P., a Delaware limited partnership, once the exact same finished from time to time

Encumbrance 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 Membership 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 with the regards to any HELOC, the brand new related Home loan or any other file about relevant Home loan Document otherwise Guarantee Document.

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

shall suggest, for any big date, the interest rate per year (rounded right up, if required, towards the nearest step one/100th of just one%) equal to the typical of one’s prices to your right-away government fund purchases having people in the newest Government Reserve Program set-up of the federal funds agents with the such day, once the published by the Government Reserve Lender of the latest York into the the business Go out 2nd thriving including go out; so long as in the event the eg date is not a business Time otherwise this new is not thus penned for your date, this new for instance big date are going to be such as rates into the particularly transactions into the next Working day since the therefore blogged into next succeeding Business day.

Federal Loans 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.

Practical Representations shall mean, with respect to Seller, the representations in Sections 4.step 1, cuatro.2(a), 4.2(b), cuatro.2(c)(i), 4.2(c)(iv), cuatro.step three and 4.8 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).

will suggest one applicable national, supranational, government, county, local, provincial or other political, regulatory otherwise administrative authority, company or payment otherwise any legal, tribunal, otherwise judicial otherwise arbitral body away from 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.

Governmental Entity

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 installment loans in Houston, 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.