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 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 on regards to one HELOC, the fresh new relevant Financial and other file in the associated Mortgage File or Guarantee Document.

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

will suggest, for all the day, the pace yearly (round up, if necessary, towards nearest step one/100th of just one%) equal to the typical of your pricing towards at once federal money transactions with people in the fresh Federal Put aside System arranged of the government funds agents with the such as for instance go out, given that compiled by the new Federal Set aside Lender of brand new York on the the organization Big date next thriving eg day; provided in the event the particularly time is not a corporate Big date or the new is not therefore blogged for date, new having instance day can be such as rates towards like transactions for the next Business day since the thus had written into the 2nd succeeding Working day.

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

Important Representations shall mean, with respect to Seller, the representations in Areas 4.step one, cuatro.2(a), 4.2(b), 4.2(c)(i), cuatro.2(c)(iv), cuatro.step three and cuatro.8 and, with respect to Purchaser, the representations in Parts 5.step 1, 5.2(a), 5.2(b), 4.2(c)(i) and 5.2(c)(iv).

shall indicate people applicable national, supranational, federal, county, local, provincial and other governmental, regulatory or administrative power, service otherwise commission or any legal, tribunal, or judicial or 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

Highest Prices 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 payday loans Idaho 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.