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 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 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 towards terms of any HELOC, brand new associated Home loan or other file on associated Financial File otherwise Collateral File.
Existing Upkeep Agreement shall mean the Third Amended and Restated Flow Servicing Agreement, dated , by and between Servicer and PennyMac Operating Partnership, L.
should mean, the big date, the speed per year (round upwards, if necessary, into the nearby step one/100th of just one%) equivalent to the common of prices on at once federal funds transactions with people in the Federal Reserve Program setup because of the government fund agents with the for example day, as the published by this new Federal Set-aside Financial of new York toward the business Day next thriving such as for example big date; provided that if the instance go out is not a business Day otherwise the brand new isnt very authored the big date, this new to own instance date is for example speed towards for example purchases into the next Working day once the therefore penned for the second succeeding Working 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.
Basic Representations shall mean, with respect to Seller, the representations in Areas 4.step one, cuatro.2(a), cuatro.2(b), cuatro.2(c)(i), 4.2(c)(iv), cuatro.step 3 and cuatro.8 and, with respect to Purchaser, the representations in Parts 5.step one, 5.2(a), 5.2(b), 4.2(c)(i) and 5.2(c)(iv).
should imply one relevant national, supranational, federal, state, local, provincial and other political, regulatory or administrative power, agency otherwise percentage otherwise people court, tribunal, or judicial or arbitral system out of skilled 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 shall mean the rate of interest borne on such HELOC in accordance with the applicable Credit Agreement.
Political Organization
Highest Cost Loan shall mean a HELOC that is (a) a high cost mortgage loan under https://paydayloanalabama.com/moundville/ 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.