Contributed REO Property definition

Contributed REO Property means the individual or collective reference to the Eligible REO Property legal title of which is held by a REO Subsidiary or a Trust Subsidiary.
View Source
Contributed REO Property means any REO Property owned by Borrower and designated by Borrower to be part of the Borrowing Base in the Notice of Borrowing. For the avoidance of doubt, the REO Properties not listed on the REO Property Schedule attached to the Notice of Borrowing are not, and shall not be deemed to be Contributed REO Properties.
View Source
Contributed REO Property means REO Property, including the related Asset File, (i) 100% of which is owned by the REO Subsidiary as of the date hereof, (ii) resulting from a HECM Buyout, Assignable Buyout or Non-Assignable Buyout, or (iii) following foreclosure upon or other conversion of a Purchased Asset that is a Mortgage Loan, 100% of which is owned by the REO Subsidiary.
View Source

Examples of Contributed REO Property in a sentence

  • The acquisition of such Contributed REO Property by the applicable Underlying Entity shall result in an applicable change in the value of the Underlying Entity Certificate (as determined in accordance with the definition of Asset Value) and any Purchase Price Increase or Margin Deficit attributed to any change in category shall be paid by the Seller.

  • All buildings or other customarily insured improvements upon the Contributed REO Property are insured by an insurer against loss by fire, hazards of extended coverage and such other hazards in an amount not less than the lesser of the maximum insurable value and the BPO value.

  • Each Seller Party makes the following representations and warranties to Administrative Agent with respect to each Contributed REO Property that is at all times subject to a Transaction hereunder and at all times while the Program Agreements and any Transaction hereunder is in full force and effect.

  • For the avoidance of doubt, to the extent that a Contributed Mortgage Loan owned by a Trust Subsidiary is converted to a Contributed REO Property, a Purchase Price Increase shall be deemed to occur and shall be offset against the current outstanding Purchase Price for the related Contributed Mortgage Loan, which shall be deemed reduced.

  • If at any time the outstanding Purchase Price allocated to any Purchased Asset or Contributed REO Property subject to a Transaction is greater than the Asset Value allocated to such Purchased Asset or Contributed REO Property subject to a Transaction (a “Margin Deficit”), then Administrative Agent may by notice to Seller require Seller to transfer to Administrative Agent for the benefit of Buyers cash in an amount at least equal to the Margin Deficit (such requirement, a “Margin Call”).

  • If Seller intends to make such a repurchase, Seller shall give one (1) Business Day’s prior written notice to Administrative Agent, designating the Purchased Assets or Contributed REO Property to be repurchased.

  • Seller is obligated to repurchase and take physical possession of the Purchased Assets or Contributed REO Property and related Asset Files from Administrative Agent or its designee (including the Custodian) at Seller’s expense on the related Repurchase Date.

  • Each Trust Subsidiary and the REO Subsidiary shall continue to maintain homeowners or other liability insurance covering each Contributed REO Property as contemplated by the applicable Servicing Agreement.

  • Assignment or attempted assignment by any Seller Party or Guarantor of this Agreement or any rights hereunder without first obtaining the specific written consent of Administrative Agent, or the granting by any Seller Party of any security interest, lien or other encumbrances on any Purchased Asset or Contributed REO Property, as applicable, to any person other than Administrative Agent.

  • In addition, Seller may repurchase Purchased Assets or effect an Optional Repurchase with respect to Purchased Assets or Contributed REO Property without penalty or premium on any date pursuant to Section 4(b) below.

Related to Contributed REO Property

  • Contributed Property means each property or other asset, in such form as may be permitted by the Delaware Act, but excluding cash, contributed to the Partnership. Once the Carrying Value of a Contributed Property is adjusted pursuant to Section 5.5(d), such property shall no longer constitute a Contributed Property, but shall be deemed an Adjusted Property.

  • Contributed Assets shall have the meaning as set forth in Section 2.2.

  • REO Property A Mortgaged Property acquired by the Trust Fund through foreclosure or deed-in-lieu of foreclosure in connection with a defaulted Mortgage Loan.

  • Mortgaged Real Property means (a) each Real Property identified on Schedule 1.01(a) hereto and (b) each Real Property, if any, which shall be subject to a Mortgage delivered after the Closing Date pursuant to Section 5.11(c) or 4.02.

  • Qualified property has the meaning set forth in Section 313.021(2) of the TEXAS TAX CODE and as interpreted by the Comptroller’s Rules and the Texas Attorney General, as these provisions existed on the Application Review Start Date.