Exhibit 10.2


 





SECOND AMENDED AND RESTATED GUARANTY



 


SECOND AMENDED AND RESTATED
GUARANTY, dated as of March 27, 2015 (as amended, supplemented, or otherwise modified from time to time, this “Guaranty”),
made by Private National Mortgage Acceptance Company, LLC, a Delaware limited liability company (“Guarantor”),
in favor of Credit Suisse First Boston Mortgage Capital LLC (“Lender”).


 


The Guarantor previously
entered into an Amended and Restated Guaranty in favor of Buyer dated as of March 27, 2012 (the “Existing Guaranty”).


 


The parties hereto have
requested that the Existing Guaranty be amended and restated, in its entirety, on the terms and subject to the conditions set forth
herein.


 


RECITALS


 


Pursuant to the Third
Amended and Restated Loan and Security Agreement, dated as of March 27, 2015 (as amended, supplemented or otherwise modified from
time to time, the “Loan Agreement”), among the Borrower, Guarantor and Lender, Lender has agreed from time to
time to make Loans to Borrower secured by the Collateral. It is a condition precedent to the obligation of Lender to make Loans
under the Loan Agreement that Guarantor shall have executed and delivered this Guaranty to Lender.


 


NOW,
THEREFORE, in consideration of the foregoing premises, to induce Lender to enter into the Loan Agreement and to make Loans
thereunder, Guarantor hereby agrees with Lender, as follows:


 


1.Defined Terms.
i) Unless otherwise defined herein, terms which are defined in the Loan Agreement and used herein are so used as so defined.


 


(b)For purposes of
this Guaranty, “Obligations” shall mean all obligations and liabilities of Borrower to Lender, whether direct or indirect,
absolute or contingent, due or to become due, or now existing or hereafter incurred, which may arise under, or out of or in connection
with the Loan Agreement and any other Loan Documents and any other document made, delivered or given in connection therewith or
herewith, whether on account of principal, interest, reimbursement obligations, fees, indemnities, costs, expenses (including,
without limitation, all fees and disbursements of counsel to Lender that are required to be paid by Borrower pursuant to the terms
of the Loan Documents and costs of enforcement of this Guaranty) or otherwise.


 


2.Guaranty.
ii) Guarantor hereby unconditionally and irrevocably guarantees to Lender the prompt and complete payment and performance by Borrower
when due (whether at the stated maturity, by acceleration or otherwise) of the Obligations.


 


(b)Guarantor further
agrees to pay any and all expenses (including, without limitation, all fees and disbursements of counsel) which may be paid or
incurred by Lender in enforcing, or obtaining advice of counsel in respect of, any rights with respect to, or collecting, any or
all of the Obligations and/or enforcing any rights with respect to, or collecting against, Guarantor under this Guaranty. This
Guaranty shall remain in full force and effect until the later of (i) the termination of the Loan Agreement and (ii) the Obligations
are paid in full, notwithstanding that from time to time prior thereto Borrower may be free from any Obligations.


 




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(c)No payment or
payments made by Borrower or any other Person or received or collected by Lender from Borrower or any other Person by virtue of
any action or proceeding or any set-off or appropriation or application, at any time or from time to time, in reduction of or in
payment of the Obligations shall be deemed to modify, reduce, release or otherwise affect the liability of Guarantor hereunder
which shall, notwithstanding any such payment or payments, remain liable for the amount of the outstanding Obligations until the
outstanding Obligations are paid in full.


 


(d) Guarantor agrees
that whenever, at any time, or from time to time, Guarantor shall make any payment to Lender on account of Guarantor’s liability
hereunder, Guarantor will notify Lender in writing that such payment is made under this Guaranty for such purpose.


