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Conditions And Covenants In Debt Documents: Strict vs. Substantial Performance
In the recently decided case of The Bank of New York Mellon Trust Company, N.A. v. Morgan Stanley Mortgage Capital, Inc. (2d Cir. April 27, 2016), a divided panel of the Second Circuit addressed the question of whether a trustee had timely exercised its right to require the seller of a mortgage loan deposited to a securitization vehicle to cure the breach of an underwriting representation.

Herbert Smith Freehills Kramer LLP








