Defeasance Provisions. Any Mortgage Loan which contains a provision for any defeasance of mortgage collateral by the Mortgagor, either (A) requires the consent of the holder of the Mortgage Loan to any defeasance, or (B) permits defeasance (i) no earlier than two years after the Closing Date (as defined in the Pooling and Servicing Agreement, dated as of Xxxxx 0, 0000), (xx) only with substitute collateral constituting "government securities" within the meaning of Treas. Reg. ss. 1.860G-2(a)(8)(i), and (iii) only to facilitate the disposition of mortgage real property and not as a part of an arrangement to collateralize a REMIC offering with obligations that are not real estate mortgages.
Defeasance Provisions. The defeasance and covenant defeasance provisions of the Indenture will apply to the Designated Securities. Applicable Time:
Defeasance Provisions. Any Mortgage Loan which contains a provision for any defeasance of mortgage collateral either (A) requires the consent of the holder of the Mortgage Loan to any defeasance, or (B) permits defeasance (i) no earlier than two years after the Closing Date (as defined in the Pooling and Servicing Agreement, dated as of August 1, 1998), (ii) only with substitute collateral constituting "government securities" within the meaning of Treas. Reg. Section 1.860G-2(a)(8)(i), and (iii) only to facilitate the disposition of mortgage real property and not as a part of an arrangement to collateralize a REMIC offering with obligations that are not real estate mortgages. It is understood and agreed that the representations and warranties set forth in this EXHIBIT B shall survive delivery of the respective Mortgage Files to the Purchaser, the Depositor and/or the Trustee and shall inure to the benefit of the Purchaser, and its successors and assigns (including without limitation the Depositor, the Trustee and the holders of the Certificates), notwithstanding any restrictive or qualified endorsement or assignment. SCHEDULE B-1 TO EXHIBIT B EXCEPTIONS TO REPRESENTATIONS AND WARRANTIES
Defeasance Provisions. Any Mortgage Loan which contains a provision for any defeasance of mortgage collateral either (A) requires the consent of the holder of the Mortgage Loan to any defeasance, or (B) permits defeasance (i) no earlier than two years after the Closing Date (as defined in the Pooling and Servicing Agreement, dated as of August 1, 1998), (ii) only with substitute collateral constituting "government securities" within the meaning of Treas. Reg. Section 1.860G-2(a)(8)(i), and (iii) only to facilitate the disposition of mortgage real property and not as a part of an arrangement to collateralize a REMIC offering with obligations that are not real estate mortgages. It is understood and agreed that the representations and warranties set forth in this EXHIBIT C shall survive delivery of the respective Mortgage Files to the Purchaser and/or the Trustee and shall inure to the benefit of the Purchaser, and its successors and assigns (including without limitation the Trustee and the holders of the Certificates), notwithstanding any restrictive or qualified endorsement or assignment. SCHEDULE C-1 TO EXHIBIT C REPRESENTATIONS AND WARRANTIES EXCEPTIONS
Defeasance Provisions. The defeasance and covenant defeasance provisions of the Indenture will apply to the Designated Securities.
Defeasance Provisions. Notwithstanding the provisions of Article X of this Indenture, Bonds will not be defeased by making investments except as provided below, and to the extent permitted under the applicable laws of the Commonwealth: Only cash, direct non-callable obligations of the United States of America and securities fully and unconditionally guaranteed as to the timely payment of principal and interest by the United States of America, to which direct obligation or guarantee the full faith and credit of the United States of America has been pledged, Refcorp interest strips, CATS, TIGRS, STRPS, or defeased municipal bonds rated AAA by S&P or Aaa by Moody’s (or any combination of the foregoing) shall be used to effect defeasance of the Bonds unless the Bond Insurer otherwise approves. In the event of an advance refunding, the Company shall cause to be delivered (i) a verification report of an independent nationally recognized certified public accountant verifying the sufficiency of the escrow deposit agreement (which shall be acceptable in form and substance to the Bond Insurer); (ii) an opinion of nationally recognized bond counsel addressed to the Bond Insurer to the effect that the Bonds are no longer Outstanding under the Indenture; and (iii) a certificate of discharge of the Trustee with respect to the Bonds, each verification and defeasance shall be acceptable in form and substance to the Bond Insurer, and shall be addressed to the Issuer, the Company, the Trustee and the Bond Insurer. The Bond Insurer shall be provided with final drafts of the above-referenced documentation prior to the funding of the escrow. The Bonds shall be deemed Outstanding unless and until they are in fact paid and retired or the above criteria are met. If a forward supply contract is employed in connection with the refunding, (i) such verification report shall expressly state that the adequacy of the escrow to accomplish the refunding relies solely on the initial escrowed investments and the maturing principal thereof and interest income thereon and does not assume performance under or compliance with the forward supply contract, and (ii) the applicable escrow agreement shall provide that in the event of any discrepancy or difference between the terms of the forward supply contract and the escrow agreement (or the authorizing document, if no separate escrow agreement is utilized), the terms of the escrow agreement or authorizing document, if applicable, shall be controlling.
