Existing Defect definition

Existing Defect means (i) a structural element of the improvements located on the Premises (including, without limitation, the exterior shell, roof and slab) which is not in sound and good condition as of the Effective Date; (ii) a roof(s) of the improvements on the Premises, if the same is not water- tight as of the Effective Date; (iii) an electrical or plumbing system on the Premises which system is not in good working order as of the Effective Date; or (iv) any element of the Premises which is not in compliance with Laws as of the same are enforced as of the Effective Date. An "Existing Defect" shall not include (x) damage or destruction of the Premises due to a casualty occurring after the Effective Date or due to the conduct of Lessee or its agents, employees, contractors, licensees or invitees; or (y) any matter of which Lessee does not give Lessor written notice within one hundred eighty (I 80) days following Lessee's discovery thereof.
Sample 1Sample 2
Existing Defect shall not include (x) damage or destruction of the Premises due to a casualty occurring after the Effective Date or due to the conduct of Lessee or its agents, employees, contractors, licensees or invitees; or (y) any matter of which Lessee does not give Lessor written notice within one hundred eighty (I 80) days following Lessee's discovery thereof.
Sample 1Sample 2
Existing Defect means any Category 1 Defect identified by Project Company in its PMP no later than 90 days after the Commercial and Financial Close Deadline.
Sample 1

Examples of Existing Defect in a sentence

  • Except for emergencies or situations in which prior notice is not commercially reasonable, if Austin Engineering corrects a Latent Existing Defect without prior notice to Hanover and without a written directive from Hanover to undertake such work, then Austin Engineering shall be deemed to have waived any claim against Hanover for such work.

  • Austin Engineering shall promptly notify Hanover of any Latent Existing Defect in writing and obtain Hanover’s prior written approval as to scope and cost of the work before proceeding with any corrective work for which Austin Engineering intends to seek compensation.

Related to Existing Defect

  • Underwriting Defect With respect to any Payment Date and any Reference Obligation for which Xxxxxxx Mac has determined the existence of an Unconfirmed Underwriting Defect, the occurrence of any of the following: (i) such Reference Obligation is repurchased by the related seller or servicer during the related Reporting Period, (ii) in lieu of repurchase, an alternative remedy (such as indemnification) is mutually agreed upon by both Xxxxxxx Mac and the related seller or servicer during the related Reporting Period, (iii) Xxxxxxx Mac in its sole discretion elects to waive the enforcement of a remedy against the seller or servicer in respect of such Unconfirmed Underwriting Defect during the related Reporting Period or (iv) the party responsible for the representations and warranties and/or servicing obligations or liabilities with respect to the Reference Obligation becomes subject to a bankruptcy, an insolvency proceeding or a receivership.

  • Major Servicing Defect With respect to each Payment Date and any Reference Obligation for which Freddie Mac has determined the existence of an Unconfirmed Servicing Defect, the occurrence of any of the following: (a) the related servicer repurchased such Reference Obligation or made Freddie Mac whole resulting in a full recovery of losses incurred (“Make- Whole”) during the related Reporting Period; or (b) the party responsible for the representations and warranties and/or servicing obligations or liabilities with respect to the Reference Obligation becomes subject to a bankruptcy, an insolvency proceeding or a receivership. Reference Obligations covered under servicing settlements will not result in Major Servicing Defects.

  • Major Defect means a condition that exists on a ground ambulance vehicle that requires the Department or the certificate holder to place the ground ambulance vehicle out-of-service.

  • Accumulated Funding Deficiency as defined in Section 302 of ERISA.

  • Material Defect As defined in Section 2.02(c) hereof.

  • Title Defect as used herein shall mean any encumbrance, encroachment, irregularity, defect in or objection to Seller’s title to the Interests (excluding Permitted Encumbrances), that alone or in combination with other defects renders Seller’s title to the Interests or part thereof less than Defensible Title.

  • Minor Servicing Defect With respect to each Payment Date and any Reference Obligation for which Freddie Mac has determined the existence of an Unconfirmed Servicing Defect, the occurrence of a remedy, other than by repurchase or Make-Whole that is mutually agreed upon by both Freddie Mac and the related servicer that results in a recovery of the damages sustained by Freddie Mac on such Reference Obligation as a result of the Unconfirmed Servicing Defect.

  • Operating Deficit means, for the applicable period, insufficient funds to pay operating costs when Cash Expenses exceed Cash Receipts, as determined by the Accountant and approved by the Special Limited Partner.

  • Construction defect means a deficiency in or a deficiency arising out of the design, specifications, surveying, planning, supervision, or observation of construction or construction of residential improvements that results from any of the following:

  • 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.

  • 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.

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

  • Document Defect As defined in Section 2.03(a).

  • Minor defect means a defect which is not a Major Defect.

  • Unconfirmed Servicing Defect With respect to any Reference Obligation, the existence of the following, as determined by Xxxxxxx Mac in its sole discretion, (a) there is a violation of the servicing guidelines and other requirements in the Xxxxxxx Mac Single Family Seller/Servicer Guide (the “Guide”, as modified by the terms of the related servicer’s contract, including any related terms of business (“TOBs”)); and (b) Xxxxxxx Mac has issued a notice of defect, repurchase letter or a repurchase alternative letter related to the servicing breach. For the avoidance of doubt, Reference Obligations with minor technical violations, which in each case Xxxxxxx Mac determines to be acceptable Reference Obligations, may not result in an Unconfirmed Servicing Defect.

  • 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.

  • Reportable Modified Mortgage Loan Any Mortgage Loan that (i) has been subject to an interest rate reduction, (ii) has been subject to a term extension or (iii) has had amounts owing on such Mortgage Loan capitalized by adding such amount to the Stated Principal Balance of such Mortgage Loan; provided, however, that a Mortgage Loan modified in accordance with clause (i) above for a temporary period shall not be a Reportable Modified Mortgage Loan if such Mortgage Loan has not been delinquent in payments of principal and interest for six months since the date of such modification if that interest rate reduction is not made permanent thereafter.

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

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

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

  • 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.

  • Defects Liability Expiry Certificate means the certificate to be issued by the Client to the Contractor, in accordance with the Contract.

  • Funding Default as defined in Section 2.22.

  • 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.