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 Levels shall mean all escrow and impound accounts relating to the HELOCs including, without limitation, all accounts established for purposes top installment loan providers in Mississippi 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 to the regards to one HELOC, the fresh associated Home loan and other file about relevant Mortgage File otherwise Equity Document.

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

should mean, when it comes down to date, the rate per annum (game right up, if necessary, with the nearest step 1/100th of 1%) equivalent to the average of the rates on at once government funds deals which have people in the fresh new Government Put aside System create from the federal fund brokers into the such as for example time, given that authored by this new Federal Put aside Lender of the latest York to your the company Time next succeeding eg date; provided that if such as big date isnt a business Time or this new isnt thus had written for all the time, the newest getting such as for instance big date might be including price towards the for example purchases into the second Working day once the therefore penned towards the second succeeding Business day.

Federal Funds Rate

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.

Fundamental Representations shall mean, with respect to Seller, the representations in Sections cuatro.step one, cuatro.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 Sections 5.step 1, 5.2(a), 5.2(b), 4.2(c)(i) and 5.2(c)(iv).

should imply any applicable federal, supranational, government, condition, regional, provincial or other governmental, regulating otherwise management expert, agency or fee or people court, tribunal, otherwise judicial or arbitral system regarding 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 rate shall mean the rate of interest borne on such HELOC in accordance with the applicable Credit Agreement.

Political Organization

Highest Prices 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.