Burden 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 Profile shall mean all escrow and impound accounts relating to the HELOCs including, without limitation, all accounts established for purposes of receiving funds for Escrow Money, 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 to the terms of any HELOC, the latest associated Mortgage or other file about related Financial Document otherwise Equity Document.

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

will imply, for the date, the interest rate per annum (round upwards, if necessary, to your nearby step 1/100th of just one%) comparable to the typical of one’s prices into at once federal funds purchases which have members of the latest Federal Set-aside Program establish from the government loans brokers with the for example big date, while the written by the latest Federal Put aside Bank of brand new York toward the organization Time 2nd thriving including go out; provided in the event the such as big date isnt a corporate Date otherwise the fresh new is not so had written for your big date, the fresh new to own such day are like rate to the such transactions on 2nd Working day as thus blogged on second succeeding Working day.

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

Simple Representations shall mean, with respect to Seller, the representations in Sections 4.step one, 4.2(a), 4.2(b), cuatro.2(c)(i), 4.2(c)(iv), 4.3 and cuatro.8 and, with respect to Purchaser, the representations in Sections 5.step one, 5.2(a), 5.2(b), 4.2(c)(i) and 5.2(c)(iv).

shall indicate any relevant federal, supranational, government, state, local, provincial or any other political, regulating otherwise management power, service otherwise commission otherwise people legal, tribunal, or official otherwise arbitral human body of 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.

Governmental Organization

Higher Rates Loan 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 https://availableloan.net/payday-loans-ak/, 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.