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 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 towards the regards to one HELOC, new relevant Financial or any other file throughout the related Mortgage File otherwise Security Document.
Existing Upkeep Arrangement shall mean the Third Amended and Restated Flow Servicing Agreement, dated , by and between Servicer and PennyMac Operating Partnership, L.
should indicate, for date, the interest rate per year (game upwards, if necessary, with the nearest 1/100th of 1%) comparable to the common of one’s rates into the right-away government money purchases that have people in this new Federal Reserve Program install from the government financing brokers towards the instance go out, while the authored by the Government Set-aside Bank of the latest York toward the firm Date second succeeding such as for instance time; so long as when the such date is not a corporate Time otherwise the fresh new is not thus authored the big date, new having particularly date is going to be for example rate on particularly purchases with the second Working day since the thus had written towards the second thriving Business day.
Government Financing Rates
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 4.1, cuatro.2(a), cuatro.2(b), 4.2(c)(i), 4.2(c)(iv), cuatro.step three and cuatro.8 and, with respect to Purchaser, the representations in Sections 5.step one, 5.2(a), 5.2(b), cuatro.2(c)(i) and 5.2(c)(iv).
shall imply people appropriate national, supranational, government, condition, local, provincial or any other political, regulating otherwise management power, company otherwise payment or any courtroom, tribunal, or judicial or arbitral human body of competent legislation.
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.
Political Entity
Higher Rates 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 installment loans Kingston, 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.
