Known Defects definition

Known Defects means any and all reports, and any and all facts and conclusions set forth therein, which were commissioned or requested and received by the Company or any of its affiliates in connection with the transactions contemplated by this Agreement or the other Transaction Documents and which relate to, or were prepared in connection with, environmental or structural matters with respect to any one or more properties currently or formerly owned, operated or leased by any Seller or any of its subsidiaries.
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Known Defects means the defect(s) set out in Schedule 4, Part 1 (Known Defects and Known Defects Longstop Date).
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Examples of Known Defects in a sentence

  • The O&M Contractor, provided it is not the same company as or an Affiliate company of the Supplier, shall be entitled to the Known Defects Fee once the Known Defects have been rectified in accordance with Clause 4.10(a).

  • Known Defects30 If identified as applicable in the Key Information Table and where so instructed by the Project Company acting reasonably, the O&M Contractor shall rectify the Known Defects in accordance with the standards of a Reasonable and Prudent Operator as soon as reasonably practicable and by no later than the Known Defects Longstop Date.

  • Known Defects Supplier shall promptly notify VDOT in writing of any defects or malfunctions in the Solution or Documentation of which it learns from any source.

  • It is not uncommon for residential owner policies to provide express coverage against Non- Permitted Work (other than Known Defects).

  • If the O&M Contractor is the same as or an Affiliate of the Supplier, the O&M Contractor shall have no claim for the Known Defects Fee.

  • Known Defects Upon Supplier's knowledge of any defects or malfunctions, Supplier shall notify DMAS immediately, in writing (email is sufficient), and work with DMAS to expediently create a mutually agreed upon schedule to correct the defects or malfunctions, or provide a work around until corrected, and provide DMAS with corrected copies of same.

  • If, despite having the coverage, the buyer does the Off-Title Searches and discovers a defect, such defect is excluded from the coverage, as coverage is typically exclusive of defects that the buyer was aware of at the time of closing (what we call, "Known Defects").

  • From the Known Defects Longstop Date (or if earlier, from the date that such Known Defects have been rectified to the satisfaction of the Project Company) the relevant defect shall cease to be a Known Defect and the O&M Contractor shall provide the O&M Services in relation to any affected part of the Facility (including any replacement items) in accordance with the terms of this Agreement.

  • Obviously, Unk- nown Defects and Known Defects accumulate in the stocks of Unknown Vulnerabilities and Known Vulnerabilities respectively.

  • GAF’s On-Going Warranty Handling Misconduct and Refusal to Notify Consumers of the Known Defects in the Shingles.

Related to Known Defects

  • 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.

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

  • 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.

  • Qualification Defect With respect to a Mortgage Loan, (a) a defective document in the Mortgage File, (b) the absence of a document in the Mortgage File, or (c) the breach of any representation, warranty or covenant with respect to the Mortgage Loan made by the Company, but, in each case, only if the affected Mortgage Loan would cease to qualify as a “qualified mortgage” for purposes of the REMIC Provisions.

  • 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:

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

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

  • 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 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.

  • 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.

  • 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.

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

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

  • 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.

  • 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.

  • 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.

  • Environmental Condition means any condition or circumstance, including the presence of Hazardous Substances which does or would (i) require assessment, investigation, abatement, correction, removal or remediation under any Environmental Law, (ii) give rise to any civil or criminal Liability under any Environmental Law, (iii) create or constitute a public or private nuisance or (iv) constitute a violation of or non-compliance with any Environmental Law.

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

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

  • Environmental Conditions means any conditions of the environment, including, without limitation, the work place, the ocean, natural resources (including flora or fauna), soil, surface water, ground water, any actual or potential drinking water supply sources, substrata or the ambient air, relating to or arising out of, or caused by the use, handling, storage, treatment, recycling, generation, transportation, Release or threatened Release or other management or mismanagement of Regulated Substances resulting from the use of, or operations on, the Property.

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

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

  • Title Defect Amount means the amount by which the Allocated Value of the Title Defect Property affected by such Title Defect is reduced as a result of the existence of such Title Defect and shall be determined in accordance with the following methodology, terms and conditions:

  • 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.

  • Nonconforming use means a use of land that:

  • Seller’s Warranties means Seller’s representations and warranties set forth in Section 9.2 and the Closing Documents executed by Seller, as such representations and warranties may be deemed modified or waived by Buyer pursuant to the terms of this Agreement.