Document:

exv10w10

Exhibit 10.10

	 	 	 

	

	 	Master Repurchase

Agreement
	 

	 	September 1996 Version
	 
	 	 
	Dated as of:

	 	April 12, 2011
	 
	 	 
	Between:

	 	PROVIDENT MORTGAGE CAPITAL ASSOCIATES, INC
	 
	 	 
	And

	 	GUGGENHEIM SECURITIES, LLC

1. Applicability

From time to time the parties hereto may enter into transactions in which one party (“Seller”)
agrees to transfer to the other (“Buyer”) securities or other assets (“Securities”) against the
transfer of funds by Buyer, with a simultaneous agreement by Buyer to transfer to Seller such
Securities at a date certain or on demand, against the transfer of funds by Seller. Each such
transaction shall be referred to herein as a “Transaction” and, unless otherwise agreed in
writing, shall be governed by this Agreement, including any supplemental terms or conditions
contained in Annex I hereto and in any other annexes identified herein or therein as applicable
hereunder.

2. Definitions

(a) “Act of Insolvency”, with respect to any party, (i) the commencement by such party as debtor of
any case or proceeding under any bankruptcy, insolvency, reorganization, liquidation, moratorium,
dissolution, delinquency or similar law, or such party seeking the appointment or election of a
receiver, conservator, trustee, custodian or similar official for such party or any substantial
part of its property, or the convening of any meeting of creditors for purposes of commencing any
such case or proceeding or seeking such an appointment or election, (ii) the commencement of any
such case or proceeding against such party, or another seeking such an appointment or election, or
the filing against a party of an application for a protective decree under the provisions of the
Securities Investor Protection Act of 1970, which (A) is consented to or not timely contested by
such party, (B) results in the entry of an order for relief, such an appointment or election, the
issuance of such a protective decree or the entry of an order having a

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similar effect, or (C) is not dismissed within 15 days, (iii) the making by such party of a
general assignment for the benefit of creditors, or (iv) the admission in writing by such party of
such party’s inability to pay such party’s debts as they become due;

(b) “Additional Purchased Securities”, Securities provided by Seller to Buyer pursuant to Paragraph
4(a) hereof;

(c) “Buyer’s Margin Amount”, with respect to any Transaction as of any date, the amount obtained by
application of the Buyer’s Margin Percentage to the Repurchase Price for such Transaction as of
such date;

(d) “Buyer’s Margin Percentage”, with respect to any Transaction as of any date, a percentage
(which may be equal to the Seller’s Margin Percentage) agreed to by Buyer and Seller or, in the
absence of any such agreement, the percentage obtained by dividing the Market Value of the
Purchased Securities on the Purchase Date by the Purchase Price on the Purchase Date for such
Transaction;

(e) “Confirmation”, the meaning specified in Paragraph 3(b) hereof;

(f) “Income”, with respect to any Security at any time, any principal thereof and all interest,
dividends or other distributions thereon;

(g) “Margin Deficit”, the meaning specified in Paragraph 4(a) hereof;

(h) “Margin Excess”, the meaning specified in Paragraph 4(b) hereof;

(i) “Margin Notice Deadline”, the time agreed to by the parties in the relevant Confirmation,
Annex I hereto or otherwise as the deadline for giving notice requiring same-day satisfaction of
margin maintenance obligations as provided in Paragraph 4 hereof (or, in the absence of any such
agreement, the deadline for such purposes established in accordance with market practice);

(j) “Market Value”, with respect to any Securities as of any date, the price for such Securities
on such date obtained from a generally recognized source agreed to by the parties or the most
recent closing bid quotation from such a source, plus accrued Income to the extent not included
therein (other than any Income credited or transferred to, or applied to the obligations of,
Seller pursuant to Paragraph 5 hereof) as of such date (unless contrary to market practice for
such Securities);

(k) “Price Differential”, with respect to any Transaction as of any date, the aggregate amount
obtained by daily application of the Pricing Rate for such Transaction to the Purchase Price for
such Transaction on a 360 day per year basis for the actual number of days during the period
commencing on (and including) the Purchase Date for such Transaction and ending on (but excluding)
the date of determination (reduced by any amount of such Price Differential previously paid by
Seller to Buyer with respect to such Transaction);

(l) “Pricing Rate”, the per annum percentage rate for determination of the Price Differential;

