Wet Borrowing definition

Wet Borrowing means a Borrowing for which all of the Collateral Documents have not been delivered to Administrative Agent in accordance with Section 4.3.
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Wet Borrowing is defined in Section 2.3(c).
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Wet Borrowing means a Warehouse Borrowing that is (a) advanced to Associates subject to the applicable sublimits set forth in Part C of Schedule 4.4 and pursuant to Section 2.3 and supported by the Borrowing Base for Mortgage Collateral, and (b) to be advanced by Associates to Ryland under the Intercompany Note.
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Examples of Wet Borrowing in a sentence

  • By delivering the Collateral-Delivery Notice, Borrower confirms its grant under this agreement of Lender Liens, from the Borrowing Date for each Wet Borrowing, on each Collateral Document offered as Collateral in that Collateral-Delivery Notice that is perfected subject to the delivery of the related promissory notes for those Mortgage Loans to Administrative Agent or its bailee.

  • A Collateral-Delivery Notice that, among other things, identifies the documents that must be delivered to Administrative Agent before the expiration of the Wet Period for that Wet Borrowing.

  • A Wet Borrowing may be funded before delivery to Agent of all of the required Collateral Documents for the Eligible-Mortgage Loans supporting that Wet Borrowing.

  • Note: The provider needs to ensure a process that guarantees that a legally binding act is in place before delivering any form of service.Note: The legally binding act can be a contract.Note: Documented can be by any means, provided that both parties have the same access to such documentation, including the possibility to technically copy and share such documentation without hindrance.

  • The Borrower may from time to time request that certain Borrowings be funded prior to the delivery to the Collateral Agent of the corresponding Principal Mortgage Documents (individually, a "Wet Borrowing"; collectively, "Wet Borrowings").

  • The Collateral-Delivery Notice delivered to Administrative Agent for a Wet Borrowing may be sent to Administrative Agent by fax but must identify and describe each Mortgage Loan that supports that Wet Borrowing and the amount of the Borrowing Base for Mortgage Collateral applicable to it.

  • A Wet Borrowing may be funded before delivery to Administrative Agent of all of the required Collateral Documents for the Eligible Mortgage Loans supporting that Wet Borrowing.

  • A Collateral-Delivery Notice that, among other things, identifies the documents that must be delivered to Administrative Agent within seven Business Days after the Borrowing Date for that Wet Borrowing.

  • All Collateral Documents in any way related to any Mortgage Loans identified as Collateral -including, without limitation, all promissory notes evidencing and all mortgages, deeds of trust, or trust deeds securing those Mortgage Loans -- whether deposited with or held by or for Secured Party under this agreement, identified by Debtor as Collateral for a Wet Borrowing, or otherwise.

  • By delivering the Collateral-Delivery Notice, Xxxxxx confirms its grant under this agreement of Lender Liens, from the Borrowing Date for each Wet Borrowing, on each Collateral Document offered as Collateral in that Collateral-Delivery Notice that is perfected subject to the delivery of the related promissory notes for those Mortgage Loans to Administrative Agent or its bailee.


More Definitions of Wet Borrowing

Wet Borrowing means a Borrowing for which all of the Collateral Documents have not been delivered to Agent in accordance with SECTION 4.3.
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Wet Borrowing means a Borrowing for which all of the Collateral Documents have not been delivered to Lender in accordance with Section 4.3.
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Wet Borrowing shall be defined as the funding by LENDER to the closing agent of funds requested by BORROWER and approved by LENDER without delivery of all the documents required by LENDER pursuant to Section 3.2 hereof. The conditions and procedures of Sections 2.2 and 3.2 apply to WET BORROWING except as follows:
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Wet Borrowing means a Borrowing as defined in the Custodial Agreement.
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Wet Borrowing means a Borrowing for which all of the Collateral Documents have not been delivered to Administrative Agent in accordance with Section 4.3. EXHIBIT C-3 SHIPPING REQUEST ADMINISTRATIVE AGENT: Texas Commerce Bank DATE:______, 199__ National Association CO-BORROWERS: American Business Credit, Inc., HomeAmerican Credit, Inc. (d/b/a Upland Mortgage), and American Business Leasing, Inc. SHIPMENT #________________ SHIPMENT $_____________________ POOL #____________________ # OF LOANS ____________________ ================================================================================ This request is delivered under the Credit Agreement (as renewed, extended, or amended the "Credit Agreement") dated as of July __, 1997, between Co-Borrowers, Parent, Administrative Agent, and certain Lenders. Terms defined in the Credit Agreement have the same meanings when used (unless otherwise defined) in this request.
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Wet Borrowing means a borrowing under the Credit Agreement for which all of the Collateral Documents have not been delivered to Lender in accordance with SECTION 4.3 OF the Credit Agreement. Title: I Must be a Responsible Officer of Borrower. EXHIBIT C-4 BANK ONE BAILEE LETTER FOR INVESTORS BANK ONE, TEXAS, N.A. 1717 Main Street Dallas, Texas 75201 Telephone (214) 290-6082 Telecoxx (000) 000-0000 Xxx xxxxxxxx xxxxgage notes xxx xxxxx xxxxments ("COXXXXXXXX, xx xore particularly described on the attached schedule, have been assigned and pledged to Bank One, Texas, N.A., as Administrative Agent ("ADMINISTRATIVE AGENT") for itself and certain other Lenders ("LENDERS"), as collateral under the Credit Agreement (as renewed, extended, amended, or restated, the "CREDIT AGREEMENT") dated as of June 30, 1997, between CFI MORTGAGE CORPORATION (to be known as Bankers Direct Mortgage Corporation as of July 1, 1997) ("BORROWER"), Administrative Agent, and Lenders. The Collateral is being delivered to you for purchase under an existing Take-Out Commitment (as defined in The Credit Agreement). Either payment in full for the Collateral or the Collateral itself must be received by administrative Agent within 45 calendar days (or 60 days if under a bond program approved by Administrative Agent) after the date of this letter. Until that time, you are deemed to be holding the Collateral in trust, subject to The security interest granted to Administrative Agent for Lenders and as Administrative Agent's bailee in accordance with the applicable provisions of the UNIFORM COMMERCIAL CODE. NO property interest in the Collateral is transferred to you until Administrative Agent receives the greater of either (a) the agreed purchase price of the Collate" or (b) $__, which is the full amount of the advances under the Credit Agreement in respect of the Collateral. If you receive conflicting instructions regarding the Collateral from Borrower or Administrative Agent, you agree to act in accordance with Administrative Agent's instructions. ADMINISTRATIVE AGENT RESERVES THE RIGHT, AT ANY TIME BEFORE IT RECEIVES FULL PAYMENT, TO NOTIFY YOU AND REQUIRE THAT YOU RETURN THE COLLATERAL To ADMINISTRATIVE AGENT. Payment for the Collateral must be made by wire transfer of immediately available funds to: Bank One, Texas, N.A., Administrative- Agent Account Number
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Related to Wet Borrowing

