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 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 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 on the terms of people HELOC, the newest relevant Home loan or any other file on the relevant Home loan File otherwise Security File.
Existing Repair Agreement shall mean the Third Amended and Restated Flow Servicing Agreement, dated , by and between Servicer and PennyMac Operating Partnership, L.
will suggest, the day, the speed per annum (rounded right up, if necessary, for the nearby step one/100th of 1%) comparable to an average of pricing towards immediately government funds purchases which have people in the new Government Set aside System create because of the government financing agents on the such as big date, once the authored by the Government Reserve Bank of the latest York into installment loans online New York the the business Go out next succeeding for example date; so long as in the event that such as for example time isnt a corporate Date or the newest is not so composed for any big date, the fresh to possess instance big date would be such as rate towards the particularly purchases towards the 2nd Working day once the therefore had written toward 2nd thriving Business day.
Government Loans 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.
Important Representations shall mean, with respect to Seller, the representations in Parts 4.step one, 4.2(a), 4.2(b), 4.2(c)(i), cuatro.2(c)(iv), 4.step three 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).
will mean one relevant federal, supranational, federal, county, local, provincial or other political, regulatory otherwise administrative expert, department or commission or people judge, tribunal, otherwise official or arbitral looks away 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, 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 Entity
Highest Cost 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.