Wet Closing definition

Wet Closing means a Wet Mortgage Loan closing where the Agent is requested to make a Loan prior to, on the date of, or after, the closing of the Wet Mortgage Loan, but prior to the delivery of the documentation related thereto required pursuant to the terms of this Agreement and the Custodian Agreement to be delivered to the Custodian in all such cases in accordance with the procedures outlined therefor under this Agreement.
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Examples of Wet Closing in a sentence

  • Cause each Wet Closing Agent to execute a Wet Closing Agent Agreement in which such Wet Closing Agent acknowledges and agrees to act as the agent for the Agent and the Lenders pursuant to Section 5.03 hereof in connection with the funding of each Wet Mortgage Loan.

  • Upon the Agent's wire transfer of the Loan proceeds into the Warehouse Account, the applicable Wet Loan shall be deemed made, provided, however, that until the applicable Wet Mortgage Loan is closed and funded, the Lenders shall have a Lien on the Wet Loan proceeds as security for all Obligations owed to the Lenders and the Closing Agent shall hold such Wet Loan proceeds as agent for and on behalf of the Agent and the Lenders in accordance with the applicable Wet Closing Agent Agreement.

  • A form of the Wet Closing Agent Agreement shall be delivered to and approved by the Agent.

  • To the extent that the amount of funds to be provided by the Lenders are insufficient to close and fund the applicable Wet Mortgage Loan, the Custodian shall transfer from the Operating Account to the Warehouse Account sufficient additional funds, and the Custodian will not initiate a wire transfer of funds to the applicable Wet Closing Agent until sufficient additional funds are on deposit in the Warehouse Account.

  • Cause each Wet Closing Agent to execute a Wet Closing Agent Agreement in which such Wet Closing Agent acknowledges and agrees to act as the agent for the Administrative Agent and the Lenders pursuant to Section 4.05 hereof in connection with the funding of each Wet Mortgage Loan.

  • In connection with any such pledge of a Wet Mortgage Loan, Customer shall deposit with Custodian, on the business day immediately prior to the scheduled date of the related Advance, a fully completed closing notice for such Wet Mortgage Loan in a form as acceptable to DLJ and Custodian (a "Wet Closing Notice").

  • The deposit of the Wet Closing Notice shall constitute a Required Document and shall be deemed to satisfy the requirement for the deposit of the documents set forth in Section 7(a) and (b) solely for purposes of the execution of the Collateral Receipt as of the date thereof.

  • On the date of the requested Wet Loan, the Administrative Agent shall, subject to the next sentence, wire transfer to the applicable Funding Account the requested Loan amount which amount may be disbursed by the applicable Company directly to the applicable Wet Closing Agent.

  • If a Wet Mortgage Loan shall not be closed and funded on or before the second Business Day immediately following the specified settlement date, or shall be closed but subsequently rescinded pursuant to the Truth in Lending Act, the Administrative Company shall immediately notify the Administrative Agent and the Wet Closing Agent to such effect and such Wet Mortgage Loan shall cease to be included in the Borrowing Base.

  • Wet Closing Agents.................................66 Section 7.20.