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(m) “Prime Rate”, the prime rate of U.S. commercial banks as published in The Wall Street Journal
(or, if more than one such rate is published, the average of such rates);

(n) “Purchase Date”, the date on which Purchased Securities are to be transferred by Seller to
Buyer;

(o) “Purchase Price”, (i) on the Purchase Date, the price at which Purchased Securities are
transferred by Seller to Buyer, and (ii) thereafter, except where Buyer and Seller agree otherwise,
such price increased by the amount of any cash transferred by Buyer to Seller pursuant to Paragraph
4(b) hereof and decreased by the amount of any cash transferred by Seller to Buyer pursuant to
Paragraph 4( a) hereof or applied to reduce Seller’s obligations under clause (ii) of Paragraph 5
hereof;

(p) “Purchased Securities”, the Securities transferred by Seller to Buyer in a Transaction
hereunder, and any Securities substituted therefor in accordance with Paragraph 9 hereof. The term
“Purchased Securities” with respect to any Transaction at any time also shall include Additional
Purchased Securities delivered pursuant to Paragraph 4(a) hereof and shall exclude Securities
returned pursuant to Paragraph 4(b) hereof;

(q) “Repurchase Date”, the date on which Seller is to repurchase the Purchased Securities from
Buyer, including any date determined by application of the provisions of Paragraph 3(c) or 11
hereof-,

(r) “Repurchase Price”, the price at which Purchased Securities are to be transferred from Buyer
to Seller upon termination of a Transaction, which will be determined in each case (including
Transactions terminable upon demand) as the sum of the Purchase Price and the Price Differential
as of the date of such determination;

(s) “Seller’s Margin Amount”, with respect to any Transaction as of any date, the amount obtained
by application of the Seller’s Margin Percentage to the Repurchase Price for such Transaction as
of such date;

(t) “Seller’s Margin Percentage”, with respect to any Transaction as of any date, a percentage
(which may be equal to the Buyer’s Margin Percentage) agreed to by Buyer and Seller or, in the
absence of any such agreement, the percentage obtained by dividing the Market Value of the
Purchased Securities on the Purchase Date by the Purchase Price on the Purchase Date for such
Transaction.

3.
Initiation; Confirmation; Termination

(a) An agreement to enter into a Transaction may be made orally or in writing at the initiation of
either Buyer or Seller. On the Purchase Date for the Transaction, the Purchased Securities shall be
transferred to Buyer or its agent against the transfer of the Purchase Price to an account of
Seller.

(b) Upon agreeing to enter into a Transaction hereunder, Buyer or Seller (or both), as shall be
agreed, shall promptly deliver to the other party a written confirmation of each Transaction (a
“Confirmation”). The Confirmation shall describe the Purchased Securities (including CUSIP

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number, if any), identify Buyer and Seller and set forth (i) the Purchase Date, (ii) the Purchase
Price, (iii) the Repurchase Date, unless the Transaction is to be terminable on demand, (iv) the
Pricing Rate or Repurchase Price applicable to the Transaction, and (v) any additional terms or
conditions of the Transaction not inconsistent with this Agreement. The Confirmation, together with
this Agreement, shall constitute conclusive evidence of the terms agreed between Buyer and Seller
with respect to the Transaction to which the Confirmation relates, unless with respect to the
Confirmation specific objection is made promptly after receipt thereof. In the event of any
conflict between the terms of such Confirmation and this Agreement, this Agreement shall prevail.

(c) In the case of Transactions terminable upon demand, such demand shall be made by Buyer or
Seller, no later than such time as is customary in accordance with market practice, by telephone
or otherwise on or prior to the business day on which such termination will be effective. On the
date specified in such demand, or on the date fixed for termination in the case of Transactions
having a fixed term, termination of the Transaction will be effected by transfer to Seller or its
agent of the Purchased Securities and any Income in respect thereof received by Buyer (and not
previously credited or transferred to, or applied to the obligations of, Seller pursuant to
Paragraph 5 hereof) against the transfer of the Repurchase Price
to an account of Buyer.

