Wet Settlement definition

Wet Settlement means a closing or settlement of a Residential Mortgage Loan wherein the Bank is requested to make an advance to the Company based upon delivery of the Collateral Documents to a third person as agent for or on behalf of the Bank, but prior to examination of the Collateral Documents by the Bank.
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Wet Settlement means the funding of an Advance for an Underlying Loan that is a Single-Family Mortgage Loan based upon Borrower's submission to PNC of a Funding Application by facsimile transmission and Borrower's subsequent delivery to PNC of those items set forth in Section 3B[2] of this Agreement.
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Examples of Wet Settlement in a sentence

  • In case of Collateral financed through a Wet Settlement Advance, the Company shall cause all Collateral Documents to be delivered to the Lender or its designee within seven (7) Business Days after the date of the Wet Settlement Advance relating thereto.

  • In case of Collateral financed through a Wet Settlement Advance, the Company shall cause all Collateral Documents to be delivered to the Lender or its designee within three (3) calendar days after the date of the Wet Settlement Advance relating thereto.

  • If a Wet Settlement Advance is being requested, the Request for Advance and required Collateral Documents should be submitted in accordance with the above instructions.

  • Unless the related Advance is no longer outstanding, the Company shall require the remaining Collateral Documents, as set forth in the aforementioned Exhibit D, to be furnished to the Bank within three (3) Business Days after the date of the Wet Settlement.

  • The aggregate amount of Advances made by each Bank for Wet Settlement shall not exceed such Bank's Pro Rata Share of Fifteen Million Dollars ($15,000,000) at any one time.

  • In the case of a Mortgage Loan financed through a Wet Settlement Advance, the Company shall cause all Collateral Documents required to be delivered to the Collateral Agent within 7 Business Days after the date of the Wet Settlement Advance relating thereto.

  • If a Wet Settlement Advance is being requested, the Warehousing Advance Request and required Collateral Documents should be submitted in accordance with the above instructions.

  • In case of Collateral financed through a Wet Settlement Advance, the Company shall cause all Collateral Documents to be delivered to the Lender or its designee within five (5) Business Days after the date of the Wet Settlement Advance relating thereto.

  • Upon receipt of the Funding Application, PNC shall, subject to the Wet Settlement Sublimit, fund the Advance and wire transfer the proceeds of the Advance in accordance with the instructions set forth in the Funding Application.

  • Collateral Documents not required for a Wet Settlement Advance must be delivered by Borrower to Collateral Agent within 9 calendar days after the date of the Wet Settlement Advance.

Related to Wet Settlement

  • ASX Settlement means ASX Settlement Pty Ltd (ABN 49 008 504 532);

  • Net Settlement Fund means the Settlement Fund less: (i) any Taxes;

  • PJM Settlement or “PJM Settlement, Inc.” shall mean PJM Settlement, Inc. (or its successor), established by PJM as set forth in Section 3.3 of the Operating Agreement.

  • TARGET Settlement Day means any day on which TARGET2 is open for the settlement of payments in euro;

  • Net Settlement Amount means the Gross Settlement Amount, less the following payments in the amounts approved by the Court: Individual PAGA Payments, the LWDA PAGA Payment, Class Representative Service Payment, Class Counsel Fees Payment, Class Counsel Litigation Expenses Payment, and the Administration Expenses Payment. The remainder is to be paid to Participating Class Members as Individual Class Payments.