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 Payments, 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 your regards to people HELOC, the fresh new associated Financial or any other file throughout the relevant Mortgage File otherwise Collateral Document.
Current Repair Contract installment loans online in Arkansas shall mean the Third Amended and Restated Flow Servicing Agreement, dated , by and between Servicer and PennyMac Operating Partnership, L.
shall mean, for any date, the pace per year (rounded right up, if required, on nearby step 1/100th of 1%) equal to the average of prices with the right-away federal fund transactions which have people in the fresh Government Set-aside System set-up by the government money agents into eg date, due to the fact written by the fresh Federal Reserve Lender of the latest York with the the business Go out second succeeding such time; provided that in the event that such as for instance big date isnt a corporate Time otherwise new is not very composed for any go out, the to possess instance big date are eg rate towards the for example purchases into next Working day given that therefore blogged towards 2nd succeeding Working day.
Federal Finance 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.
Fundamental Representations shall mean, with respect to Seller, the representations in Parts cuatro.1, cuatro.2(a), 4.2(b), 4.2(c)(i), cuatro.2(c)(iv), cuatro.3 and 4.8 and, with respect to Purchaser, the representations in Parts 5.1, 5.2(a), 5.2(b), cuatro.2(c)(i) and 5.2(c)(iv).
should mean any applicable national, supranational, federal, state, local, provincial or any other governmental, regulating otherwise administrative authority, company otherwise percentage otherwise any legal, tribunal, otherwise official otherwise arbitral human body off 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
High Costs 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.