  • Revolving Credit Borrowing means a borrowing consisting of simultaneous Revolving Credit Loans of the same Type and, in the case of Eurodollar Rate Loans, having the same Interest Period made by each of the Revolving Credit Lenders pursuant to Section 2.01(b).

  • Revolving Credit Borrowing Request means a request made pursuant to Section 2.4 in the form of Exhibit B-4.

  • RFR Borrowing means, as to any Borrowing, the RFR Loans comprising such Borrowing.

  • Letter of Credit Borrowing means any Credit Extension resulting from a drawing under any Letter of Credit that has not been reimbursed or refinanced as a Borrowing of Revolving Loans.

  • Borrowing means Loans of the same Type, made, converted or continued on the same date and, in the case of Eurodollar Loans, as to which a single Interest Period is in effect.

  • Notice of Revolving Credit Borrowing has the meaning specified in Section 2.02(a).

  • L/C Borrowing means an extension of credit resulting from a drawing under any Letter of Credit which has not been reimbursed on the date when made or refinanced as a Revolving Credit Borrowing.

  • Term Borrowing means a borrowing consisting of simultaneous Term Loans of the same Type and, in the case of Eurodollar Rate Loans, having the same Interest Period made by each of the Term Lenders pursuant to Section 2.01(a).

  • SOFR Borrowing means, as to any Borrowing, the SOFR Loans comprising such Borrowing.

  • Revolving Borrowing means a borrowing consisting of simultaneous Revolving Loans of the same Type and, in the case of Eurodollar Rate Loans, having the same Interest Period made by each of the Lenders pursuant to Section 2.01.

  • Eurodollar Revolving Borrowing means a Borrowing comprised of Eurodollar Revolving Loans.

  • Canadian Borrowing means a Borrowing of Canadian Loans.

  • Term B Borrowing means a borrowing consisting of simultaneous Term B Advances of the same Type made by the Term B Lenders.

  • Committed Borrowing means a borrowing consisting of simultaneous Committed Loans of the same Type and, in the case of Eurodollar Rate Loans, having the same Interest Period made by each of the Lenders pursuant to Section 2.01.

  • Base Rate Borrowing means a Borrowing comprised of Base Rate Loans.

  • Fixed Rate Borrowing means a Borrowing comprised of Fixed Rate Loans.

  • Eurocurrency Revolving Facility Borrowing means a Borrowing comprised of Eurocurrency Revolving Loans.

  • Revolving Facility Borrowing means a Borrowing comprised of Revolving Facility Loans.

  • Term A Borrowing means a borrowing consisting of simultaneous Term A Advances of the same Type made by the Term A Lenders.

  • Refunding Borrowing means a Committed Borrowing which, after application of the proceeds thereof, results in no net increase in the outstanding principal amount of Committed Loans made by any Bank.

  • Swingline Borrowing means a borrowing of a Swingline Loan pursuant to Section 2.04.

  • Initial Borrowing means the first Borrowing made pursuant to this Agreement.

  • LIBOR Borrowing means a Borrowing comprised of LIBOR Loans.

  • Eurodollar Rate Borrowing means a Borrowing comprised of Eurodollar Rate Loans.

  • Pro-Rata Borrowing has the meaning assigned to such term in Section 2.03(a).

  • ABR Revolving Facility Borrowing means a Borrowing comprised of ABR Revolving Loans.