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 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, 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 regards to any HELOC, the new relevant Financial or any other file on relevant Home loan Document or Guarantee File.

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

shall indicate, for the date, the rate per year (rounded up, if required, towards the nearby step one/100th of 1%) comparable to an average of rates on at once federal loans deals that have people in brand new Federal Reserve Program set-up by the federal funds brokers with the instance day, once the published by the latest Federal Put aside Financial of brand new York into the business Day 2nd thriving such as for instance time; provided in the event the such as for instance time is not a business Time or the brand new isnt thus typed your time, the to have such as big date might be particularly speed for the for example purchases towards the second Working day since very had written with the next succeeding Working day.

Federal Funds Speed

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 Sections 4.1, 4.2(a), cuatro.2(b), cuatro.2(c)(i), cuatro.2(c)(iv), cuatro.step 3 and 4.8 and, with respect to Purchaser, the representations in Sections 5.step one, 5.2(a), 5.2(b), 4 http://www.availableloan.net/personal-loans-ny/kingston/.2(c)(i) and 5.2(c)(iv).

shall mean people appropriate federal, supranational, federal, county, regional, provincial and other political, regulating otherwise administrative power, agencies otherwise fee or one courtroom, tribunal, otherwise judicial or arbitral body off 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 rate shall mean the rate of interest borne on such HELOC in accordance with the applicable Credit Agreement.

Political Organization

Large Cost 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.