Dry Funding definition

Dry Funding. A Transaction for which a complete Mortgage Asset File, in accordance with the terms of this Agreement and the Custodial Agreement, has been delivered for each related Mortgage Asset to the Custodian prior to the related Purchase Date.
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Dry Funding. Either (i) a Closing Transaction initiated by the delivery by Seller, via electronic transmission to Purchaser of a Closing Loan Purchase Detail and the receipt by Custodian of a Dry Submission Package or (ii) a Rewarehousing Transaction initiated by the delivery by Seller, via electronic transmission to Purchaser, of a Rewarehousing Loan Purchase Detail, a Warehouse Lender’s or Seller’s Release and the Custodian’s receipt of a Dry Submission Package.
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Dry Funding. Advance: An Advance made pursuant to Section 2.3A.
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Examples of Dry Funding in a sentence

  • Not later than one (1) Business Day after receipt of the Loan Purchase Detail, the Loan Sale Confirmation and a Dry Funding Documents Package, and subject to satisfaction or waiver of the conditions precedent stated in Sections 3.1 and 3.2, MBF shall complete the purchase of the Mortgage Loan by payment of the Acquisition Price for the Mortgage Loan, by transfer of immediately available funds into Seller’s Funding Account or as provided in Section 4, as applicable.

  • Subject to the terms and conditions hereof, the Company may request "Dry Funding" Advances and "Wet Funding" Advances.

  • The Loan Sale Confirmation and the documents in the Dry Funding Documents Package previously delivered by Seller are unconditionally released to MBF upon payment of the Acquisition Price.

  • Each of the documents contained in the Wet Funding Documents Package or the Dry Funding Documents Package for each Mortgage Loan is an authentic original document, except that, if a photocopy of such document is permitted to be provided under the Agreement (as indicated on Exhibit D), then such photocopy contained therein is a true, correct and complete photocopy of the original document.

  • Each Seller acknowledges Purchaser is authorized to contact any Escrow Agent or any other person who has delivered a Closing Instruction Letter in connection with any Wet Funding or Dry Funding in order to confirm the information contained in such Closing Instruction Letter.

  • In the case of a Wet Funding, if Seller fails to deliver a Dry Funding Documents Package for the Mortgage Loan not later than the Wet Funding Deadline, MBF may notify Seller, in which event Seller shall repurchase such purchased Mortgage Loan at the Repurchase Price on the date of repurchase.

  • Seller shall transmit (either electronically or via facsimile transmission) or deliver to MBF a Loan Purchase Detail and a Loan Sale Confirmation for the Mortgage Loan, and it shall deliver or cause to be delivered to MBF either the Dry Funding Documents Package or the Wet Funding Documents Package for the Mortgage Loan.

  • Seller shall deliver a Dry Funding Documents Package for the Mortgage Loan not later than the Wet Funding Deadline.

  • In the event that Purchaser elects to reject a Mortgage Loan offered by Seller for purchase by Purchaser in a Wet Funding or a Dry Funding for any reason and/or does not transmit the Disbursement Amount, any Dry Submission Package delivered to Custodian in anticipation of such purchase shall be returned by Custodian in accordance with the terms of the Custodial Agreement.

  • All Seller representations and warranties shall survive delivery of the Dry Funding Documents Packages, the Wet Funding Documents Packages, and the Loan Sale Confirmations, purchase by MBF of Mortgage Loans, delivery of the Credit Files, transfer of the servicing for the Mortgage Loans to a Successor Servicer, the Takeout Fundings (if any), repurchases of the Mortgage Loans by Seller (if any), and termination of this Agreement.


More Definitions of Dry Funding

Dry Funding. Advances. (i) Before 12:00 noon Agent's local time, one Business Day before a proposed Advance, the Company will request such Advance in writing by providing to Agent by telefax or electronic mail (i) the information on Agent's "Request For Advance", in the form provided to the Company by Agent ("Request for Advance") which includes: the mortgagors' last names, the property address, the loan amount, loan number, loan type (FHA, VA or conventional, as applicable), loan sub-type, interest rate, commitment number, Investor Sale Date and warehousing amount requested. (ii) Also before 12:00 noon Agent's local time, one Business Day before a proposed Advance, the Company shall deliver or cause to be delivered to Agent or its designee, the Loan Documents for Agent's review and approval. (iii) Following said approval, on the date of the requested Advance, and provided that no Default, Event of Default or Material Adverse Change has occurred, Swingline Lender will make an Advance of the requested amount (or so much thereof as has been approved by Agent) to the Company up to the Maximum Advance Amount. Advances shall be made by deposit by Swingline Lender into an Agent account in the name of the Company for further disposition as the Company may direct. Each Advance shall be used only for funding the loans identified on the Request For Advance. If a loan for which an Advance has been made does not close, the Company will notify Agent immediately, and Agent will charge the account for that portion of the Advance attributable to the unclosed loan.
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Dry Funding means any purchase of a Mortgage Loan on the Acquisition Date that is not a Wet Funding.
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Dry Funding. Advances and "Wet Funding" Advances.
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Dry Funding means a Closing Transaction initiated by the delivery by a Seller, via Electronic Transmission, to Buyer of a Mortgage Loan Schedule and the receipt by Custodian of a Mortgage File prior to the closing of the Closing Transaction.
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Dry Funding. Advances. (i) Before 12:00 noon HSBC's local time, one Business Day before a proposed Advance, the Company will request such Advance in writing by providing to HSBC by telefax (i) the information on HSBC's "Request For Advance", in the form provided to the Company by HSBC which includes: the mortgagors' last names, the property address, the loan amount, loan number, loan type (FHA, VA or conventional, as applicable), loan sub-type, interest rate, commitment number, Investor settlement date and warehousing amount requested. (ii) Also before 12:00 noon HSBC's local time, one Business Day before a proposed Advance, the Company shall deliver or cause to be delivered to HSBC or its designee, the Loan Documents for HSBC's review and approval. (iii) Following said approval, on the date of the Advance HSBC will make an Advance of the requested amount (or so much thereof as has been approved by HSBC) to the Company up to the Maximum Advance Amount. Advances shall be made by deposit by HSBC into a HSBC account in the name of the Company for further disposition as the Company may direct. Each Advance shall be used only for funding the loans identified on the Request For Advance. If a loan for which an Advance has been made does not close, the Company will notify HSBC immediately, and HSBC will charge the account for that Portion of the Advance attributable to the unclosed loan.
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Related to Dry Funding

  • Liquidity Funding means (a) a purchase made by any Committed Lender pursuant to its Liquidity Commitment of all or any portion of, or any undivided interest in, an applicable Conduit’s Loans, or (b) any Loan made by a Committed Lender in lieu of such Conduit pursuant to Section 1.1.

  • Match funding or “match share” means cash or in-kind (non-cash) contributions provided by the Applicant/Recipient, subrecipients, or other parties that will be used in performance of the proposed project. Match share percentage is calculated by dividing the total match share contributions by the total allowable project cost. “Total allowable project cost” is the sum of the CEC’s reimbursable share and Recipient’s match share of the project costs. Match share expenditures have the following requirements:

  • Initial Funding means the funding of the initial Loans or issuance of the initial Letters of Credit upon satisfaction of the conditions set forth in Sections 6.01 and 6.

  • Project Funding means the funding for the Services;

  • Residual Funding Facility means any funding arrangement with a financial institution or institutions or other lenders or purchasers under which advances are made to the Company or any Subsidiary based upon residual, subordinated or retained interests in Receivables Entities or any of their respective securities, debt instruments or other Indebtedness.