Defeasance Rate definition

Defeasance Rate means the lesser of (i) 12% per annum and (ii) the known interest rate on the Bonds for a given period.
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Defeasance Rate means the rate set forth in the Loan Agreement Basic Terms. In no event shall Developer be personally liable to repay the principal balance of the Loan, but Developer shall be personally liable to pay the Defeasance Payment to Defeasance Trust as required hereby, which payment shall be made as provided in Section 2(b) hereof. Subject to the last two sentences of this Section, Defeasance Trust shall be liable to repay the Debt only if and to the extent Developer pays the Defeasance Payment to the Defeasance Trust in accordance with the terms of this Agreement. If Developer shall fail to pay any Defeasance Payment to the Defeasance Trust in accordance with the terms of this Agreement, Defeasance Trust may (but shall not be required to) elect, by written notice to Lender and Developer delivered no less than five (5) Business Days prior to the next scheduled Advance to withdraw its authorization for automatic Advances pursuant to Section 2(b) and, in such event, all future Advances under the Loan shall cease until such failure to pay the Defeasance Payment has been cured to the satisfaction of Defeasance Trust and Lender, each in its sole discretion. The parties hereto acknowledge that after payment in full of the Debt and all other sums required by the Defeasance Trust Instruments, Engagement Agreement and/or License Agreement (as such terms are defined in the Defeasance Trust Agreement), any excess amounts remaining in the Defeasance Trust, if any, shall be paid to DeveloperLender. Notwithstanding anything to the contrary herein, the Lender acknowledges and agrees to the order of distributions from the Defeasance Trust set forth in the Defeasance Trust Agreement, which requires the payment or reimbursement of, or reserves for, certain claims, costs and expenses of the Trustee, Manager and certain other parties, if applicable, prior to distributions for payment of the Debt. If the amount in the Defeasance Trust on the Maturity Date is not sufficient to repay the Debt for any reason (including, without limitation, due to Lender’s failure to cease Advances pursuant to the terms of this Section 3), Lender acknowledges that it has no recourse to Developer or Defeasance Trust (or to Trustee or Manager thereof) for the deficiency; provided, however, Developer shall be personally liable to pay the Defeasance Payment to the Defeasance Trust in accordance with the terms of this Agreement.
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Examples of Defeasance Rate in a sentence

  • Neither the Effective Rate nor the Defeasance Rate shall thereafter be affected by any change in rating.

  • For each resource that a Project Sponsor seeks to offer in the Forward Capacity Auction as a New Distributed Energy Capacity Resource, the Project Sponsor must submit a New Distributed Energy Capacity Resource Qualification Package no later than the New Capacity Qualification Deadline.

  • The Applicable Rate shall be fixed on the effective date of any satisfaction, discharge and defeasance of the Securities or the Indenture at the Defeasance Rate and such rate shall relate back to, and be considered to have effect from, the date of deposit of the money and/or U.S. Obligations (unless an Interest Payment Date occurs between the deposit date and the effective date, in which case the Defeasance Rate shall relate back to, and be considered to have effect from, such Interest Payment Date).

  • If this is a new pollution control facility, include a copy of your pollution control certificate and a list of all property that qualifies for ad valorem pollution control exemption and the certified cost.

  • The provisions from time to time in effect, presently contained in Title 12, Part 1249 of the Code of Federal Regulations, setting forth the terms and conditions under which Xxxxxxx Mac may issue securities on the Fed System and authorizing a Federal Reserve Bank to act as Xxxxxxx Mac’s agent in connection with such securities.

  • The Defeasance Rate shall be the corresponding rate per annum set forth above opposite the lower of the S&P Rating and the Moody’s debt rating in effect for the Securities as defeased by the defeasance trust (the “Defeasance Rating”) on the date of the deposit of the money and/or U.S. Obligations in order to effect the satisfaction, discharge and defeasance of the Securities or the Indenture.

  • The Defeasance Rate shall be the corresponding rate per annum set forth above opposite the lower of the S&P or Moody’s debt rating in effect for the Securities as defeased by the defeasance trust (the “Defeasance Rating”) on the date of the deposit of the money and/or U.S. Obligations in order to effect the satisfaction, discharge and defeasance of the Securities or the Indenture.

Related to Defeasance Rate

  • Defeasance Period is defined in the Note, if applicable.

  • Defeasance Date shall have the meaning set forth in Section 2.5.1(a)(i) hereof.

  • Defeasance Agent means another financial institution which is eligible to act as Trustee hereunder and which assumes all of the obligations of the Trustee necessary to enable the Trustee to act hereunder. In the event such a Defeasance Agent is appointed pursuant to this Section, the following conditions shall apply:

  • Defeasance Event shall have the meaning set forth in Section 2.5.1(a) hereof.

  • Defeasance Loan Those Mortgage Loans which provide the related Mortgagor with the option to defease the related Mortgaged Property.

  • Defeasance Deposit means an amount equal to the remaining principal amount of the Note, the Defeasance Payment Amount, any costs and expenses incurred or to be incurred in the purchase of U.S. Obligations necessary to meet the Scheduled Defeasance Payments and any revenue, documentary stamp or intangible taxes or any other tax or charge due in connection with the transfer of the Note or otherwise required to accomplish the agreements of Sections 2.4 and 2.5 hereof (including, without limitation, any fees and expenses of accountants, attorneys and the Rating Agencies incurred in connection therewith).

  • Scheduled Defeasance Payments shall have the meaning set forth in Section 2.5.1(b) hereof.

