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.

• Subject to the proviso in Section 3.02(e)(ii), within five (5) Business Days of the related Purchase Date, the Mortgage Asset Documents 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.

• With respect to any Transaction involving a Wet Mortgage Asset, (i) Ropes & Gray LLP, (ii) a national title insurance company or nationally-recognized real estate counsel acceptable to Buyer or (iii) any other entity approved by Buyer in its sole discretion, which may be a title company, escrow company or attorney in accordance with local law and practice in the appropriate jurisdiction of the related Wet Mortgage Asset.

• 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 Transaction Request and Transaction Request Package, along with any other documents or certifications required to be delivered in connection with such Transaction Request pursuant to the Custodial Agreement.

• Subject to the proviso in Section 3.02(e)(ii), within five (5) Business Days of the related Purchase Date, the Mortgage Asset Documents pertaining to each Wet Mortgage Asset purchased by Buyer shall be delivered to the Custodian in accordance with the Custodial Agreement.

• An agreement substantially in the form attached hereto as Annex 11 , delivered by Bailee to Buyer and Custodian with respect to each Wet Mortgage Asset in accordance with the terms hereof and of Section 3.01 of the Repurchase Agreement.

• 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.

• 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.

• 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.

• With respect to any Transaction involving a Wet Mortgage Asset, (i) a national title insurance company or nationally-recognized real estate counsel acceptable to Buyer or (ii) any other entity approved by Buyer, in its sole discretion, which may be a title company, escrow company or attorney in accordance with local law and practice in the appropriate jurisdiction of the related Wet Mortgage Asset.

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. 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.

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.

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.