Asserted Defects definition

Asserted Defects shall have the meaning assigned to such term in Section 7.1.
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Asserted Defects mean Asserted Title Defects and Asserted Environmental Defects, collectively.
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Asserted Defects shall have the meaning assigned to such term in Section 7.1. “Bank” is defined in Section 3.2.
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Examples of Asserted Defects in a sentence

  • Seller may (but shall have no obligation to) attempt to cure, prior to Closing, one or more Asserted Defects.

  • Notwithstanding any election made under Section 7.4(a) or (b), Seller may also (without limitation, it being expressly recognized that Seller may attempt to cure Asserted Defects while acting under this election) elect by written notice to Buyer to have one or more Asserted Defects handled under Section 7.5 or Section 7.6 below.

  • Only a portion of the Deposit shall be applied as provided in Section 9.3 to the portion of the Purchase Price paid at the initial Closing if it occurs, such portion being the percentage equal to the unadjusted Purchase Price paid at the initial Closing divided by the unadjusted Purchase Price set forth in Section 3.1. Notwithstanding any such election to postpone Closing with respect to the affected Properties, Seller shall still have no obligation to commence to cure or cure any Asserted Defects.

  • If the Purchase Price reduction which would result from the above provided for procedure as applied to all Asserted Defects for which an adjustment is to be made exceeds the Defect Threshold, the Purchase Price shall be adjusted by the amount of all Asserted Defects for which an adjustment is to be made.

  • If the Purchase Price reduction which would result from the above provided for procedure as applied to all Asserted Defects does not exceed 2% of the Purchase Price (herein called the “Defect Threshold”), then no adjustment of the Purchase Price shall occur, and any Properties which would be excluded by such procedure shall not be excluded.

  • Whether or not Seller has then begun to, or ever begins to, cure one or more Asserted Defects (and whether or not Seller has elected option (iii) below with respect to one or more Asserted Defects), Seller may postpone the Closing by designating a new Closing Date not later than September 30, 2007, so that it may attempt to cure one or more Asserted Defects.

  • Notwithstanding any other election made under this Section (without limitation, it being expressly recognized that Seller may attempt to cure Asserted Defects while acting under this election), Seller may elect to have one or more Asserted Defects handled under Section 7 below.

  • Seller may (but shall have no obligation to) attempt to cure at its sole cost and expense, up to the date that is three (3) Business Days prior to Closing (“Cure Period”), any Asserted Defects.

  • Seller and Buyer shall attempt to agree on all Asserted Defects, Defect Amounts, Title Benefits and Title Benefit Amounts prior to Closing.

  • Notwithstanding any such election to postpone Closing, Seller shall still have no obligation to cure Asserted Defects.


More Definitions of Asserted Defects

Asserted Defects is defined in Section 10.1(a). ---------------
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Asserted Defects is defined in Section 2.8(b) of this Agreement.
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Asserted Defects has the meaning given it in Section 5.1(a).
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Related to Asserted Defects

  • Title Defects has the meaning set forth in Section 5.15(b).

  • Environmental Defect means, with respect to any given Asset, a material violation of Environmental Laws in effect as of the Effective Time in the jurisdiction in which such Asset is located.

  • Title Defect means with respect to a Lease any lien, encumbrance, adverse claim, default, expiration, failure, defect in or objection to real property title, other than Permitted Encumbrances, that alone or in combination with other defects renders Sellers’ title to the Lease less than Defensible Title.

  • Environmental Defect Notice shall have the meaning set forth in Section 12.1(a).

  • Title Defect Notice shall have the meaning set forth in Section 11.2(a).

  • Latent Defects means such defects caused by faulty designs, material or work-man- ship which cannot be detected during inspection, testing etc, based on the technology available for carrying out such tests.

  • Defects means any part of the Works not completed in accordance with the Contract, or completed with deficiencies and flaws and includes deficiencies, flaws, etc. developed during the execution of Works and during the Defect Liability Period.

  • Unresolved Claim means a Claim, which at the relevant time, in whole or in part: (a) has not been Finally Determined to be a Proven Claim in accordance with the Amended Claims Procedure Order and this Plan; (b) is validly disputed in accordance with the Amended Claims Procedure Order; and/or (c) remains subject to review and for which a Notice of Allowance or Notice of Revision or Disallowance (each as defined in the Amended Claims Procedure Order) has not been issued to the Creditor in accordance with the Amended Claims Procedure Order as at the date of this Plan, in each of the foregoing clauses, including both as to proof and/or quantum;

  • Defects Liability Period (Warranty Period) means the period stated in the Schedule A Special Stipulations, following the taking over, during which the Contractor is responsible for making good defects and damage in accordance with Clause 15.

  • Asserted Liability has the meaning set forth in Section 9.4(a).

  • Defects Liability Period means the warranty period following the taking over, during which the Contractor is responsible for making good, defects and damage in Goods and Services provided, under the Contract.

  • Title Defect Amount means, with respect to a Title Defect Property, the amount by which such Title Defect Property is impaired as a result of the existence of one or more Title Defects, which amount shall be determined as follows:

  • Defect Notice shall have the meaning specified in Section 3.2 of this Agreement.

  • Unresolved Claims shall have the meaning set forth in Section 9.6(b).

  • Indemnification Claim Notice has the meaning set forth in Section 11.3.

  • Environmental Defect Value means, with respect to any Environmental Defect, the value, as of the Closing Date, of the estimated costs and expenses to correct such Environmental Defect in the most cost-effective manner reasonably available, consistent with Environmental Laws, taking into account that non-permanent remedies (such as mechanisms to contain or stabilize hazardous materials, including monitoring site conditions, natural attenuation, risk-based corrective action, institutional controls or other appropriate restrictions on the use of property, caps, dikes, encapsulation, leachate collection systems, etc.) may be the most cost-effective manner reasonably available.

  • Title Defect Property has the meaning set forth in Section 6.2(a).

  • Defect Liability Period in relation to a work means the specified period from the date of COMPLETION CERTIFICATE upto the date of issue of FINAL CERTIFICATE during which the CONTRACTOR stands responsible for rectifying all defects that may appear in the works executed by the CONTRACTOR in pursuance of the CONTRACT and includes warranties against Manufacturing/Fabrication/ Erection/Construction defects covering all materials plants, equipment, components, and the like supplied by the CONTRACTOR, works executed against workmanship defects.

  • Expected Claim Notice means a notice that, as a result of a legal proceeding instituted by or written claim made by a third party, an Indemnified Party reasonably expects to incur Damages for which it is entitled to indemnification under Article VI.

  • Claim Notice has the meaning set forth in Section 8.4(a).

  • Indemnified Matter has the meaning specified in Section 11.4 (Indemnities).

  • Indemnification Claim has the meaning set forth in Section 12.3.

  • Third Party Claim Notice shall have the meaning set forth in Section 6.5(a).

  • Indemnified Matters has the meaning specified therefor in Section 12.15.

  • Nonconformity or “Nonconformities” means any failure or failures of the Software to conform to the requirements of this Contract, including any applicable Documentation.

  • Latent Defect means a defect, inherently lying within the material or arising out of design deficiency, which do not manifest themselves and/or was not reasonably discoverable during Defect Liability period.