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 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 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 terms of people HELOC, the newest related Mortgage and other file on the relevant Mortgage File otherwise Guarantee File.
Current Repair Contract shall mean the Third Amended and Restated Flow Servicing Agreement, dated , by and between Servicer and PennyMac Operating Partnership, L.
shall indicate, when it comes to big date, the pace per year (game upwards, if required, into nearby step one/100th of 1%) equivalent to the typical of the costs into the right-away federal fund deals that have members of this new Government Put aside Program setup by federal money agents to the instance time, since published by brand new Federal Put aside Financial of new York to the the business Go out 2nd succeeding such as date; http://availableloan.net/installment-loans-ky/augusta/ provided that in the event that instance day isnt a corporate Go out or the newest is not therefore authored for your date, this new to possess eg day might be instance rate with the like deals into 2nd Working day while the so authored for the second thriving Business day.
Federal Fund 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 Areas cuatro.step 1, cuatro.2(a), cuatro.2(b), 4.2(c)(i), cuatro.2(c)(iv), 4.step 3 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).
should suggest people appropriate federal, supranational, government, condition, local, provincial or any other political, regulatory or management authority, department otherwise payment or any courtroom, tribunal, otherwise official otherwise arbitral body from skilled 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 rate shall mean the rate of interest borne on such HELOC in accordance with the applicable Credit Agreement.
Political Organization
Highest Prices 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 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.