OREO Sample Clauses
The OREO (Other Real Estate Owned) clause defines how a lender or financial institution manages and disposes of real estate assets acquired through foreclosure or similar processes. Typically, this clause outlines the procedures for holding, maintaining, and selling such properties, including requirements for compliance with applicable laws and standards. By establishing clear guidelines for handling OREO assets, the clause helps mitigate risks associated with property ownership and ensures that the institution can efficiently recover value from non-performing loans.
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OREO. Acquire or otherwise become the owner of any real property, including OREO, by way of foreclosure or in satisfaction of a debt previously contracted without first (1) obtaining an appropriate Phase I environmental site assessment and (2) consulting Parent (which consultation shall not require Parent’s consent or approval).
OREO. Prior to the Closing Date, KTYB and KTYB Subsidiaries shall dispose in accordance with applicable laws and regulations of all OREO that KTYB or the applicable KTYB Subsidiary either would not be permitted to own under applicable laws and regulations or for which the 10th anniversary of the permitted holding period for the OREO will occur on any date on or prior to December 31, 2021.
OREO. In the event that prior to the Closing Date, the Company acquires real property as other real estate owned as a result of foreclosure or acceptance of deed in lieu of foreclosure (each such property, "New OREO"), the Company shall provide ALBANK with all documentation regarding the related Loan, such foreclosure and such New OREO. Thereafter, the parties shall endeavor in good faith to agree on a purchase price for the New OREO. If the parties agree, the New OREO shall become Additional OREO and the purchase price therefor shall be added to the OREO Amount, as provided in Section 5(a)(i)(I). If the parties are unable to agree on a purchase price therefor, ALBANK shall not be required to purchase such New OREO.
OREO. First mortgage serial bonds of a church, church school or other nonprofit organization the repayment of which is secured by a first priority lien on or security title to the real property owned by such organization, provided that the aggregate principal amount of such bonds at any time outstanding shall not exceed thirty percent (30%) of Borrower's Consolidated Total Asset Value; and
OREO. For the period commencing on the Closing Date and ending on the first anniversary of the Closing Date, the sum of the Investments described in §8.3(a)(viii)(1) and (2) and (ix) above shall not exceed thirty-five percent (35%) of the Borrower's Consolidated Total Asset Value; thereafter, the sum of such Investments shall not exceed twenty-five percent (25%) of the Borrower's Consolidated Total Asset Value.
OREO. “OREO” shall mean any real property acquired by the Seller in satisfaction of a debt, including, without limitation, real property acquired as a result of foreclosure.
OREO. For the purposes of the definition of “Non-Performing Assets,” “well secured” means secured (1) by collateral in the form of liens on or pledges of real or personal property, including securities, that have a realizable value sufficient to discharge the debt (including accrued interest) in full, or (2) by the guarantee of a financially responsible party. “In the process of collection” means collection of any loan or other asset is proceeding in due course either (x) through legal action, including judgment enforcement procedures, or, (y) in appropriate circumstances, through collection efforts not involving legal action which are reasonably expected to result in repayment of the debt or in its restoration to a current status in the near future. For the avoidance of doubt, the determination of whether a loan or other asset is a “Non-Performing Asset” for purposes of this Agreement shall be made in accordance with the FDIC’s Risk Management Manual of Examination Policies and call report instructions, and the Federal Reserve’s Bank Holding Company Supervision Manual.