 


3.Right of Set-off.
Lender is hereby irrevocably authorized at any time and from time to time without notice to Guarantor, any such notice being hereby
waived by Guarantor, to set off and appropriate and apply any and all monies and other property of Guarantor, deposits (general
or special, time or demand, provisional or final), in any currency, and any other credits, indebtedness or claims, in any currency,
in each case whether direct or indirect, absolute or contingent, matured or unmatured, at any time held or owing by Lender of any
Affiliate thereof to or for the credit or the account of Guarantor, or any part thereof in such amounts as Lender may elect, on
account of the Obligations and liabilities of Guarantor hereunder and claims of every nature and description of Lender against
Guarantor, in any currency, whether arising hereunder, under the Loan Agreement or otherwise, as Lender may elect, whether or not
Lender has made any demand for payment and although such Obligations and liabilities and claims may be contingent or unmatured.
Lender shall notify Guarantor promptly of any such set-off and the application made by Lender, provided that the failure to give
such notice shall not affect the validity of such set-off and application. The rights of Lender under this paragraph are in addition
to other rights and remedies (including, without limitation, other rights of set-off) which Lender may have.


 


4.Subrogation.
Notwithstanding any payment or payments made by Guarantor hereunder or any set-off or application of funds of Guarantor by Lender,
Guarantor shall not be entitled to be subrogated to any of the rights of Lender against Borrower or any other guarantor or any
collateral security or guarantee or right of offset held by Lender for the payment of the Obligations, nor shall Guarantor seek
or be entitled to seek any contribution or reimbursement from Borrower or any other guarantor in respect of payments made by Guarantor
hereunder, until all amounts owing to Lender by Borrower on account of the Obligations are paid in full and the Loan Agreement
is terminated. If any amount shall be paid to Guarantor on account of such subrogation rights at any time when all of the Obligations
shall not have been paid in full, such amounts shall be held by Guarantor for the benefit of Lender, segregated from other funds
of Guarantor, and shall, forthwith upon receipt by Guarantor, be turned over to Lender in the exact form received by Guarantor
(duly indorsed by Guarantor to Lender, if required), to be applied against the Obligations, whether matured or unmatured, in such
order as Lender may determine.


 




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5.Amendments,
etc. with Respect to the Obligations. Guarantor shall remain obligated hereunder notwithstanding that, without any reservation
of rights against Guarantor, and without notice to or further assent by Guarantor, any demand for payment of any of the Obligations
made by Lender may be rescinded by Lender, and any of the Obligations continued, and the Obligations, or the liability of any other
party upon or for any part thereof, or any collateral security or guarantee therefor or right of offset with respect thereto, may,
from time to time, in whole or in part, be renewed, extended, amended, modified, accelerated, compromised, waived, surrendered
or released by Lender, and the Loan Agreement, and the other Loan Documents and any other document in connection therewith may
be amended, modified, supplemented or terminated, in whole or in part, pursuant to its terms and as Lender may deem advisable from
time to time, and any collateral security, guarantee or right of offset at any time held by Lender for the payment of the Obligations
may be sold, exchanged, waived, surrendered or released. Lender shall have no obligation to protect, secure, perfect or insure
any Lien at any time held by it as security for the Obligations or for this Guaranty or any property subject thereto. When making
any demand hereunder against Guarantor, Lender may, but shall be under no obligation to, make a similar demand on Borrower and
any failure by Lender to make any such demand or to collect any payments from Borrower or any release of Borrower shall not relieve
Guarantor of its obligations or liabilities hereunder, and shall not impair or affect the rights and remedies, express or implied,
or as a matter of law, of Lender against Guarantor. For the purposes hereof “demand” shall include the commencement
and continuance of any legal proceedings.


 


