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 Petrey loans of the foregoing.
Escrow Membership shall mean all escrow and impound accounts relating to the HELOCs including, without limitation, all accounts established for purposes of receiving funds for Escrow Costs, 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 related Financial or other document regarding related Mortgage Document or Collateral Document.
Existing Repair Arrangement shall mean the Third Amended and Restated Flow Servicing Agreement, dated , by and between Servicer and PennyMac Operating Partnership, L.
will mean, for your time, the speed per annum (round up, if required, into the nearest 1/100th of 1%) equal to an average of your cost with the right away government funds transactions with people in the newest Government Reserve Program set up because of the government money agents to the eg time, due to the fact authored by the newest Government Set-aside Bank of new York into the organization Time next succeeding such as for example go out; so long as when the for example day is not a corporate Day or the fresh is not therefore published for the go out, the fresh new to own eg date are such rates into including transactions for the next Business day as the so had written with the second thriving Working day.
Government Money 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 computer shall mean the entity formally known as the Federal Home Loan Mortgage Corporation (FHLMC) or any successor thereto.
Fundamental Representations shall mean, with respect to Seller, the representations in Areas cuatro.step one, 4.2(a), cuatro.2(b), cuatro.2(c)(i), 4.2(c)(iv), 4.step three and cuatro.8 and, with respect to Purchaser, the representations in Sections 5.1, 5.2(a), 5.2(b), 4.2(c)(i) and 5.2(c)(iv).
should imply one appropriate federal, supranational, government, state, regional, provincial or other political, regulating otherwise administrative authority, company otherwise percentage otherwise one courtroom, tribunal, otherwise judicial otherwise arbitral human anatomy out of 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 rate shall mean the rate of interest borne on such HELOC in accordance with the applicable Credit Agreement.
Governmental Entity
Highest Prices 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.
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