REO Affiliates Clause Samples
The REO Affiliates clause defines the parties or entities that are considered affiliates of a Real Estate Owned (REO) entity within the context of a contract. Typically, this clause clarifies which subsidiaries, parent companies, or related entities are included when referring to the REO entity's affiliates, often by referencing control, ownership, or management relationships. For example, it may specify that any company under common control with the REO entity is considered an affiliate for the purposes of the agreement. The core function of this clause is to ensure clarity about which entities are covered by the contract’s terms, thereby preventing disputes or ambiguity regarding the rights and obligations of related parties.
REO Affiliates. Attached as Schedule 10.37 hereto is a true and complete list, as of the Effective Date, of each REO Affiliate.
REO Affiliates. Each REO Affiliate shall be a special purpose entity whose organizational documents will include provisions substantially similar to those set forth in Section 4.1(a), modified (with the prior written consent of the Administrative Agent) as appropriate to fit the relevant circumstances. The Seller shall not amend, modify or waive or permit any amendment, modification or waiver, of the special purpose entity terms of such organizational documents without the prior written consent thereto of the Administrative Agent. Seller shall not permit, create or suffer to exist any Indebtedness with respect to any REO Affiliate or any Lien on the assets owned by any REO Affiliate, except for the Liens created by this Agreement and except for any Permitted Encumbrances with respect to any REO Property.
REO Affiliates. All REO Properties shall be owned by an REO Affiliate; it being understood that Borrower will not be taking title to any REO Properties. Promptly upon its acquiring title to any REO Property, Borrower agrees (i) to cause the applicable REO Affiliate to execute and deliver to Borrower a REO Note, which shall be promptly endorsed by Borrower to the Agent and delivered to the Custodian, and REO Security Documents granting to Borrower a first and prior Lien upon each such REO Property, or in cases where such asset was subject to a prior Lien at the time Borrower purchased the financial instrument secured by such REO Property and such prior Lien was disclosed to Lenders in writing prior to the applicable Borrowing Date, a Lien subject only to Permitted Prior Liens, and (ii) to promptly execute and deliver to the Custodian REO Security Documents with respect thereto together with an Assignment relating thereto. Agent has agreed to refrain from requiring the recording of such REO Security Documents and Assignments unless and until there shall have occurred an Event of Default; provided, however, Agent shall have the right, at any time after the occurrence of an Event of Default to record any and all of such REO Security Documents and such Assignments, at the expense of Borrower, with such filing offices as may be required by Agent to evidence Agent’s Liens on such REO Properties.