Non-Material Deviation definition
Non-Material Deviation means, with respect to any Loan Document, a deviation in the terms or conditions of such Loan Document from the Form Documents (A) arising solely out of (i) changes to deal-specific economic terms such as pricing, the party against whom recourse is available, whether or not recourse is available and maturity date or (ii) changes required by applicable federal, state and/or local laws and regulations, (B) that does not have a material and adverse effect on (x) the security intended to be provided to the Buyer hereunder or (y) the rights and remedies of the Buyer for the practical realization against the collateral (including any guaranty) securing such Mortgage Loan or (C) that creates or alters any material obligation of any Seller Party.
Non-Material Deviation means any Deviation which is not a Material Deviation.
Non-Material Deviation has the meaning set forth in Section 2.1.
More Definitions of Non-Material Deviation
Non-Material Deviation. With respect to any Loan Document, a deviation in the terms or conditions of such Loan Document from the Form Documents (A) arising solely out of (i) changes to deal-specific economic terms such as pricing, the party against whom recourse is available, whether or not recourse is available and maturity date or (ii) changes required by applicable federal, state and/or local laws and regulations, (B) that does not have a material and adverse effect on (x) the security intended to be provided to the Noteholders thereunder or (y) the rights and remedies of the Noteholders for the practical realization against the collateral (including any guaranty) securing such Underlying Loan or (C) that creates or alters any material obligation of any Seller Party.