CMBS Securities means CMBS Conduit Securities, CMBS Credit Tenant Lease Securities, CMBS Large Loan Securities (including CMBS Single Property Securities), CRE CDO Securities and any Asset-Backed Securities that entitle the holders thereof to receive payments that depend (except for rights or other assets designed to assure the servicing or timely distribution of proceeds to holders of the Asset-Backed Securities) on the cash flow from a portfolio of loans secured primarily by commercial real estate.
The Credit Events applicable to CDS Agreement Transactions for which the underlying Reference Obligations are either RMBS Securities or CMBS Securities are: Failure to Pay Principal, Writedown and Distressed Ratings Downgrade.
In addition, the Issuer will have the ability to enter into CDS Agreement Transactions for which the underlying Reference Obligations are RMBS Securities, CMBS Securities, CDO Securities, REIT Debt Securities, other Asset-Backed Securities, an ABX Index or Tranched ABX Index and will be documented on appropriate forms that are approved by the Rating Agencies (each such form, a “Form-Approved Synthetic Security”).
All of the Borrowers’ right, title and interest in the Mortgage Assets that constitute CMBS Securities shall be pledged to the Administrative Agent on the applicable Borrowing Date.
However, in practice, the proposed amendment would only apply to the section 20 subsidiaries because, to date, section 20 subsidiaries are the only regulated- institution affiliates permitted to underwrite or deal, to a limited extent, in corporate debt and equity securities.4 The CMBS Securities Market The CMBS market has been in existence since the mid-1980s, with banking organizations, investment banks, and insurance companies serving as the primary underwriters of CMBS.
All of the Seller’s right, title and interest in the Purchased Assets that constitute CMBS Securities shall pass to the Purchaser on the applicable Purchase Date.
More definitions of CMBS Securities
CMBS Securities means CMBS Conduit Securities, CMBS Credit Tenant Lease Securities, CMBS Large Loan Securities and CMBS Single Asset Securities.