Environmental Defect

Environmental Defect. Shall mean a violation (i) of any environmental or work place safety statute, rule, regulation or order of any governmental agency having jurisdiction over the Interests and (ii) to which remedial or corrective action either is required or would be undertaken by a prudent operator.

Environmental Defect. With respect to any Loan, the presence of any amount of Hazardous Materials with respect to the Mortgaged Property, the cost of remediation imposed on Purchaser by governmental agencies with jurisdiction over the Mortgaged Property of which exceeds five percent (5%) of the Allocated Purchase Price of the Loan