Substitution Deposit definition

Substitution Deposit shall have the meaning set forth in Section 3.03(e).
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Substitution Deposit for each proposed substitution shall be an amount equal to the sum of (i) the Release Price, plus (ii) any and all of the fee maintenance for the DMBS, or the prepayment premium for a Note funded through a cash execution, calculated as of the end of the month in which the Property Delivery Deadline occurs, as if the Note (and applicable DMBS, if applicable) were to be prepaid in such month, plus (iii) interest on the Note (or Discount, if applicable, and if necessary as estimated by Lender) through the end of the month in which the Property Delivery Deadline occurs, if necessary as reasonably estimated by Lender, plus (iv) costs, expenses and fees of Lender pertaining to the substitution (the “Substitution Cost Deposit”). If a Substitution of the last remaining asset is taking place, the cash collateral or Letter of Credit must include, (A) any yield maintenance that would be due to the extent that the Fixed Advance must be prepaid to effect a Release at that time and (B) any Discount that would be due for any Variable Advance, as applicable, if necessary as reasonably estimated by Lender. The Substitution Cost Deposit shall be used by Lender to cover all reasonable out-of-pocket costs and expenses incurred by Lender and ▇▇▇▇▇▇ ▇▇▇, including any out-of-pocket legal fees and expenses incurred by ▇▇▇▇▇▇ Mae and Lender in connection with such substitution whether such substitution actually closes. In the event that the Borrower elects to post a Letter of Credit in lieu of cash for the Substitution Deposit, Borrower shall also be obligated to make any regularly scheduled payments of principal and interest due under the applicable Note during any period between the closing of the Release Mortgaged Property and the earlier of the closing of the Substitute Mortgaged Property and the date of prepayment of the Note, or the applicable DMBS.
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Substitution Deposit for each proposed Substitution shall be an amount equal to the sum of:
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Examples of Substitution Deposit in a sentence

  • The Substitution Deposit and Processing Fee contemplated by this subsection are in addition to outside counsel attorneys’ fees and expenses incurred in the preparation, negotiation, documentation, due diligence review and closing of such Substitution.

  • The Substitution Deposit and Processing Fee contemplated by this subsection are in addition to reasonable outside counsel attorneys’ fees and expenses incurred in the preparation, negotiation, documentation, due diligence review and closing of such Substitution.

  • Any DMBS being prepaid shall be deemed to be prepaid as of the end of the month in which the Property Delivery Deadline falls, and the Lender, shall follow standard ▇▇▇▇▇▇ ▇▇▇ procedures for the prepayment of the Note, or any applicable DMBS, including delivery of the Substitution Deposit (less the Substitution Cost Deposit) to ▇▇▇▇▇▇ Mae in accordance with such procedures.

  • In the event that the Borrower elects to post a Letter of Credit in lieu of cash for the Substitution Deposit, Borrower shall also be obligated to make any regularly scheduled payments of principal and interest due under the applicable Note during any period between the closing of the Release Mortgaged Property and the earlier of the closing of the Substitute Mortgaged Property and the date of prepayment of the Note, or the applicable DMBS.

  • Such Release Price, or the applicable portion thereof, shall be applied in the manner set forth in Section 3.04(d) and the Substitution Deposit delivered by Borrower pursuant to Section 3.05(e) of this Agreement shall be returned to Borrower.

  • However, if Borrower fails to timely pay the Release Price, Lender may draw upon the Substitution Deposit delivered by Borrower in satisfaction of such obligation.

  • Any MBS being prepaid shall be deemed to be prepaid as of the end of the month in which the Property Delivery Deadline falls, and the Lender, shall follow standard ▇▇▇▇▇▇ ▇▇▇ procedures for the prepayment of the Note, or any applicable MBS, including delivery of the Substitution Deposit (less the Substitution Cost Deposit) to ▇▇▇▇▇▇ Mae in accordance with such procedures.

  • If Borrower has not completely satisfied the requirements to close the Substitution by the Property Delivery Deadline, the terms of Section 3.05(e)(iii) shall apply with respect to the remaining Substitution Deposit.

  • At closing of the Substitution, Lender shall disburse the Substitution Deposit (including any interest accrued on such Substitution Deposit) directly to the applicable Collateral Pool Borrower at such time as the conditions precedent for the Substitution have been satisfied, which must occur no later than the Property Delivery Deadline.

  • The amount of the Substitution Deposit shall be recalculated by Lender in the event the Property Delivery Deadline is extended pursuant to Section 3.06(c)(ii).


