Qualification Defect Sample Clauses

Qualification Defect. If (A) any person required to cure or purchase under subsections 2.03(a), 2.03(b), 2.03(c) or 2.03(d) of these Standard Terms or under a separate agreement for a Mortgage Loan affected by a Qualification Defect fails to perform within the earlier of (1) 75 days of the Defect Discovery Date or (2) the time limit set forth in those subsections or that separate agreement or (B) no person is obligated to cure or purchase a Mortgage Loan affected by a Qualification Defect, the Trustee shall dispose of such Mortgage Loan in such manner and for such price as the Trustee determines are appropriate, provided that the removal of such Mortgage Loan occurs no later than the 90th day from the Defect Discovery Date. If the Servicer is not the person required to cure or repurchase the Mortgage Loan, the Trustee may consult with such Servicer to determine an appropriate manner of disposition for and price for such Mortgage Loan. 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. Accordingly, the Trustee is not required to sell an affected Mortgage Loan for its fair market value nor shall the Trustee be required to make up any shortfall resulting from the sale of such Mortgage Loan. The person failing to perform under subsections 2.03(a), 2.03(b), 2.03(c) or 2.03(d) of these Standard Terms shall be liable to the Trust for (i) any difference between (A) the Unpaid Principal Balance of the Mortgage Loan plus accrued and unpaid interest thereon at the Note Rate to the date of disposition and (B) the net amount received by the Trustee from the disposition (after the payment of related expenses), (ii) interest on such difference at the Note Rate (less the Administrative Cost Rate) from the date of disposition to the date of payment and (iii) any legal and other expenses incurred by or on behalf of the Trust in seeking such payments. The Trustee shall pursue the legal remedies of the Trust on the Trust’s behalf and the Trust shall reimburse the Trustee for any legal or other expenses of the Trustee related to such pursuit not recovered from such person.
Sample 1Sample 2Sample 3See All (69)
AutoNDA by SimpleDocs
Qualification Defect. 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. 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. Accordingly, the Trustee is not required to sell an affected Asset for its fair market value nor shall the Trustee be required to make up any shortfall resulting from the sale of such Asset. The person failing to perform under Section 2.06(a) above shall be liable to the Trust for (1) any difference between (A) the Unpaid Principal Balance plus accrued and unpaid interest thereon at the applicable Asset Rate to the date of disposition and (B) the net amount received by the Trustee from the disposition (after the payment of related expenses), (2) interest on such difference at the Asset Rate from the date of disposition to the date of payment and (3) any legal and other expenses incurred by or on behalf of the Trust in seeking such payments. Except where the Servicer is the person failing to perform, the Servicer shall pursue the legal remedies of the Trust on the Trust's behalf and the Trust shall reimburse the Servicer for any legal or other expenses of the Servicer related to such pursuit not recovered from such person. If the Servicer is the person failing to perform, the Trustee shall pursue the Trust's legal remedies against the Servicer and the Trust shall reimburse the Trustee for its related legal or other expenses.
Sample 1See All (5)
Qualification Defect. 11 "Qualified Institutional Buyer".................................................................................. 11 "Qualified Substitute Mortgage Asset"............................................................................ 11 "Rating Agency".................................................................................................. 12 "Realized Interest Shortfall".................................................................................... 12 "Realized Loss".................................................................................................. 12 "Record Date".................................................................................................... 13 "Recordation Report"............................................................................................. 13 "Redeeming Purchase"............................................................................................. 13 "Redemption Account"............................................................................................. 13 "Redemption Date"................................................................................................ 13 "Redemption Price"............................................................................................... 13 "Regular Interest"............................................................................................... 13 "Regular Security"............................................................................................... 13 "REMIC".......................................................................................................... 13 "
Sample 1

Related to Qualification Defect

  • Eligibility; Disqualification There will at all times be a Trustee hereunder that is a corporation organized and doing business under the laws of the United States of America or of any state thereof that is authorized under such laws to exercise corporate trustee power, that is subject to supervision or examination by federal or state authorities and that has a combined capital and surplus of at least $100.0 million as set forth in its most recent published annual report of condition. This Indenture will always have a Trustee who satisfies the requirements of TIA § 310(a)(1), (2) and (5). The Trustee is subject to TIA § 310(b).

