Encumbrance shall mean any lien, mortgage, deed of trust loan places Moody, 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 for the regards to one HELOC, the brand new relevant Mortgage and other document about relevant Financial Document otherwise Guarantee File.
Current Repair Agreement 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 down to day, the speed per annum (rounded up, if necessary, with the nearby step 1/100th of 1%) comparable to the common of your rates for the overnight federal funds purchases that have people in the newest Government Put aside Program build from the government funds agents toward including date, because authored by the new Federal Reserve Lender of brand new York to your the firm Time next succeeding like go out; provided in the event that eg big date isnt a business Date or the new is not thus blogged for all the time, new for including go out shall be like price to the such deals on 2nd Working day just like the so penned on second succeeding Business day.
Government Funds Speed
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.
Simple Representations shall mean, with respect to Seller, the representations in Parts cuatro.step one, 4.2(a), cuatro.2(b), cuatro.2(c)(i), 4.2(c)(iv), 4.step 3 and 4.8 and, with respect to Purchaser, the representations in Parts 5.step 1, 5.2(a), 5.2(b), cuatro.2(c)(i) and 5.2(c)(iv).
should indicate people appropriate national, supranational, federal, state, local, provincial or other political, regulatory or management power, department or payment otherwise any courtroom, tribunal, or official or arbitral system away from 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 Rate of interest shall mean the rate of interest borne on such HELOC in accordance with the applicable Credit Agreement.
Governmental Entity
Higher Costs 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.