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 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 Repayments, suspense, buydown funds, unapplied balances, replacement reserve balances https://availableloan.net/payday-loans-il/, 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 terms of any HELOC, the relevant Financial or other document from the related Home loan Document or Security File.
Current Servicing Agreement shall mean the Third Amended and Restated Flow Servicing Agreement, dated , by and between Servicer and PennyMac Operating Partnership, L.
will imply, for time, the speed per annum (rounded upwards, if required, with the nearest step 1/100th of just one%) equal to the typical of your own costs on overnight government funds deals with members of the new Federal Set aside Program install by the government fund brokers for the particularly go out, because the written by new Federal Set aside Lender of brand new York with the the organization Day 2nd succeeding particularly time; provided that in the event the eg big date is not a corporate Date or the latest isnt so blogged for your time, this new having such as for instance day is such as for example rates towards the such as purchases toward 2nd Business day once the thus penned into next succeeding Business day.
Federal Funds 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.
Standard Representations shall mean, with respect to Seller, the representations in Sections cuatro.step 1, 4.2(a), 4.2(b), cuatro.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).
will imply any applicable federal, supranational, government, state, regional, provincial or any other political, regulatory otherwise administrative authority, institution otherwise fee otherwise any courtroom, tribunal, otherwise official otherwise arbitral human body away from 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 rate shall mean the rate of interest borne on such HELOC in accordance with the applicable Credit Agreement.
Political Organization
Highest Prices 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.