Definition of CMBS Security

CMBS Security means (a) a security representing a class of a commercial mortgage loan securitization backed by first lien mortgage loans secured by commercial and/or multifamily properties or other loans secured directly or indirectly by a mortgage encumbering an interest in property or (b) a security representing non-recourse or limited recourse collateralized debt obligations issued by a special purpose vehicle, secured solely by the assets thereof.

Examples of CMBS Security in a sentence

The Seller or the Servicer on its behalf shall establish, on or before the date any CMBS Security becomes a part of the Collateral, an account with the Securities Intermediary to which financial assets may be credited (the Securities Account) pursuant to Section 8.11.
In addition, with respect to a CMBS Security, the Seller shall not exercise any material rights of a holder of a CMBS Security under any other document or agreement governing such CMBS Security without the prior written consent of the Purchaser.