Wet Settlement definition

Wet Settlement means a closing or settlement of a Residential Mortgage Loan wherein the Banks are 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 Banks, but prior to examination of the Collateral Documents by the Banks.
Sample 1
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.
Sample 1

Examples of Wet Settlement in a sentence

  • 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.

  • 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.

  • Requests for Advances shall be initiated by the Company by delivering to the Lender, no later than (i) in the case of a request for a Wet Settlement Advance, 10:30 a.m. (Pacific time) on the Business Day the Company desires to borrow hereunder, and (ii) in the case of any other Advance, one (1) Business Day prior to any Business Day that the Company desires to borrow hereunder, a completed and signed request for an Advance on the then current form approved by the Lender.

  • 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.

  • 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.

  • Whenever Borrower desires Wet Settlement Funding of a Single-Family Mortgage Loan, Borrower shall deliver a copy by facsimile transmission or the original by expedited delivery to arrive on the date for which such funding is requested, of the Funding Application in the form of Exhibit C-2 relative to such Underlying Loan.

  • To the extent possible, a list of all Closing Agents that Borrower will use to close Underlying Loans by Wet Settlement, together with Insured Closing Letters for such Closing Agents.

  • Deliveries to PNC Relative to Underlying Loans.................................................11 [1] Single-Family Document Funding........................................................11 [2] Single-Family Wet Settlement Funding..................................................11 C.

  • 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.

  • Seven (7) Business Days elapse from the date a Wet Settlement Advance was made against a Pledged Loan without receipt by Lender of all Collateral Documents relating to the Pledged Loan.

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;

  • 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.

  • First Settlement Date means the date set forth in footnote 3 under "Summary of Essential Financial Information" in the Prospectus Part I for a Trust.

  • Relevant Settlement Method In respect of any Option:

  • Purchase Contract Settlement Date means ________________________, ____.]

  • Purchase Contract Settlement Fund has the meaning specified in Section 5.5.

  • Default Settlement Method means Combination Settlement with a Specified Dollar Amount of $1,000 per $1,000 principal amount of Notes; provided, however, that the Company may, from time to time, change the Default Settlement Method by sending notice of the new Default Settlement Method to the Holders, the Trustee and the Conversion Agent.

  • Cash Settlement shall have the meaning specified in Section 14.02(a).

  • securities settlement system means a securities settlement system (as defined in the CSD Regulation) operated by a central securities depository;

  • TARGET2 Settlement Day means any day on which the Trans-European Automated Real-Time Gross Settlement Express Transfer (TARGET2) System is open.

  • Call Settlement Date means the fifth Business Day following the last Index Business Day in the Call Measurement Period.

  • ASTC Settlement Rules means the operating rules of ASTC and, to the extent that they are applicable, the operating rules of ASX and the operating rules of the Australian Clearing House Pty Limited;

  • Net Share Settlement means the settlement method pursuant to which an exercising Warrantholder shall be entitled to receive from the Company, for each Warrant exercised, a number of shares of Common Stock equal to the Net Share Amount without any payment therefor.

  • Gross Settlement Fund means the Settlement Amount plus all interest earned thereon.

  • Final Settlement means permanent settlement of the Contractor’s actual allowable costs or expenditures as determined at the time of audit, which shall be completed within three years of the date the year-end cost settlement report was accepted for interim settlement by the State. If the audit is not completed within three years, the interim settlement shall be considered as the final settlement.

  • Remarketing Settlement Date means the date of the settlement of any Successful Remarketing, which will be three Business Days after such Remarketing.

  • Standard Settlement Period means the standard settlement period, expressed in a number of Trading Days, on the Company’s primary Trading Market with respect to the Common Stock as in effect on the date of delivery of the Notice of Exercise.