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 Accounts 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 instant same day payday loans online Idaho 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 the terms of people HELOC, this new related Financial or any other document on associated Home loan File otherwise Equity Document.

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

shall suggest, your date, the rate per annum (circular up, if necessary, into the nearest 1/100th of just one%) comparable to an average of your prices to your straight away federal finance purchases with members of brand new Government Reserve Program set up because of the federal loans brokers for the eg big date, given that compiled by the fresh Federal Set aside Bank of brand new York for the the organization Time 2nd thriving including time; provided when the such day is not a business Big date otherwise the new isnt very typed for the time, the newest for such as for instance big date is eg rates toward eg deals on the next Working day because therefore authored for the next succeeding Business day.

Federal Money 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 computer 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 Sections cuatro.step 1, cuatro.2(a), cuatro.2(b), 4.2(c)(i), cuatro.2(c)(iv), cuatro.3 and 4.8 and, with respect to Purchaser, the representations in Areas 5.1, 5.2(a), 5.2(b), 4.2(c)(i) and 5.2(c)(iv).

should suggest one applicable national, supranational, federal, state, local, provincial or other political, regulatory otherwise administrative power, institution otherwise fee otherwise any legal, tribunal, or official otherwise arbitral human body 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 shall mean the rate of interest borne on such HELOC in accordance with the applicable Credit Agreement.

Governmental Organization

Large Prices 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, 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.