Affiliate Escrow Agents Clause Samples
The 'Affiliate Escrow Agents' clause defines the conditions under which an affiliate of a party may serve as the escrow agent in a transaction. Typically, this clause outlines the requirements for appointing an affiliate, such as ensuring the affiliate meets certain standards of independence or capability, and may specify any limitations or additional disclosures required when an affiliate is chosen. Its core function is to provide flexibility in selecting an escrow agent while addressing potential conflicts of interest, thereby ensuring transparency and maintaining trust between the parties.
Affiliate Escrow Agents. Seller represents and warrants to Bank that any and all title companies and other Persons that provide closing services in connection with residential mortgage loan transactions which are directly or indirectly owned or controlled by Seller or under common ownership or control with Seller (each an “Affiliate Escrow Agent”) as of the date hereof are identified on Exhibit H. Seller represents and warrants that, prior to the Effective Date, Seller has delivered to Bank true, correct and complete copies of the financial statements for each Affiliate Escrow Agent. Seller covenants and agrees to promptly notify Bank in writing regarding any new Affiliate Escrow Agents arising after the Effective Date.
Affiliate Escrow Agents. Any and all title companies and other Persons that provide closing services in connection with residential mortgage loan transactions which are directly or indirectly owned or controlled by Seller or under common ownership or control with Seller (each an “Affiliate Escrow Agent”) as of the Effective Date are identified on Exhibit H. Seller has delivered to Bank true, correct and complete copies of the financial statements for each Affiliate Escrow Agent.
Affiliate Escrow Agents. Seller represents and warrants to Bank that any and all title companies and other Persons that provide closing services in connection with residential mortgage loan transactions which are directly or indirectly owned or controlled by Seller or under common ownership or control with Seller (each an “Affiliate Escrow Agent”) as of the Effective Date of this Agreement are identified on Exhibit H. Seller covenants and agrees to promptly notify Bank in writing regarding any new Affiliate Escrow Agents arising after the Effective Date.
Affiliate Escrow Agents. Listed on Exhibit H are all current title companies and other Persons that provide closing services in connection with residential mortgage loan transactions which are directly or indirectly controlled by Seller or under common control with Seller (each an “Affiliate Escrow Agent”). In addition, Seller represents and warrants that, prior to the Effective Date, Seller has delivered to Bank true, correct and complete copies of the financial statements for each Affiliate Escrow Agent. Seller covenants and agrees to promptly notify Bank in writing regarding any new Affiliate Escrow Agents arising after the Effective Date.