P., a beneficial Delaware limited union, since same ended sometimes

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 Levels 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 to your terms of people HELOC, the newest related Home loan or other file regarding relevant Financial Document or Equity File.

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

shall mean, for all the time, the rate per year (circular upwards, if required, to the nearby 1/100th of just one%) comparable to an average of your own cost on immediately government financing transactions having members of the latest Government Set aside System set up by federal loans brokers into such as for example big date, due to the fact published by the brand new Federal Set-aside Financial of brand new York for the the organization Time second succeeding such as for instance time; so long as when the such go out isnt a corporate Date or the new isnt therefore wrote for any big date, brand new getting such as for example date should be eg rate on such as for instance deals toward next Business day just like the very blogged toward next thriving Business day.

Federal Money 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.

Simple Representations shall mean, with respect to Seller, the representations in Parts 4.step 1, 4.2(a), 4.2(b), cuatro.2(c)(i), 4.2(c)(iv), cuatro.3 and cuatro.8 and, with respect to Purchaser, the representations in Parts 5.1, 5.2(a), 5.2(b), 4.2(c)(i) and 5.2(c)(iv).

shall indicate any relevant national, supranational, federal, county, regional, provincial or any other political, regulating or management authority, department or percentage or one courtroom, tribunal, otherwise judicial or arbitral human anatomy from 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, https://availableloan.net/installment-loans-ny/ 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 Pricing 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.