Defeasance Period definition

Defeasance Period is defined in the Note, if applicable.

Defeasance Period is the period beginning the day after the Defeasance Date until but not including the first day of the Window Period. The Defeasance Period only applies if this Note is assigned to a REMIC trust prior to the Cut-off Date.

Defeasance Period means the period beginning on the earliest permitted date determined under Section 3.10(d)(l) and ending on the 90th day before the Stated Maturity Date.

Examples of Defeasance Period in a sentence

• The following Prepayment Charges apply after the Note has been assigned to a REMIC trust, if such assignment occurred prior to the Cut-off Date: During the Lockout Period or the Defeasance Period, the Prepayment Charge is 5.0% of the principal being prepaid upon demand by Xxxxxx (i) if Lender applies any proceeds of collateral or other security to any portion of the principal balance of the Note, or (ii) following a determination that the prohibition on voluntary prepayments is contrary to applicable law.

• Notwithstanding that the Project Loan may be in the Lockout Period or Defeasance Period Borrower must pay a prepayment premium with respect to the Tax Abatement Prepayment computed using the formula set forth in Section 10(c) of the Project Note.

• Notwithstanding that the Loan may be in the Lockout Period or Defeasance Period Borrower must pay a prepayment premium with respect to the Tax Abatement Prepayment computed using the formula set forth in Schedule 1 of the Note.

• Lender may make additional disbursements from the Debt Service Reserve Fund in Lender’s Discretion, and any such disbursements will be applied to the Indebtedness, notwithstanding that the Loan may be in the Lockout Period or Defeasance Period.

• Notwithstanding that the Project Loan may be in the Lockout Period or Defeasance Period, Borrower must pay a prepayment premium with respect to the Tax Abatement Prepayment computed using the formula set forth in Section 10(c) of the Project Note.

More Definitions of Defeasance Period

Defeasance Period has the meaning set forth in the Loan Agreement.

Defeasance Period means the period commencing on (and including) the date of the deposit, if any, to be made into the Note Principal Funding Account and the Noteholder Reserve Account pursuant to Section 2.9 and ending on the Series 2008-1 Termination Date.

Defeasance Period means the period of time commencing on the date which is the earlier to occur of (i) two (2) years after the “startup day”, within the meaning of Section 860G(a)(9) of Code (such day, the “Startup Day”), of the REMIC that holds this Note (the “Trust”) and (ii) four (4) years after the date hereof, and ending on the expiration of the Lockout Period.

Defeasance Period is the period beginning the day after the Defeasance Date until but not including the first day of the Window Period. If the Loan has a Fixed Interest Rate, the Prepayment Structure is Defeasance, and the Note is not assigned to a REMIC trust, or it is assigned to a REMIC trust on or after the Cut-off Date, then the above terms are not applicable.

Defeasance Period is defined in 11.12(c).

Defeasance Period means the period of time: (1) commencing on the date which is the later to occur of: (A) two years after the “start-up day”, within the meaning of Section 860(G)(a)(9) of the Code, of the REMIC that holds this Note; and (B) three (3) years after the date of the first regularly scheduled monthly payment due hereunder, and (2) ending on the Early Payment Date. The “Rating Agencies” shall mean, collectively, Standard & Poor’s Ratings Service, a division of The McGraw Hill Companies, Inc., Fitch IBCA, Inc., Xxxxx’x Investors Service, Inc. or Duff and Xxxxxx Credit Rating Co., and their respective successors and assigns, to the extent each of the foregoing performed credit rating services for the REMIC or other securitization vehicle which owns this Note.

Defeasance Period means the period of time commencing on the date which is the earlier to occur of (a) four (4) years following the date hereof and (b) the date occurring twenty-five (25) months after the Trust “startup day” (within the meaning of Section 860G(a)(9) of the Code) and ending on the date that is three months prior to the Maturity Date.