4. Margin Maintenance

(a) If at any time the aggregate Market Value of all Purchased Securities subject to all
Transactions in which a particular party hereto is acting as Buyer is less than the aggregate
Buyer’s Margin Amount for all such Transactions (a “Margin Deficit”), then Buyer may by notice to
Seller require Seller in such Transactions, at Seller’s option, to transfer to Buyer cash or
additional Securities reasonably acceptable to Buyer (“Additional Purchased Securities”), so that
the cash and aggregate Market Value of the Purchased Securities, including any such Additional
Purchased Securities, will thereupon equal or exceed such aggregate Buyer’s Margin Amount
(decreased by the amount of any Margin Deficit as of such date arising from any Transactions in
which such Buyer is acting as Seller).

(b) If at any time the aggregate Market Value of all Purchased Securities subject to all
Transactions in which a particular party hereto is acting as Seller exceeds the aggregate Seller’s
Margin Amount for all such Transactions at such time (a “Margin Excess”), then Seller may by notice
to Buyer require Buyer in such Transactions, at Buyer’s option, to transfer cash or Purchased
Securities to Seller, so that the aggregate Market Value of the Purchased Securities, after
deduction of any such cash or any Purchased Securities so transferred, will thereupon not exceed
such aggregate Seller’s Margin Amount (increased by the amount of any Margin Excess as of such date
arising from any Transactions in which such Seller is acting as
Buyer).

(c) If any notice is given by Buyer or Seller under subparagraph (a) or (b) of this Paragraph at or
before the Margin Notice Deadline on any business day, the party receiving such notice shall
transfer cash or Additional Purchased Securities as provided in such subparagraph no later than the
close of business in the relevant market on such day. If any such notice is given after the Margin
Notice Deadline, the party receiving such notice shall transfer such cash or Securities no later
than the close of business in the relevant market on the next business day following such notice.

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(d) Any cash transferred pursuant to this Paragraph shall be attributed to such Transactions as
shall be agreed upon by Buyer and Seller.

(e) Seller and Buyer may agree, with respect to any or all Transactions hereunder, that the
respective rights of Buyer or Seller (or both) under subparagraphs (a) and (b) of this Paragraph
may be exercised only where a Margin Deficit or Margin Excess, as the case may be, exceeds a
specified dollar amount or a specified percentage of the Repurchase Prices for such Transactions
(which amount or percentage shall be agreed to by Buyer and Seller prior to entering into any such
Transactions)

(f) Seller and Buyer may agree, with respect to any or all Transactions hereunder, that the
respective rights of Buyer and Seller under subparagraphs (a) and (b) of this Paragraph to require
the elimination of a Margin Deficit or a Margin Excess, as the case may be, may be exercised
whenever such a Margin Deficit or a Margin Excess exists with respect to any single Transaction
hereunder (calculated without regard to any other Transaction
outstanding under this Agreement).

5. Income Payments

Seller shall be entitled to receive an amount equal to all Income paid or distributed on or in
respect of the Securities that is not otherwise received by Seller, to the full extent it would be
so entitled if the Securities had not been sold to Buyer. Buyer shall, as the parties may agree
with respect to any Transaction (or, in the absence of any such agreement, as Buyer shall
reasonably determine in its discretion), on the date such Income is paid or distributed either (i)
transfer to or credit to the account of Seller such Income with respect to any Purchased
Securities subject to such Transaction or (ii) with respect to Income paid in cash, apply the
Income payment or payments to reduce the amount, if any, to be transferred to Buyer by Seller upon
termination of such Transaction. Buyer shall not be obligated to take any action pursuant to the
preceding sentence (A) to the extent that such action would result in the creation of a Margin
Deficit, unless prior thereto or simultaneously therewith Seller transfers to Buyer cash or
Additional Purchased Securities sufficient to eliminate such Margin Deficit, or (B) if an Event of
Default with respect to Seller has occurred and is then continuing at the time such Income is paid
or distributed.

6. Security Interest

Although the parties intend that all Transactions hereunder be sales and purchases and not
loans, in the event any such Transactions are deemed to be loans, Seller shall be deemed to have
pledged to Buyer as security for the performance by Seller of its obligations under each such
Transaction, and shall be deemed to have granted to Buyer a security interest in, all of the
Purchased Securities with respect to all Transactions hereunder and all Income thereon and other
proceeds thereof.

7. Payment and Transfer

Unless otherwise mutually agreed, all transfers of funds hereunder shall be in immediately
available funds. All Securities transferred by one party hereto to the other party (i) shall be in
suitable form for transfer or shall be accompanied by duly executed instruments of transfer or
assignment in blank and such other documentation as the party receiving possession may reasonably
request, (ii) shall be transferred on the book-entry system of a Federal Reserve Bank, or (iii)
shall be transferred by any other method mutually acceptable to
Seller and Buyer.

