Wet Advance definition

Wet Advance means an Advance made by the Lender against the pledge of Eligible Mortgage Loans or Eligible Nonconforming Mortgage Loans with respect to which the Borrower has delivered to the Agent a Request for Advance in accordance with Section 2.04 in lieu of the delivery of the Mortgage Note related thereto; provided, however, that from and after the date on which the Mortgage Note with respect to any such Mortgage Loan is received by the Security Agent, such Advance shall cease to be a Wet Advance.
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Wet Advance means a Warehouse Advance requested by the Company to fund a Wet Loan.
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Wet Advance means an Advance made by the Lender against the pledge of Eligible Mortgage Loans, Eligible Nonconforming Mortgage Loans or Eligible HELOCs with respect to which the Borrower has delivered to the Lender a Request for Advance in accordance with Section 2.04 in lieu of the delivery of the Mortgage Note related thereto; provided, however, that from and after the date on which the Mortgage Note with respect to any such Mortgage Loan is received by the Lender, such Advance shall cease to be a Wet Advance."
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Examples of Wet Advance in a sentence

  • Each Request for Advance: (i) shall be appropriately completed by an authorized employee of the Borrower to specify the aggregate principal amount of the Advance or Wet Advance to be made and the proposed date of such Advance (which shall be a Business Day); and (ii) shall, in the case of a Wet Advance, include instructions with respect to the disbursement of such Wet Advance.

  • In the event that a Wet Advance is to be disbursed by wire transfer or by a cashier's check printed at the Borrower's office and sent by the Borrower to the appropriate title company, escrow agent or closing agent, the Borrower shall deliver to the appropriate title company, escrow agent or closing agent an instruction letter substantially in the form of Exhibit B-2 (a "Borrower's Wet Advance Disbursement Instruction").

  • Each Bank severally agrees to lend to the Company, and the Company agrees to borrow from each Bank, on the terms and conditions of this Credit Agreement, an aggregate amount not exceeding such Bank’s respective Warehouse Line Commitment, and the aggregate amount of all such Warehouse Line Commitments shall equal the Total Warehouse Line Commitment; provided, however the Total Warehouse Line Commitment includes a Wet Advance Sublimit.

  • The Company shall not use the proceeds of any Conforming/Government Advance, Jumbo Advance, Second Mortgage Loan Advance, Alt A Advance, Subprime Advance, Wet Advance or Co-Op Advance for any purpose other than the purposes encompassed by the definition of those terms in ARTICLE 1 of this Credit Agreement.

  • In the event that for any reason (including by reason of any fault of the Closing Media) the original Consumer Paper and copy of Mortgage is not received by Lender within 5 Business Days following the date on which such Wet Advance was made, Borrower shall within one (1) day of the first to occur of Borrower's actual knowledge thereof or Lender's written demand with respect thereto prepay the full principal amount of such Wet Advance.

  • If on any date the aggregate principal amount outstanding of Wet Advances exceeds the Wet Advance Sublimit, Borrower shall immediately prepay the principal of Wet Advances in an amount equal to such excess.

  • The Company shall not use the proceeds of any Dry Advance, ALT A Advance, Wet Advance, Repurchase Advance, Jumbo Advance, Super Jumbo Advance, Alternative Lending Advance or Aged Loan/Extended Period Shipped Loan Advance for any purpose other than the purposes encompassed by the definition of those terms in ARTICLE 1 of this Credit Agreement.

  • Notwithstanding Section 3.02 hereof to the contrary, Lender will permit Wet Advances up to an aggregate principal amount at any time outstanding equal to the Wet Advance Sublimit.

  • Single-family Warehousing Advance(s): Wet Advance: $ Dry Advance: $ Total Single-family Warehousing Advance: $ Commercial Warehousing Advance(s) $ MBS Financing Advance(s) $ 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.

  • No later than 3:00 P.M. E.S.T. on the date specified in the Request for Advance with respect to any Wet Advance, the Lender shall disburse the amount of such Wet Advance directly to the appropriate title company, escrow agent or closing agent, by cashier's check or wire transfer in accordance with the instructions set forth in the related Request for Advance, the Lender's customary practice and the requirements of applicable law.


More Definitions of Wet Advance

Wet Advance means an Advance requested to fund a Wet Loan.
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Wet Advance means an Advance under the provisions of Section ----------- ------- 2.03(b) hereof. -------
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Wet Advance means a Separate Bank Advance with respect to which the original Consumer Paper and copy of original Mortgage required to be delivered by Borrower pursuant to Sections 3.02.02 and 3.02.03 hereof shall instead be delivered pursuant to Section 3.03 hereof. From and after the date on which the Consumer Paper and copy of Mortgage with respect to any such Wet Advance are received by Lender, such Separate Bank Advance shall cease to be a Wet Advance for all purposes hereof.
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Wet Advance means an Advance made by the Lenders prior to all of the Collateral Documents being delivered to the Administrative Agent.
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Wet Advance means an Advance for which all of the Collateral Documents have not been delivered to the Lender.
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Wet Advance means an Advance made by the Lender against the pledge of Eligible Mortgage Loans, Eligible Nonconforming Mortgage Loans or Eligible HELOCs with respect to which the Borrower has delivered to the Agent a Request for Advance in accordance with Section 2.04 in lieu of the delivery of the Mortgage Note related thereto; provided, however, that from and after the date on which the Mortgage Note with respect to any such Mortgage Loan is received by the Security Agent, such Advance shall cease to be a Wet Advance."
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Related to Wet Advance

  • L/C Advance means, with respect to each Lender, such Lender’s funding of its participation in any L/C Borrowing in accordance with its Applicable Percentage.

