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 Account shall mean all escrow and impound accounts relating to the HELOCs including, without limitation, all accounts established for purposes of receiving funds for Escrow Repayments, 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 terms of one HELOC, the newest relevant Financial and other file regarding the relevant Home loan File otherwise Collateral File.

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

should mean, the day, the rate yearly (game upwards, if necessary, on the nearest step 1/100th of just one%) equivalent to an average of one’s pricing on right-away federal fund purchases with members of the newest Federal Set-aside System created because of the government money agents on the instance big date, since the published by the brand new Federal Put aside Bank of the latest York towards the company Date next succeeding including day; provided that in the event the such as for example day isnt a corporate Go out or the new is not thus penned for the date, the newest to own like time shall be such as for example rate to your such as for instance purchases to the second Business day while the so wrote to your 2nd thriving Business day.

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

Important Representations shall mean, with respect to Seller, the representations in Areas cuatro.step 1, 4.2(a), cuatro.2(b), cuatro.2(c)(i), 4.2(c)(iv), cuatro.step three and cuatro.8 and, with respect to Purchaser, the representations in Areas 5.1, 5.2(a), 5.2(b), cuatro.2(c)(i) and 5.2(c)(iv).

should suggest one appropriate national, supranational, federal, state, regional, provincial and other political, regulatory otherwise management expert, institution otherwise commission otherwise people legal, tribunal, otherwise official or arbitral human anatomy off competent 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 rate shall mean the rate of interest borne on such HELOC in accordance with the applicable Credit Agreement.

Political Organization

Highest Cost 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 https://availableloan.net/personal-loans-nj/ 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.