Partial Defeasance definition

Partial Defeasance has the meaning set forth in Section 2.7.

Partial Defeasance shall have the meaning set forth in Section 2.5.2(a).

Partial Defeasance has the meaning set forth in Section 10.3.

Examples of Partial Defeasance in a sentence

• All cash from interest and principal payments paid on the Defeasance Collateral shall be paid over to Lender on each Monthly Payment Date and applied first to accrued and unpaid interest and then to principal (under the Note, in connection with a Total Defeasance Event, or the Defeased Note, in connection with a Partial Defeasance Event).

• If Borrower has elected to defease a portion of the Note and the requirements of this Section 2.8 and Section 2.9 have been satisfied, the Property (other than any applicable Release Property) and the Partial Defeasance Collateral pledged pursuant to the Security Agreement shall be the source of collateral securing the Defeased Note and the applicable Release Property, if any, shall be released from the lien of the Security Instrument by a Release Security Instrument.

• Any cash from interest and principal paid on the Defeasance Collateral not needed to pay the Scheduled Defeasance Payments (or with respect to a Partial Defeasance Event, the Partial Defeasance Scheduled Defeasance Payments) shall be paid to Borrower or Successor Borrower (as applicable).

More Definitions of Partial Defeasance

Partial Defeasance shall have the meaning set forth in Section 2.8 hereof.

Partial Defeasance and "Partial Defeasance Date" have the respective meanings set forth in Section 2.7(b).

Partial Defeasance. 2.3.3(a) “Policies” – 7.1.2 “Principal” – 2.1 “Proceeds” – 7.2.2

Partial Defeasance means any defeasance of any Membership Interest pursuant to Section 8.04.

Partial Defeasance means a Defeasance of one or more (but less than all) Individual Properties.

Partial Defeasance. After the Defeasance Lockout Period, each Loan may be defeased in part and any one or more of the underlying Properties may be released and replaced with U.S. treasury securities in the amount of 125% of the aggregate allocated loan amounts of the Property(ies) to be released (which allocated loan amounts shall be agreed upon by Sponsor and Merrill Lynch prior to closing), pxxxxxxx xxxx Borrower complies with standard defeasance provisions for loans of this type, including the requirement that after such partial defeasance the DSCR on the applicable Loan is equal to or greater than the DSCR at the time of closing and immediately prior to such partial defeasance ("STANDARD DEFEASANCE PROVISIONS"). Nothwithstanding the foregoing, with respect to all Loans other than those secured by pools of Held For Sale Properties, after the Defeasance Lockout Period Borrower may obtain the release up to 25% of the Properties (by allocated loan amount) and replace them with U.S. treasury securities in the amount of 100% of the aggregate allocated loan amounts of the Property(ies) to be released, provided that Borrower complies with Standard Defeasance Provisions. PROPERTY SUBSTITUTIONS: Borrower shall be permitted to substitute up to 50% of the Properties (by allocated loan amount) securing each Loan provided that, among other things, (1) no event of default exists, (2) the market value and net operating income of each substitute Property are equal to or greater than that of the replaced Property, (3) after the substitution the DSCR on the applicable Loan is equal to or greater than the DSCR at the time of closing and immediately prior to such substitution, (4) Borrower delivers an acceptable REMIC opinion, and (5) Borrower obtains Lender consent not to be unreasonably withheld or delayed prior to a Securitization and a rating agency confirmation letter after a Securitization.

Partial Defeasance. 2.3.3 "Permitted Indebtedness" - 5.22 "Permitted Investments" - Deposit Account Agreement "Permitted Prepayment Date" - 2.3.4 "Policies" - 7.1.2 "Principal" - 2.1 "Proceeds" - 7.2.2 "Proposed Material Lease" - 5.10.2 "Provided Information" - 9.1.1 "Qualified Carrier" - 7.1.1 "Registration Statement" - 9.1.3 "Remedial Action" - 3.2.4 "Remedial Work" - 5.7.2 "Rent Roll" - 4.16 "Required Records" - 6.3.6 "Required Repairs" - 3.2.1 "Required Repairs Letter of Credit" - 3.2.3 "Required Repairs Subaccount" - 3.2.2 "Restoration" - 7.4.1 "S&P" - 1.1 (Definition of Rating Agency) "Seasonal Working Capital Reserve Subaccount" - 3.5.1 "Seasonal Working Capital Reserve Letter of Credit" - 3.5.2 "Secondary Market Transaction" - 9.1.1 "Section 3.4.1 Shortfall" - 3.4.1