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8. Segregation of Purchased Securities

To the extent required by applicable law, all Purchased Securities in the possession of Seller
shall be segregated from other securities in its possession and shall be identified as subject to
this Agreement. Segregation may be accomplished by appropriate identification on the books and
records of the holder, including a financial or securities intermediary or a clearing corporation.
All of Seller’s interest in the Purchased Securities shall pass to Buyer on the Purchase Date and,
unless otherwise agreed by Buyer and Seller, nothing in this Agreement shall preclude Buyer from
engaging in repurchase transactions with the Purchased Securities or otherwise selling,
transferring, pledging or hypothecating the Purchased Securities, but no such transaction shall
relieve Buyer of its obligations to transfer Purchased Securities to Seller pursuant to Paragraph
3, 4 or 11 hereof, or of Buyer’s obligation to credit or pay Income to, or apply Income to the
obligations of, Seller pursuant to Paragraph 5 hereof.

Required Disclosure for Transactions in Which the Seller Retains Custody of the Purchased
Securities

Seller is not permitted to substitute other securities for those subject to this Agreement
and therefor must keep Buyer’s securities segregated at all times, unless in this Agreement
Buyer grants Seller the right to substitute other securities. If Buyer grants the right to
substitute, this means that Buyer’s securities will likely be commingled with Seller’s own
securities during the trading day. Buyer is advised that, during any trading day that
Buyer’s securities are commingled with Seller’s securities, they [will]* [may]** be subject
to liens granted by Seller to [its clearing bank]* [third parties]** and may be used by
Seller for deliveries on other securities transactions. Whenever the securities are
commingled, Seller’s ability to resegregate substitute securities for Buyer will be subject
to Seller’s ability to satisfy [the clearing]* [any]** lien or to obtain substitute
securities.

 

			
	*	 	Language to be used under 17 C.F.R. §403.4(e) if Seller is a government securities
broker or dealer other than a financial institution.
	 
	**	 	Language to be used under 17 C.F.R. §403.5(d) if Seller is a financial institution.

9. Substitution

(a) Seller may, subject to agreement with and acceptance by Buyer, substitute other Securities for
any Purchased Securities. Such substitution shall be made by transfer to Buyer of such other
Securities and transfer to Seller of such Purchased Securities. After substitution, the substituted
Securities shall be deemed to be Purchased Securities.

(b) In Transactions in which Seller retains custody of Purchased Securities, the parties expressly
agree that Buyer shall be deemed, for purposes of subparagraph (a) of this Paragraph, to have
agreed to and accepted in this Agreement substitution by Seller of other Securities for Purchased
Securities; provided, however, that such other Securities shall have a Market Value at least equal
to the Market Value of the Purchased Securities for which they are substituted.

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10. Representations

Each of Buyer and Seller represents and warrants to the other that (i) it is duly authorized to
execute and deliver this Agreement, to enter into Transactions contemplated hereunder and to
perform its obligations hereunder and has taken all necessary action to authorize such execution,
delivery and performance, (ii) it will engage in such Transactions as principal (or, if agreed in
writing, in the form of an annex hereto or otherwise, in advance of any Transaction by the other
party hereto, as agent for a disclosed principal), (iii) the person signing this Agreement on its
behalf is duly authorized to do so on its behalf (or on behalf of any such disclosed principal),
(iv) it has obtained all authorizations of any governmental body required in connection with this
Agreement and the Transactions hereunder and such authorizations are in full force and effect and
(v) the execution, delivery and performance of this Agreement and the Transactions hereunder will
not violate any law, ordinance, charter, by-law or rule applicable to it or any agreement by which
it is bound or by which any of its assets are affected. On the Purchase Date for any Transaction
Buyer and Seller shall each be deemed to repeat all the foregoing
representations made by it.

