Partial Defeasance definition

Partial Defeasance has the meaning set forth in Section 2.7.

Partial Defeasance has the meaning set forth in Section 10.3.

Partial Defeasance and “Partial Defeasance Date” have the respective meanings set forth in Section 2.7(b).

Examples of Partial Defeasance in a sentence

• If the foregoing condition would not be satisfied by defeasance of the Partial Defeasance Amount indicated in subparagraph (e) below, Borrower may by written notice to Lender given not less than ten (10) days prior to the Partial Defeasance increase the Partial Defeasance Amount to an amount which would result in the foregoing condition being satisfied upon completion of the Partial Defeasance of such larger Partial Defeasance Amount.

• No Partial Defeasance, nor any increase in any Partial Defeasance Amount under this paragraph (b) or paragraphs (c) below, shall affect the allocated loan amounts for the remaining Mortgaged Property as set forth on Schedule 2.17.

• Borrower or Successor Borrower, as applicable, shall be the owner of the Defeasance Collateral Account and shall report all income accrued on Total Defeasance Collateral or Partial Defeasance Collateral for federal, state and local income tax purposes in its income tax return.

• The Defeasance Collateral Account shall contain only (a) Total Defeasance Collateral or the applicable Partial Defeasance Collateral, and (b) cash from interest and principal paid on the Total Defeasance Collateral or the applicable Partial Defeasance Collateral.

• Borrower shall transfer and assign all obligations, rights and duties under and to the Note or the Defeased Note, as applicable, together with the Total Defeasance Collateral or Partial Defeasance Collateral, as applicable, to such Successor Borrower.

More Definitions of Partial Defeasance

Partial Defeasance means any defeasance of any Membership Interest pursuant to Section 8.04.

Partial Defeasance. Section 2.5.1(a) "Permitted Indebtedness" - Schedule V "Permitted Investments" - Cash Management Agreement "Permitted Transfer" - Section 8.2 "Policies" - Section 5.1.1(b) "Rating Surveillance Charge" - Section 9.3 "Registration Statement" - Section 9.2(b) "Remaining Property" - Section 2.6 "Restoration" - Section 5.2.1 "Rollover Account" - Section 6.6.1 "Rollover Funds" - Section 6.6.1 "Secondary Market Transaction" - Section 9.1(a) "Securities" - Section 9.1(a) "Securities Act" - Section 9.2(a) "Securitization" - Section 9.1(a) "Servicer" - Section 11.24 "Servicing Agreements" - Section 11.24 "Severed Loan Documents" - Section 10.2(c) "Special Member" - Schedule V "Springing Recourse Event" - Section 11.22 "Standard Statements" - Section 9.1(c) "Successor Borrower" - Section 2.5.3 "Tax Account" - Section 6.3.1 March 31, 2003

Partial Defeasance shall have the meaning ascribed to such term in Section 10.03(c) of the Loan Agreement.

Partial Defeasance. 2.3.3(a) “Policies” – 7.1.2 “Principal” – 2.1 “Proceeds” – 7.2.2

Partial Defeasance means any defeasance of any Membership Interest pursuant to Section 8.04. “Partial Early Amortization Period” means each period:

Partial Defeasance. 2.3.3 "Permitted Indebtedness" - 5.22 "Permitted Investments" - Deposit Account Agreement "Permitted Prepayment Date" - 2.3.4 "Policies" - 7.1.2 "Principal" - 2.1 "Proceeds" - 7.2.2 "Proposed Material Lease" - 5.

Partial Defeasance. After the Defeasance Lockout Period, each Loan may be defeased in part and any one or more of the underlying Properties may be released and replaced with U.S. treasury securities in the amount of 125% of the aggregate allocated loan amounts of the Property(ies) to be released (which allocated loan amounts shall be agreed upon by Sponsor and Merrill Lynch prior to closing), pxxxxxxx xxxx Borrower complies with standard defeasance provisions for loans of this type, including the requirement that after such partial defeasance the DSCR on the applicable Loan is equal to or greater than the DSCR at the time of closing and immediately prior to such partial defeasance ("STANDARD DEFEASANCE PROVISIONS"). Nothwithstanding the foregoing, with respect to all Loans other than those secured by pools of Held For Sale Properties, after the Defeasance Lockout Period Borrower may obtain the release up to 25% of the Properties (by allocated loan amount) and replace them with U.S. treasury securities in the amount of 100% of the aggregate allocated loan amounts of the Property(ies) to be released, provided that Borrower complies with Standard Defeasance Provisions. PROPERTY SUBSTITUTIONS: Borrower shall be permitted to substitute up to 50% of the Properties (by allocated loan amount) securing each Loan provided that, among other things, (1) no event of default exists, (2) the market value and net operating income of each substitute Property are equal to or greater than that of the replaced Property, (3) after the substitution the DSCR on the applicable Loan is equal to or greater than the DSCR at the time of closing and immediately prior to such substitution, (4) Borrower delivers an acceptable REMIC opinion, and (5) Borrower obtains Lender consent not to be unreasonably withheld or delayed prior to a Securitization and a rating agency confirmation letter after a Securitization.