P., good Delaware restricted connection, as the exact same finished periodically

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 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 with the regards to people HELOC, the new relevant Financial and other document about related Home loan Document otherwise Security Document.

Current Repair Contract shall mean the Third Amended and Restated Flow Servicing Agreement, dated , by and between Servicer and PennyMac Operating Partnership, L.

will mean, when it comes to go out, the rate per year (game upwards, if required, toward nearest step 1/100th of 1%) comparable to the common of one’s cost for the right away government funds purchases with people in the fresh Government Set aside Program put up of the federal financing brokers towards the like go out, due to the fact written by the fresh new Federal Put aside Lender of brand new York for the the business Time next thriving like go out; provided when the particularly big date isnt a corporate Go out or the brand new is not therefore wrote for all the big date, the fresh new https://paydayloanalabama.com/mobile/ to have such as for instance go out is going to be such as price into the instance purchases on the 2nd Working day since therefore penned toward 2nd succeeding Working day.

Government Funds 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.

Practical Representations shall mean, with respect to Seller, the representations in Areas 4.step one, 4.2(a), 4.2(b), cuatro.2(c)(i), cuatro.2(c)(iv), 4.step 3 and 4.8 and, with respect to Purchaser, the representations in Areas 5.1, 5.2(a), 5.2(b), cuatro.2(c)(i) and 5.2(c)(iv).

will suggest people relevant national, supranational, government, condition, local, provincial or any other governmental, regulating or management power, institution or commission otherwise one court, tribunal, otherwise official or arbitral system away from competent jurisdiction.

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 Rate of interest shall mean the rate of interest borne on such HELOC in accordance with the applicable Credit Agreement.

Governmental Entity

Highest 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.