Defect Discovery Date definition

Defect Discovery Date. With respect to a Mortgage Loan, the date on which any of the Trustee, the Securities Administrator, the Master Servicer or the Servicer first discovers a Qualification Defect affecting the Mortgage Loan.
Sample 1Sample 2Sample 3
Defect Discovery Date. With respect to an Asset, the date on which either a Responsible officer of the Trustee or the Servicer first discovers a Qualification Defect affecting the Asset.
Sample 1Sample 2Sample 3
Defect Discovery Date. With respect to a Mortgage Loan, the earliest date on which any of the Trustee, the Securities Administrator, the Master Servicer or the Servicer first discovers a Qualification Defect affecting the Mortgage Loan.
Sample 1Sample 2Sample 3

Examples of Defect Discovery Date in a sentence

  • It is the express intent of the parties that a Mortgage Loan affected by a Qualification Defect be removed from the Trust by the 90th day from the Defect Discovery Date so that the related REMIC(s) will continue to qualify as a REMIC.

  • Notwithstanding the foregoing, however, if any breach of a representation or warranty by the Servicer or of a Seller is a Qualification Defect, a cure or purchase must take place within 75 days of the Defect Discovery Date.

  • Notwithstanding the foregoing, however, if such breach is a Qualification Defect, such cure or repurchase must take place within 75 days of the Defect Discovery Date.

  • Notwithstanding the foregoing, however, if such breach results in or is a Qualification Defect, such cure, purchase or substitution must take place within 75 days of the Defect Discovery Date.

  • Notwithstanding the foregoing, however, if any breach of a representation or warranty by the Depositor is a Qualification Defect, a cure or purchase must take place within 75 days of the Defect Discovery Date.

  • Notwithstanding the foregoing, however, if such breach is a Qualification Defect and one or more REMIC elections have been made with respect to the related Trust, such cure, purchase or substitution must take place within 75 days of the Defect Discovery Date.

  • It is the express intent of the parties that an Asset affected by a Qualification Defect be removed from the Trust before the 90th day from the Defect Discovery Date so that the related REMIC or Pooling REMIC will continue to qualify as a REMIC.

  • Notwithstanding the foregoing, however, if such breach is a Qualification Defect and one or more REMIC elections have been made with respect to the related Trust, such cure or purchase must take place within 75 days of the Defect Discovery Date.

  • If any Person required to cure, purchase, or substitute under Section 2.06(a) above for an Asset affected by a Qualification Defect fails to perform within the time limit set forth in those subsections, the Trustee shall dispose of such an Asset in such manner and for such price as the Servicer advises the Trustee are appropriate, provided that the removal of such Asset occurs no later than the 90th day from the Defect Discovery Date.

  • Notwithstanding the foregoing, however, if such breach is a Qualification Defect, such cure or repurchase must take place within forty-five (45) days of the Defect Discovery Date.

Related to Defect Discovery Date

  • Title Defect Amount means, with respect to a Title Defect Property, the amount by which such Title Defect Property is impaired as a result of the existence of one or more Title Defects, which amount shall be determined as follows:

  • 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.

  • Title Defect means with respect to a Lease any lien, encumbrance, adverse claim, default, expiration, failure, defect in or objection to real property title, other than Permitted Encumbrances, that alone or in combination with other defects renders Sellers’ title to the Lease less than Defensible Title.

  • 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.

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

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

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

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

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

  • Title Benefit Amount has the meaning set forth in Section 6.2(d).

  • Casualty Loss means, with respect to any item of Equipment, the loss, theft, damage beyond repair or governmental condemnation or seizure of such item of Equipment.

  • 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:

  • 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.

  • 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.

  • Title Review Period shall have the meaning set forth in Section 4.3.

  • Title Objections has the meaning ascribed to such term in Section 6.2(a).

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

  • Expected Claim Notice means a notice that, as a result of a legal proceeding instituted by or written claim made by a third party, an Indemnified Party reasonably expects to incur Damages for which it is entitled to indemnification under Article VI.

  • Claim Objection Deadline means the first Business Day that is 180 days after the Effective Date, as may be extended by order of the Bankruptcy Court.

  • Material Project EBITDA Adjustments means, with respect to each Material Project:

  • Title Benefit means Seller’s interest in any Subject Interest that is greater than or in addition to that set forth in Exhibit B (including, without limitation, a Net Revenue Interest that is greater than that set forth in Exhibit B) or Seller’s Working Interest in any Subject Interest that is less than the Working Interest set forth in Exhibit B (without a corresponding decrease in the Net Revenue Interest). Any matters that may otherwise constitute Title Benefits, but of which Buyer has not been specifically notified by Seller in accordance with the foregoing, shall be deemed to have been waived by Seller for all purposes.

  • Title Objection shall have the meaning assigned thereto in Section 8.5.

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

  • 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.

  • Allocated Value means, in respect of any particular asset of a Participating CCAA Party, the amount of the sale proceeds realized from such asset, net of costs allocated to such asset all pursuant to the Allocation Methodology and, in respect of any Secured Claim, the amount of such sale proceeds receivable on account of such Secured Claim after taking into account the priority of such Secured Claims relative to other creditors holding a Lien in such asset;

  • Contract Amount means: