DEFEASANCE LOCKOUT PERIOD

DEFEASANCE LOCKOUT PERIOD. Shall mean the period commencing on the date hereof and expiring on the earlier to occur of (i) two years after the "startup day," within the meaning of Section 860G(a)(9) of the Internal Revenue Code of 1986, as amended from time to time or any successor statute (the "Code"), of a "real estate mortgage investment conduit," ("REMIC") within the meaning of Section 860D of the Code, with respect to the last portion of the debt evidenced by the... 2 Mortgage Notes and the Security Instrument and (ii) four (4) years from the date hereof. View More

DEFEASANCE LOCKOUT PERIOD. Shall mean the period commencing on the date hereof and expiring on the earlier date to occur of (a) two years after (i) the "startup day," within the meaning of Section 860G(a)(9) of the Code, of a "real estate mortgage investment conduit," (REMIC) within the meaning of Section 860D of the Code, that holds this Note and the Security Instrument or (ii) if this Note is severed and such severed portions are included in REMICs that do not ... 3 have the same "startup day," the "startup day" of the REMIC in which the last of such severed portions is included, or (b) thirty (30) months after the first day of the calendar month immediately following the calendar month in which the funding of this Note occurs, whichever shall first occur. View More