Material Document Defect definition

Material Document Defect. As defined in Section 2.03(a) of this Agreement.

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Material Document Defect has the meaning set forth in Section 2.3(a).

Material Document Defect. With respect to any Mortgage Loan, any Document Defect that materially and adversely affects the value of such Mortgage Loan or the interests of the Certificateholders, or any of them, in the affected Mortgage Loan, including, but not limited to, a material and adverse effect on any of the distributions distributable with respect to any of the Certificates or on the value of those Certificates. Notwithstanding the foregoing, the absence of a Specially Designated Mortgage Loan Document following the date and under the circumstances specified with respect to such Specially Designated Mortgage Loan Document in the second to last sentence of the first paragraph of Section 2.03(b), which absence results from the failure of the related Mortgage Loan Seller to deliver such Specially Designated Mortgage Loan Document in accordance with the terms of the related Mortgage Loan Purchase Agreement, shall also constitute a Material Document Defect to the extent set forth in the related Mortgage Loan Purchase Agreement.

Examples of Material Document Defect in a sentence

• The Trustee’s sole remedy against the Trust Loan Sellers in connection with a Material Document Defect is to enforce the cure, repurchase or indemnification claim in accordance with the provisions of the Trust Loan Purchase Agreement.

• For the avoidance of doubt, no Liquidation Fee shall be payable by the Trust Loan Seller in connection with a repurchase of such Trust Loan Seller’s Loan Percentage Interest in the Trust Loan (or any allocable portion of the Trust Loan) or any indemnification payment by the Trust Loan Seller to a Material Breach or a Material Document Defect if made in accordance with and within the Initial Resolution Period or any Extended Resolution Period.

• The Trustee’s sole remedy against any Mortgage Loan Seller in connection with a Material Document Defect is to enforce the cure, repurchase or indemnification claim in accordance with the provisions of the Mortgage Loan Purchase Agreement.

• For the avoidance of doubt, no Liquidation Fee will be payable by the Mortgage Loan Sellers in connection with a repurchase of their respective Loan Percentage Interests in the Mortgage Loan (or any allocable portion of the Mortgage Loan) or any indemnity payment by the Mortgage Loan Seller due to a Material Breach or a Material Document Defect if made in accordance with and within the 90 day period set forth in the Mortgage Loan Purchase Agreement (together with any applicable extended period).

More Definitions of Material Document Defect

Material Document Defect. As defined in Section 2.9(a).

Material Document Defect. As defined in the Trust Loan Purchase Agreements.

Material Document Defect. A Document Defect that materially and adversely affects the interests of the Certificateholders, or any of them, with respect to the affected Mortgage Loan, including but not limited to a material and adverse effect on any of the distributions payable with respect to any of the Certificates or on the value of such Certificates or such Mortgage Loan.

Material Document Defect. As defined in the Mortgage Loan Purchase Agreement.

Material Document Defect. With respect to any Pooled Mortgage Loan, any Document Defect that materially and adversely affects the interests of the Certificateholders, or any of them, with respect to the affected Pooled Mortgage Loan, including but not limited to a material and adverse effect on any of the distributions payable with respect to any of the Certificates or on the value of such Certificates. Notwithstanding the foregoing, the absence of a Specially Designated Mortgage Loan Document following the date on which such Specially Designated Mortgage Loan Document is required to be delivered to the Trustee as described in Section 2.01(d) shall also constitute a Material Document Defect.

Material Document Defect. A Document Defect that materially and adversely affects the value of a Mortgage Loan, the related Mortgaged Property or the interests of the Trust Fund therein or of any Certificateholder; provided, however, that the absence of, or a material and adverse irregularity on the face of, any of the following documents shall be presumed to be a Material Document Defect: the original Mortgage Note (or a lost note affidavit and indemnity), an original or executed copy of the Mortgage, an original or copy of the required lender's title insurance policy (or in lieu thereof a marked-up title commitment marked as binding and countersigned by the title company or its authorized agent), the original or copy of any related letters of credit or a copy of any related Ground Lease from the Mortgage File.

Material Document Defect. With respect to each Collateral Interest, the meaning specified in the Collateral Interest Purchase Agreement.