6.Guaranty Absolute
and Unconditional. iii) Guarantor waives any and all notice of the creation, renewal, extension or accrual of any of the Obligations
and notice of or proof of reliance by Lender upon this Guaranty or acceptance of this Guaranty; the Obligations, and any of them,
shall conclusively be deemed to have been created, contracted or incurred, or renewed, extended, amended or waived in reliance
upon this Guaranty; and all dealings between Borrower or Guarantor, on the one hand, and Lender, on the other, shall likewise be
conclusively presumed to have been had or consummated in reliance upon this Guaranty. Guarantor waives diligence, presentment,
protest, demand for payment and notice of default or nonpayment to or upon Borrower or the Guaranty with respect to the Obligations.
This Guaranty shall be construed as a continuing, absolute and unconditional guarantee of payment without regard to (i) the validity
or enforceability of the Loan Agreement, the other Loan Documents, any of the Obligations or any collateral security therefor or
guarantee or right of offset with respect thereto at any time or from time to time held by Lender, (ii) any defense, set-off or
counterclaim (other than a defense of payment or performance) which may at any time be available to or be asserted by Borrower
against Lender, or (iii) any other circumstance whatsoever (with or without notice to or knowledge of Borrower or Guarantor) which
constitutes, or might be construed to constitute, an equitable or legal discharge of Borrower for the Obligations, or of Guarantor
under this Guaranty, in bankruptcy or in any other instance. When pursuing its rights and remedies hereunder against Guarantor,
Lender may, but shall be under no obligation, to pursue such rights and remedies that they may have against Borrower or any other
Person or against any collateral security or guarantee for the Obligations or any right of offset with respect thereto, and any
failure by Lender to pursue such other rights or remedies or to collect any payments from Borrower or any such other Person or
to realize upon any such collateral security or guarantee or to exercise any such right of offset, or any release of Borrower or
any such other Person or any such collateral security, guarantee or right of offset, shall not relieve Guarantor of any liability
hereunder, and shall not impair or affect the rights and remedies, whether express, implied or available as a matter of law, of
Lender against Guarantor. This Guaranty shall remain in full force and effect and be binding in accordance with and to the extent
of its terms upon Guarantor and their successors and assigns thereof, and shall inure to the benefit of Lender, and successors,
indorsees, transferees and assigns, until all the Obligations and the obligations of Guarantor under this Guaranty shall have been
satisfied by payment in full, notwithstanding that from time to time during the term of the Loan Agreement Borrower may be free
from any Obligations.


 




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(b)Without limiting
the generality of the foregoing, Guarantor hereby agrees, acknowledges, and represents and warrants to Lender as follows:


 


(i)Guarantor
hereby waives any defense arising by reason of, and any and all right to assert against Lender any claim or defense based upon,
an election of remedies by Lender which in any manner impairs, affects, reduces, releases, destroys and/or extinguishes Guarantor’s
(x) subrogation rights, (y) rights to proceed against Borrower or any other guarantor for reimbursement or contribution, and/or
(z) any other rights of Guarantor to proceed against Borrower, against any other guarantor, or against any other person or security.


 


(ii)Guarantor
is presently informed of the financial condition of Borrower and of all other circumstances which diligent inquiry would reveal
and which bear upon the risk of nonpayment of the Obligations. Guarantor hereby covenants that it will make its own investigation
and will continue to keep itself informed of Borrower’s financial condition, the status of other guarantors, if any, of all
other circumstances which bear upon the risk of nonpayment and that it will continue to rely upon sources other than Lender for
such information and will not rely upon Lender for any such information. Absent a written request for such information by Guarantor
to Lender, Guarantor hereby waives its right, if any, to require Lender to disclose to Guarantor any information which Lender may
now or hereafter acquire concerning such condition or circumstances including, but not limited to, the release of or revocation
by any other guarantor.


 


(iii)Guarantor
has independently reviewed the Loan Agreement and related agreements and has made an independent determination as to the validity
and enforceability thereof, and in executing and delivering this Guaranty to Lender, Guarantor is not in any manner relying upon
the validity, and/or enforceability, and/or attachment, and/or perfection of any Liens or security interests of any kind or nature
granted by Borrower or any other guarantor to Lender, now or at any time and from time to time in the future.


 


7.Reinstatement.
This Guaranty shall continue to be effective, or be reinstated, as the case may be, if at any time payment, or any part thereof,
of any of the Obligations is rescinded or must otherwise be restored or returned by Lender upon the insolvency, bankruptcy, dissolution,
liquidation or reorganization of Borrower or upon or as a result of the appointment of a receiver, intervenor or conservator of,
or trustee or similar officer for, Borrower or any substantial part of its property, or otherwise, all as though such payments
had not been made.


 




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8.Payments.
Guarantor hereby agrees that the Obligations will be paid to Lender without set-off or counterclaim in U.S. Dollars.


