Document Deficiencies Sample Clauses

Document Deficiencies. If within sixty (60) days of the applicable Sale Date, the Custodian finds any document or documents constituting a part of a Mortgage File to be missing, mutilated, torn, damaged or defective on its face, the Custodian shall notify the Seller and the Purchaser of such fact in writing. The Seller shall then correct or cure the subject matter of such notice within one hundred eighty (180) days from the date of such notice. If (x) the Seller does not correct or cure the subject matter of such notice within such one hundred eighty day period and (y) such omission or defect relates to any document identified in Section 2.03(b)(i) - (iv), the Seller shall repurchase the related Defective Loan at the Repurchase Price. Upon receipt of the Repurchase Price, the Purchaser promptly shall release, or cause the Custodian to release, to the Seller the related Mortgage File, and shall also execute and deliver such instruments of transfer or assignment prepared by the Seller, in each case without recourse, as may be necessary to effectuate the transfer to the Seller of all right, title and interest of the Purchaser in and to each applicable Defective Loan.
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Document Deficiencies. The Servicer shall have no obligations to (i) address or any deficiencies in Mortgage Loan documents transferred to it, (ii) seek any document missing from any assignments relating to the transfer of any Mortgage Loan to or from the Owner. The Servicer's responsibility is solely limited to notifying the Owner as to any missing or document deficiency it becomes aware of.
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Document Deficiencies. If the team’s review reveals deficiencies in the applicant’s submitted documents, the Accreditation Team should negotiate resolution of the deficiencies. The team should be ready to offer suggestions on how to improve the product, but avoid “writing” the applicant’s manual. The Accreditation Team should remember that it is the applicant’s responsibility to develop manuals and procedures that ensure safe operating practices and compliance with the rules.
Sample 1
Document Deficiencies. Within forty-five (45) days following the applicable Transfer Date, the Subservicer shall deliver to Metropolitan, on behalf of the Owners, the list of servicing-related documents which have not been previously delivered to the Subservicer or its designee and shall notify Metropolitan, on behalf of the Owners, or any errors with respect to the reconciliation statement error, (a "Servicing Document Deficiency"). The Subservicer shall not have any responsibility to cure or correct any documentary or collateral defects with respect to any Custodial File, including but not limited to the preparation and recordation of Assignments of Mortgage. However, the Subservicer will not suspend its servicing of any Asset with a Servicing Document Deficiency and will notify Metropolitan, on behalf of the related Owners, of any such Servicing Document Deficiency within five (5) Business Days of Subservicer's determination that servicing of the Asset cannot continue without the missing documentation. In the event that Metropolitan or the related Owner does not cure the Servicing Document Deficiency within ten (10) Business Days of notification, the Subservicer shall attempt to cure such deficiency. Notwithstanding the foregoing, a Servicing Document Deficiency consisting of a mortgage or assignment thereof not being returned from the relevant recording office shall not be deemed to be a deficiency for which servicing shall be suspended with respect to an Asset. In the event that the Subservicer incurs any out-of-pocket costs in attempting to cure or correct such defects, the Subservicer shall be reimbursed for such costs by the related Owner.
Sample 1
Document Deficiencies. Following the Closing Date, the Seller agrees to exercise best efforts to cure (i) the document deficiencies identified on Exhibit 9 hereto with respect to the Mortgage Loans and (ii) any document deficiencies that arise following the Closing Date that are not identified on Exhibit 9. The Seller shall be responsible for all out of pocket costs and expenses incurred in connection with curing any such document deficiencies. The Seller agrees to designate sufficient personnel to assist in curing any such document deficiencies and to cooperate with the Trustees and Custodians in connection with tracking, identifying and curing same. In the event that the Purchaser incurs any such out of pocket costs, the Purchaser shall be reimbursed for such reasonable costs from the Hold Back Amount to the extent not recoverable under the related MBS Servicing Agreement, and, in the event that the Hold Back Amount is not sufficient to reimburse the Purchaser for the full amount of such costs, the Seller shall reimburse such amounts to the Purchaser. In the event that the Seller fails to cure any document deficiency specified on Exhibit 9 with respect to any Mortgage Loan within one hundred twenty (120) days following the Transfer Date, the Seller shall be required to indemnify the Purchaser for any losses related to the missing documentation as provided in Section 5.01 of this Agreement.
Sample 1
Document Deficiencies. Following the Transfer Date, the Purchaser agrees to exercise reasonable and prudent efforts to assist the Seller in curing the document deficiencies identified on Exhibit 7 hereto with respect to the Mortgage Loans; provided that, the Purchaser shall not be responsible for any out of pocket costs incurred in connection with curing any such document deficiencies. The Purchaser agrees to designate sufficient personnel to assist in curing any such document deficiencies and to cooperate with the Trustees and Custodians in connection with tracking, identifying and curing same. In the event that the Purchaser incurs any such out of pocket costs, the Purchaser shall be reimbursed for such costs (up to a maximum of $25,000) from the Hold Back Amount as provided in Section 2.03(c) of this Agreement, and, in the event that the Hold Back Amount is not sufficient to reimburse the Purchaser for the full amount of such costs (up to a maximum of $25,000), the Seller shall reimburse such amounts to the Purchaser.
Sample 1

