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 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 towards the terms of people HELOC, new related Financial or other file on the associated Mortgage Document or Guarantee File.
Current Servicing Arrangement shall mean the Third Amended and Restated Flow Servicing Agreement, dated , by and between Servicer and PennyMac Operating Partnership, L.
should suggest, for all the time, the rate per year (game up, if necessary, on the nearby step one/100th of just one%) equal to the common of your costs on overnight government financing transactions with members of the latest Federal Set-aside System created of the government money brokers to your such as for example date, as written by the new Federal Set-aside Financial of the latest York for the the organization Go out 2nd thriving such as go out; so long as when the such as for example date isnt a business Big date otherwise the newest is not very composed for all the day, the latest getting such as go out are such as for instance rates for the such as for example deals to the 2nd Working day because therefore wrote into 2nd succeeding Business day.
Government 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.
Basic Representations shall mean, with respect to Seller, the representations in Sections cuatro.step 1, 4.2(a), cuatro.2(b), 4.2(c)(i), cuatro.2(c)(iv), cuatro.step three and 4.8 and, with respect to Purchaser, the representations in Areas 5.step one, 5.2(a), 5.2(b), cuatro.2(c)(i) and 5.2(c)(iv).
should suggest people applicable national, supranational, federal, state, local, provincial or other governmental, regulatory or administrative authority, agencies or percentage or one judge, tribunal, or official otherwise arbitral human body from 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 loans in Rainbow City 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 Entity
Highest Rates Financing 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.
