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 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 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 to be escrowed by the Mortgagor with the
Mortgagee pursuant to the terms of people HELOC, new associated Mortgage or any other document about relevant Mortgage File otherwise Collateral File.
Established Upkeep Agreement shall mean the Third Amended and Restated Flow Servicing Agreement, dated , by and between Servicer and PennyMac Operating Partnership, L.
should indicate, for any big date, the pace per year (rounded right up, if necessary, for the nearby step 1/100th of just one%) equivalent to the common of your pricing with the immediately government finance deals which have members of the newest Federal Put aside Program build because of the federal fund brokers into the for example time, while the written by the fresh Federal Set aside Financial of brand new York on the the business Time second succeeding instance time; provided that if instance big date is not a corporate Time or new is not therefore had written for the date, the new to possess eg day would be such as for example speed toward for example transactions towards second Business day as the thus had written to the second succeeding Working day.
Government Financing 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.
Simple Representations shall mean, with respect to Seller, the representations in Sections cuatro.1, cuatro.2(a), 4.2(b), 4.2(c)(i), 4.2(c)(iv), 4.step three and cuatro.8 and, with respect to Purchaser, the representations in Parts 5.1, 5.2(a), 5.2(b), 4 https://availableloan.net/loans/250-dollar-payday-loan/.2(c)(i) and 5.2(c)(iv).
will indicate people relevant federal, supranational, federal, condition, local, provincial or other governmental, regulating or management authority, company or commission otherwise people judge, tribunal, otherwise official otherwise arbitral human anatomy 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 Organization
Highest Pricing 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.