Permitted Exception definition

Permitted Exception means that, with respect to any representation, warranty or covenant with respect to the interest of the Buyer and its assignees in the ARSC Purchased Assets or any Servicer Default, that (i) prior to recordation (A) pursuant to Section 8.3 of this Agreement and/or Section 2.01(d)(i) of the Transfer and Servicing Agreement or (B) upon the sale of a Home to an Ultimate Buyer, record title to such Home may remain in the name of the related Transferred Employee, and no recordation in real estate records of any mortgage or any conveyance pursuant to the related Home Purchase Contract or Home Sale Contract in favor of any Transaction Party or any of the Buyer’s assignees and assigns pursuant to the Receivables Purchase Agreement will be made except as otherwise permitted under Section 2.01(d)(i) of the Transfer and Servicing Agreement and (ii) no delivery of any Home Purchase Contracts, Home Deeds and Equity Loan Notes to any custodian will be required.
Permitted Exception means (a) liens for Taxes and other governmental charges and assessments which are not yet due and payable, (b) liens of landlords and liens of carriers, warehousemen, mechanics and materialmen and other like liens arising in the ordinary course of business for sums not yet due and payable, or (c) other liens or imperfections on property which are not material in amount or do not materially detract from the value or the existing use of the property affected by such lien or imperfection.
Permitted Exception means (a) liens for Taxes and other governmental charges and assessments which are not yet due and payable, (b) liens of landlords and liens of carriers, warehousemen, mechanics and materialmen and other like liens arising in the ordinary course of business for sums not yet due and payable, (c) other liens or imperfections on property which are not material in amount or do not materially detract from the value or the existing use of the property affected by such lien or imperfection, (d) such statements of fact and exceptions shown on any title insurance policies delivered to Global.

Examples of Permitted Exception in a sentence

  • If Purchaser elects (or is deemed to have elected) to take title subject to any additional matter under this Section 5.3, such additional matter shall become a Permitted Exception and the Purchase Price shall not be reduced.

  • If Owner elects not to cure or remove a Title Objection (or is deemed to have so elected), or Owner’s cure is not acceptable to Host, then Host will have thirty (30) days thereafter to provide Owner with written notice that Host (i) accepts the matters disclosed in the preliminary title report, waive such Title Objection, and accept the Exception shown in the preliminary title report as a Permitted Exception or (ii) is terminating the Conveyance to the Host.

  • No later than five (5) days after delivery of the notice of such additional encumbrance, Host will deliver written notice to Owner specifying whether the additional encumbrance is a Title Objection or a Permitted Exception.

  • If Purchaser fails to deliver written notice of its approval or disapproval of any New Exception prior to the New Exception Review Period Expiration Date, such New Exception shall be deemed to be a Permitted Exception.


More Definitions of Permitted Exception

Permitted Exception shall have the meaning set forth in Section 9.
Permitted Exception means (a) liens for Taxes and other governmental charges and assessments which are not yet due and payable, (b) liens of landlords and liens of carriers, warehousemen, mechanics and materialmen and other like liens arising in the ordinary course of business for sums not yet due and payable, (c) other liens or imperfections on property which are not material in amount or do not materially detract from the value or the existing use of the property affected by such lien or imperfection, and (d) such statements of fact and exceptions shown on any title insurance policies delivered to Global.
Permitted Exception has the meaning set forth in Section 5.3.2 hereof.
Permitted Exception means each matter shown in the Report that (i) is not a Disapproved Matter or (ii) is a Disapproved Matter for which Seller has obtained the Title Company's agreement to issue an appropriate endorsement to the Title Policy.
Permitted Exception means an exception allowed to the Irrevocability Rule by the Plan. Any changes based on these exceptions must be on account of and correspond with the underlying event.
Permitted Exception means any required consent or approval of, or filing with or notice to, a Regulatory Authority related to the registration of the Shares with such Regulatory Authority, the listing of the Shares on a Securities Market or any amendment to the Bye-laws or other Organizational Documents of the Company occurring after the date hereof.
Permitted Exception means (a) liens for Taxes and other governmental charges and assessments which are not yet due and payable, (b) liens of landlords and liens of carriers, warehousemen, mechanics and materialmen and other like liens arising in the ordinary course of business for sums not yet due and payable, (c) other liens or imperfections on property which are not material in amount or do not materially detract from the value of or materially the existing use of the property affected by such lien or imperfection, (d) such statement of facts shown on any customary title insurance policies delivered to Global and (e) purchase money security interest liens in favor of Canon U.S.A., Inc..