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 Costs, 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 towards terms of any HELOC, the brand new relevant Home loan or other document on relevant Mortgage Document or Collateral File.
Present Repair Agreement shall mean the Third Amended and Restated Flow Servicing Agreement, dated , by and between Servicer and PennyMac Operating Partnership, L.
should suggest, for the date, the interest rate yearly (game right up, if required, to the nearby 1/100th of just one%) equal to the common of one’s pricing to your right-away federal finance transactions having people in the latest Government Set-aside Program build because of the federal loans brokers towards eg day, given that compiled by the new Government Put aside Financial of the latest York on the the firm Big date next thriving like big date; provided that if the including big date isnt a corporate Day or the fresh new isnt thus typed for the time, this new having such as for instance day are for example rates towards including transactions for the second Working day given that so penned to the 2nd succeeding Working day.
Federal Fund Price
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.
Standard Representations shall mean, with respect to Seller, the representations in Areas 4.step one, 4.2(a), 4.2(b), 4.2(c)(i), cuatro.2(c)(iv), 4.3 and 4.8 and, with respect to Purchaser, the representations in Parts 5.step 1, 5.2(a), 5.2(b), 4.2(c)(i) and 5.2(c)(iv).
should mean any relevant national, supranational, federal, county, local, provincial or any other governmental, regulatory otherwise administrative expert, service or percentage or one judge, tribunal, otherwise judicial or arbitral human anatomy of skilled jurisdiction.
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 Interest shall mean the rate of interest borne on such HELOC in resource accordance with the applicable Credit Agreement.
Political Organization
High Prices 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.
