedness, (b) Junior Subordinated Securities, and (c) renewals, extensions, modifications and refinancings of any such indebtedness.

  • Refinancing Mortgage Loan Any Mortgage Loan originated in connection with the refinancing of an existing mortgage loan.

  • Senior Subordinated Notes means the Borrower’s 9.75% Senior Subordinated Notes due 2014, in an original aggregate principal amount of $225,000,000.

  • Permitted Junior Priority Refinancing Debt means secured Indebtedness incurred by the Borrower in the form of one or more series of second lien (or other junior lien) secured notes or debentures or second lien (or other junior lien) secured loans; provided that (i) such Indebtedness is secured by all or a portion of the Collateral on a second priority (or other junior priority) basis to the Liens securing the Obligations and any other First Lien Obligations and is not secured by any property or assets of Holdings, the Borrower or any Restricted Subsidiary other than the Collateral, (ii) such Indebtedness satisfies the applicable requirements set forth in the provisos in the definition of “Credit Agreement Refinancing Indebtedness” (provided that such Indebtedness may be secured by a Lien on the Collateral that is junior to the Liens securing the Obligations and any other First Lien Obligations, notwithstanding any provision to the contrary contained in the definition of “Credit Agreement Refinancing Indebtedness”), (iii) the holders of such Indebtedness (or their representative) and the Administrative Agent and/or the Collateral Agent shall be party to a Customary Intercreditor Agreement, and (iv) such Indebtedness is not at any time guaranteed by any Subsidiaries of the Borrower other than Subsidiaries that are Guarantors.

  • Senior Subordinated Indebtedness means the Securities and any other Indebtedness of the Company that specifically provides that such Indebtedness is to rank pari passu with the Securities in right of payment and is not subordinated by its terms in right of payment to any Indebtedness or other obligation of the Company which is not Senior Indebtedness.

  • Existing Senior Subordinated Notes means the 10.875% Senior Subordinated Notes Due 2009 issued by the Company pursuant to the Existing Senior Subordinated Note Indenture.

  • Permitted Junior Secured Refinancing Debt means any secured Indebtedness (including any Registered Equivalent Notes) incurred by the Borrower in the form of one or more series of second-lien (or other junior lien) secured notes or second-lien (or other junior lien) secured loans; provided that (i) such Indebtedness (x) is secured by the Collateral on a second-priority (or other junior priority) basis with the Obligations and (y) is not secured by any property or assets of the Borrower or any Subsidiary other than the Collateral, (ii) such Indebtedness constitutes Credit Agreement Refinancing Indebtedness, (iii) such Indebtedness does not mature, have a shorter Weighted Average Life to Maturity than, or have scheduled amortization or scheduled payments of principal and is not subject to mandatory redemption, repurchase, prepayment or sinking fund obligation (other than customary offers to repurchase upon a change of control, asset sale or casualty event and customary acceleration rights after an event of default), prior to the date that is 91 days after the Latest Maturity Date at the time such Indebtedness is incurred, (iv) such Indebtedness is not guaranteed by any Subsidiaries other than the Subsidiary Guarantors, (v) a Senior Representative acting on behalf of the holders of such Indebtedness shall have become party to or otherwise be subject to the provisions of one or more intercreditor agreements reasonably satisfactory to the Administrative Agent and (vi) any mandatory or voluntary prepayments of Permitted Junior Secured Refinancing Debt may not be made except to the extent that prepayments of the Term Loans and Permitted Pari Passu Secured Refinancing Debt are first made ratably, to the extent required hereunder or pursuant to the terms of such Permitted Pari Passu Secured Refinancing Debt, as the case may be. Permitted Junior Secured Refinancing Debt will include any Registered Equivalent Notes issued in exchange therefor.

  • Junior Subordinated Debt means (a) subordinated junior deferrable interest debentures of the Borrower, (b) the related preferred securities, if applicable, of Subsidiaries of the Borrower and (c) the related subordinated guarantees, if applicable, of the Borrower, in each case, from time to time outstanding.