  • Defeasance Collateral means: (i) a Xxxxxxx Mac Debt Security, (ii) a Xxxxxx Mae Debt Security, (iii) U.S. Treasury Obligations, or (iv) FHLB Obligations.

  • Defeasance Securities means (i) Federal Securities, (ii) noncallable obligations of an agency or instrumentality of the United States of America, including obligations that are unconditionally guaranteed or insured by the agency or instrumentality and that, on the date the Commissioners Court adopts or approves proceedings authorizing the issuance of refunding bonds or otherwise provide for the funding of an escrow to effect the defeasance of the Bonds are rated as to investment quality by a nationally recognized investment rating firm not less than "AAA" or its equivalent, (iii) noncallable obligations of a state or an agency or a county, municipality, or other political subdivision of a state that have been refunded and that, on the date the Commissioners Court adopts or approves proceedings authorizing the issuance of refunding bonds or otherwise provide for the funding of an escrow to effect the defeasance of the Bonds, are rated as to investment quality by a nationally recognized investment rating firm no less than "AAA" or its equivalent, and (iv) any other then authorized securities or obligations under applicable State law that may be used to defease obligations such as the Bonds.

  • Defeasance Obligations means any of the following obligations:

  • Legal Defeasance Option is defined in Section 4.01(b) of the Indenture.

  • Covenant Defeasance Option is defined in Section 4.01(b) of the Indenture.

  • Defeasance has the meaning specified in Section 1302.

  • REMIC II Subordinated Balance Ratio The ratio among the Uncertificated Balances of each REMIC II Regular Interest ending with the designation “SUB,”, equal to the ratio between, with respect to each such REMIC II Regular Interest, the excess of (x) the aggregate Stated Principal Balance of the Group I Mortgage Loans or Group II Mortgage Loans, as applicable over (y) the current Certificate Principal Balance of related Class A Certificates.

  • Remittance Rate With respect to each Mortgage Loan, the related Note Rate minus the Servicing Fee Rate.

  • REMIC I Subordinated Balance Ratio The ratio among the Uncertificated Principal Balances of each of the REMIC I Regular Interests ending with the designation "A," equal to the ratio among, with respect to each such REMIC I Regular Interest, the excess of (x) the aggregate Scheduled Principal Balance of the Mortgage Loans in the related Loan Group over (y) the Current Principal Amount of the Senior Certificates in the related Group.

  • REMIC II Remittance Rate The per annum rate at which interest accrues in respect of any REMIC II Regular Interest during any Interest Accrual Period, as set forth in or otherwise calculated in accordance with Section 2.13(f).

  • REMIC Remittance Rate The REMIC I Remittance Rate or the REMIC II Remittance Rate.

  • REMIC I Remittance Rate With respect to REMIC I Regular Interest I-LTAA, REMIC I Regular Interest I-LTA1, REMIC I Regular Interest I-LTA2A, REMIC I Regular Interest I-LTA2B, REMIC I Regular Interest I-LTA2C, REMIC I Regular Interest I-LTA2D, REMIC I Regular Interest I-LTM1, REMIC I Regular Interest I-LTM2, REMIC I Regular Interest I-LTM3, REMIC I Regular Interest I-LTM4, REMIC I Regular Interest I-LTM5, REMIC I Regular Interest I-LTM6, REMIC I Regular Interest I-LTM7, REMIC I Regular Interest I-LTM8, REMIC I Regular Interest I-LTM9, REMIC I Regular Interest I-LTM10, REMIC I Regular Interest I-LTM11, REMIC I Regular Interest I-LTM12 and REMIC I Regular Interest I-LTM13, REMIC I Regular Interest I-LTZZ, REMIC I Regular Interest I-LTP, REMIC I Regular Interest I-LTX, REMIC I Regular Interest I-LT1SUB, REMIC I Regular Interest I-LT2SUB and REMIC I Regular Interest I-LTXX, the weighted average of the Expense Adjusted Net Mortgage Rates of the Mortgage Loans. With respect to REMIC I Regular Interest I-LT1GRP, the weighted average of the Expense Adjusted Net Mortgage Rates of the Group I Mortgage Loans and with respect REMIC I Regular Interest I-LT2GRP, the weighted average of the Expense Adjusted Net Mortgage Rates of the Group II Mortgage Loans.

  • Maximum Lifetime Mortgage Rate The maximum level to which a Mortgage Interest Rate can adjust in accordance with its terms, regardless of changes in the applicable Index.

  • Covenant Defeasance has the meaning specified in Section 1303.

  • Mortgage Loan Remittance Rate With respect to each Mortgage Loan, the annual rate of interest remitted to the Purchaser, which shall be equal to the Mortgage Interest Rate minus the Servicing Fee Rate.

  • Companion Loan Rating Agency With respect to any Serviced Companion Loan, any rating agency that was engaged by a participant in the securitization of such Serviced Companion Loan to assign a rating to the related Serviced Companion Loan Securities.

  • Swap LIBOR With respect to any Distribution Date (and the related Accrual Period) the product of (i) the Floating Rate Option (as defined in the Swap Agreement for the related Swap Payment Date), (ii) two and (iii) the quotient of (a) the actual number of days in the Accrual Period for the Lower Tier REMIC Interests divided by (b) 30.

  • Liquidation Fee Rate With respect to each Specially Serviced Mortgage Loan or REO Property as to which a Liquidation Fee is payable, 1.0%.

  • Principal Prepayment in Full Any Principal Prepayment made by a Mortgagor of the entire principal balance of a Mortgage Loan.