Defect Notice. The term “Defect Notice” shall mean that certain written notice from Licensee to Licensor identifying discrepancies between the actual performance of the Licensed Modules and the performance of the Licensed Modules represented in the Module Documentation.
Defect Notice. (a) Vendor and Purchaser acknowledge that Purchaser has completed its due diligence of the Purchased Assets and has provided Vendor with written notice (the “Defect Notice”) to Vendor of any Defects disclosed by Purchaser pursuant to its due diligence review, which notice specified (i) the Defects in reasonable detail, (ii) the Purchased Assets affected by such Defects, and (iii) a bona fide estimate of the reduction in value of the Purchase Price as a result of such Defects.
Defect Notice. If the Environmental Consultant identifies and Buyer claims one or more Environmental Defects in the course of its investigation, Buyer may, on or before 5:00 p.m., Mountain Time, on the Defect Notice Date, deliver to Seller one or more Environmental Defect Notices (as defined in Section 5.5). An Environmental Defect Notice must satisfy the following conditions precedent: such notice must (1) be in writing and be delivered no later than 5:00 p.m., Mountain Time, on the Defect Notice Date, (2) name the affected Asset or portion thereof (the “Environmental Defect Property”), (3) name the condition that constitutes, causes, or contributes to the Environmental Defect, (4) provide factual substantiation for the Environmental Defect, and (5) contain the Environmental Consultant’s good faith written estimates of the Remediation Costs which must describe in reasonable detail the Remediation proposed for the alleged Environmental Defect; provided, however, that the volume of documents delivered pursuant to this Section 5.1(b) shall not serve as any basis to dispute the validity of the Environmental Defect Notice. For the purpose of the preceding sentence, “factual substantiation for the Environmental Defect” means reports prepared by the Environmental Consultant. To give Seller an opportunity to commence reviewing and curing Environmental Defects, Buyer agrees to use reasonable efforts to give Seller, once at the end of every two week period prior to the Defect Notice Date, written notice of all alleged Environmental Defects discovered by Buyer during the preceding (2) week period, which notice may be preliminary in nature and supplemented prior to the expiration of the Defect Notice Date; provided that failure to provide preliminary notice of an Environmental Defect shall not prejudice Buyer’s right to assert any Environmental Defect hereunder on or before the Defect Notice Date. Seller has the right, but not the obligation, to cure any claimed Environmental Defect on or before the Closing Date.
Defect Notice. The term "Defect Notice" shall mean that certain written notice from Customer to Vendor identifying discrepancies between the actual performance of an Enhancement or Update and the performance represented in the Documentation describing the purpose, utility or function of such Enhancement or Update.