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 Repayments, 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 Jacksonville personal loans to be escrowed by the Mortgagor with the
Mortgagee pursuant into regards to one HELOC, the latest relevant Mortgage or any other file in the relevant Mortgage File otherwise Security File.
Established Servicing Contract shall mean the Third Amended and Restated Flow Servicing Agreement, dated , by and between Servicer and PennyMac Operating Partnership, L.
shall mean, when it comes to date, the speed per year (circular up, if required, into nearest step 1/100th of 1%) equal to the common of the prices toward right-away federal money deals which have members of this new Government Set-aside System arranged from the government financing brokers with the such go out, just like the published by the fresh new Government Set aside Financial of the latest York into the company Date second succeeding such as for instance big date; provided that when the eg big date isnt a corporate Time otherwise the latest is not thus wrote the day, the getting such as for instance big date are going to be eg speed towards for example transactions towards the next Business day as so had written towards 2nd thriving Working day.
Federal Financing 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 4.step 1, cuatro.2(a), 4.2(b), 4.2(c)(i), 4.2(c)(iv), cuatro.step 3 and 4.8 and, with respect to Purchaser, the representations in Sections 5.step 1, 5.2(a), 5.2(b), cuatro.2(c)(i) and 5.2(c)(iv).
should indicate one appropriate federal, supranational, government, county, regional, provincial or any other political, regulating otherwise administrative expert, department or payment or any courtroom, tribunal, or judicial or arbitral looks 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 Rate of interest shall mean the rate of interest borne on such HELOC in accordance with the applicable Credit Agreement.
Governmental Entity
Highest Pricing 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.
