REO Affiliate definition

REO Affiliate means a corporation, limited partnership, limited liability company or business trust organized under the laws of any state of the United States which is wholly owned by the Company or any Subsidiary and acquires title to any REO Property.

REO Affiliate means a Person, other than Borrower, a Primary Obligor or a Material Portfolio Entity, which is a corporation, limited liability company or partnership 100% of the Equity Interests in which are owned by a Portfolio Entity (the “REO Owner”) (or, in the case of such an entity which is a limited partnership, 100% of the limited partnership interest of which is owned by the REO Owner and 100% of the interest in the general partner is owned by the REO Owner), which Person has been established solely to acquire, from the REO Owner or a seller from which the Portfolio Entity is acquiring other Assets, title to (and owns no Assets other than) parcels of real property (or distressed notes secured by real property for purposes of obtaining title to real property securing such loans) in exchange for, with respect to each such parcel, a promissory note in a principal amount no less than 96% of the value (as reasonably determined by the REO Owner and the REO Affiliate) of the property; provided that no Person shall constitute or continue to constitute an REO Affiliate if (A) such Person acquires property from any Person other than (x) the REO Owner or a Person from whom the REO Owner is acquiring other Assets, or (y) in the case where it has acquired a note from the REO Owner solely for purposes of acquiring title to the real property securing such note, the obligor of such note; or (B) engages in any business other than business incidental to owning and selling the parcels of real property so acquired by such REO Affiliate.

REO Affiliate means a Person, other than Borrower, a Primary Obligor or a Mid-Tier Company, which is a corporation, limited liability company or partnership 100% of the Equity Interests in which are owned by a Secondary Obligor (the "REO Owner") (or, in the case of such an entity which is a limited partnership, 100% of the limited partnership interest of which is owned by the REO Owner and 100% of the interest in the general partner is owned by the REO Owner), which Person has been established solely to acquire from the REO Owner title to (and owns no assets other than) parcels of real property (or distressed notes secured by real property for purposes of obtaining title to real property securing such loans) in exchange for, with respect to each such parcel, a promissory note in a principal amount no less than 96% of the value (as reasonably determined by the REO Owner and the REO Affiliate) of the property; provided that no Person shall constitute or continue to constitute an REO Affiliate if (A) such Person acquires property from any Person other than (x) the REO Owner, (y) in the case where it has acquired a note from the REO Owner solely for purposes of acquiring title to the real property securing such note, the obligor of such note; or (z) except in the case of an REO-PFAL Affiliate, any other seller of real property securing distressed notes or (B) engages in any business other than business incidental to owning and selling the parcels of real property so acquired by such REO Affiliate.

Examples of REO Affiliate in a sentence

• The provisions of this Section 7.12 shall not apply to any Wholly-Owned Subsidiary which is an REO Affiliate, or any Immaterial Entity.

• None of Borrower, any Subsidiary (other than an REO Affiliate) or any Portfolio Entity-50%, will grant, contract, create, incur, assume or suffer or permit to exist any Lien upon or with respect to, or by transfer or otherwise subject to the prior payment of any indebtedness (other than the Loans), any of its Assets, whether now owned or hereafter acquired, except (i) Permitted Liens or (ii) in the case of an REO Affiliate, Liens in favor of its REO Owner and non-consensual Charges.

• Any sale of an REO Property shall be without recourse to, or representation or warranty by, the Trustee, the Originator, the Servicer, the Borrower or the related REO Affiliate.

• 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.

• The Borrower will not be a party to any merger or consolidation, or purchase or otherwise acquire any of the assets or any stock of any class of, or any partnership or joint venture interest in, any other Person other than any REO Affiliate, or sell, transfer, convey or lease any of its assets, or sell or assign with or without recourse any Collateral or any interest therein (other than as expressly permitted pursuant to this Agreement or the Sale Agreement).

More Definitions of REO Affiliate

REO Affiliate means any one of them.

REO Affiliate means Bosque Investment Realty Partners, L.P., a Texas limited partnership.

REO Affiliate those entities described on Schedule 1.1(llll).

REO Affiliate the meaning provided for such term in the Loan Agreement.

REO Affiliate means (a) Plymouth REO, Inc., a Delaware corporation, and/or (b) any other entity that is controlled, directly or indirectly, by the Borrower and owns or acquires title to any real property securing an Acquired Loan.

REO Affiliate means a Person, which is a corporation, limited liability company or partnership, of which at least 50% of the equity interests of such Person are owned by a Subsidiary of the Company (herein the “REO Owner”), which Person has been established solely to acquire, from the REO Owner or a seller from which such REO Owner was acquiring other assets, title to (and owns no assets other than) parcels of real property (or distressed notes secured by real property for purposes of obtaining title to real property securing such loans).

REO Affiliate means a Person, other than Borrower, or any other FC Entity, which is a corporation, limited liability company or partnership 100% of the equity interests (or, in the case of such an entity which is a limited partnership, 100% of the limited partnership interest of which is owned by the REO Owner and 100% of the interest in the general partner is owned by the REO Owner) are owned by an REO Owner and which Person has been established solely to acquire, from the REO Owner or a seller from which the REO Owner is acquiring other assets, title to (and owns no assets other than) parcels of real property (or distressed notes secured by real property for purposes of obtaining title to real property securing such loans) in exchange for, with respect to each such parcel, a promissory note in a principal amount reasonably determined by the REO Owner and the REO Affiliate, secured by the REO Property; provided that no Person shall constitute or continue to constitute an REO Affiliate if (A) such Person acquires property from any Person other than (x) the REO Owner or a Person from whom the REO Owner is acquiring other assets, or (y) in the case where it has acquired a note from the REO Owner solely for purposes of acquiring title to the real property securing such note, the obligor of such note; or (B) engages in any business other than business incidental to owning and selling the parcels of real property so acquired by such REO Affiliate.