Scheduled Defeasance Payments. In connection with any Defeasance Event, Borrower shall purchase Defeasance Collateral (or Lender shall use the Defeasance Deposit to purchase such Defeasance Collateral) which provide payments on or prior to, but as close as possible to, all successive scheduled Payment Dates after the Defeasance Date but prior to the Yield Maintenance Premium Release Date, in amounts equal to the scheduled payments of principal, interest, and any other amounts due on each such Payment Date under the Loan Documents (or, in the case, of a partial defeasance, the portions of such scheduled payments due on each such Payment Date under this Agreement and the Defeased Note) but assuming, for purposes hereof, that the Maturity Date Payment shall be paid on the Yield Maintenance Premium Release Date (the aforedescribed payments, the “Scheduled Defeasance Payments”). Borrower (and/or Maryland Loan Guarantor, as applicable, in the case of the Maryland Property) pursuant to the Security Agreement or other appropriate document, shall authorize and direct that the payments received from the Defeasance Collateral may be made directly to the Holding Account (unless otherwise directed by Lender) and applied to satisfy the obligations of Borrower (and/or Maryland Loan Guarantor, as applicable in the case of the Maryland Property) or Successor Borrower, if applicable, under this Agreement and the Notes (or each Defeased Note, in the case of the defeasance of the Loan in part). Any portion of the Defeasance Deposit in excess of the amount necessary to purchase the Defeasance Collateral required by this Section 2.3.5 and to satisfy Borrower’s other obligations hereunder shall be remitted to Borrower. Following the payment in full of the Notes (and each Defeased Note in the case of a defeasance of the Loan in part) and all other Obligations on the Maturity Date, any amounts remaining in the Defeasance Deposit, if any, shall be remitted to Borrower.
Scheduled Defeasance Payments. (i) in the case of a Full Defeasance, the Monthly Debt Service Payment Amount required under the Note (or, to the extent that there has been a previous Partial Defeasance, the Undefeased Note, as the case may be), for all Payment Dates occurring after the Defeasance Date (including the outstanding Principal balance on the Note (or, Undefeased Note, as the case may be) as of the Stated Maturity Date) and (ii) in the case of a Partial Defeasance, the Monthly Debt Service Payment Amount multiplied by the Defeasance Percentage for all Payment Dates occurring after the Defeasance Date (including the outstanding Principal Balance on the Note (or the Undefeased Note, as the case may be) as of the Stated Maturity Date).
Scheduled Defeasance Payments. Article 5, Section 5(f); and
Scheduled Defeasance Payments. Provided no Event of Default exists, and subject to the satisfaction of the terms and conditions of this Section, Borrower may elect, at any time during the term hereof to obtain a release (the "MORTGAGED PROPERTY RELEASE") of the Mortgaged Property from the lien of the Mortgage (and any UCC financing statement) by delivering to Lender (a "DEFEASANCE"), as security for the payment of all interest and principal due and to become due pursuant to the Note through the Maturity Date, plus the principal balance of the Note scheduled to be outstanding on the Maturity Date and any and all Trustee fees required under SECTION 9.1, Defeasance Collateral (as defined herein) sufficient, through the scheduled payment of interest and principal in accordance with its terms (without consideration of any reinvestment of interest therefrom), to provide for payments prior, but as close as possible, to all successive payment dates after the Defeasance Date (as defined herein) through and including the Maturity Date, and in amounts equal to or greater than the scheduled payment of interest and principal due under the Note, including the principal balance of this Note scheduled to be outstanding on the Maturity Date ("SCHEDULED DEFEASANCE PAYMENTS").
