Wet Mortgage Loans. With respect to a Transaction the subject of which is a Wet Mortgage Loan, Seller shall deliver to Buyer or its Custodian, or authorize and direct the Closing Agent to deliver to Buyer or its Custodian, the related Mortgage Loan Documents within the Wet Mortgage Loans Maximum Dwell Time.
Wet Mortgage Loans. In connection with the funding of each Wet Mortgage Loan, Seller shall provide to the applicable Closing Agent, in addition to the Irrevocable Closing Instructions, final closing instructions, which shall, without limitation, make reference to the Irrevocable Closing Instructions and stipulate the title insurance company that will be issuing the applicable title insurance policy and Closing Protection Letter; provided, however, that Seller shall not use these final closing instructions to modify or attempt to modify the terms of the Irrevocable Closing Instructions unless such modifications are agreed to in advance and in writing by Buyer. Seller shall not otherwise modify or attempt to modify the terms of the Irrevocable Closing Instructions without Buyer’s prior written approval. If the Closing Agent is not a title insurance company, Seller shall also (a) confirm that the closing is covered by a blanket Closing Protection Letter issued to Buyer by the title insurance company stipulated in the final closing instructions; or (b) provide to Buyer (1) a Closing Protection Letter covering the closing issued to Seller by the title insurance company stipulated in the final closing instructions and (2) an Assignment of Closing Protection Letter relating to the above referenced Closing Protection Letter naming Buyer as the assignee.
Wet Mortgage Loans. If Lender makes an Advance secured by a Wet Mortgage Loan, prior to the funding of such Advance, Borrower shall deliver to Lender or its Custodian, or authorize and direct the Closing Agent to deliver to Lender or its Custodian, with respect to each Wet Mortgage Loan, those documents set forth in Sections 7.1 and 7.2, as applicable; provided, however, that Borrower shall deliver to Lender or its Custodian, all related Collateral Documents within the Wet Mortgage Loans Maximum Dwell Time.
Wet Mortgage Loans. In connection with the funding of each Wet Mortgage Loan, Seller shall provide to the applicable Closing Agent (with a copy to Administrative Agent), (i) the Irrevocable Closing Instructions and (ii) final closing instructions which shall, without limitation, make reference to the Irrevocable Closing Instructions and stipulate the title insurance company that will be issuing the applicable title insurance policy and Closing Protection Letter, which title insurance company shall be an Acceptable Title Insurance Company. In no event shall Seller use such final closing instructions to modify or attempt to modify the terms of the Irrevocable Closing Instructions unless such modifications are agreed to in advance and in writing by Administrative Agent. Seller shall not otherwise modify or attempt to modify the terms of the Irrevocable Closing Instructions without Administrative Agent’s prior written approval. If the Closing Agent is not an Acceptable Title Insurance Company, except as otherwise permitted pursuant to Section 3.7(a)(i)(1), Seller shall also (a) confirm that the closing is covered by a blanket Closing Protection Letter issued to Administrative Agent by the title insurance company stipulated in the final closing instructions, and shall provide a copy of such Closing Protection Letter to Administrative Agent; or (b) provide to Administrative Agent (1) a Closing Protection Letter covering the closing issued to Seller by the title insurance company stipulated in the final closing instructions and (2) a duly executed Assignment of Closing Protection Letter relating to the above referenced Closing Protection Letter naming Administrative Agent as the assignee.
Wet Mortgage Loans i. An amount equal to the Haircut for all Wet Mortgage Loans proposed to be sold under such Transaction plus the Minimum Required Balance, as set forth in Section 3(i)(1), shall be on deposit in the Over/Under Account.
ii. Seller shall deliver to Buyer or Custodian, or authorize and direct the Closing Agent to deliver to Buyer or its Custodian, the related Mortgage File within the Wet Mortgage Loan Maximum Dwell Time.
Wet Mortgage Loans. With respect to a Transaction the subject of which is a Purchased Asset related to a Wet Mortgage Loan, (i) Seller Parties shall deliver to Buyer or its Custodian any Mortgage Loan Documents in a Seller Party’s possession, and (ii) Seller Parties shall authorize and direct the Closing Agent to deliver the related Mortgage Loan Documents to Seller Parties, for delivery to Buyer or its Custodian, in each case, within the Maximum Dwell Time in accordance with the terms of Section 7.2 hereof and the Custodial Agreement.
Wet Mortgage Loans. With respect to a Transaction the subject of which is a Wet Mortgage Loan, (i) Guarantor shall deliver to Buyer or its Custodian the related Mortgage Loan Documents in Guarantor’s possession, and (ii) Guarantor shall authorize, direct and cause the Closing Agent to deliver the related Mortgage Loan Documents directly to Buyer or its Custodian, in each case, within the Maximum Dwell Time in accordance with the terms of Section 7.2, Exhibit B hereof and the Custodial Agreement.
Wet Mortgage Loans. In connection with the funding of each Wet Mortgage Loan to a Closing Agent, Guarantor shall provide to the applicable Closing Agent, (i) the Irrevocable Closing Instructions and (ii) final closing instructions which shall, without limitation, make reference to the Irrevocable Closing Instructions and stipulate the title insurance company that will be issuing the applicable title insurance policy and Closing Protection Letter, which title insurance company shall be an Acceptable Title Insurance Company. In no event shall Guarantor or Seller use such final closing instructions to modify or attempt to modify the terms of the Irrevocable Closing Instructions unless such modifications are agreed to in advance and in writing by Buyer. Neither Guarantor nor Seller shall otherwise modify or attempt to modify the terms of the Irrevocable Closing Instructions without Buyer’s prior written approval. Guarantor shall be in possession of the documents set forth in Section 3.6(a) in accordance with Section 3.6(a) and this Section 9.9.
Wet Mortgage Loans. With respect to Transactions the subject of which are Wet Mortgage Loans:
(i) At least one (1) Business Day prior to the Transaction Request Deadline on the related Purchase Date, Buyer shall have received the Collateral Data Record for each of the Wet Mortgage Loans ; and
(ii) On or prior to the Transaction Request Deadline on the related Purchase Date, Buyer shall have received an updated Collateral Data Record of each of the Wet Mortgage Loans, if there were any such updates. Each Transaction Request delivered by Seller hereunder shall constitute a certification by Seller that all the conditions set forth in this Section 3.2 (other than clause (i) hereof) have been satisfied (both as of the date of such notice or request and as of the related Purchase Date).
Wet Mortgage Loans. With respect to a Transaction the subject of which is a Wet Mortgage Loan, (i) Guarantor shall deliver, or cause to be delivered, the related Dry Mortgage Loan Documents directly to Buyer or a Custodian, in each case, within the Maximum Dwell Time in accordance with the terms of Section 7.2, Exhibit B hereof and the applicable Custodial Agreement and (ii) upon the occurrence and during the continuance of a Potential Default or an Event of Default, Guarantor shall deliver to Buyer or a Custodian the related Mortgage Loan Documents and shall authorize, direct and cause the Closing Agent to deliver the related Mortgage Loan Documents directly to Buyer or a Custodian.
