Burden 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 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 Maine local banks for personal loans, 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 regards to one HELOC, the latest associated Financial or any other document in the associated Financial Document otherwise Collateral File.
Established Upkeep Contract shall mean the Third Amended and Restated Flow Servicing Agreement, dated , by and between Servicer and PennyMac Operating Partnership, L.
will indicate, when it comes to go out, the pace per annum (rounded up, if required, on nearest step one/100th of 1%) equivalent to the typical of your cost to your immediately government finance purchases which have people in this new Federal Reserve Program build from the government loans brokers towards the for example big date, because published by the fresh Federal Set-aside Bank of new York towards the company Time second succeeding like time; so long as in the event that instance date is not a business Day or new isnt therefore wrote for day, the brand new to own eg day will be particularly speed towards the such as for example transactions with the next Working day just like the therefore typed on the second succeeding Working day.
Government Loans Rate
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.
Fundamental Representations shall mean, with respect to Seller, the representations in Areas 4.step 1, 4.2(a), cuatro.2(b), 4.2(c)(i), 4.2(c)(iv), 4.3 and cuatro.8 and, with respect to Purchaser, the representations in Areas 5.1, 5.2(a), 5.2(b), 4.2(c)(i) and 5.2(c)(iv).
will indicate people appropriate federal, supranational, government, condition, local, provincial or other political, regulating otherwise management authority, agencies or fee or any judge, tribunal, or official otherwise arbitral looks out-of competent 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 Interest shall mean the rate of interest borne on such HELOC in accordance with the applicable Credit Agreement.
Governmental Organization
Higher 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.