Qualification Defect Sample Clauses

Qualification Defect. If (A) any person required to cure or purchase under subsections 2.03(a), 2.03(b), 2.03(c) or 2.03(d) of these Standard Terms or under a separate agreement for a Mortgage Loan affected by a Qualification Defect fails to perform within the earlier of (1) 75 days of the Defect Discovery Date or (2) the time limit set forth in those subsections or that separate agreement or (B) no person is obligated to cure or purchase a Mortgage Loan affected by a Qualification Defect, the Trustee shall dispose of such Mortgage Loan in such manner and for such price as the Trustee determines are appropriate, provided that the removal of such Mortgage Loan occurs no later than the 90th day from the Defect Discovery Date. If the Servicer is not the person required to cure or repurchase the Mortgage Loan, the Trustee may consult with such Servicer to determine an appropriate manner of disposition for and price for such Mortgage Loan. It is the express intent of the parties that a Mortgage Loan affected by a Qualification Defect be removed from the Trust by the 90th day from the Defect Discovery Date so that the related REMIC(s) will continue to qualify as a REMIC. Accordingly, the Trustee is not required to sell an affected Mortgage Loan for its fair market value nor shall the Trustee be required to make up any shortfall resulting from the sale of such Mortgage Loan. The person failing to perform under subsections 2.03(a), 2.03(b), 2.03(c) or 2.03(d) of these Standard Terms shall be liable to the Trust for (i) any difference between (A) the Unpaid Principal Balance of the Mortgage Loan plus accrued and unpaid interest thereon at the Note Rate to the date of disposition and (B) the net amount received by the Trustee from the disposition (after the payment of related expenses), (ii) interest on such difference at the Note Rate (less the Administrative Cost Rate) from the date of disposition to the date of payment and (iii) any legal and other expenses incurred by or on behalf of the Trust in seeking such payments. The Trustee shall pursue the legal remedies of the Trust on the Trust’s behalf and the Trust shall reimburse the Trustee for any legal or other expenses of the Trustee related to such pursuit not recovered from such person.
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Qualification Defect. If any Person required to cure, purchase, or substitute under Section 2.05(a) above for an Asset affected by a Qualification Defect fails to perform within the time limit set forth in those subsections, the Trustee shall dispose of such an Asset in such manner and for such price as the Master Servicer advises the Trustee are appropriate, provided that the removal of such Asset occurs no later than the 90th day from the Defect Discovery Date. It is the express intent of the parties that an Asset affected by a Qualification Defect be removed from the Trust before the 90th day from the Defect Discovery Date so that the related REMIC or Pooling REMIC will continue to qualify as a REMIC. Accordingly, the Trustee is not required to sell an affected Asset for its fair market value nor shall the Trustee be required to make up any shortfall resulting from the sale of such Asset. The person failing to perform under Section 2.05(a) above shall be liable to the Trust for (1) any -28- 33 difference between (A) the Unpaid Principal Balance plus accrued and unpaid interest thereon at the applicable Asset Rate to the date of disposition and (B) the net amount received by the Trustee from the disposition (after the payment of related expenses), (2) interest on such difference at the Asset Rate from the date of disposition to the date of payment and (3) any legal and other expenses incurred by or on behalf of the Trust in seeking such payments. Except where the Master Servicer is the person failing to perform, the Master Servicer shall pursue the legal remedies of the Trust on the Trust's behalf and the Trust shall reimburse the Master Servicer for any legal or other expenses of the Master Servicer related to such pursuit not recovered from such person. If the Master Servicer is the person failing to perform, the Trustee shall pursue the Trust's legal remedies against the Master Servicer and the Trust shall reimburse the Trustee for its related legal or other expenses.
Sample 1
Qualification Defect. 11 "Qualified Institutional Buyer".................................................................................. 11 "Qualified Substitute Mortgage Asset"............................................................................ 11 "Rating Agency".................................................................................................. 12 "Realized Interest Shortfall".................................................................................... 12 "Realized Loss".................................................................................................. 12 "Record Date".................................................................................................... 13 "Recordation Report"............................................................................................. 13 "Redeeming Purchase"............................................................................................. 13 "Redemption Account"............................................................................................. 13 "Redemption Date"................................................................................................ 13 "Redemption Price"............................................................................................... 13 "Regular Interest"............................................................................................... 13 "Regular Security"............................................................................................... 13 "REMIC".......................................................................................................... 13 "
Sample 1

Related to Qualification Defect

  • Qualification Criteria The College may offer or an employee may request an early retirement incentive provided the employee meets the following qualifications:

  • Eligibility; Disqualification There will at all times be a Trustee hereunder that is a corporation organized and doing business under the laws of the United States of America or of any state thereof that is authorized under such laws to exercise corporate trustee power, that is subject to supervision or examination by federal or state authorities and that has a combined capital and surplus of at least $100.0 million as set forth in its most recent published annual report of condition. This Indenture will always have a Trustee who satisfies the requirements of TIA § 310(a)(1), (2) and (5). The Trustee is subject to TIA § 310(b).