11. Events of Default

In the event that (i) Seller fails to transfer or Buyer fails to purchase Purchased Securities upon
the applicable Purchase Date, (ii) Seller fails to repurchase or Buyer fails to transfer Purchased
Securities upon the applicable Repurchase Date, (iii) Seller or Buyer fails to comply with
Paragraph 4 hereof, (iv) Buyer fails, after one business day’s notice, to comply with Paragraph 5
hereof, (v) an Act of Insolvency occurs with respect to Seller or Buyer, (vi) any representation
made by Seller or Buyer shall have been incorrect or untrue in any material respect when made or
repeated or deemed to have been made or repeated, or (vii) Seller or Buyer shall admit to the other
its inability to, or its intention not to, perform any of its obligations hereunder (each an “Event
of Default”):

(a) The nondefaulting party may, at its option (which option shall be deemed to have been exercised
immediately upon the occurrence of an Act of Insolvency), declare an Event of Default to have
occurred hereunder and, upon the exercise or deemed exercise of such option, the Repurchase Date
for each Transaction hereunder shall, if it has not already occurred, be deemed immediately to
occur (except that, in the event that the Purchase Date for any Transaction has not yet occurred as
of the date of such exercise or deemed exercise, such Transaction shall be deemed immediately
canceled). The nondefaulting party shall (except upon the occurrence of an Act of Insolvency) give
notice to the defaulting party of the exercise of such option as promptly as practicable.

(b) In all Transactions in which the defaulting party is acting as Seller, if the nondefaulting
party exercises or is deemed to have exercised the option referred to in subparagraph (a) of this
Paragraph, (i) the defaulting party’s obligations in such Transactions to repurchase all Purchased
Securities, at the Repurchase Price therefore on the Repurchase Date determined in accordance with
subparagraph (a) of this Paragraph, shall thereupon become immediately due and payable, (ii) all
Income paid after such exercise or deemed exercise shall be retained by the nondefaulting party and
applied to the aggregate unpaid Repurchase Prices and any other amounts owing by the defaulting
party hereunder, and (iii) the defaulting party shall immediately deliver to the

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nondefaulting party any Purchased Securities subject to such Transactions then in the defaulting
party’s possession or control.

(c) In all Transactions in which the defaulting party is acting as Buyer, upon tender by the
nondefaulting party of payment of the aggregate Repurchase Prices for all such Transactions, all
right, title and interest in and entitlement to all Purchased Securities subject to such
Transactions shall be deemed transferred to the nondefaulting party, and the defaulting party shall
deliver all such Purchased Securities to the nondefaulting party.

(d) If the nondefaulting party exercises or is deemed to have exercised the option referred to in
subparagraph (a) of this Paragraph, the nondefaulting party, without prior notice to the defaulting
party, may: (i) as to Transactions in which the defaulting party is acting as Seller, (A)
immediately sell, in a recognized market (or otherwise in a commercially reasonable manner) at such
price or prices as the nondefaulting party may reasonably deem satisfactory, any or all Purchased
Securities subject to such Transactions and apply the proceeds thereof to the aggregate unpaid
Repurchase Prices and any other amounts owing by the defaulting party hereunder or (B) in its sole
discretion elect, in lieu of selling all or a portion of such Purchased Securities, to give the
defaulting party credit for such Purchased Securities in an amount equal to the price therefor on
such date, obtained from a generally recognized source or the most recent closing bid quotation
from such a source, against the aggregate unpaid Repurchase Prices and any other amounts owing by
the defaulting party hereunder; and (ii) as to Transactions in which the defaulting party is acting
as Buyer, (A) immediately purchase, in a recognized market (or otherwise in a commercially
reasonable manner) at such price or prices as the nondefaulting party may reasonably deem
satisfactory, securities (“Replacement Securities”) of the same class and amount as any Purchased
Securities that are not delivered by the defaulting party to the nondefaulting party as required
hereunder or (B) in its sole discretion elect, in lieu of purchasing Replacement Securities, to be
deemed to have purchased Replacement Securities at the price therefor on such date, obtained from a
generally recognized source or the most recent closing offer quotation from such a source. Unless
otherwise provided in Annex I, the parties acknowledge and agree that (1) the Securities subject to
any Transaction hereunder are instruments traded in a recognized market, (2) in the absence of a
generally recognized source for prices or bid or offer quotations for any Security, the
nondefaulting party may establish the source therefor in its sole discretion and (3) all prices,
bids and offers shall be determined together with accrued Income (except to the extent contrary to
market practice with respect to the relevant Securities)

(e) As to Transactions in which the defaulting party is acting as Buyer, the defaulting party shall
be liable to the nondefaulting party for any excess of the price paid (or deemed paid) by the
nondefaulting party for Replacement Securities over the Repurchase Price for the Purchased
Securities replaced thereby and for any amounts payable by the defaulting party under Paragraph 5
hereof or otherwise hereunder.

