Material Defects definition

Material Defects means (a) any material physical or legal defects (including any material matters disclosed by current engineering, seismic, title and zoning reports) or other material shortfalls in the due diligence of lenders to the First Tier Facilities such that the Properties would (other than in respect of the EU Balance Sheet Loan Facility) not otherwise meet the customary standards for a balance sheet loan secured by (and mezzanine syndication of) a large portfolio of properties similar in size and character to the Properties, (b) any material damage or destruction with respect to the improvements located on the Properties whether or not covered by insurance and/or any material condemnation proceedings that are pending or threatened against the Properties, (c) any material uninsured liability or lack of required license or permit in respect of any of the Properties or (d) in the case of the EU Balance Sheet Loan Facility, any legal limitations that exist in respect of any relevant borrower thereunder that materially limits the ability of such borrower to secure its portion of the EU Balance Sheet Loan Facility (excluding any customarily accepted limitations).

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Material Defects means defects or bugs in the InterTrust products ---------------- incorporating InterTrust Technology (as defined in Exhibit B hereto) and as delivered by InterTrust to SSG, wherein such defects or bugs cause one or more such InterTrust products to fail to perform: (i) materially in conformance with the capabilities ascribed to such products in the applicable portions of InterTrust Specifications; and (ii) in a commercially reasonable manner in accordance with reasonable software industry practices relating to such capabilities. Material Defects shall not include any defects or bugs introduced as a result of any modification of (or to) the InterTrust Technology by SSG or any Person.

Material Defects means any item or component of the Project that: (a) contains a material defect in workmanship or materials; (b) deviates materially from the Final Documents and Drawings, other than Permitted Changes; or (c) has not been performed materially in accordance with the terms and conditions of this Agreement.

Examples of Material Defects in a sentence

• Except as set forth hereinabove and in Sections 2.01, 2.02 and 2.03 of the Pooling and Servicing Agreement, the representations and warranties of the Seller made hereunder and the remedies provided hereunder with respect to Material Defects may not be further assigned by the Purchaser, the Trustee or any successor trustee.

• Except as set forth in this Section 16 and in Sections 2.01, 2.02 and 2.03 of the Pooling and Servicing Agreement, the representations and warranties of the Seller made hereunder and the remedies provided hereunder with respect to Material Defects may not be further assigned by the Purchaser, the Trustee or any successor trustee.

• If the repeated test still reveals deviations from the Vision & Scope Document and the final version of the Product Backlog or the Specification, and/or Material Defects which legitimate the refusal of the acceptance, then second and third repeat tests shall be carried out on the same basis as the first repeat test.

• If the repeated test still reveals deviations from the final version of the Product Backlog or the Specification, and/or Material Defects which legitimate the refusal of the acceptance, then second and third repeat tests shall be carried out on the same basis as the first repeat test.

• Notwithstanding anything to the contrary set forth herein, all items or components of the Project with respect to which no Material Defects are identified in a timely Non-Compliance Notice shall be deemed to be accepted by City, subject to Latent Defects.

More Definitions of Material Defects

Material Defects has the meaning set forth in Section 3.8(d).

Material Defects means any issue with the component or system of the Equipment which may have significant and adverse impact on the value of the equipment which is not caused by the Lessee.

Material Defects means a SELLER's production failure which may pose a hazard to the consumer during intended use and reasonably foreseeable misuse. BUYER shall bear the expense of its representatives' conducting such inspection.

Material Defects means any patent defect in the structural portions of the Improvements, including roofs, foundations and basic building systems, the cost of which to repair is estimated to exceed $10,000.00 on an individual basis. The term Hazardous Materials as used in this Agreement shall mean and refer to all of the following: (a) any hazardous or toxic wastes, materials or substances, or chemicals, and other pollutants or contaminants, which are or become regulated by all applicable local, state, regional and federal orders, ordinances, rules, regulations (as interpreted by judicial and administrative decisions) and laws (collectively, the "Environmental Laws"); (b) asbestos or urea formaldehyde; (c) polychlorinated biphenyls; (d) flammables, explosive, radioactive materials, carcinogens, and lead; and (e) diesel, petroleum or petroleum by-products. Purchaser and its authorized agents shall have the right to enter upon the Property during normal business hours to make and perform

Material Defects means (a) a Material Title/Survey Defect or (b) a Material Zoning Defect.

Material Defects means a defect in any item, whether tangible or intangible, that substantially prevents the Services from operating or functioning as intended in the Statement of Works;

Material Defects means (A) any defect in the soil at the Property or in the structural portions of the Improvements, including, without limitation, roofs, foundations, basic building systems, life-safety systems and parking lots, or (B) any other defects costing, in the aggregate, more than Fifty Thousand Dollars ($50,000) to repair, replace or restore.