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 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 into regards to one HELOC, brand new relevant Home loan or other document on the associated Mortgage File or Collateral File.
Current Maintenance Agreement shall mean the Third Amended and Restated Flow Servicing Agreement, dated , by and between Servicer and PennyMac Operating Partnership, L.
will mean, for big date, the pace per year (round upwards, if required, to your nearest step 1/100th of 1%) equal to the typical of your cost toward quickly government financing transactions with members of the newest Government Set-aside Program set-up by federal financing agents to the such as big date, just like cash advance near me the authored by the fresh new Government Set-aside Lender of brand new York towards the the business Big date second thriving such as for instance date; provided in the event the eg day is not a business Go out otherwise this new is not very composed when it comes down to date, brand new to have particularly day are going to be including rate into including deals for the next Business day given that so published into second thriving Business day.
Federal Finance 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.
Fundamental Representations shall mean, with respect to Seller, the representations in Areas cuatro.1, cuatro.2(a), 4.2(b), cuatro.2(c)(i), cuatro.2(c)(iv), cuatro.step three and 4.8 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).
shall suggest people applicable national, supranational, federal, state, local, provincial or other governmental, regulating or management expert, department otherwise commission otherwise people court, tribunal, or official otherwise arbitral system 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.
Governmental Organization
Highest 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, 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.