(f) For purposes of this Paragraph 11, the Repurchase Price for each Transaction hereunder in
respect of which the defaulting party is acting as Buyer shall not increase above the amount of
such Repurchase Price for such Transaction determined as of the date of the exercise or deemed
exercise by the nondefaulting party of the option referred to in subparagraph (a) of this
Paragraph.

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(g) The defaulting party shall be liable to the nondefaulting party for (i) the amount of
all reasonable legal or other expenses incurred by the nondefaulting party in connection with or as
a result of an Event of Default, (ii) damages in an amount equal to the cost (including all fees,
expenses and commissions) of entering into replacement transactions and entering into or
terminating hedge transactions in connection with or as a result of an Event of Default, and (iii)
any other loss, damage, cost or expense directly arising or resulting from the occurrence of an
Event of Default in respect of a Transaction.

(h) To the extent permitted by applicable law, the defaulting party shall be liable to the
nondefaulting party for interest on any amounts owing by the defaulting party hereunder, from the
date the defaulting party becomes liable for such amounts hereunder until such amounts are (i)
paid in full by the defaulting party or (ii) satisfied in full by the exercise of the
nondefaulting party’s rights hereunder. Interest on any sum payable by the defaulting party to the
nondefaulting party under this Paragraph 11(h) shall be at a rate equal to the greater of the
Pricing Rate for the relevant Transaction or the Prime Rate.

(i) The nondefaulting party shall have, in addition to its rights hereunder, any rights otherwise
available to it under any other agreement or applicable law.

12. Single Agreement

Buyer and Seller acknowledge that, and have entered hereinto and will enter into each Transaction
hereunder in consideration of and in reliance upon the fact that, all Transactions hereunder
constitute a single business and contractual relationship and have been made in consideration of
each other. Accordingly, each of Buyer and Seller agrees (i) to perform all of its obligations in
respect of each Transaction hereunder, and that a default in the performance of any such
obligations shall constitute a default by it in respect of all Transactions hereunder, (ii) that
each of them shall be entitled to set off claims and apply property held by them in respect of any
Transaction against obligations owing to them in respect of any other Transactions hereunder and
(iii) that payments, deliveries and other transfers made by either of them in respect of any
Transaction shall be deemed to have been made in consideration of payments, deliveries and other
transfers in respect of any other Transactions hereunder, and the obligations to make any such
payments, deliveries and other transfers may be applied against each other and netted.

13. Notices and Other Communications

Any and all notices, statements, demands or other communications hereunder may be given by
a party to the other by mail, facsimile, telegraph, messenger or otherwise to the address
specified in Annex II hereto, or so sent to such party at any other place specified in a notice of
change of address hereafter received by the other. All notices, demands and requests hereunder may
be made orally, to be confirmed promptly in writing, or by other communication as specified in the
preceding sentence.

14. Entire Agreement; Severability

This Agreement shall supersede any existing agreements between the parties containing general
terms and conditions for repurchase transactions. Each provision and agreement herein shall be
treated as separate and independent from any other provision or agreement herein and shall be
enforceable notwithstanding the unenforceability of any such other
provision or agreement.

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15. Non-assignability; Termination

(a) The rights and obligations of the parties under this Agreement and under any Transaction shall
not be assigned by either party without the prior written consent of the other party, and any such
assignment without the prior written consent of the other party shall be null and void. Subject to
the foregoing, this Agreement and any Transactions shall be binding upon and shall inure to
the benefit of the parties and their respective successors and assigns. This Agreement may be
terminated by either party upon giving written notice to the other, except that this Agreement
shall, notwithstanding such notice, remain applicable to any Transactions then outstanding.

(b) Subparagraph (a) of this Paragraph 15 shall not preclude a party from assigning, charging or
otherwise dealing with all or any part of its interest in any sum payable to it under Paragraph 11
hereof.

16. Governing Law

This Agreement shall be governed by the laws of the State of New York without giving effect to the
conflict of law principles thereof.

