Defeasance Event shall have the meaning set forth in Section 2.5.1(a) hereof.
Defeasance Event shall have the meaning set forth in Section 2.4.1(a) hereof.
Defeasance Event means either a Total Defeasance Event or a Partial Defeasance Event, as applicable.
Examples of Defeasance Event in a sentence
In connection with any Defeasance Event, Borrower shall establish or designate a successor entity (the “Successor Borrower”) which shall be a single purpose bankruptcy remote entity (meeting the requirements of Section 4.1.30 below, as applicable) with two (2) Independent Directors approved by Lxxxxx, and Borrower shall transfer and assign all obligations, rights and duties under and to the Note or the Defeased Note (as applicable) together with the pledged Defeasance Collateral to such Successor Borrower.
More Definitions of Defeasance Event
Defeasance Event has the meaning assigned in Section 2.4(b).
Defeasance Event shall the Total Defeasance Event or the Partial Defeasance Event as the context may require.
Defeasance Event means the Total Defeasance Event or the Partial Defeasance Event, as the context may require.
Defeasance Event. As defined in the Mortgage Loan Agreement
Defeasance Event has the meaning ascribed to it in SECTION 2.5(a). "DEFEASANCE PERIOD" has the meaning ascribed to it in SECTION 2.5(a) hereof. "DEFEASANCE SECURITY AGREEMENT" has the meaning ascribed to it in SECTION 2.5(a)(vi) hereof.
Defeasance Event means any of the following events: (i) the Depositor is obligated to repurchase a Membership Interest pursuant to the Sale Agreement and has elected to satisfy such repurchase obligation by defeasing such Membership Interest, (ii) any Lessee has notified the related Land Lease Entity in writing that such Lessee desires to prepay the remaining Scheduled Lease Payments with respect to the related Land Lease Asset and terminate the related Land Lease Asset Documents, or (iii) any Lessee has defaulted (or the Servicer has determined in its good faith business judgment that any Lessee will default) in the payment of one or more Scheduled Lease Payments with respect to the related Land Lease Asset.