  • Notice of Disqualification Events The Company will notify the Purchasers in writing, prior to the Closing Date of (i) any Disqualification Event relating to any Issuer Covered Person and (ii) any event that would, with the passage of time, reasonably be expected to become a Disqualification Event relating to any Issuer Covered Person, in each case of which it is aware.

  • Qualification of Servicer The Servicer is duly incorporated, validly existing and in good standing under the laws of the state of its incorporation and is duly qualified to do business and is in good standing under the laws of each jurisdiction that requires such qualification wherein it owns or leases any material properties, or in which it conducts any material business or in which the performance of its duties under this Agreement would require such qualification, except where the failure to so qualify would not have a material adverse effect on (a) the Servicer's performance of its obligations under this Agreement, (b) the value or marketability of the Mortgage Loans, or (c) the ability to foreclose on the related Mortgaged Properties.

  • Qualification Rights Masterworks will have the right to request that the Company qualify on Form 1-A, or a comparable form, the resale of any Class A shares beneficially owned by Masterworks or any entity administered by Masterworks. There are no limitations or restrictions on the size or frequency of such qualification requests, other than pursuant to applicable law, provided, that all costs associated with any such qualification shall be the responsibility of Masterworks.

  • Obtain Deficiency If Lender chooses to sell any or all of the Collateral, Lender may obtain a judgment against Grantor for any deficiency remaining on the Indebtedness due to Lender after application of all amounts received from the exercise of the rights provided in this Agreement. Grantor shall be liable for a deficiency even if the transaction described in this subsection is a sale of accounts or chattel paper.

  • Disqualification The Adviser shall immediately notify the Trustees of the occurrence of any event which would disqualify the Adviser from serving as an investment adviser of an investment company pursuant to Section 9 of the 1940 Act or any other applicable statute or regulation.

  • Blue Sky Qualification The purchase of Units under this Subscription Agreement is expressly conditioned upon the exemption from qualification of the offer and sale of the Units from applicable federal and state securities laws. The Company shall not be required to qualify this transaction under the securities laws of any jurisdiction and, should qualification be necessary, the Company shall be released from any and all obligations to maintain its offer, and may rescind any sale contracted, in the jurisdiction.

  • Qualification; Compliance 50 (d) Liabilities . . . . . . . . . . . . . . . . . . . . 50 (e) Welfare Plans . . . . . . . . . . . . . . . . . . . 50 (f) Documents made Available . . . . . . . . . . . . . 51 (g) Payments Resulting from Merger . . . . . . . . . . 51 (h) Labor Agreements . . . . . . . . . . . . . . . . . 52 Section 6.11

  • Tax Qualification Each Employee Benefit Plan intended to be qualified under Section 401(a) of the Code has been determined to be so qualified by the Internal Revenue Service and nothing has occurred since the date of the last such determination which resulted or is likely to result in the revocation of such determination.

  • Qualifications, Legal Investment All authorizations, approvals, or permits, if any, of any governmental authority or regulatory body of the United States or of any state that are required in connection with the lawful sale and issuance of the Securities and Warrant Shares shall have been duly obtained and shall be effective on and as of the Closing. No stop order or other order enjoining the sale of the Securities or Warrant Shares shall have been issued and no proceedings for such purpose shall be pending or, to the knowledge of the Company, threatened by the SEC, or any commissioner of corporations or similar officer of any state having jurisdiction over this transaction. At the time of the Closing, the sale and issuance of the Securities and the Warrant Shares shall be legally permitted by all laws and regulations to which the Purchasers and the Company are subject. No litigation, statute, rule, regulation, executive order, decree, ruling or injunction will have been enacted, entered, promulgated or endorsed by or in any court or governmental authority of competent jurisdiction or any self-regulatory organization having authority over the matters contemplated hereby which prohibits the consummation of any of the transactions contemplated by this Agreement.

Time is Money Join Law Insider Premium to draft better contracts faster.