REO Subsidiary Interests definition

REO Subsidiary Interests means any and all of the Capital Stock of the REO Subsidiary.

Split View

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Get StartedBook a Demo

REO Subsidiary Interests means any and all of a Seller’s interests, including units of equity interest, in the REO Subsidiary including, without limitation, all its rights to participate in the operation or management of the REO Subsidiary and all of its rights to properties, assets, equity interests and distributions under the By-laws in respect of such equity interests. “REO Subsidiary Interests” also include (i) all accounts receivable arising out of the applicable By-laws; (ii) all general intangibles arising out of the applicable By-laws; and (iii) to the extent not otherwise included, all proceeds of any and all of the foregoing (including, whether or not otherwise included therein, any and all contractual rights of the Seller under any revenue sharing or similar agreement to receive all or any portion of the revenues or profits of such REO Subsidiary).

REO Subsidiary Interests also include (i) all accounts receivable arising out of the applicable By-laws; (ii) all general intangibles arising out of the applicable By-laws; and (iii) to the extent not otherwise included, all proceeds of any and all of the foregoing (including, whether or not otherwise included therein, any and all contractual rights of the Seller under any revenue sharing or similar agreement to receive all or any portion of the revenues or profits of such REO Subsidiary).

Examples of REO Subsidiary Interests in a sentence

• The REO Subsidiary Interests (a) constitute “securities” as defined in Section 8-102 of the Uniform Commercial Code (b) are not dealt in or traded on securities exchanges or in securities markets, (c) do not constitute investment company securities (within the meaning of Section 8-103(c) of the Uniform Commercial Code) and (d) are not held in a securities account (within the meaning of Section 8-103(c) of the Uniform Commercial Code).

• The Lien granted hereunder is a first priority Lien on the REO Subsidiary Interests.

• On the initial Purchase Date, Seller will pledge the Eligible REO Subsidiary Interests with respect to the REO Subsidiary in connection with the initial Transaction.

• No third party holds any “right of first refusal”, “right of first negotiation”, “right of first offer”, purchase option, or other similar rights of any kind, and no other impediment exists to any such transfer or exercise of rights or remedies with respect to such REO Subsidiary Interests.

• No (i) monetary default, breach or violation exists with respect to any agreement or other document governing or pertaining to such REO Subsidiary Interests, (ii) non-monetary default, breach or violation exists with respect to such REO Subsidiary Interests, or (iii) event which, with the passage of time or with notice and the expiration of any grace or cure period, would constitute a default, breach or violation of such REO Subsidiary Interests.

• Purchase any securities other than short-term securities issued by the United States Department of the Treasury or any United States governmental agency, other than in the ordinary and usual course consistent with past practice.

• Any sums paid upon or in respect of the REO Subsidiary Interests upon the liquidation or dissolution of the REO Subsidiary shall be paid over to the Buyer as additional security for the Obligations.

• In no event shall Buyer be required to cast any vote or exercise any member right or take other action which would impair the Repurchase Assets or the REO Subsidiary Interests, as applicable, or which would be inconsistent with or result in a violation of any provision of this Agreement.

• Subject to this Section, Administrative Agent as the holder, may exercise all voting and member rights with respect to the REO Subsidiary Interests.

• If following the occurrence and during the continuation of an Event of Default any sums of money or property so paid or distributed in respect of the REO Subsidiary Interests shall be received by PMC, PMC shall, until such money or property is paid or delivered to the Buyer, hold such money or property in trust for the Buyer segregated from other funds of PMC as additional security for the Obligations.

More Definitions of REO Subsidiary Interests

REO Subsidiary Interests means any and all of Mortgage Subsidiary’s interests in and to REO Subsidiary including, without limitation, all of its right, title and interest in and to the REO Subsidiary Certificate, and all its rights to participate in the operation or management of REO Subsidiary and all its rights to properties, assets, stock and distributions under the REO Subsidiary Agreement in respect of such stock. “REO Subsidiary Interests” also include (i) all accounts receivable arising out of the REO Subsidiary Agreement; (ii) all general intangibles arising out of the REO Subsidiary Agreement; and (iii) to the extent not otherwise included, all of any and all of the foregoing (including within proceeds, whether or not otherwise included therein, any and all contractual rights of Seller under any revenue sharing or similar agreement to receive all or any portion of the revenues or profits of the REO Subsidiary).