Examples of Ownership Entity in a sentence
If the Initial Member was the purchaser at such foreclosure sale, the Initial Member shall convey to the Company the Deficiency Balance, if any, and any related Underlying Loan, together with a special warranty deed to the Receiver Acquired Property purchased at such foreclosure sale (unless the Receiver Acquired Property was purchased by an Ownership Entity, in which case the Initial Member shall convey to the Company all equity interests in such Ownership Entity).
The purposes of the Ownership Entity shall be to hold the REO Property pending sale, to complete construction of such REO Property and to operate the REO Property as efficiently as possible in order to minimize financial loss to the Debtor and the Collateral Agent and to sell the REO Property as promptly as practicable in a way designed to minimize financial loss to the Debtor and the Collateral Agent, in each case, in conformity with any applicable Business Plan.
Notwithstanding anything to the contrary contained in the foregoing, with respect to Acquired Property consisting of REO Property on the date hereof, the Debtor shall deliver (and/or shall cause the applicable Ownership Entity to deliver) to the Collateral Agent the REO Mortgages and other items required to be delivered pursuant to this Section 8.11 within thirty (30) days after the Closing Date.