 


9.Event of Default.
If an Event of Default under the Loan Agreement shall have occurred and be continuing, Guarantor agrees that, as between Guarantor
and the Lender, the Obligations may be declared to be due in accordance with the terms of the Loan Agreement for purposes of this
Guaranty notwithstanding any stay, injunction or other prohibition which may prevent, delay or vitiate any such declaration as
against the Borrower and that, in the event of any such declaration (or attempted declaration), such Obligations shall forthwith
become due by Guarantor for purposes of this Guaranty.


 


10.Severability.
Any provision of this Guaranty which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition
or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.


 


11.Headings.
The paragraph headings used in this Guaranty are for convenience of reference only and are not to affect the construction hereof
or be taken into consideration in the interpretation hereof.


 


12.No Waiver;
Cumulative Remedies. Lender shall not by any act (except by a written instrument pursuant to Section 13 hereof), delay, indulgence,
omission or otherwise be deemed to have waived any right or remedy hereunder or to have acquiesced in any Default or Event of Default
or in any breach of any of the terms and conditions hereof. No failure to exercise, nor any delay in exercising, on the part of
Lender, any right, power or privilege hereunder shall operate as a waiver thereof. No single or partial exercise of any right,
power or privilege hereunder shall preclude any other or further exercise thereof or the exercise of any other right, power or
privilege. A waiver by Lender of any right or remedy hereunder on any one occasion shall not be construed as a bar to any right
or remedy which Lender would otherwise have on any future occasion. The rights and remedies herein provided are cumulative, may
be exercised singly or concurrently and are not exclusive of any rights or remedies provided by law.


 


13.Waivers and
Amendments; Successors and Assigns; Governing Law. None of the terms or provisions of this Guaranty may be waived, amended,
supplemented or otherwise modified except by a written instrument executed by Guarantor and Lender, provided that any provision
of this Guaranty may be waived by Lender in a letter or agreement executed by Lender or by facsimile or electronic transmission
from Lender to the Guarantor. This Guaranty shall be binding upon the personal representatives, successors and assigns of Guarantor
and shall inure to the benefit of Lender and its successors and assigns.


 


14.Notices.
Notices delivered in connection with this Guaranty shall be given in accordance with Section 10.05 of the Loan Agreement.


 




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15.Jurisdiction.


 


(a)THIS GUARANTY
SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.


 


(b)GUARANTOR HEREBY
WAIVES TRIAL BY JURY. GUARANTOR HEREBY IRREVOCABLY CONSENTS TO THE EXCLUSIVE JURISDICTION OF ANY COURT OF THE STATE OF NEW YORK,
OR IN THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK, ARISING OUT OF OR RELATING TO THE LOAN DOCUMENTS
IN ANY ACTION OR PROCEEDING. GUARANTOR HEREBY SUBMITS TO, AND WAIVES ANY OBJECTION IT MAY HAVE TO, EXCLUSIVE PERSONAL JURISDICTION
AND VENUE IN THE COURTS OF THE STATE OF NEW YORK AND THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK,
WITH RESPECT TO ANY DISPUTES ARISING OUT OF OR RELATING TO THE LOAN DOCUMENTS.


 


16.Integration.
This Guaranty represents the agreement of Guarantor with respect to the subject matter hereof and there are no promises or representations
by Lender relative to the subject matter hereof not reflected herein.


 


17.Acknowledgments.
Guarantor hereby acknowledges that:


 


(a)Guarantor has
been advised by counsel in the negotiation, execution and delivery of this Guaranty and the other Loan Documents;


 


(b)Lender does not
have any fiduciary relationship to Guarantor, Guarantor does not have any fiduciary relationship to Lender and the relationship
between Lender and Guarantor is solely that of surety and creditor; and


 


(c)no joint venture
exists between Lender and Guarantor or among Lender, Borrower and Guarantor.


 


 


 


[ Signature pages follow ]


 




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IN WITNESS WHEREOF,
the undersigned has caused this Guaranty to be duly executed and delivered as of the date first above written.


 




 





	 	PRIVATE NATIONAL MORTGAGE ACCEPTANCE COMPANY, LLC, as Guarantor
	 	 
	 	By:  /s/ Pamela Marsh
	 	Name:  Pamela Marsh
	 	Title:    Executive Vice President, Treasurer




 


 


 


 





Signature Page to Second Amended
and Restated Guaranty







 






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