  • QUALIFICATION OF BIDDERS BID PACKAGE REQUIREMENTS: - In an effort to help promote social distancing measures during the COVID-19 Public Health Emergency, electronic submissions will be accepted by the County. - Firms are strongly encouraged to submit responses electronically. Firms will not be permitted to fax or email offers. To maintain a secured sealed process electronic submissions may be made through the Negometrix platform only at: xxxxx://xxx.xxxxxxxxxx.xxx/buyer/691 - If submitting via mail or hand delivery, Bidders must submit one (1) original, two (2) copies and one (1) electronic copy on USB drive. Electronic copy shall be in Microsoft Word or Adobe – the most recent software version. - All responses and copies are to be submitted on 8 ½ x 11 inch paper, bound individually and tabbed as applicable. - If your response contains any information deemed confidential, in accordance with Chapter 119 of the Florida Statutes, provide an additional USB drive with a redacted version of your response labeled REDACTED. Electronic copy shall be in Microsoft Word or Adobe – the most recent software version. This bid will be awarded to a responsible, responsive bidder, qualified by experience to provide the work specified. Failure to submit the below requested information may be cause for rejection of your bid. The determination on whether a bidder is responsible or not shall be at the sole discretion of the County. Although the County may request the submission of a minimum number of contracts similar to the requirements of this solicitation with certain minimum dimensions, quantities, dollar values, etc., the County’s determination of a bidder’s responsibility shall not be solely based on the number of similar procurements the bidder provides but the entirety of the bidder’s qualifications. The Bidder shall submit the following information with the bid. It is recommended to use the list below as a checklist for your bid submittal:

  • Notice of Disqualification Events The Company will notify the Purchasers in writing, prior to the Closing Date of (i) any Disqualification Event relating to any Issuer Covered Person and (ii) any event that would, with the passage of time, reasonably be expected to become a Disqualification Event relating to any Issuer Covered Person, in each case of which it is aware.

  • Qualification Requirements (a) You have entered into a Sales Contract with us with respect to the Xxxxxx Family of Mutual Funds (the "Xxxxxx Funds").

  • Notice Requirement for Termination No termination of this Agreement will be effective unless and until the Party terminating this Agreement gives prior written notice to the other Party to this Agreement of its intent to terminate, and such notice shall set forth the basis for such termination. Furthermore:

  • Qualification Rights Masterworks will have the right to request that the Company qualify on Form 1-A, or a comparable form, the resale of any Class A shares beneficially owned by Masterworks or any entity administered by Masterworks. There are no limitations or restrictions on the size or frequency of such qualification requests, other than pursuant to applicable law, provided, that all costs associated with any such qualification shall be the responsibility of Masterworks.

  • Contribution Deadline The deadline for making an IRA contribution is your tax return due date (not including extensions). You may designate a contribution as a contribution for the preceding taxable year in a manner acceptable to us. For example, if you are a calendar year taxpayer, and you make your IRA contribution on or before April 15, your contribution is considered to have been made for the previous tax year if you designate it as such. If you are a member of the Armed Forces serving in a combat zone, hazardous duty area, or contingency operation, you may have an extended contribution deadline of 180 days after the last day served in the area. In addition, your contribution deadline for a particular tax year is also extended by the number of days that remained to file that year’s tax return as of the date you entered the combat zone. This additional extension to make your IRA contribution cannot exceed the number of days between January 1 and your tax filing deadline, not including extensions.

  • PRODUCTION DEFINITELY DISCONTINUED If the holder of the approval completely ceases to manufacture a type of vehicle approved in accordance with this Regulation, he shall so inform the authority which granted the approval, which in turn shall forthwith inform the other Contracting Parties to the Agreement applying this Regulation by means of a communication form conforming to the model in Annex 1 to this Regulation.

  • Disqualification The Adviser shall immediately notify the Trustees of the occurrence of any event which would disqualify the Adviser from serving as an investment adviser of an investment company pursuant to Section 9 of the 1940 Act or any other applicable statute or regulation.

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