Wet Mortgage Asset definition

Wet Mortgage Asset. An Eligible Asset for which Seller has delivered a Transaction Request pursuant to Section 3.01(g) hereof, and for which a complete Mortgage Asset File has not been delivered to Custodian prior to the related Purchase Date.

Wet Mortgage Asset. An Eligible Asset for which (i) the scheduled origination date of the related Whole Loan is the proposed Purchase Date set forth in the Transaction Request and (ii) a complete Mortgage Asset File has not been delivered to Custodian prior to the related Purchase Date.

Wet Mortgage Asset. An Eligible Asset for which (i) the scheduled funding date is the proposed Purchase Date set forth in the Transaction Request, (ii) Seller has delivered a Transaction Request pursuant to Section 3.01(g) hereof, and (iii) a complete Mortgage Asset File has not been delivered to Custodian prior to the related Purchase Date.

Examples of Wet Mortgage Asset in a sentence

• In the event Custodian has not received all documents required to be delivered pursuant to Section 2.01(f)(ii) with respect to a Wet Mortgage Asset on or before the fifth (5th) Business Day after the Purchase Date, Custodian shall immediately notify Buyer and Seller by Electronic Transmission.

• In the event Custodian has not received all documents required to be delivered pursuant to Section 2.01(d)(ii) with respect to a Wet Mortgage Asset on or before the fifth (5th) Business Day after the Purchase Date, Custodian shall immediately notify Buyer and Seller by Electronic Transmission.

• Following the Agent’s receipt of the faxed Escrow Agreement and Agent’s determination to purchase such Wet Mortgage Asset, the Agent, on behalf of the Buyers, shall wire funds pursuant to wiring instructions set forth in the Escrow Agreement.

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• Pursuant to Section 3.01(h) of the Repurchase Agreement, with respect to each Wet Mortgage Asset, Seller shall cause Bailee, by not later than 12:00 p.m. noon (New York City time) on the related Purchase Date for each such Wet Mortgage Asset, to send to Custodian and Buyer, via Electronic Transmission, a signed PDF copy of the Bailee Agreement.

• In the event Custodian has not received all documents required to be delivered pursuant to Section 2.01(f)(ii) with respect to a Wet Mortgage Asset on or before the fifth (5 ) Business Day after the Purchase Date, Custodian shall immediately notify Buyer and Seller by Electronic Transmission.

• In the event Custodian has not received all documents required to be delivered pursuant to Section 2.01(e)(ii) with respect to a Wet Mortgage Asset on or before the fifth (5th) Business Day after the Purchase Date, Custodian shall immediately notify Buyer and Seller by Electronic Transmission.

• With respect to each Wet Mortgage Asset, no later than 12:00 noon (eastern time) on the Business Day prior to the Purchase Date, the Seller shall deliver to the Agent a completed Funding Request and Transaction Request Package, along with any other documents or certifications required to be delivered in connection with such Funding Request pursuant to the Custodial Agreement.

• Within five (5) Business Days of the related Purchase Date, the Mortgage Asset File pertaining to each Wet Mortgage Asset purchased by the Agent, on behalf of the Buyers, shall be delivered to the Custodian in accordance with the Custodial Agreement.

More Definitions of Wet Mortgage Asset

Wet Mortgage Asset. Any Eligible Asset for which (i) the scheduled origination date of the related Whole Loan is the proposed Purchase Date set forth in the Transaction Requestfor such Eligible Asset, and Seller has delivered a Transaction Request pursuant to Section 3.01(g) hereof, and (ii) a complete Mortgage Asset File has not been delivered to Custodian prior to the related Purchase Date and for which a bailee agreement has been delivered.

Wet Mortgage Asset. Any Eligible Asset for which (i) the scheduled origination date of the related Whole Loan is the proposed Purchase Date for such Eligible Asset, and Seller has delivered a Transaction Request pursuant to Section 3.01(g) hereof, and (ii) a complete Mortgage Asset File has not been delivered to Custodian prior to the related Purchase Date and for which a bailee agreement has been delivered. “Whole Loan: A commercial real estate whole loan made to the related Underlying Obligor and secured primarily by a perfected, first priority Lien in the related underlying Mortgaged Property, including, without limitation with respect to any Senior Interest, the whole loan in which Seller owns a Senior Interest. Section 2.02

Wet Mortgage Asset. An Eligible Asset for which (i) the scheduled funding date is the date of the origination or acquisition thereof, (ii) Seller has delivered a Transaction Request pursuant to Section 3.01(h) hereof, and (iii) the related Purchased Asset Documents are held by a Bailee pursuant to a Bailee Agreement and the complete Mortgage Asset File has not been delivered to Custodian prior to the related Purchase Date. “Whole Loan”: A performing commercial real estate whole loan made to the related Underlying Obligor and secured primarily by a perfected, first priority Lien in the related underlying Mortgaged Property, including, without limitation (A) with respect to any Senior Interest, the Whole Loan in which Seller owns a Senior Interest, and (B) with respect to any Mezzanine Loan, the Whole Loan made to the Mortgagor or Affiliate of such Mortgagor whose Equity Interests, directly or indirectly, secure such Mezzanine Loan. Section 2.02

Wet Mortgage Asset means a Mortgage Asset for which the Seller has delivered a Transaction Request and Transaction Request Package pursuant to Paragraph 3(a) hereof, and for which a complete Mortgage Asset File has not been delivered to Custodian prior to the related Purchase Date.

Wet Mortgage Asset. A Mortgage Asset for which a complete Mortgage Asset File will be delivered to Custodian within five (5) Business Days of the related Purchase Date and which Seller has agreed to pledge to Buyer all right, title and interest in, to and under such Mortgage Asset, free and clear of all liens, pledges, charges, encumbrances or security interests of any nature.