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 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 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.

payday loans West Virginia

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 fresh new related Mortgage or any other document regarding relevant Financial Document otherwise Guarantee File.

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

should mean, when it comes to go out, the interest rate per year (game up, if necessary, on the nearby 1/100th of just one%) comparable to the common of pricing to the at once federal finance transactions that have members of new Government Set aside System create by the government finance brokers into the such time, because authored by the fresh Federal Reserve Financial of new York on the the company Big date 2nd thriving such big date; provided in the event the such as go out isnt a business Date otherwise this new isnt very published when it comes down to big date, the fresh to possess for example date are such as for instance rates for the such as for instance transactions on second Working day just like the thus typed to your second succeeding Business day.

Federal Funds Rate

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.

Basic Representations shall mean, with respect to Seller, the representations in Areas 4.step one, cuatro.2(a), cuatro.2(b), 4.2(c)(i), cuatro.2(c)(iv), cuatro.step 3 and 4.8 and, with respect to Purchaser, the representations in Parts 5.step one, 5.2(a), 5.2(b), cuatro.2(c)(i) and 5.2(c)(iv).

shall suggest any relevant national, supranational, government, condition, regional, provincial and other political, regulating otherwise management expert, agency otherwise fee otherwise one courtroom, tribunal, or judicial or arbitral human anatomy out-of 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 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.