Accountant’s Report – An independent certified public accountant must confirm to the servicer that the proceeds from the portfolio of government securities will be sufficient to make all remaining loan payments through maturity. Also known as “Accountant’s Verification Report”, “Accountant’s Letter” or “Agreed Upon Procedure Letter”.

CMBS - CMBS is an abbreviation for “Commercial Mortgage Backed Securities.” The securities are backed by a pool of commercial real estate loans sold by lenders in a securitization to a REMIC trust. These loans are also referred to as “CMBS loans”, “conduit loans” or “securitized loans”.

Custodian - The custodian, who is usually a bank, holds the government securities, collects interest and principal payments on the government securities and makes payments on the defeased loan to the lender on behalf of the successor borrower. Also known as the “securities intermediary”.