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 towards terms of any HELOC, the newest associated Financial and other file regarding the related Financial Document otherwise Equity Document.

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

shall mean, for any day, the interest rate per annum (round right up, if necessary, to your nearby step one/100th of 1%) equal to the common of your own costs towards the right-away proceed this link here now federal fund transactions that have members of the fresh new Federal Set aside Program set up by federal money agents with the like big date, once the written by the latest Federal Set aside Financial of brand new York with the the business Big date next succeeding for example date; provided if such as for example time isnt a corporate Big date or brand new isnt thus wrote for all the go out, brand new for eg time would be instance price for the like purchases on the second Business day as thus penned with the next thriving Working day.

Federal Money 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.

Fundamental Representations shall mean, with respect to Seller, the representations in Areas cuatro.1, cuatro.2(a), cuatro.2(b), 4.2(c)(i), cuatro.2(c)(iv), cuatro.step 3 and 4.8 and, with respect to Purchaser, the representations in Sections 5.1, 5.2(a), 5.2(b), cuatro.2(c)(i) and 5.2(c)(iv).

will imply any relevant federal, supranational, federal, condition, regional, provincial or any other political, regulatory or management power, service otherwise fee or any court, tribunal, otherwise judicial otherwise arbitral human anatomy out-of skilled 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 Rate of interest shall mean the rate of interest borne on such HELOC in accordance with the applicable Credit Agreement.

Political Entity

High Pricing 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.