Defeasance Costs Sample Clauses

Defeasance Costs. If any Mortgage Loan permits defeasance, then the related Mortgage Loan documents provide that the related Borrower is responsible for the payment of all reasonable costs and expenses incurred by the related mortgagee.
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Defeasance Costs. If the Mortgage Loan permits defeasance, then the mortgage loan documents related to such Mortgage Loan require (a) the borrower to pay all rating agency fees associated with defeasance and all other out-of-pocket expenses associated with defeasance such as accountant's fees and opinions of counsel, or (b) that the borrower provide a REMIC opinion, an opinion regarding the first priority perfected security interest in the defeasance collateral, rating agency letters certifying no rating qualification or downgrade on any securities, and accountant certification that all payments from the defeasance collateral are sufficient to make monthly principal and interest payments on such Mortgage Loan through maturity.
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Defeasance Costs. If the Mortgage Loan permits defeasance, then the mortgage loan documents related to such Mortgage Loan require (a) the borrower to pay all rating agency fees associated with defeasance and all other out-of-pocket expenses associated with defeasance such as accountant's fees and opinions of counsel, or (b) that the borrower provide a REMIC opinion, an opinion regarding the first priority perfected security interest in the defeasance collateral, rating agency letters certifying no rating qualification or downgrade on any securities, and accountant certification that all payments from the defeasance collateral are sufficient to make monthly principal and interest payments on such Mortgage Loan through maturity. It is understood and agreed that the representations and warranties set forth in this Exhibit B shall survive delivery of the respective Mortgage Files to the Purchaser, the Depositor and/or the Trustee and shall inure to the benefit of the Purchaser, and its successors and assigns (including without limitation the Depositor, the Trustee and the holders of the Certificates), notwithstanding any restrictive or qualified endorsement or assignment. SCHEDULE B-1 to EXHIBIT B EXCEPTIONS TO REPRESENTATIONS AND WARRANTIES
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Defeasance Costs. If any Mortgage Loan permits defeasance, then the related Mortgage Loan documents provide that the related Borrower is responsible for the payment of all reasonable costs and expenses incurred by the related mortgagee, including rating agency fees, accountant's fees and lender's attorney's fees and expenses, in connection with the defeasance of such Mortgage Loan. Schedule C-1 Tax Parcel Exceptions Schedule C-2 Servicing Rights Exceptions Property Name Servicer ------------- -------- Exhibit D-1 Certificate of an Officer of the Seller I, _________________________, hereby certify that I am a ____________________ of _______________, a _________________ Corporation (the "Seller"), and further certify as follows: 1. Attached hereto as Attachment A are true, correct and complete copies of the Articles of Incorporation and By-Laws of the Seller, which are in full force and effect on the date hereof. 2. Attached hereto as Attachment B are the resolutions of the board of directors of the Seller authorizing and approving Seller's execution, delivery and performance of the Mortgage Loan Purchase and Sale Agreement, dated as of _______________ (the "Mortgage Loan Purchase and Sale Agreement"), between Greenwich Capital Commercial Funding Corp. as purchaser and the Seller as seller. 3. Attached hereto as Attachment C is a certificate of good standing of the Seller issued by the Secretary of State of the State of ______________ issued within ten days of the date hereof and no event (including, without limitation, any act or omission on the part of the Seller) has occurred since the date thereof which has affected the good standing of the Seller under the laws of the State of ___________________. 4. Each person who, as an officer or representative of the Seller, signed the Mortgage Loan Purchase and Sale Agreement or any other document or certificate delivered by or on behalf of the Seller prior hereto or on the date hereof in connection with the transactions contemplated in the Mortgage Loan Purchase and Sale Agreement, was, at the respective times of such signing and delivery, and is as of the date hereof, duly elected or appointed, qualified and acting as such officer or representative, and the signature of such persons appearing on such documents are their genuine signatures. Capitalized terms used but not defined herein shall have the meanings assigned to such terms in the Mortgage Loan Purchase and Sale Agreement.
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Defeasance Costs. At Closing, Defeasance Costs shall be allocated and paid as provided in Section 7(a) above.
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Defeasance Costs. Loan No.
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Defeasance Costs. 1501 Green Road The loan agreement provides that the ▇▇▇▇-▇▇▇▇ NW 40th Court processing fee payable to lender for its ▇▇▇▇ ▇. ▇▇▇▇▇line Road administrative costs is subject to a $5,000 cap.
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Defeasance Costs. The term “Defeasance Costs” shall mean all costs and fees incurred or payable in order to accomplish and complete the Defeasance (including but not limited to the Defeasance Fee, the Defeasance Collateral Cost, and all costs and fees of Lender).
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Defeasance Costs. The Company shall prepare a schedule setting forth an itemized list of any and all Defeasance Costs (the “Defeasance Costs Annex”), in a manner consistent with Annex 6 attached hereto
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Related to Defeasance Costs

  • DEFEASANCE AND COVENANT DEFEASANCE SECTION 1301.