17. No Waivers, Etc.

No express or implied waiver of any Event of Default by either party shall constitute a waiver of
any other Event of Default and no exercise of any remedy hereunder by any party shall constitute a
waiver of its right to exercise any other remedy hereunder. No modification or waiver of any
provision of this Agreement and no consent by any party to a departure herefrom shall be effective
unless and until such shall be in writing and duly executed by both of the parties hereto. Without
limitation on any of the foregoing, the failure to give a notice pursuant to Paragraph 4 (a) or 4
(b) hereof will not constitute a waiver of any right to do so at
a later date.

18. Use of Employee Plan Assets

(a) If assets of an employee benefit plan subject to any provision of the Employee Retirement
Income Security Act of 1974 (“ERISA”) are intended to be used by either party hereto (the “Plan
Party”) in a Transaction, the Plan Party shall so notify the
other party prior to the Transaction.
The Plan Party shall represent in writing to the other party that the Transaction does not
constitute a prohibited transaction under ERISA or is otherwise exempt therefrom, and the other
party may proceed in reliance thereon but shall not be required so to proceed.

(b) Subject to the last sentence of subparagraph (a) of this Paragraph, any such Transaction shall
proceed only if Seller furnishes or has furnished to Buyer its most recent available audited
statement of its financial condition and its most recent subsequent unaudited statement of its
financial condition.

(c) By entering into a Transaction pursuant to this Paragraph, Seller shall be deemed (i) to
represent to Buyer that since the date of Seller’s latest such financial statements, there has been
no material adverse change in Seller’s financial condition which Seller has not disclosed to Buyer,
and (ii) to agree to provide Buyer with future audited and unaudited statements of its financial
condition as they are issued, so long as it is a Seller in any outstanding Transaction involving a
Plan Party.

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19. Intent

(a) The parties recognize that each Transaction is a “repurchase agreement” as that term is defined
in Section 101 of Title 11 of the United States Code, as amended (except insofar as the type of
Securities subject to such Transaction or the term of such Transaction would render such definition
inapplicable), and a “securities contract” as that term is defined in Section 741 of Title 11 of
the United States Code, as amended (except insofar as the type of assets subject to such
Transaction would render such definition inapplicable).

(b) It is understood that either party’s right to liquidate Securities delivered to it in
connection with Transactions hereunder or to exercise any other remedies pursuant to Paragraph 11
hereof is a contractual right to liquidate such Transaction as described in Sections 555 and 559 of
Title 11 of the United States Code, as amended.

(c) The parties agree and acknowledge that if a party hereto is an “insured depository
institution,” as such term is defined in the Federal Deposit Insurance Act, as amended (“FDIA”),
then each Transaction hereunder is a “qualified financial contract,” as that term is defined in
FDIA and any rules, orders or policy statements thereunder (except insofar as the type of assets
subject to such Transaction would render such definition inapplicable).

(d) It is understood that this Agreement constitutes a “netting contract” as defined in and subject
to Title IV of the Federal Deposit Insurance Corporation Improvement Act of 1991 (“FDICIA”) and
each payment entitlement and payment obligation under any Transaction hereunder shall constitute a
“covered contractual payment entitlement” or “covered contractual payment obligation”,
respectively, as defined in and subject to FDICIA (except insofar as one or both of the parties is
not a “financial institution” as that term is defined in FDICIA).

20. Disclosure Relating to Certain Federal Protections

The parties acknowledge that they have been advised that:

(a) in the case of Transactions in which one of the parties is a broker or dealer registered with
the Securities and Exchange Commission (“SEC”) under Section 15 of the Securities Exchange Act of
1934 (“ 1934 Act”), the Securities Investor Protection Corporation has taken the position that the
provisions of the Securities Investor Protection Act of 1970 (“SIPA”) do not protect the other
party with respect to any Transaction hereunder;

(b) in the case of Transactions in which one of the parties is a government securities broker or a
government securities dealer registered with the SEC under Section 15C of the 1934 Act, SIPA will
not provide protection to the other party with respect to any Transaction hereunder; and

(c) in the case of Transactions in which one of the parties is a financial institution, funds held
by the financial institution pursuant to a Transaction hereunder are not a deposit and therefor are
not insured by the Federal Deposit Insurance Corporation or the National Credit Union Share
Insurance Fund, as applicable.

