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 Accounts 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 into regards to one HELOC, the fresh new associated Mortgage or any other document from the related Financial Document or Equity File.

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

will mean, for date, the interest rate per year (game up, if necessary, to the nearby 1/100th of 1%) equal to the typical of your cost towards immediately government loans deals having members of the fresh Federal Reserve System install from the federal money agents to the including day, once the published by this new Federal Reserve Bank of brand new York into the the company Go out second succeeding particularly day; provided that when the for example big date is not a business Date or new is not thus web sites penned when it comes to big date, brand new to have such as for example date might be such as rate to the eg deals to your 2nd Business day due to the fact so blogged on second thriving Working day.

Federal Financing Rates

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 cuatro.1, 4.2(a), 4.2(b), cuatro.2(c)(i), 4.2(c)(iv), 4.3 and cuatro.8 and, with respect to Purchaser, the representations in Parts 5.1, 5.2(a), 5.2(b), cuatro.2(c)(i) and 5.2(c)(iv).

shall imply one applicable national, supranational, federal, condition, regional, provincial or any other governmental, regulatory or management expert, agencies otherwise percentage or people legal, tribunal, otherwise official otherwise arbitral human body from 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 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.