Wet Warehousing definition
Examples of Wet Warehousing in a sentence
If a Request for Borrowing is received by JPMorgan later than 3:00 PM (4:00 PM if it requests only a Wet Warehousing Advance and is Electronically Submitted) on a Business Day, JPMorgan shall either, at its election, (i) fund the Advance requested by making a Swing Line Loan either on that same day or, at JPMorgan’s election, on the next Business Day, or (ii) arrange for its funding on the next Business Day as a regular Advance.
If the requirements of Sections 3.7 and 4.3 are satisfied and a Request for Borrowing is received on a Business Day after 12:00 noon (1:00 PM if it requests only a Wet Warehousing Advance and is Electronically Submitted) but before 3:00 PM (4:00 PM if it requests only a Wet Warehousing Advance and is Electronically Submitted), JPMorgan shall fund the Advance requested by making a Swing Line Advance on that same day.
If a Request for Borrowing is received before 12:00 noon — 1:00 PM for any Request for Borrowing that requests only a Wet Warehousing Advance and is Electronically Submitted — on a Business Day and fully qualifies in all respects for funding as an regular Advance by the Lenders (including satisfying any applicable requirement of Section 4.3), it shall be funded as a regular Advance on that same Business Day.
A separate Request for Borrowing shall be made for each Borrowing, which, when appropriately completed and with appropriate schedules attached, may include requests for Advances under one or more Sublines and/or Wet Warehousing Advances.
If a Request for Borrowing is received before 12:00 noon – 1:00 PM for any Request for Borrowing that requests only a Wet Warehousing Advance and is Electronically Submitted – on a Business Day and fully qualifies in all respects for funding as an regular Advance by the Lenders (including satisfying any applicable requirement of Section 3.3), it shall be funded as a regular Advance on that same Business Day.
If at any time (a) the Loan Balance exceeds the Collateral Value of the Borrowing Base, or (b) the Jumbo Sublimit, the Super Jumbo Sublimit, the Second Lien Loan Sublimit, the Non-Conforming Sublimit, the Construction/Perm Sublimit, the Investment Sublimit or the Wet Warehousing Sublimit is exceeded, Borrower shall repay the amount of such excess within two (2) Business Day after written notice thereof is given by Lender to Borrower.
If a Request for Borrowing is received before 3:00 PM1 (Central time, as stated in Section 1.4(c)) — 4:001 PM for any Request for Borrowing that requests only a Wet Warehousing Advance and is Electronically Submitted — on a Business Day and fully qualifies in all respects for funding as a regular Advance by the Lenders (including satisfying any applicable requirement of Section 3.3), it shall be funded as a regular Advance on that same Business Day.
A separate Borrowing Request shall be made for each Borrowing by each Borrower, which, when appropriately completed and, if new Collateral is being pledged, with a Submission List attached, may include requests for Regular Warehouse Borrowings, Wet Warehousing Borrowings or both.
If a Request for Borrowing is received before 3:00 PM1 (Central time, as stated in SECTION 1.4(c)) -- 4:00 PM(1) for any Request for Borrowing that requests only a Wet Warehousing Advance and is Electronically Submitted -- on a Business Day and fully qualifies in all respects for funding as an regular Advance by the Lenders (including satisfying any applicable requirement of SECTION 3.3), it shall be funded as a regular Advance on that same Business Day.
Single-family Warehouse Advance (Dry) $_____________ Wet Warehousing Advance $_____________ Total Borrowing $_____________ After giving effect as required by the Credit Agreement to the requested Advance, the Borrowing Base will equal or exceed the outstanding principal balance of the Loan and such balance will not exceed the Aggregate Committed Sum.