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 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 Costs, 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 into the regards to people HELOC, this new associated Financial or other document on associated Home loan File otherwise Guarantee Document.
Present Repair Agreement shall mean the Third Amended and Restated Flow Servicing Agreement, dated , by and between Servicer and PennyMac Operating Partnership, L.
shall suggest, your big date, the pace per annum (circular upwards, if required, towards nearest 1/100th of 1%) equivalent to an average of your own prices into immediately federal fund purchases that have people in the new Government Put aside Program put up by the government finance agents into the particularly time, since the published by the Government Set aside Bank of new York into the organization Time next succeeding like date; so long as if the such as date is not a business Day or the is not thus had payday loans online Oklahoma written for time, new getting including date can be for example rates towards such as for example purchases towards the second Business day because thus authored towards the second succeeding Working day.
Government 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 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 cuatro.step 1, 4.2(a), 4.2(b), 4.2(c)(i), 4.2(c)(iv), 4.step three and 4.8 and, with respect to Purchaser, the representations in Parts 5.step one, 5.2(a), 5.2(b), 4.2(c)(i) and 5.2(c)(iv).
will mean any appropriate federal, supranational, federal, state, local, provincial or other governmental, regulatory otherwise administrative power, agency otherwise commission or people legal, tribunal, otherwise official otherwise arbitral human body regarding 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 Rate of interest shall mean the rate of interest borne on such HELOC in accordance with the applicable Credit Agreement.
Political Entity
Large 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.
