Defective Asset definition

Defective Asset. A Purchased Asset:
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Defective Asset means, as applicable, a Purchased Asset, Underlying Asset or Pledged Asset that ceases to meet the eligibility requirements of an Eligible Asset, as set forth herein.
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Defective Asset has the meaning given in Section 8.01.
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Examples of Defective Asset in a sentence

  • As of any date of determination, a Purchased Asset that has been subject to a Transaction for less than the applicable Maximum Dwell Time and that is not a Noncompliant Asset or a Defective Asset.

  • For any Purchased Asset with Standard Status, the maximum number of days such Purchased Asset can be not repurchased by Seller before such Purchased Asset may be deemed to be a Noncompliant Asset; and (ii) with respect to a Noncompliant Asset, the maximum number of days that such Noncompliant Asset can be deemed to be a Noncompliant Asset before it may be deemed to be a Defective Asset, all as set forth in the Transactions Terms Letter.

  • Notwithstanding the foregoing, the Seller shall have no obligation to reimburse the Purchaser for any cure costs unless the Purchaser has demonstrated to the satisfaction of the Seller that such costs are not recoverable from the Mortgagor under the Defective Asset or from any other source.

  • We initially address the State’s argument that Defendant essentially caused his own prejudice because to the extent Defendant’s attorneys were unable to prepare for trial and present a defense of mental disease or defect excluding responsibility, it was Defendant’s fault.

  • The repurchase price for any Defective Asset conveyed to Purchaser under this Agreement (the “Repurchase Price”) shall be (x) if such Defective Asset is a Loan other than an Equipment Finance Loan, the outstanding principal balance of such Loan plus accrued interest and (y) if such Defective Asset is an Equipment Finance Loan, the Outstanding Loan Balance minus the amount of any security deposits.

  • Unless the applicable Indemnitee elects the remedy set forth in SECTION 2.8(a) above, the Master Servicer shall pay to the Master Issuer liquidated damages in an amount equal to the Defective Asset Damages Amount.

  • The Defective Asset Payment Series DSCR Threshold applicable to the Series 2007-3 Notes shall be 3.50x.

  • The Seller shall, on each date that a Substitute Loan has been substituted, be deemed to certify to Purchaser and the Agent on behalf of the Lenders that each Substitute Loan substituted for a Defective Asset, a Defaulted Loan or a Delinquent Loan, in each case in accordance with the terms of this Section 7, meets all the conditions of Section 2.15 of the Credit Agreement.

  • Standard Status: As of any date of determination, a Purchased Asset has been subject to a Transaction for less than the applicable Maximum Dwell Time and is not a Noncompliant Asset or a Defective Asset.

  • The undersigned shall return all documents to you when the undersigned's need therefor no longer exists, except where the related Borrower Asset has been substituted, purchased, repurchased, has become a Defective Asset for which the related Liquidated Damages, Repurchase Price or Purchase Price, as applicable, has been paid or the term of the related Borrower Asset shall have expired in accordance with its terms.


More Definitions of Defective Asset

Defective Asset means an Asset as to which the Transferor has breached a representation or warranty under Section 4 hereof, which breach has a material adverse effect on the Asset, and the Transferee has timely delivered to the Transferor a Certificate of Defect pursuant to Section 7.03 as to such breach.
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Defective Asset. A Purchased Asset: (a) that is not or at any time ceases to be an Eligible Asset; (b) that is a Mortgage Loan and is the subject of fraud by any Person (including any originator of such Mortgage Loan) involved in the origination of such Mortgage Loan; (c) that is a Mortgage Loan and the related Mortgaged Property is the subject of material damage or waste; (d) for which any breach of a warranty or representation set forth in Section 8.2 occurs; (e) that is a Mortgage Loan where the related Mortgagor fails to make the first payment due under the Mortgage Note on or before the applicable due date, including any applicable grace period; (f) that was rejected by the Approved Investor;
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Related to Defective Asset

  • Defective Mortgage Loan Any Mortgage Loan which is required to be repurchased pursuant to Section 2.02 or 2.03.

  • Nonconforming lot means a lot that met dimensional requirements of the applicable master program at the time of its establishment but now contains less than the required width, depth or area due to subsequent changes to the master program.

  • Title Defect as used herein shall mean any encumbrance, encroachment, irregularity, defect in or objection to Seller’s title to the Leases and Xxxxx (excluding Permitted Encumbrances) which would result in Seller not having Defensible Title.

  • Defective Loan is any Mortgage Loan as to which there is an unremedied Material Defect.

  • Nonconforming use means a use of land that:

  • Defective Goods means Goods of an inferior quality or which are otherwise inconsistent with this Contract.

  • Nonconforming zoning condition means a physical improvement on a property that does not conform with current zoning standards.

  • 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.

  • Defective means, when modifying the work, refers to work that is unsatisfactory, faulty or deficient in that it:

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

  • Nonconforming Goods means only the following: (i) product shipped is different than identified in Buyer's purchase order; or (ii) product's label or packaging incorrectly identifies its contents.

  • Defective Product has the meaning set forth in Section 5.2.

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

  • 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:

  • Purchased Asset means (i) with respect to any Transaction, the Eligible Asset sold by Seller to Buyer in such Transaction and (ii) with respect to the Transactions in general, all Eligible Assets sold by Seller to Buyer (other than Purchased Assets that have been repurchased by Seller).

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

  • Articulated vehicle means a vehicle with three or more axles, comprising a power unit (called tractor, prime-mover etc.) and semi-trailer which is superimposed on the power unit and coupled together by means of a kingpin revolving on a turn-table and is an articulated vehicle whether automatically detachable or permanently coupled, but this definition does not apply to 2 axle log loaders.

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

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

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

  • Document Defect As defined in Section 2.03(a).

  • Nonconformance as used in this clause means a condition of any hardware, software, material, or service/workmanship in which one or more characteristics do not conform to requirements.

  • 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.

  • Transferred Asset means each asset, including any Loan Asset and Substitute Loan Asset (including, if any, the Participation thereof), Conveyed by the Seller to the Purchaser hereunder, including with respect to each such asset, all Related Property; provided that the foregoing will exclude the Retained Interest and the Excluded Amounts.

  • Corrected Mortgage Loan Any Mortgage Loan that had been a Specially Serviced Mortgage Loan but has ceased to be such in accordance with the definition of "Specially Serviced Mortgage Loan" (other than by reason of a Liquidation Event occurring in respect of such Mortgage Loan or a related Mortgaged Property becoming an REO Property).