Internationalmortgage-backed securities which are backed, that is funded by and secured over, a portfolio of mortgage loans secured on commercial properties. The principal revenue stream to the special purpose vehicle which will be used to repay the notes or bonds, arises from lease and licence payments by tenants of the commercial properties.+ commercial mortgage-backed security (CMBS)USADebt security on which payments of principal and interest are made to the holders from revenue generated by an underlying pool of commercial mortgage loans. The underlying commercial mortgages are pledged to the holders of the securities as collateral for the payment by the issuer of principal and interest on the securities. Commerical mortgage-backed securities are most commonly issued by a special purpose entity as part of a securitization or structured finance transaction.See also
Practical Law Dictionary. Glossary of UK, US and international legal terms. www.practicallaw.com. 2010.