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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 Levels 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 towards terms of any HELOC, new associated Home loan or any other file throughout the related Home loan File or Equity File.

Present Servicing Contract shall mean the Third Amended and Restated Flow Servicing Agreement, dated , by and between Servicer and PennyMac Operating Partnership, L.

shall imply, when it comes to big date, the interest rate yearly (round right up, if necessary, into nearest 1/100th of 1%) equivalent to the common of your costs to your right away government fund purchases having members of the Federal Set-aside System put up by federal finance brokers towards including day, because published by the fresh new Government Reserve Lender of the latest York toward the firm Big date second succeeding including date; so long as if the like day isnt a business Time or brand new is not thus blogged when it comes down to day, the fresh new getting such as for example time is including price into such as for example transactions towards the next Working day once the very typed into the https://paydayloanalabama.com/muscle-shoals/ 2nd succeeding Working day.

Federal Finance 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 computer shall mean the entity formally known as the Federal Home Loan Mortgage Corporation (FHLMC) or any successor thereto.

Basic Representations shall mean, with respect to Seller, the representations in Areas 4.step 1, 4.2(a), 4.2(b), cuatro.2(c)(i), 4.2(c)(iv), 4.step 3 and cuatro.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).

will mean any appropriate federal, supranational, federal, state, local, provincial or other governmental, regulating or administrative authority, institution or commission or one court, tribunal, otherwise judicial otherwise arbitral looks out of 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.

Political Organization

Large Cost 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.