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 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 your terms of one HELOC, the brand new associated Mortgage and other file regarding relevant Mortgage File or Security File.

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

will suggest, when it comes down to date, the pace yearly (round right up, if necessary, into the nearest 1/100th of just one%) comparable to an average of the costs on the right-away government fund transactions having people in the brand new Federal Set-aside Program setup by the federal funds agents on including go out, due to the fact written by this new Federal Set aside Financial of new York into the the organization Big date second succeeding like big date; provided that in the event the particularly date isnt a corporate Time or the new is not thus published the big date, the fresh new having such as for instance big date are online installment loans for bad credit in SD including speed for the particularly deals into the 2nd Business day since the thus authored to the 2nd succeeding Business day.

Government Funds 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.

Simple Representations shall mean, with respect to Seller, the representations in Parts 4.step 1, cuatro.2(a), cuatro.2(b), cuatro.2(c)(i), 4.2(c)(iv), 4.step 3 and 4.8 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 one applicable national, supranational, government, county, regional, provincial or other political, regulating otherwise administrative expert, agency otherwise commission otherwise any legal, tribunal, or official otherwise arbitral muscles out-of skilled 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

Higher Prices 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.