Related to Document Deficiencies

  • Material Contract Defaults The Company is not, or has not received any notice or has any knowledge that any other party is, in default in any respect under any Material Contract; and there has not occurred any event that with the lapse of time or the giving of notice or both would constitute such a material default. For purposes of this Agreement, a “Material Contract” means any contract, agreement or commitment that is effective as of the Closing Date to which the Company is a party (i) with expected receipts or expenditures in excess of $50,000, (ii) requiring the Company to indemnify any person, (iii) granting exclusive rights to any party, (iv) evidencing indebtedness for borrowed or loaned money in excess of $50,000 or more, including guarantees of such indebtedness, or (v) which, if breached by the Company in such a manner would (A) permit any other party to cancel or terminate the same (with or without notice of passage of time) or (B) provide a basis for any other party to claim money damages (either individually or in the aggregate with all other such claims under that contract) from the Company or (C) give rise to a right of acceleration of any material obligation or loss of any material benefit under any such contract, agreement or commitment.

  • Payment Defaults Tenant shall fail to pay any installment of Rent or any other payment hereunder when due; provided, however, that Landlord will give Tenant notice and an opportunity to cure any failure to pay Rent within 3 days of any such notice not more than once in any 12 month period and Tenant agrees that such notice shall be in lieu of and not in addition to, or shall be deemed to be, any notice required by law.

  • Payment Default Borrower fails to (a) make any payment of principal or interest on any Credit Extension on its due date, or (b) pay any other Obligations within three (3) Business Days after such Obligations are due and payable (which three (3) Business Day grace period shall not apply to payments due on the Maturity Date or the date of acceleration pursuant to Section 9.1 (a) hereof). During the cure period, the failure to cure the payment default is not an Event of Default (but no Credit Extension will be made during the cure period);

  • Other Payment Default The Borrower shall default in the payment when and as due (whether at maturity, by reason of acceleration or otherwise) of interest on any Loan or Reimbursement Obligation or the payment of any other Obligation, and such default shall continue for a period of three (3) Business Days.

  • Material Contracts; No Defaults (a) The SPAC has filed as an exhibit to the SPAC SEC Reports all Contracts, including every “material contract” (as such term is defined in Item 601(b)(10) of Regulation S-K of the SEC) (other than confidentiality and non-disclosure agreements and this Agreement) to which, as of the date of this Agreement, SPAC is a party or by which any of its respective assets are bound.

  • No Defaults; Violations No material default exists in the due performance and observance of any term, covenant or condition of any material license, contract, indenture, mortgage, deed of trust, note, loan or credit agreement, or any other agreement or instrument evidencing an obligation for borrowed money, or any other material agreement or instrument to which the Company is a party or by which the Company may be bound or to which any of the properties or assets of the Company is subject. The Company is not in violation of any term or provision of its Certificate of Incorporation or Bylaws or in violation of any material franchise, license, permit, applicable law, rule, regulation, judgment or decree of any governmental agency or court, domestic or foreign, having jurisdiction over the Company or any of its properties or businesses.

  • Material Contracts; Defaults Except for those agreements and other documents filed as exhibits to its SEC Documents, neither it nor any of its Subsidiaries is a party to, bound by or subject to any agreement, contract, arrangement, commitment or understanding (whether written or oral) (i) that is a "material contract" within the meaning of Item 601(b)(10) of the SEC's Regulation S-K or (ii) that materially restricts the conduct of business by it or any of its Subsidiaries. Neither it nor any of its Subsidiaries is in default under any contract, agreement, commitment, arrangement, lease, insurance policy or other instrument to which it is a party, by which its respective assets, business, or operations may be bound or affected, or under which it or its respective assets, business, or operations receives benefits, and there has not occurred any event that, with the lapse of time or the giving of notice or both, would constitute such a default.

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