Wet Settlement definition

Wet Settlement means a closing or settlement of a Residential Mortgage Loan wherein the Bank is requested to make an advance to the Company based upon delivery of the Collateral Documents to a third person as agent for or on behalf of the Bank, but prior to examination of the Collateral Documents by the Bank.
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Wet Settlement means the funding of an Advance for an Underlying Loan that is a Single-Family Mortgage Loan based upon Borrower's submission to PNC of a Funding Application by facsimile transmission and Borrower's subsequent delivery to PNC of those items set forth in Section 3B[2] of this Agreement.
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Examples of Wet Settlement in a sentence

  • In case of Collateral financed through a Wet Settlement Advance, the Company shall cause all Collateral Documents to be delivered to the Lender or its designee within seven (7) Business Days after the date of the Wet Settlement Advance relating thereto.

  • In case of Collateral financed through a Wet Settlement Advance, the Company shall cause all Collateral Documents to be delivered to the Lender or its designee within three (3) calendar days after the date of the Wet Settlement Advance relating thereto.

  • If a Wet Settlement Advance is being requested, the Request for Advance and required Collateral Documents should be submitted in accordance with the above instructions.

  • Unless the related Advance is no longer outstanding, the Company shall require the remaining Collateral Documents, as set forth in the aforementioned Exhibit D, to be furnished to the Bank within three (3) Business Days after the date of the Wet Settlement.

  • The aggregate amount of Advances made by each Bank for Wet Settlement shall not exceed such Bank's Pro Rata Share of Fifteen Million Dollars ($15,000,000) at any one time.

  • In the case of a Mortgage Loan financed through a Wet Settlement Advance, the Company shall cause all Collateral Documents required to be delivered to the Collateral Agent within 7 Business Days after the date of the Wet Settlement Advance relating thereto.

  • If a Wet Settlement Advance is being requested, the Warehousing Advance Request and required Collateral Documents should be submitted in accordance with the above instructions.

  • In case of Collateral financed through a Wet Settlement Advance, the Company shall cause all Collateral Documents to be delivered to the Lender or its designee within five (5) Business Days after the date of the Wet Settlement Advance relating thereto.

  • Upon receipt of the Funding Application, PNC shall, subject to the Wet Settlement Sublimit, fund the Advance and wire transfer the proceeds of the Advance in accordance with the instructions set forth in the Funding Application.

  • Collateral Documents not required for a Wet Settlement Advance must be delivered by Borrower to Collateral Agent within 9 calendar days after the date of the Wet Settlement Advance.