P., an effective Delaware minimal commitment, because the exact same ended sometimes

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 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 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 any HELOC, new related Home loan or any other file about associated Financial File or Collateral Document.

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

will suggest, when it comes to day, the speed yearly (game upwards, if required, to your nearby step one/100th of 1%) equivalent to the common of one’s costs on the right-away federal money deals having people in the fresh Federal Set-aside Program created by government funds agents into the like go out, as compiled by this new Government Set-aside Lender of brand new York to the the organization Go out 2nd thriving like big date; provided in the event the for example date isnt a business Go out or the new isnt so wrote for the date, this new getting including big date would be such price to the particularly transactions for the second Business day given that thus penned toward second succeeding Working day.

Government Financing 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.

Basic Representations shall mean, with respect to Seller, the representations in Parts 4.step one, cuatro.2(a), 4.2(b), 4.2(c)(i), 4.2(c)(iv), 4.step three and cuatro.8 and, with respect to Purchaser, the representations in Parts 5.step 1, 5.2(a), 5.2(b), 4.2(c)(i) and 5.2(c)(iv).

should suggest any appropriate national, supranational, federal, county, regional, provincial or any other governmental, regulatory or administrative power, institution or commission or any courtroom, tribunal, otherwise judicial or arbitral body regarding 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.

Governmental Organization

Higher Costs Mortgage 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.