Defeasance Provisions. Any Mortgage Loan which contains a provision for any defeasance of mortgage collateral either (A) requires the consent of the holder of the Mortgage Loan to any defeasance, or (B) permits defeasance (i) no earlier than two years after the Closing Date (as defined in the Pooling and Servicing Agreement, dated as of August 1, 1998), (ii) only with substitute collateral constituting "government securities" within the meaning of Treas. Reg. ss. 1.860G-2(a)(8)(i), and (iii) only to facilitate the disposition of mortgage real property and not as a part of an arrangement to collateralize a REMIC offering with obligations that are not real estate mortgages. It is understood and agreed that the representations and warranties set forth in this Exhibit B shall survive delivery of the respective Mortgage Files to the Purchaser, the Depositor and/or the Trustee and shall inure to the benefit of the Purchaser, and its successors and assigns (including without limitation the Depositor, the Trustee and the holders of the Certificates), notwithstanding any restrictive or qualified endorsement or assignment. EXHIBIT E FORM OF ASSIGNMENT ASSIGNMENT AGREEMENT This ASSIGNMENT AGREEMENT is made on February 2, 1999 by Restructured Asset Certificates with Enhanced Returns, Series 1998-ML Trust, a New York trust ("ML Trust"), to GMAC Commercial Mortgage Securities, Inc., a Delaware corporation (the "Depositor").
Defeasance Provisions. Any Mortgage Loan which contains a provision for any defeasance of mortgage collateral by the Mortgagor, either (A) requires the consent of the holder of the Mortgage Loan to any defeasance, or (B) permits defeasance (i) no earlier than two years after the Closing Date (as defined in the Pooling and Servicing Agreement, dated as of
Defeasance Provisions. Any Mortgage Loan which contains a provision for any defeasance of mortgage collateral either (A) requires the consent of the holder of the Mortgage Loan to any defeasance, or (B) permits defeasance (i) no earlier than two years after the Closing Date (as defined in the Pooling and Servicing Agreement, dated as of December 1, 1997), (ii) only with substitute collateral constituting "government securities" within the meaning of Treas. Reg. ss. 1.860G-2(a)(8)(i), and (iii) only to facilitate the disposition of mortgage real property and not as a part of an arrangement to collateralize a REMIC offering with obligations that are not real estate mortgages. It is understood and agreed that the representations and warranties set forth in this Exhibit C shall survive delivery of the respective Mortgage Files to the Purchaser and/or the Trustee and shall inure to the benefit of the Purchaser, and its successors and assigns (including without limitation the Trustee and the holders of the Certificates), notwithstanding any restrictive or qualified endorsement or assignment. EXHIBIT D-1 FORM OF CERTIFICATE OF AN OFFICER OF THE SELLER Certificate of Officer of German American Capital Corporation ("GACC") I, _________________, a _________________ of GACC (the "Seller"), hereby certify as follows: The Seller is a corporation duly organized and validly existing under the laws of the State of Maryland. Attached hereto as Exhibit I are true and correct copies of the Certificate of Incorporation and By-Laws of the Seller, which Certificate of Incorporation and By-Laws are on the date hereof, and have been at all times in full force and effect. To the best of my knowledge, no proceedings looking toward liquidation or dissolution of the Seller are pending or contemplated. Each person listed below is and has been the duly elected and qualified officer or authorized signatory of the Seller and his genuine signature is set forth opposite his name: Name Office Signature ---- ------ --------- Each person listed above who signed, either manually or by facsimile signature, the Mortgage Loan Purchase Agreement, dated December 17, 1997 (the "Purchase Agreement"), between the Seller and GMAC Commercial Mortgage Securities, Inc. providing for the purchase by GMAC Commercial Mortgage Securities, Inc. from the Seller of the Mortgage Loans, was, at the respective times of such signing and delivery, duly authorized or appointed to execute such documents in such capacity, and the signatures o...
Defeasance Provisions. (a) At any time after the Lockout Period and provided no Event of Default under the Loan Documents exists, Borrower may at its election obtain a release of the Property from the lien of the Deed of Trust (hereinafter, a "DEFEASANCE EVENT") by providing Lender with the Defeasance Deposit (as defined below) and satisfying all of the other conditions thereto. Such defeasance may not occur without a simultaneous defeasance with respect to all of the Debt outstanding under any other notes secured by the Loan Documents. A Defeasance Event shall be subject to the satisfaction of the following conditions precedent:
