“Records” means all instruments, agreements and other books, records, and reports and data generated by other media for the storage of information maintained by Seller or any other person or entity with respect to a Purchased Asset. Records shall include, without limitation, (i) with respect to the REO Asset, the LLC Agreement, all REO Property Files, and any other instruments necessary to document such REO Asset or the ownership of the assets underlying such REO Asset, and (ii) with respect to the other Purchased Assets, the Mortgage Notes, any Mortgages, the Mortgage Files, the Servicing Files, and any other instruments necessary to document or service such Purchased Asset, including, without limitation, the complete payment and modification history of such Purchased Asset.
“Register” has the meaning assigned thereto in Section 27.
“REO Asset” means the Membership Interest, including any increases in the value thereof in accordance with the terms hereof.
“REO Deed” means, with respect to each REO Property, the instrument or document required by the law of the jurisdiction in which the REO Property is located to convey fee title.
“REO Property” means a residential real property including land and improvements, together with all buildings, fixtures and attachments thereto, all insurance proceeds, liquidation proceeds, condemnation proceeds, and all other rights, benefits, proceeds and obligations arising from or in connection therewith, in each case, which is acquired by or transferred to the REO Subsidiary or held by Seller.
“REO Property File” means (i) the original REO Deed with evidence of recording of any deed evidencing the ownership of the related REO Property and (ii) the original or a copy of title insurance policy for the REO Property, an ALTA lender’s title insurance policy or a title commitment.
“REO Subsidiary” means RMS REO BRC II, LLC, the special purpose Subsidiary of Seller formed to hold Eligible Mortgage Loans and Eligible REO Property related to foreclosures of HECM Buyout Loans.
“REO Subsidiary Schedule of Assets” means an electronic schedule of assets, identifying the REO Properties currently owned by the REO Subsidiary, whereupon delivery of such schedule, Seller designates which items have been added to or removed from such schedule as compared to the version of such schedule most recently provided by Seller.
“Repurchase Date” means, with respect to any Transaction, the earliest of (i) the Termination Date, (ii) if Seller provides both written notice to Agent requesting a repurchase of such Transaction at or prior to 12:00 noon (New York City time) on any date, such date, (iii) if Seller provides written notice to Agent requesting a repurchase of such Transaction after 12:00 noon (New York City time)