More Definitions of Substitution Deposit

Substitution Deposit for each proposed Substitution shall be an amount equal to, for a Fixed Loan, the Release Price relating to such proposed Release Mortgaged Property; provided that in the event that the applicable Collateral Pool shall contain only one (1) Mortgaged Property after the completion of the Substitution, the Substitution Deposit shall be the sum of (A) all Outstanding Loans for such Collateral Pool, plus (B) any and all of the yield maintenance or prepayment premium for a Fixed Loan through the end of the month in which the Property Delivery Deadline occurs as if the Fixed Loan were to be prepaid in such month, plus (C) interest on the Fixed Loan through the end of the month in which the Property Delivery Deadline occurs.
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Substitution Deposit has the meaning set forth in the Mortgaged Property Release Schedule.
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Substitution Deposit for each proposed Staggered Substitution shall be an amount equal to the sum of: (1) the Release Price relating to the Release Mortgaged Property, plus (2) any and all of the yield maintenance, fee maintenance or the prepayment premium, as applicable, for the Selected Note that shall be prepaid if the Substitution fails to take place, calculated as of the end of the month in which the Property Delivery Deadline occurs, as if the Selected Note were to be prepaid in such month; plus (3) a deposit of $6,000 per Substitute Mortgaged Property to be applied towards the estimated third party, out-of-pocket costs and expenses and fees of Lender pertaining to the Substitution (the “Substitution Cost Deposit”); plus (4) without duplication to any other amounts included in this definition of Substitution Deposit, in the event that (a) at the time of the Release no Note is prepayable (i.e. all Notes are subject to a lockout period) or (b) the Release Price is in excess of all Notes that are open to prepayment, all scheduled principal and interest due and owing through the end of the lockout period with respect to such Selected Note.
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Substitution Deposit for each proposed substitution shall be an amount equal to the sum of (i) the Release Price relating to the proposed Release Property plus (ii) any and all of the yield maintenance for the MBS, or the prepayment premium for a Note funded through a cash execution, through the end of the month in which the Property Delivery Deadline occurs, as if the Note (and applicable MBS, if applicable) were to be prepaid in such month, plus (iii) interest on the Note through the end of the month in which the Property Delivery Deadline occurs, plus (iv) Lender’s estimate of reasonable costs and out-of-pocket expenses and fees (the “Substitution Cost Deposit”). The Substitution Cost Deposit shall be used by Lender to cover all reasonable out-of-pocket costs and expenses incurred by Lender and ▇▇▇▇▇▇ ▇▇▇, including any out-of-pocket legal fees and expenses incurred by ▇▇▇▇▇▇ Mae and Lender in connection with such substitution whether such substitution actually closes. In the event that the Borrower elects to post a letter of credit in lieu of cash for the Substitution Deposit, Borrower shall also be obligated to make any regularly scheduled payments of principal and interest due under the applicable Note during any period between the closing of the Release Property and the earlier of the closing of the Substitute Mortgaged Property and the date of prepayment of the Note, or the applicable MBS.
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Substitution Deposit for each proposed Substitution shall be an amount equal to the sum of (c) the Release Price for the Release Property, plus (d) any and all of the yield maintenance or prepayment premium required by the Note through the end of the month in which the Property Delivery Deadline occurs, as if the Note were to be prepaid in such month, plus (e) interest on the Note through the end of the month in which the Property Delivery Deadline occurs, plus (f) the Substitution Cost Deposit. In the event that the Borrower elects to post a letter of credit in lieu of cash for the Substitution Deposit, Borrower shall also be obligated to make any regularly scheduled payments of principal and interest due under the applicable Note during any period between the closing of the Release Property and the earlier of the closing of the Substitute Mortgaged Property and the date of prepayment of the Note.
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Related to Substitution Deposit

  • Application deposit means any refundable deposit of money, however denominated, including all

  • Transfer Deposit Amount has the meaning given to it in Section 2.02(b).

  • Reserve Account Initial Deposit means cash or Eligible Investments having a value of at least $____________.

  • Reserve Account Deposit Amount means, with respect to any Distribution Date, the lesser of (x) the excess of (i) the Specified Reserve Balance over (ii) the amount on deposit in the Reserve Account on such Distribution Date, after taking into account the amount of any Reserve Account Withdrawal Amount on such Distribution Date and (y) the amount remaining in the Collection Account after taking into account the distributions therefrom described in clauses (i) through (xviii) of Section 5.7(a).

  • Initial Deposit Amount means the Issuing Entity’s deposit to the Reserve Account, on or before the Closing Date, of $[•].