Common use of REO Subsidiary Interests Clause in Contracts

REO Subsidiary Interests. Notwithstanding any provision to the contrary herein or in any other Program Agreement, the Seller Parties, Administrative Agent and Buyers hereby acknowledge and agree that (i) the issuance or reissuance of the REO Subsidiary Interests in Administrative Agent’s name is for the sole purpose of perfecting Administrative Agent’s security interest hereunder in the REO Subsidiary Interests (by means of “control” under Section 8-106(b)(2) of the Uniform Commercial Code) and for otherwise exercising its rights as permitted under this Agreement, and (ii) the security interest in the REO Subsidiary Interests granted hereunder shall constitute a security interest in all legal and beneficial interest in and to such REO Subsidiary Interests but not a sale or transfer of such legal and beneficial interest in and to such REO Subsidiary Interest.

REO Subsidiary Interests. Notwithstanding any provision to the contrary herein or in any other Program Agreement, the Seller Parties, Administrative Agent Parties and Buyers Buyer hereby acknowledge and agree that (i) the issuance or reissuance of the REO Subsidiary Interests in Administrative AgentBuyer’s name is for the sole purpose of perfecting Administrative AgentBuyer’s security interest hereunder in the REO Subsidiary Interests (by means of “control” under Section 8-106(b)(2) of the Uniform Commercial Code) and for otherwise exercising its rights as permitted under this Agreement, and (ii) the security interest in the REO Subsidiary Interests granted hereunder shall constitute a security interest in all legal and beneficial interest in and to such REO Subsidiary Interests but not a sale or transfer of such legal and beneficial interest in and to such REO Subsidiary Interest.