  • Defeasance and Assumption Costs The related Mortgage Loan documents provide that the related borrower is responsible for the payment of all reasonable costs and expenses of the lender incurred in connection with the defeasance of such Mortgage Loan and the release of the related Mortgaged Property, and the borrower is required to pay all reasonable costs and expenses of the lender associated with the approval of an assumption of such Mortgage Loan.

  • Option to Effect Legal Defeasance or Covenant Defeasance; Defeasance The Issuer may, at its option and at any time, elect to have either Section 8.2 or 8.3 hereof be applied to all outstanding Notes upon compliance with the conditions set forth below in this Article VIII.

  • Defeasance of Certain Obligations The Company may omit to comply with any term, provision or condition set forth in Sections 3.1, 3.2, 3.3 and 3.4 hereof and a breach with respect to Sections 3.1, 3.2, 3.3 or 3.4 shall be deemed not to be an Event of Default, in each case with respect to the Outstanding Notes if: (a) with reference to this Section 4.2, the Company has irrevocably deposited or caused to be irrevocably deposited with the Trustee (or another trustee satisfying the requirements of the Initial Indenture) and conveyed all right, title and interest to the Trustee for the benefit of the Holders of Notes, under the terms of an irrevocable trust agreement in form and substance satisfactory to the Trustee as trust funds in trust, specifically pledged to the Trustee for the benefit of such Holders as security for payment of the principal of and interest, if any, on the Notes, and dedicated solely to, the benefit of such Holders, in and to (A) money in an amount, (B) United States Government Obligations that, through the payment of interest and principal in respect thereof in accordance with their terms, will provide, not later than one day before the due date of any payment referred to in this clause (a), money in an amount or (C) a combination thereof in an amount sufficient, in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee, to pay and discharge, without consideration of the reinvestment of such interest and after payment of all federal, state and local taxes or other charges and assessments in respect thereof payable by the Trustee, the principal of and interest on the Outstanding Notes on the Stated Maturity of such principal or interest; provided, that the Trustee shall have been irrevocably instructed to apply such money or the proceeds of such United States Government Obligations to the payment of such principal and interest with respect to the Notes; (b) the Company has delivered to the Trustee an Opinion of Counsel to the effect that the Holders of Notes will not recognize income, gain or loss for United States federal income tax purposes as a result of such deposit and defeasance of such covenants and Events of Default and will be subject to federal income tax on the same amount and in the same manner and at the same times as would have been the case if such deposit and defeasance had not occurred; (c) immediately after giving effect to such deposit on a pro forma basis, no Default or Event of Default with respect to the Notes shall have occurred and be continuing on the date of such deposit or, insofar as Sections 5.1(f) and 5.1(g) are concerned, at any time during the period ending on the 91st day after such date of such deposit; (d) if the Notes are then listed on a national securities exchange, the Company has delivered to the Trustee an Opinion of Counsel to the effect that the Notes will not be delisted as a result of such deposit, defeasance and discharge; and (e) the Company has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, in each case stating that all conditions precedent provided for herein relating to the defeasance contemplated by this Section 4.2 have been complied with.

  • Defeasance and Discharge Upon the Company's exercise of its option (if any) to have this Section applied to any Securities or any series of Securities, as the case may be, the Company shall be deemed to have been discharged from its obligations with respect to such Securities as provided in this Section on and after the date the conditions set forth in Section 1304 are satisfied (hereinafter called "Defeasance"). For this purpose, such Defeasance means that the Company shall be deemed to have paid and discharged the entire indebtedness represented by such Securities and to have satisfied all its other obligations under such Securities and this Indenture insofar as such Securities are concerned (and the Trustee, at the expense of the Company, shall execute proper instruments acknowledging the same), subject to the following which shall survive until otherwise terminated or discharged hereunder: (1) the rights of Holders of such Securities to receive, solely from the trust fund described in Section 1304 and as more fully set forth in such Section, payments in respect of the principal of and any premium and interest on such Securities when payments are due, (2) the Company's obligations with respect to such Securities under Sections 304, 305, 306, 1002 and 1003, (3) the rights, powers, trusts, duties and immunities of the Trustee hereunder and (4) this Article. Subject to compliance with this Article, the Company may exercise its option (if any) to have this Section applied to any Securities notwithstanding the prior exercise of its option (if any) to have Section 1303 applied to such Securities.