First Open Defeasance Date definition
First Open Defeasance Date means the earlier of (i) the Payment Date in March, 2008, or (ii) the date that is two (2) years from the “start up day” (within the meaning of Section 860G(a)(9) of the IRC) of the REMIC Trust established in connection with the final Securitization involving the Loan.
First Open Defeasance Date means the later of (i) the date when the Floating Rate Component of the Principal Indebtedness has been reduced to $0 and (ii) the earlier of (A) the date that is two (2) years from the “start up day” (within the meaning of Section 860G(a)(9) of the Code) of the real estate mortgage investment conduit trust established in connection with the final Securitization involving the Loan (including the Securitization of each and every Note) and (B) three (3) years from the date hereof.