Encumbrance shall mean any lien, mortgage, deed of trust, right-of-way, right of setoff, assessment, security interest, pledge, lease, attachment, adverse claim, levy, charge, easement, restriction, license, encumbrance, or other similar restriction or any conditional sale Contract, title retention Contract, option to purchase or lease, right of first refusal or offer, restriction on transfer, preemptive right or other Contract giving rise to any of the foregoing.

Escrow Levels shall mean all escrow and impound accounts relating to the HELOCs including, without limitation, all accounts established for purposes of receiving funds for Escrow Payments, suspense, buydown funds, unapplied balances, replacement reserve balances, loss draft balances (including interest accrued thereon for the benefit of the Mortgagors under the HELOCs if required by applicable Law or the applicable Mortgage Files), completion escrow monies and any other miscellaneous cash balances held with respect to the HELOCs.

Escrow Payments shall mean, with respect to any HELOC, to the extent applicable, the amounts constituting ground rents, taxes, assessments, water rates, sewer rents, municipal charges, mortgage insurance premiums, fire and hazard insurance premiums, flood insurance premiums, condominium charges and other payments required to be escrowed by the Mortgagor with the

Mortgagee pursuant on the regards to one HELOC, the brand new related Financial or any other file on the related Home loan File or Guarantee Document.

Existing Repair Agreement shall mean the Third Amended and Restated Flow Servicing Agreement, dated , by and between Servicer and PennyMac Operating Partnership, L.

shall suggest, for your big date, the pace per year (circular up, if required, towards nearby step 1/100th of just one%) equal to the average of one’s rates towards the right-away government funds deals that have people in the fresh new Federal Reserve System put up because of the government https://paydayloanalabama.com/phil-campbell/ fund brokers with the such as go out, just like the compiled by the new Federal Reserve Financial of new York towards the the organization Time 2nd succeeding eg date; provided if for example time isnt a business Day or the fresh new isnt thus wrote for go out, brand new to own such as for instance day shall be particularly rates to your eg purchases towards the next Working day as the therefore had written for the 2nd succeeding Working day.

Federal Loans Speed

FIRREA shall mean, Title XI of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 and any regulations promulgated thereunder, each as amended, and in effect as of the applicable date of determination.

Freddie Mac computer shall mean the entity formally known as the Federal Home Loan Mortgage Corporation (FHLMC) or any successor thereto.

Basic Representations shall mean, with respect to Seller, the representations in Areas cuatro.step one, 4.2(a), 4.2(b), 4.2(c)(i), 4.2(c)(iv), 4.step three and cuatro.8 and, with respect to Purchaser, the representations in Parts 5.1, 5.2(a), 5.2(b), cuatro.2(c)(i) and 5.2(c)(iv).

should suggest people relevant national, supranational, government, county, local, provincial and other political, regulating otherwise administrative authority, department or commission otherwise any court, tribunal, or official or arbitral muscles away from skilled legislation.

HELOCs shall mean all adjustable-rate, first and second lien revolving home equity line of credit loans identified on the related Mortgage Loan Schedule including, to extent related thereto, all scheduled and unscheduled payments, liquidation proceeds, insurance proceeds, condemnation proceeds, real estate owned disposition proceeds, any escrow amounts related to the HELOC, all Additional Balances with respect thereto, the related Mortgage Files and all other rights, benefits, proceeds and obligations arising from or in connection with the HELOC.

HELOC Rate of interest shall mean the rate of interest borne on such HELOC in accordance with the applicable Credit Agreement.

Political Organization

Highest Costs Mortgage shall mean a HELOC that is (a) a high cost mortgage loan under the Home Ownership and Equity Protection Act of 1994, as amended, (b) a high cost home, threshold, covered, high risk home, predatory, abusive, or similarly defined loan, including refinance loans, under any other applicable state, federal or local law or regulation (or a similarly classified loan using different terminology under a law imposing heightened regulatory scrutiny or additional legal liability for residential mortgage loans having high interest rates, points and/or fees) or (c) categorized as High Cost pursuant to Appendix E of Standard & Poor’s LEVELS Glossary, as revised from time to time. For avoidance of doubt, the parties agree that this definition shall apply to any law regardless of whether such law is presently, or in the future becomes, the subject of judicial review or litigation.