Fatal Exception definition

Fatal Exception means a Fatal Document Exception or a Fatal Information Exception.
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Fatal Exception means the exceptions identified as such in the Asset File definition set forth on Exhibit E.
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Fatal Exception means the assignment by the Custodian of a Mortgage Loan Absentee Code or a Mortgage Loan Suspension Code to a Mortgage Loan.
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Examples of Fatal Exception in a sentence

  • If there exists no evidence of title insurance at all, then it will be considered a Fatal Exception and the Market Value will be zero until title policy is delivered.

  • The disbursing of funds by Disbursement Agent shall constitute Disbursement Agent's certification that no Fatal Exception exists with respect to any Eligible Asset (or, with respect to a Wet-Ink Mortgage Loan, no Fatal Information Exception exists).

  • The disbursing of funds by Disbursement Agent shall constitute Disbursement Agent's certification that no Fatal Exception exists with respect to any Eligible Asset (or, with respect to a Wet-Ink Mortgage Loan, no Fatal Information Exception exists) funded pursuant to this Section 11(c)(i)(F).

  • If title policy is not delivered within 60 days, becomes Fatal Exception and is reduced to a Market Value of zero until delivered.

  • The Custodian shall have received acceptable evidence that the Eligible Assets subject to the Advance are not subject to a Fatal Exception.

  • With respect to any Mortgage Loan with a Fatal Exception which is listed on the Asset Schedule and Exception Report, such Mortgage Loan shall have an asset value of zero for purposes of the Repurchase Agreement and this Agreement until the related Fatal Exception ceases to exist.

  • The disbursing of funds by Disbursement Agent shall constitute Disbursement Agent's certification that no Fatal Exception exists with respect to any Eligible Asset that is not a Wet-Ink Mortgage Loan and, with respect to a Wet-Ink Mortgage, no Fatal Information Exception exists, funded pursuant to this Section 11(c)(i)(F).

  • If not delivered within 30 days, becomes Fatal Exception and is reduced to a Market Value of zero until delivered.

  • The Borrower will not without the prior written consent of the Lender enter into any contract or other agreement that would prohibit or in any way restrict the ability of the Borrower to comply with any provision of this Agreement.

  • The disbursing of funds by Disbursement Agent shall constitute Disbursement Agent’s certification that no Fatal Exception exists with respect to any Eligible Asset (or, with respect to a Wet-Ink Mortgage Loan, no Fatal Information Exception exists).


More Definitions of Fatal Exception

Fatal Exception. As defined in the Custodial Agreement.
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Fatal Exception shall heave the meaning assigned thereto in --------------- the Custodial Agreement."
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Fatal Exception means a non-Wet Loan that does not have (i) the documents referenced in paragraphs (a), (c), (d), (e), (f) and (k) of Section 2 of the Custodial Agreement and (ii) some evidence that a title insurance policy has been issued or a commitment to issue such policy, in the Loan File which shall be listed on the Fatal Exception Report.
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Fatal Exception. With respect to a Mortgage Loan, (i) any variance from the requirements of Section 2(b)(i), (ii), (iii), (iv) (v), (vi) or (viii) of the Custodial Agreement with respect to the Custodial Loan File (giving effect to the Issuer’s right to deliver certified copies in lieu of original documents in certain circumstances); or (ii) that the documents in the Custodial Loan File referred to in the preceding clause (i) have been reviewed by the Custodian in accordance with the Review Procedures in Exhibit K to the Custodial Agreement and do not appear on their face to be regular or to relate to such Mortgage Loan.
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Fatal Exception. A non-Wet Funded Loan that does not have (i) the documents referenced in Section 2(b)(i), (iii), (iv), (v) and (vi) of the Custodial Agreement and (ii) some evidence that a title insurance policy has been issued or a commitment to issue such policy, in the Custodial Loan File and which are listed on the Fatal Exception Report.”
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Fatal Exception. A discrepancy or absence of required documents of a Mortgage Loan File pursuant to the Review Procedures set forth on Exhibit 9, except for those discrepancies or absences defined as a Non-Fatal Exception.
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Related to Fatal Exception

  • Permitted Exception means (a) liens for Taxes and other governmental charges and assessments which are not yet due and payable, (b) liens of landlords and liens of carriers, warehousemen, mechanics and materialmen and other like liens arising in the ordinary course of business for sums not yet due and payable, (c) other liens or imperfections on property which are not material in amount or do not materially detract from the value or the existing use of the property affected by such lien or imperfection, (d) such statements of fact and exceptions shown on any title insurance policies delivered to Global.

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

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

  • Equitable Exceptions means, with respect to the enforceability of any obligation, that such obligation is subject to (a) applicable bankruptcy, insolvency, moratorium, receivership, assignment for the benefit of creditors or other similar state or federal laws affecting the rights and remedies of creditors generally (including, without limitation, fraudulent conveyance or transfer laws) and judicially developed doctrines in this area, such as equitable subordination and substantive consolidation of entities and (b) equitable principles (whether considered in a proceeding in equity or at law).

  • Title Objections has the meaning ascribed to such term in Section 6.2(a).