Defect. If any Mortgage Loan is to be repurchased or replaced as contemplated by this subsection, the Purchaser or its designee shall be entitled to designate the account to which funds in the amount of the applicable Purchase Price or Substitution Shortfall Amount (as the case may be) are to be wired. Any such repurchase or replacement of a Mortgage Loan shall be on a whole loan, servicing released basis. Notwithstanding this subsection, the absence from the Mortgage File, (i) on the Closing Date of the Mortgage Note (or a lost note affidavit and indemnity with a copy of the Mortgage Note) and (ii) by the first anniversary of the Closing Date of originals or copies of any other Specially Designated Mortgage Loan Document (without the presence of any factor that reasonably mitigates any such absence or non conformity or irregularity) shall be conclusively presumed to be a Material Document Defect and shall obligate the Responsible Repurchase Party to cure such Material Document Defect, or, failing that, replace or repurchase the related Mortgage Loan or REO Mortgage Loan, all in accordance with the procedures set forth herein. Notwithstanding the foregoing provisions of this Section 5(a), in lieu of the Mortgage Loan Seller performing its obligations with respect to any Material Breach or Material Document Defect provided in the preceding paragraph, to the extent that the Mortgage Loan Seller and the Purchaser (or, following the assignment of the Mortgage Loans to the Trust Fund, the Mortgage Loan Seller and the Special Servicer on behalf of the Trust Fund, and with the consent of the Subordinate Class Representative to the extent a Subordinate Control Period or Collective Consultation Period is then in effect) are able to agree upon a cash payment payable by the Mortgage Loan Seller to the Purchaser that would be deemed sufficient to compensate the Purchaser for a Material Breach or Material Document Defect (a “Loss of Value Payment”), the Mortgage Loan Seller may elect, in its sole discretion, to pay such Loss of Value Payment to the Purchaser; provided that a Material Document Defect or a Material Breach as a result of a Mortgage Loan not constituting a “qualified mortgage”, within the meaning of Code Section 860G(a)(3), may not be cured by a Loss of Value Payment. Upon its making such payment, the Mortgage Loan Seller shall be deemed to have cured such Material Breach or Material Document Defect in all respects. Provided such payment is made, this paragraph de...
Defect. This means, with respect to any non-software Deliverable, failure to materially conform to the applicable then-current Specifications for such non-software Deliverable.
Defect. Any defect, shrinkage, fault or omission in the Works including any aspect of the Works which is not in accordance with the requirements of the Contract. Defects Liability Period The period which commences on the Date of Completion of the Works or a Stage and which continues for the period specified in the Contract Particulars, as extended by clause 9.11. Defence Department of Defence.
Defect. Any defect, shrinkage, fault or omission in the Subcontract Works including any aspect of the Subcontract Works which is not in accordance with the requirements of the Subcontract. Defects Liability Period The period which commences on the Date of Completion of the Subcontract Works or a Stage, and which continues for the period specified in the Subcontract Particulars, as extended by clause 9.11. Defence Department of Defence.
Defect a defect observed by the Other Party and established by UNIS in the repair work carried out by UNIS and/or products supplied by UNIS.
Defect. (a) ZIRILIO does not represent or warrant that the Software Installation Services will be free from Defects.
Defect. An error in OSI Software or a failure of OSI Software to conform substantially with its then-current Documentation that can be reproduced by OSI. Defects fall into three categories as follows:
Defect. Fault or deviation from the intended condition of a material, assembly or component.
Defect. (2) the defects so described shall be subject to ZEISS' reasonable verification; (3) no Products alleged or found to be defective shall be disposed of by CELLOMICS or the end-user for at least thirty (30) days after ZEISS receives such description in writing; and (4) such defective Products or applicable component(s) thereof shall forthwith be returned to ZEISS, freight payable at destination, if ZEISS so requests.
Defect. (a) ZIRILIO does not represent or warrant that the Professional Services will be free from Defects.
