Common use of Acquisition Entities Clause in Contracts

Acquisition Entities. Borrower shall promptly notify -------------------- Lender upon the formation of any Acquisition Entity. Provided that no Event of Default has occurred and is continuing, Borrower may transfer a Collateral Loan to an Acquisition Entity, in contemplation of such Acquisition Entity's acquiring title to the related Mortgaged Property pursuant to a foreclosure or acceptance of a deed-in-lieu of foreclosure or otherwise. If no Event of Default has occurred and is continuing, Borrower may cause such Acquisition Entity to acquire title to such Mortgaged Property (which Mortgaged Property shall then immediately and automatically become a Real Estate Parcel) pursuant to a foreclosure or acceptance of a deed-in-lieu of foreclosure or otherwise, and Borrower shall cause such Acquisition Entity to perform, with respect to such Real Estate Parcel, the same actions and obligations that this Agreement would require Borrower to undertake with respect to such Real Estate Parcel. Upon the occurrence and during the continuance of any Event of Default, except with Lender's prior written consent or as required by Lender, (i) Borrower shall not form any further Acquisition Entity(ies); (ii) Borrower shall not transfer any Collateral Loan to an Acquisition Entity; and (iii) Borrower shall not cause any Acquisition Entity to acquire title to any Mortgaged Property.

Acquisition Entities. Borrower shall promptly notify -------------------- Lender upon the formation of any Acquisition Entity. Provided that no Event of Default has occurred and is continuing, Borrower may transfer a Collateral Loan to an Acquisition Entity, in contemplation of such Acquisition Entity's acquiring title to the related Mortgaged Property pursuant to a foreclosure or acceptance of a deed-in-lieu of foreclosure or otherwise. If no Event of Default has occurred and is continuing, Borrower may cause such Acquisition Entity to acquire title to such Mortgaged Property (which Mortgaged Property shall then immediately and automatically become a Real Estate Parcel) pursuant to a foreclosure or acceptance of a deed-in-lieu of foreclosure or otherwise, and Borrower shall cause such Acquisition Entity to perform, with respect to such Real Estate Parcel, the same actions and obligations that this Agreement would require Borrower to undertake with respect to such Real Estate Parcel. Upon the occurrence and during the continuance of any Event of Default, except with Lender's prior written consent or as required by Lender, (i) Borrower shall not form any further Acquisition Entity(ies); (ii) Borrower shall not transfer any Collateral Loan to an Acquisition Entity; and (iii) Borrower shall not cause any Acquisition Entity to acquire title to any Mortgaged Property.