Wet Borrowing definition

Wet Borrowing means a Borrowing for which all of the Collateral Documents have not been delivered to Administrative Agent in accordance with Section 4.3.

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Wet Borrowing is defined in Section 2.3(c).

Wet Borrowing means a Borrowing for which all of the Collateral Documents have not been delivered to Lender in accordance with Section 4.3.

Examples of Wet Borrowing in a sentence

The Borrower may from time to time request that certain Borrowings be funded prior to the delivery to the Collateral Agent of the corresponding Principal Mortgage Documents (individually, a "Wet Borrowing"; collectively, "Wet Borrowings").
By delivering the Collateral-Delivery Notice, Borrower confirms its grant under this agreement of Lender Liens, from the Borrowing Date for each Wet Borrowing, on each Collateral Document offered as Collateral in that Collateral-Delivery Notice that is perfected subject to the delivery of the related promissory notes for those Mortgage Loans to Administrative Agent or its bailee.
A Collateral-Delivery Notice that, among other things, identifies the documents that must be delivered to Administrative Agent before the expiration of the Wet Period for that Wet Borrowing.
A Wet Borrowing may be funded before delivery to Agent of all of the required Collateral Documents for the Eligible-Mortgage Loans supporting that Wet Borrowing.
A Wet Borrowing may be funded before delivery to Administrative Agent of all of the required Collateral Documents for the eligible Collateral supporting that Wet Borrowing.
By delivering the Collateral-Delivery Notice, Borrower confirms its grant under this agreement of Lender Liens -- from the Borrowing Date for each Wet Borrowing -- on each Collateral Document offered as Collateral in that Collateral-Delivery Notice that is perfected subject to the delivery of the related promissory notes for those Mortgage Loans to Agent or its bailee.
The conditions and procedures of SECTIONS 2.2 and 2.3 apply to Wet Borrowings except as follows: A Wet Borrowing may be funded before delivery to Administrative Agent of all of the required Collateral Documents for the Pledged Loans supporting that Wet Borrowing.
The Collateral-Delivery Notice delivered to Administrative Agent for a Wet Borrowing may be sent to Administrative Agent by fax but must identify and describe each Pledged Loan that supports that Wet Borrowing and the amount of the Borrowing Base applicable to it.
The Collateral- Delivery Notice delivered to Agent for a Wet Borrowing may be sent to Agent by fax but must identify and describe each Mortgage Loan that supports that Wet Borrowing and the amount of the Borrowing Base applicable to it.
The Collateral- Delivery Notice delivered to Agent for a Wet Borrowing may be sent to Agent by fax but must identify and describe each Mortgage Loan that supports that Wet Borrowing and the amount of the Borrowing Base for Eligible-Mortgage Loans applicable to it.

More Definitions of Wet Borrowing

Wet Borrowing means a Borrowing for which all of the Collateral Documents have not been delivered to Agent in accordance with SECTION 4.3.

Wet Borrowing means a Warehouse Borrowing that is (a) advanced to Associates subject to the applicable sublimits set forth in Part C of Schedule 4.4 and pursuant to Section 2.3 and supported by the Borrowing Base for Mortgage Collateral, and (b) to be advanced by Associates to Ryland under the Intercompany Note.

Wet Borrowing means a Borrowing as defined in the Custodial Agreement.

Wet Borrowing shall be defined as the funding by LENDER to the closing agent of funds requested by BORROWER and approved by LENDER without delivery of all the documents required by LENDER pursuant to Section 3.2 hereof. The conditions and procedures of Sections 2.2 and 3.2 apply to WET BORROWING except as follows:

Wet Borrowing means a Borrowing for which all of the Collateral Documents have not been delivered to Administrative Agent in accordance with Section 4.3. EXHIBIT C-3 SHIPPING REQUEST ADMINISTRATIVE AGENT: Texas Commerce Bank DATE:______, 199__ National Association CO-BORROWERS: American Business Credit, Inc., HomeAmerican Credit, Inc. (d/b/a Upland Mortgage), and American Business Leasing, Inc. SHIPMENT #________________ SHIPMENT $_____________________ POOL #____________________ # OF LOANS ____________________ ================================================================================ This request is delivered under the Credit Agreement (as renewed, extended, or amended the "Credit Agreement") dated as of July __, 1997, between Co-Borrowers, Parent, Administrative Agent, and certain Lenders. Terms defined in the Credit Agreement have the same meanings when used (unless otherwise defined) in this request.

Wet Borrowing means a borrowing under the Credit Agreement for which all of the Collateral Documents have not been delivered to Lender in accordance with SECTION 4.3 OF the Credit Agreement. Title: I Must be a Responsible Officer of Borrower. EXHIBIT C-4 BANK ONE BAILEE LETTER FOR INVESTORS BANK ONE, TEXAS, N.A. 1717 Main Street Dallas, Texas 75201 Telephone (214) 290-6082 Teleco▇▇ (▇▇▇) ▇▇▇-▇▇▇▇ ▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇gage notes ▇▇▇ ▇▇▇▇▇ ▇▇▇▇ments ("CO▇▇▇▇▇▇▇▇, ▇▇ ▇ore particularly described on the attached schedule, have been assigned and pledged to Bank One, Texas, N.A., as Administrative Agent ("ADMINISTRATIVE AGENT") for itself and certain other Lenders ("LENDERS"), as collateral under the Credit Agreement (as renewed, extended, amended, or restated, the "CREDIT AGREEMENT") dated as of June 30, 1997, between CFI MORTGAGE CORPORATION (to be known as Bankers Direct Mortgage Corporation as of July 1, 1997) ("BORROWER"), Administrative Agent, and Lenders. The Collateral is being delivered to you for purchase under an existing Take-Out Commitment (as defined in The Credit Agreement). Either payment in full for the Collateral or the Collateral itself must be received by administrative Agent within 45 calendar days (or 60 days if under a bond program approved by Administrative Agent) after the date of this letter. Until that time, you are deemed to be holding the Collateral in trust, subject to The security interest granted to Administrative Agent for Lenders and as Administrative Agent's bailee in accordance with the applicable provisions of the UNIFORM COMMERCIAL CODE. NO property interest in the Collateral is transferred to you until Administrative Agent receives the greater of either (a) the agreed purchase price of the Collate" or (b) $__, which is the full amount of the advances under the Credit Agreement in respect of the Collateral. If you receive conflicting instructions regarding the Collateral from Borrower or Administrative Agent, you agree to act in accordance with Administrative Agent's instructions. ADMINISTRATIVE AGENT RESERVES THE RIGHT, AT ANY TIME BEFORE IT RECEIVES FULL PAYMENT, TO NOTIFY YOU AND REQUIRE THAT YOU RETURN THE COLLATERAL To ADMINISTRATIVE AGENT. Payment for the Collateral must be made by wire transfer of immediately available funds to: Bank One, Texas, N.A., Administrative- Agent Account Number