  • Interest Advance means an Advance made pursuant to Section 2.02(a).

  • Term Advance has the meaning specified in Section 2.01(a).

  • Loan Advance The meaning specified in Section 2.2(a).

  • PMI Advance As defined in the related Servicing Agreement, if applicable.

  • Equipment Advance is defined in Section 2.1.1.

  • Net advance amount means the gross advance amount less the aggregate amount of the actual and estimated transfer expenses required to be disclosed under section 3(e).

  • Tranche A Advance means an Advance made by a Bank under Tranche A.

  • Agent Advance shall have the meaning provided in Section 2.01(e).

  • Term Loan Advance and “Term Loan Advances” are each defined in Section 2.1.1(a).

  • Revolving Advance has the meaning given in Section 2.1.

  • Simple Interest Advance means, with respect to a Simple Interest Receivable, the amount, as of the last day of a Collection Period, which is advanced with respect to such Simple Interest Receivable by the Servicer pursuant to Section 4.4(a) of the Sale and Servicing Agreement.

  • Monthly Payment Advance means, with respect to any 20[•]-[•] Lease and any Collection Period, an amount equal to the difference between the Monthly Payment due and the Lessee Partial Monthly Payment.

  • Term SOFR Advance means an Advance that bears interest at a rate based on clause (a) of the definition of Term SOFR.

  • Committed Advance means an advance made by a Lender to a Borrower as part of a Committed Borrowing and refers to a Base Rate Advance or a Eurodollar Rate Committed Advance, each of which is a “Type” of Committed Advance.

  • Final Advance means an Advance made pursuant to Section 2.02(d).

  • Periodic Advance The aggregate of the advances required to be made by a Servicer on any Distribution Date pursuant to its Servicing Agreement or by the Master Servicer or the Trustee hereunder, the amount of any such advances being equal to the total of all Monthly Payments (adjusted, in each case (i) in respect of interest, to the applicable Mortgage Interest Rate less the applicable Servicing Fee in the case of Periodic Advances made by a Servicer and to the applicable Net Mortgage Interest Rate in the case of Periodic Advances made by the Master Servicer or Trustee and (ii) by the amount of any related Debt Service Reductions or reductions in the amount of interest collectable from the Mortgagor pursuant to the Soldiers' and Sailors' Civil Relief Act of 1940, as amended, or similar legislation or regulations then in effect) on the Mortgage Loans, that (x) were delinquent as of the close of business on the related Determination Date, (y) were not the subject of a previous Periodic Advance by such Servicer or of a Periodic Advance by the Master Servicer or the Trustee, as the case may be and (z) have not been determined by the Master Servicer, such Servicer or Trustee to be Nonrecoverable Advances.

  • Unpaid Advance has the meaning assigned to such term in Section 2.05.

  • Eligible advance means an advance made before August 19, 1993.

  • Shared-Loss Loan Commitment Advance means an advance pursuant to a Shared-Loss Loan Commitment with respect to which the Assuming Institution has not made a Permitted Advance.

  • Swingline Advance means an advance made by the Swingline Lender, if any, to the Borrower pursuant to Section 2.

  • Gross advance amount means the sum payable to the payee or for the payee's account as consideration for a transfer of structured settlement payment rights before any reductions for transfer expenses or other deductions to be made from such consideration.

  • Non-Extension Advance means an Advance made pursuant to Section 2.02(b).

  • Swing Line Advance means an advance made by (a) the Swing Line Bank pursuant to Section 2.01(c) or (b) any Revolving Credit Lender pursuant to Section 2.02(b).

  • Participation Advance shall have the meaning set forth in Section 2.12(d).

  • Permitted Advance means an advance of funds by the Assuming Bank with respect to a Shared-Loss Loan, or the making of a legally binding commitment by the Assuming Bank to advance funds with respect to a Shared-Loss Loan, that (i) in the case of such an advance, is actually made, and, in the case of such a commitment, is made and all of the proceeds thereof actually advanced, within one (1) year after the Commencement Date, (ii) does not cause the sum of (A) the book value of such Shared-Loss Loan as reflected on the Accounting Records of the Assuming Bank after any such advance has been made by the Assuming Bank plus (B) the unfunded amount of any such commitment made by the Assuming Bank related thereto, to exceed 110% of the Book Value of such Shared-Loss Loan, (iii) is not made with respect to a Shared-Loss Loan with respect to which (A) there exists a related Shared-Loss Loan Commitment or (B) the Assuming Bank has taken a Charge-Off and (iv) is made in good faith, is supported at the time it is made by documentation in the Credit Files and conforms to and is in accordance with the applicable requirements set forth in Article III of this Commercial Shared- Loss Agreement and with the then effective written internal credit policy guidelines of the Assuming Bank; provided, that the limitations in subparagraphs (i), (ii) and (iii) of this definition shall not apply to any such action (other than to an advance or commitment related to the remediation, storage or final disposal of any hazardous or toxic substance, pollutant or contaminant) that is taken by Assuming Bank in its reasonable discretion to preserve or secure the value of the collateral for such Shared-Loss Loan.