Defeasance Loan definition

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

Defeasance Loan means any Mortgage Loan (other than any Non-Serviced Mortgage Loan), Serviced Companion Loan or B Note which requires or permits the related Mortgagor (or permits the holder of such Mortgage Loan, Serviced Companion Loan or B Note to require the related Mortgagor) to pledge Defeasance Collateral to such holder in lieu of prepayment.

Defeasance Loan means any Mortgage Loan, Serviced Companion Mortgage Loan or B Note which requires or permits the related Mortgagor (or permits the holder of such Mortgage Loan, Serviced Companion Mortgage Loan or B Note to require the related Mortgagor) to pledge Defeasance Collateral to such holder in lieu of prepayment.

Examples of Defeasance Loan in a sentence

• In addition, each Mortgage loan that is a Defeasance Loan permits defeasance only with substitute collateral constituting "government securities" within the meaning of Treas.

• In addition, each Mortgage Loan that is a Defeasance Loan permits defeasance only with substitute collateral constituting "government securities" within the meaning of Treas.

• The Defeasance Loan was unsecured, bore interest at LIBOR plus 1% and had a scheduled maturity of July 1, 1999.

• The Mortgage Loan Documents for each Defeasance Loan provide that such defeasance collateral shall consist solely of non-callable U.S. Treasury securities or other non-callable securities backed by the full faith and credit of the United States government.

• As a result of the commitment for early retirement of the 1994 Defeased Mortgage Loan and the early retirement of the Defeasance Loan, the Company has recorded an extraordinary loss in the second quarter of 1997 of approximately $12.6 million.

More Definitions of Defeasance Loan

Defeasance Loan. Any Mortgage Loan identified as a Defeasance Loan on the Mortgage Loan Schedule which permits or requires the related Mortgagor (or permits the holder of such Mortgage Loan to require the related Mortgagor) to pledge Defeasance Collateral to such holder in lieu of prepayment.

Defeasance Loan. Any Mortgage Loan which permits or requires the related Mortgagor (or permits the holder of such Mortgage Loan to require the related Mortgagor) to pledge Defeasance Collateral to such holder in lieu of prepayment.

Defeasance Loan. A Mortgage Loan that is designated as such on the Mortgage Loan Schedule.

Defeasance Loan. Any Mortgage Loan which grants the holder or the Mortgagor a Defeasance Option.

Defeasance Loan. Any Trust Mortgage Loan identified as a Defeasance Loan on the Mortgage Loan Schedule which permits or requires the related Mortgagor (or permits the holder of such Trust Mortgage Loan to require the related Mortgagor) to pledge Defeasance Collateral to such holder in lieu of prepayment. If an LC Trust Mortgage Loan is a Defeasance Loan, then any related Non-Trust Mortgage Loan may also be a Defeasance Loan.

Defeasance Loan. Any Mortgage Loan that is designated as such on the Mortgage Loan Schedule and any related Serviced B Note.

Defeasance Loan means any Mortgage Loan, the WestShore Plaza Companion Loan or any B Note which requires or permits the related Mortgagor (or permits the holder of such Mortgage Loan, the WestShore Plaza Companion Loan or B Note to require the related Mortgagor) to pledge Defeasance Collateral to such holder in lieu of prepayment.