Defeasing definition

Defeasing and “Defeasance” have the correlative meanings.
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Defeasing and “Defeasance” shall have the meaning set forth in Section 14.4(a)(i) hereof.
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Defeasing and "Defease" shall have correlative meanings.
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Examples of Defeasing in a sentence

  • Notwithstanding the foregoing, each Defeasing Seller shall be responsible for one hundred percent (100%) of all accrued and unpaid interest on its then Defeased Mortgage Loan to and through the Proration Date.

  • The Borrower will not, and will not permit any Subsidiary to, make any amendment or modification to the indenture, note or other agreement evidencing or governing any Subordinated Indebtedness, or directly or indirectly voluntarily prepay, defease (other than the Defeasing of Allowable Seller Paper) or in substance defease, purchase, redeem, retire or otherwise acquire, any Subordinated Indebtedness before the stated maturity thereof.

  • The Defeasing Sellers shall deposit accrued interest under the Defeased Loans and Purchaser shall deposit the principal balance of the Defeased Mortgage Loans (as part of the Defeasance Collateral) with Escrow Agent (or another escrow agent designated by a Mortgage Lender’s servicer’s counsel) no later than noon (Eastern Time) at least one (1) Business Day prior to Closing.

  • On the Closing Date, upon confirmation from the applicable securities intermediary that it is in receipt of the Defeasance Collateral, the Escrow Agent (or another escrow agent designated by a Mortgage Lender’s servicer’s counsel) shall release the Defeasance Documents and the Defeasance Costs in accordance with joint written instructions of Purchasers and Defeasing Sellers consistent with this Agreement.

  • With respect to a Defeased Mortgage Loan (as defined below), such Defeased Mortgage Loan shall have been Defeased in accordance with the terms herein unless due to Defeasing Sellers’ failure to comply with its obligations under Section 5.2(a) and/or Section 14.4 of this Agreement or a Defeasing Seller’s failure to pay its share of any Defeasance Costs required hereunder.

  • Any residual value on account of the Defeasance Collateral (as defined below) shall be distributed pro rata by Defeasance Service Provider (as defined below) to Defeasing Seller and Purchaser, if applicable, in accordance with the sharing percentages set forth above.

  • Purchaser and the Defeasing Sellers shall deposit their respective share of the Defeasance Costs (as set forth in Section 10.1(c) hereof) with Escrow Agent (or another escrow agent designated by a Mortgage Lender’s servicer’s counsel) no later than noon (Eastern Time) at least one (1) Business Day prior to Closing.

Related to Defeasing

  • Defeasance has the meaning specified in Section 1302.

  • Defeasible Series has the meaning specified in Section 13.01.

  • Defeasance Obligations means any of the following obligations:

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

  • Junior Subordinated Indebtedness means the principal of (and premium, if any) and unpaid interest on (a) indebtedness of the Company (including indebtedness of others guaranteed by the Company), whether outstanding on the date hereof or thereafter created, incurred, assumed or guaranteed, for money borrowed, which in the instrument creating or evidencing the same or pursuant to which the same is outstanding it is provided that such indebtedness ranks junior in right of payment to the Company’s Senior Indebtedness and Senior Subordinated Indebtedness and equally and pari passu in right of payment to any other Junior Subordinated Indebtedness, (b) Junior Subordinated Securities, and (c) renewals, extensions, modifications and refinancings of any such indebtedness.