Significant Defect means a Defect existing on the Certificate Effective Date that is in any respect material to our acceptance of the risk or the hazard assumed under our Underwriting Guidelines in effect when you submit the Application, such that had we known of the Defect we would not have insured the loan, regardless of whether the Defect causes a Default or contributes to the Claim Amount, including for example: (i) the underwriting of the Borrower’s creditworthiness and ability to borrow funds or repay the loan or the Borrower’s eligibility and qualification or the Borrower’s identity; (ii) the underwriting criteria related to the Property or project eligibility; the Property appraisal or the physical or environmental condition of the Property; (iii) loan terms and criteria or any terms and criteria set forth in any negotiated provision; (iv) a life-of-loan exclusion in this Policy for which rescission is a remedy; (v) requirements applicable to the closing and sale of the loan; or (vi) the form and/or execution of required loan and mortgage documents, without which the loan would be ineligible for insurance or the enforceability of the mortgage terms would be limited.
Significant Defect means a Defect existing on the Certificate Effective Date that is in any respect material to our acceptance of the risk or the hazard assumed under our Underwriting Guidelines in effect when you submit the Application, such that had we known of the Defect we would not have insured the loan, regardless of whether the Defect causes a Default or contributes to the Claim Amount,
Significant Defect means a physical condition in the sanitary sewer system owned or
Examples of Significant Defect in a sentence
In the event that a Significant Defect occurs, Seller shall make good the Significant Defect.
The review of the Closing File Documents must ensure that the loan was closed consistent with the MI’s commitment/certificate of insurance and reveal no material discrepancies that would constitute a Significant Defect.
If we have completed an Independent Validation and have not identified Credible Evidence of a Significant Defect with respect to a loan, we will not rescind coverage under the Certificate on account of a Significant Defect (whether or not the loan is in Default), effective upon our notification to you regarding the outcome of the Independent Validation.
With respect to a loan that has not qualified for rescission relief under Section 17(c), 17(d) or 17(f), we will not rescind coverage under the Certificate on account of a Significant Defect on or after the due date of the 60th payment if both of the following conditions are met:i) either the loan is not in Default, or if the loan is in Default, it subsequently becomes current; andii) all payments due on the loan have been made with the Borrower’s Own Funds.
We also have the right to direct you to commence legal action if we determine that it is necessary to protect our rights, but if we so direct, then we will pay the expenses for such legal action; provided, however, that this paragraph shall not apply to Appropriate Proceedings.If you are aware of a Significant Defect, Single Loan Fraud or Pattern Activity with respect to a loan, you must notify us within 30 days of discovering such information.
More Definitions of Significant Defect
Significant Defect means a single or recurring Defect which occurs at any time within two (2) years of the Substantial Completion Date which results in the cessation of operation of the Facility or will not, unless corrected, allow PacifiCorp to operate the Facility within parameters required to comply with applicable Law for a period of either three (3) consecutive days or an aggregate of five (5) days in the case of a recurring Defect.
Significant Defect means a defect in a Software Product that impedes the primary function of the Software Product. This warranty does not include products not manufactured by Vigilant. Vigilant will repair or replace any Software Product with a Significant Defect during the Warranty Period; provided, however, if Vigilant cannot substantially correct a Significant Defect in a commercially reasonable manner, Affiliate may terminate this Agreement and Vigilant shall refund to Affiliate an amount calculated by multiplying the total amount of Service Fees paid by Affiliate for the then- current Service Period by the percentage resulting from dividing the number of days remaining in the then-current Service Period, by 365. The foregoing remedies are Affiliate’s exclusive remedy for defects in the Software Product. Vigilant shall not be responsible for labor charges for removal or reinstallation of defective software, charges for transportation, shipping or handling loss, unless such charges are due to Vigilant's gross negligence or intentional misconduct. Vigilant disclaims all warranties, expressed or implied, including but not limited to implied warranties of merchantability and fitness for a particular purpose. In no event shall Vigilant be liable for any damages whatsoever arising out of the use of, or inability to use, the Software Products.
Significant Defect means a physical condition in the sanitary sewer system, including (1) existing or imminent structural failures, cave-ins, and similar defects and (ii) significant sources of inflow and infiltration (including but not limited to missing and/or damaged public clean-outs, missing manhole inserts, direct storm water connections, and unsealed manhole pipe penetrations).
Significant Defect means a defect in a Hardware Product or Software Product that impedes the primary function of the Hardware Product or Software Product. This warranty does not include products not manufactured by Vigilant. Vigilant will repair or replace any Hardware Product or Software Product with a Significant Defect during the Warranty Period; provided, however, if Vigilant cannot substantially correct a Significant Defect in a commercially reasonable manner, Customer may terminate this Agreement and Vigilant shall refund to Customer an amount calculated by multiplying the total amount of Service Fees paid by Customer for the then-current Service Period by the percentage resulting from dividing the number of days remaining in the then-current Service Period, by 365. The foregoing remedies are Customer’s exclusive remedy for defects in the Software Product. Vigilant shall not be responsible for labor charges for removal or reinstallation of defective Hardware Products or Software Products, charges for transportation, shipping or handling loss, unless such charges are due to Vigilant's gross negligence or intentional misconduct. Vigilant disclaims all warranties, expressed or implied, including but not limited to implied warranties of merchantability and fitness for a particular purpose. In no event shall Vigilant be liable for any damages whatsoever arising out of the use of, or inability to use, the Hardware Products and Software Products.
Significant Defect means a single or recurring Defect which occurs at any time within two years of Substantial Completion which results in the cessation of operation of the Plant or will not, unless corrected, allow the Company to operated the Plant within air quality or other emission limits or within parameters required to comply with any Requirements of Law for a period of either three (3) consecutive days or an aggregate of five (5) days in the case of a recurring Defect.
Significant Defect. Means a matter, in view of the age and type of the building being inspected, requires substantial repairs or urgent attention and rectification or a defect of sufficient magnitude where rectification works have to be carried out in order to avoid unsafe conditions and loss of utility and deterioration of property.
Significant Defect. - means any defect in a vapor recovery system that may reduce the ability of the system to capture ninety-five (95) percent by volume of gasoline vapors that are generated during motor vehicle refueling.