Shipment for Correction Clause Samples

The 'Shipment for Correction' clause allows a party to return goods to the seller or supplier for rectification if they are found to be defective, non-conforming, or otherwise not in accordance with the contract specifications. In practice, this clause typically outlines the process for notifying the seller of the issue, arranging for the return shipment, and specifying the timeframe within which corrections must be made. Its core function is to ensure that the buyer receives goods that meet agreed standards, providing a clear mechanism for addressing and remedying product deficiencies without resorting to contract termination or legal disputes.
Shipment for Correction. If no Event of Default, Potential Default, or Borrowing Excess exists or occurs as a result of the shipment, and if shipment would not result in any Collateral Documents for Mortgage Loans, Commercial Loans with more than an aggregate total face amount of $500,000 being outstanding for correction, then Co-Borrowers may, by a Trust Receipt delivered to Administrative Agent, request that Administrative Agent ship to Co-Borrowers the entire file of Collateral Documents for any Mortgage Loan or Commercial Loan so that certain of those Collateral Documents may be corrected or replaced for clerical or other non-substantive mistakes. If Administrative Agent has no actual knowledge that any of the above conditions have not been satisfied, then, and subject to the limitations below, Administrative Agent shall use its best efforts to ship to Co-Borrowers the entire file of Collateral Documents to be corrected or replaced by the end of the Business Day following the date of receipt of the applicable Trust Receipt. Co-Borrowers shall re-deliver to Administrative Agent the corrected Collateral Documents (meeting the requirements of Schedule 4.3) before the expiration of the Correction Period. Collateral shipped under this section, unless returned to Administrative Agent, ceases to be an Eligible-Mortgage Loan, Eligible-Commercial Loan, or Eligible-High LTV Loan (a) to the extent that Collateral Documents for Mortgage Loans or Commercial Loans with more than an aggregate total face amount of $500,000 are outstanding for correction at any time, and (b) upon the expiration of the Correction Period. The Lender Liens on any Collateral shipped under this section continue in full force and effect.
View SourceView Similar (4)
Shipment for Correction. If no Default, Potential Default, or ----------------------- Borrowing Excess exists or occurs as a result of the shipment and if shipment would not result in any Collateral Documents for Mortgage Loans with more than a total face amount of $500,000 being outstanding for correction, then Borrower may (by a Trust Receipt delivered to Agent) request that Agent ship to Borrower the entire mortgage loan file of Collateral Documents for any Mortgage Loan so that certain of those Collateral Documents may be corrected or replaced for clerical or other non-substantive mistakes. If Agent has no actual knowledge that any of the above conditions have not been satisfied, then and subject to the limitations below, then Agent shall use its best efforts to ship to Borrower the entire mortgage loan file of Collateral Documents to be corrected or replaced by the end of the Business Day following the date of receipt of the applicable Trust Receipt. Borrower shall re-deliver to Agent the corrected Collateral Documents (meeting the requirements of SCHEDULE 4.3) before the expiration of the Correction Period for that Collateral. Collateral shipped under this section, unless returned to Agent, ceases to be Eligible-Mortgage Collateral (a) to the extent that Collateral Documents for Mortgage Loans with more than a total face amount of $500,000 are outstanding for correction at any time and (b) upon the expiration of the Correction Period for that Collateral. The Lender Liens on any Collateral shipped under this section continue in full force and effect.
View SourceView Similar (3)
Shipment for Correction. If no Event of Default, Potential Default, or Borrowing Excess exists or occurs as a result of the shipment, and if shipment would not result in any Collateral Documents for Mortgage Loans, Commercial Loans or Leases with more than an aggregate total face amount of $500,000 being outstanding for correction, then Co-Borrowers may, by a Trust Receipt delivered to Administrative Agent, request that Administrative Agent ship to Co-Borrowers the entire file of Collateral Documents for any Mortgage Loan, Commercial Loan or Lease so that certain of those Collateral Documents may be corrected or replaced for clerical or other non-substantive mistakes. If Administrative Agent has no actual knowledge that any of the above conditions have not been satisfied, then, and subject to the limitations below, Administrative Agent shall use its best efforts to ship to Co-Borrowers the entire file of Collateral Documents to be corrected or replaced by the end of the Business Day following the date of receipt of the applicable Trust Receipt. Co-Borrowers shall re-deliver to Administrative Agent the corrected Collateral Documents (meeting the requirements of Schedule 4.3) before the expiration of the Credit Agreement
View Source
Shipment for Correction. If no Default or Event of Default exists or occurs as a result of the shipment and if shipment would not result in any collateral documents for Pledged Mortgage Loans with more than a total face amount of $500,000.00 being outstanding for correction, then Borrower may - by a Trust Receipt delivered to Lender - request that Lender ship to Borrower the entire mortgage loan file of Collateral Documents for any Pledged Mortgage Loan pledged by it so that certain of those Collateral Documents may be corrected or replaced for clerical or other non-substantive mistakes. If Lender has no actual knowledge that any of the above conditions have not been satisfied, then and subject to the limitations below, then Lender shall ship to Borrower the entire mortgage loan file of Collateral Documents to be corrected or replaced. Borrower shall redeliver to Lender the corrected Collateral Documents before the expiration of the Correction Period for that Collateral. Collateral shipped under this section, unless returned to Lender ceases to be Eligible Mortgage Loans (a) to the extent that Collateral Documents for Pledged Mortgage Loans with more than a total face amount of $500,000.00 are outstanding for correction at any time and (b) upon the expiration of the Correction Period for that Collateral. The Lender Liens on any Collateral shipped under this section continue in full force and effect.
View Source

Related to Shipment for Correction

  • Error Correction If an error results from an act or omission of the Custodian in performing the services under this Agreement, the Custodian may take such remedial action as it considers appropriate under the circumstances, which may include effecting corrective transactions involving the Client’s assets, where and to the extent reasonably necessary to place the Client in the position (or its equivalent) it would have been had the error not occurred. The Custodian will be responsible for Losses arising from its errors in accordance with the terms of this Agreement and will be entitled to retain gains arising from its errors or related remedial actions unless otherwise prohibited by Law. Where an error results in a series of related Losses and gains, the Custodian will be entitled to net gains against Losses when permitted by ▇▇▇. The Custodian will have no duty to notify or account to the Client for any Loss or gain associated with an error it has fully remediated.

  • PAYMENT FOR GOODS AND SERVICES a. DIR Customer shall comply with Chapter 2251, Texas Government Code, or applicable local law, in making payments to the Vendor. Payment under a DIR Contract shall not foreclose the right to recover wrongful payments. b. Payments must be made in accordance with laws and procedures applicable to DIR Customer. c. DIR Customer agrees to pay the rates and/or prices set by DIR with its vendors. DIR Customer understands these rates and/or prices include a DIR administrative fee. d. All purchases executed under a DIR Contract will require a DIR Customer purchase order.

  • Shipment Dell will ship the APEX System to the Site when included as part of the APEX Service. The terms and process for shipment and delivery of the APEX System will be stated in the applicable Service Offering Description.

  • Manufacturing Services Jabil will manufacture the Product in accordance with the Specifications and any applicable Build Schedules. Jabil will reply to each proposed Build Schedule that is submitted in accordance with the terms of this Agreement by notifying Company of its acceptance or rejection within three (3) business days of receipt of any proposed Build Schedule. In the event of Jabil’s rejection of a proposed Build Schedule, Jabil’s notice of rejection will specify the basis for such rejection. When requested by Company, and subject to appropriate fee and cost adjustments, Jabil will provide Additional Services for existing or future Product manufactured by Jabil. Company shall be solely responsible for the sufficiency and adequacy of the Specifications [***].

  • Uncovering and Correction of Work 12.1 The Contractor shall promptly correct Work rejected by the Owner or failing to conform to the requirements of the Contract Documents, whether observed before or after Substantial Completion and whether or not fabricated, installed or completed, and shall correct any Work found to be not in accordance with the requirements of the Contract Documents within a period of two years from the date of Substantial Completion, or by terms of an applicable special warranty required by the Contract Documents. The provisions of this Article apply to work done by Subcontractors as well as to Work done by direct employees of the Contractor. 12.2 At any time during the progress of the work, or in any case where the nature of the defects shall be such that it is not expedient to have them corrected, the Owner, at their option, shall have the right to deduct such sum, or sums, of money from the amount of the contract as they consider justified to adjust the difference in value between the defective work and that required under contract including any damage to the structure.