Undocumented Loan Schedule shall have the meaning provided in the Custodial Agreement.
Undocumented Loan Schedule shall have the meaning provided in the Custodial Agreement. 21 “Undocumented Loan Trust Receipt” shall have the meaning provided in the Custodial Agreement. “Uniform Commercial Code” shall mean the Uniform Commercial Code as in effect on the date hereof in the State of New York; provided that if by reason of mandatory provisions of law, the perfection or the effect of perfection or non-perfection of the security interest in any Purchased Items is governed by the Uniform Commercial Code as in effect in a jurisdiction other than New York, “Uniform Commercial Code” shall mean the Uniform Commercial Code as in effect in such other jurisdiction for purposes of the provisions hereof relating to such perfection or effect of perfection or non-perfection. “USC” shall mean the United States Code, as amended. “USAA Guidelines” USAA Federal Savings Bank underwriting guidelines and all amendments or additions thereto. “USAA Loan” shall mean a Loan that meets USAA Guidelines. “Wet Loan” shall mean a wet-funded Loan which is underwritten in accordance with the Underwriting Guidelines and does not contain all the required Loan Documents in the Mortgage File, which in order to be deemed to be an Eligible Loan shall have the following additional characteristics: (a) the proceeds thereof have been funded (or, on the Purchase Date supported by a Transaction Notice are being funded) by wire transfer or cashier’s check, cleared check or draft or other form of immediately available funds to the Settlement Agent for such Wet Loan; (b) Seller expects such Wet Loan to close and become a valid lien securing actual indebtedness by funding to the order of the Mortgagor thereunder; (c) the proceeds thereof have not been returned to Buyer from the Settlement Agent for such Wet Loan; (d) Seller has not learned that such Wet Loan will not be closed and funded to the order of the Mortgagor; (e) upon recordation such Loan will constitute a first lien on the premises described therein; and (f) Seller shall have obtained an Insured Closing Letter and an Escrow Letter with respect to such Wet Loan. “Wet Loan Trust Receipt” shall have the meaning provided in the Custodial Agreement. (b)
Undocumented Loan Schedule means a schedule in computer readable standardized text formats, delivered by the Seller to Buyer and the Custodian in connection with a Purchase Date or date of substitution, as applicable, identifying Undocumented Loans (other than Undocumented Loans that are Correspondent Loans) to be purchased or substituted as of such date, and which shall be attached by the Custodian to the related Notice of Intent to Issue Trust Receipt.
Examples of Undocumented Loan Schedule in a sentence
An Undocumented Loan is defined in the Tri-Party Custody Agreement as a Mortgage Loan, listed on an Undocumented Loan Schedule or a Correspondent Loan Schedule, with respect to which the Mortgage File has not been delivered to the Custodian.
The information set forth in the Loan Schedule, the Undocumented Loan Schedule and the Wet Loan Schedule, as applicable, with respect to the Loan is complete, true and correct in all material respects.