11

 

	 	 	 	 	 	 	 	 	 

	GUGGENHEIM SECURITIES, LLC	 	PROVIDENT MORTGAGE CAPITAL ASSOCIATES, INC	 	 
	 
	 	 	 	 	 	 	 	 
	By:

	 	/s/ Paul Friedman
	 	By:
	 	/s/ Mark E. Lefanowicz	 	 
	 

	 	 
	 	 	 	 	 	 
	Name: Paul Friedman	 	Name: Mark E. Lefanowicz	 	 
	Title: Chief Operating Officer	 	Title: Chief Financial Officer	 	 
	Date: April 12, 2011	 	Date: April 13, 2011	 	 

12

 

Annex I

Supplemental Terms and Conditions

This Annex I dated as of April 12, 2011 between Guggenheim Securities, LLC (“Party A”) and
Provident Mortgage Capital Associates, Inc (“Party B”) hereby amends supplements and forms a part
of the Master Repurchase Agreement (the Agreement”) dated as of April 12, 2011 between Party A and
Party B. In the event of any conflict between the terms of this Annex and the terms of the
Agreement, the terms of this Annex shall control. All capitalized terms used herein but not
defined shall have the meanings ascribed to them in the Agreement, References to Paragraphs herein
are to Paragraphs of the Agreement unless otherwise specified. In all other respects, the
Agreement remains unchanged, and, as amended hereby, supersedes all prior writings in respect
thereof.

	1.	 	Other Applicable Annexes.
	 
	 	 	In Addition to this Annex I and Annex II, the following Annexes and any Schedules
thereto shall form a part of this Agreement and shall be applicable thereunder:
	 
	 	 	NONE
	 
	2.	 	Margin Maintenance.
	 
	 	 	With respect to all Transactions under the Agreement but not less than all Transactions,
both parties agree that the rights of Buyer or Seller (or both) under Paragraph 4 (a) and (b)
of the Agreement may be exercised only where a Margin Deficit or
Margin Excess, as the case
may be, exceeds the amount of US Dollar 250,000.00 (or the equivalent in any other currency at
the Spot Rate).

13

 

	3.	 	Definitions.
	 
	 	 	For purposes of the Agreement and this Annex I, the following terms shall have the following
meanings:
	 
	 	 	“Margin Notice Deadline” 10.00 a.m. New York City time
	 
	 	 	“Business Day” or “business day”, with respect to any Transaction (other than an International
Transaction) hereunder, a day on which regular trading may occur in the principal market for
the Purchased Securities subject to such Transaction, which includes shortened trading days,
days on which trades are permitted to occur but do not in fact occur and days on which the
Purchased Securities are subject to percentage of movement or volume limitations; provided,
however, that for purposes of calculating Market Value, such term shall mean a day on which
regular trading occurs in the principal market for the assets the value of which is being
determined. Notwithstanding the foregoing, (i) for the purposes of Paragraph 4 of the
Agreement, “business day” shall mean any day on which regular trading occurs in the principal market for any Purchased
Securities or for any assets constituting additional Purchased Securities under any
outstanding Transaction hereunder and “next business day” shall mean the next day on which a
transfer of Additional Purchased Securities may be effected in accordance with Paragraph 7 of
the Agreement, and (ii) in no event shall a Saturday or Sunday be considered a business day.
	 
	4.	 	Designated Offices.
	 
	 	 	The parties agree that Seller/ Buyer may act through the following branches or offices when
entering into Transactions governed by the Agreement:

Party
A: Guggenheim Securities, LLC, 135 East
57th Street, New York, NY 10022

Party B: Provident Mortgage Capital Associates, Inc, 1633 Bayshore Highway, Suite 155,
Burlingame, CA 94010

	5.	 	Submission to Jurisdiction and Waiver of Immunity.

	 	(a)	 	Each party irrevocably and unconditionally (i) submits to the non-exclusive
jurisdiction of any United States Federal or New York State court sitting in the Borough
Manhattan, and any appellate court from any such court, solely for the purpose of any
suit, action or proceeding brought to enforce its obligations under the Agreement or
relating in any way to the Agreement or any Transaction under the Agreement and (ii)
waives, to the fullest extent it may effectively do so, any defense of an inconvenient

14

 

	 	 	 	forum to the maintenance of such action or proceeding in any such court and any right of
jurisdiction on account of its place of residence or domicile.
	 
	 	(b)	 	To the extent that either party has or hereafter may acquire any immunity (sovereign
or otherwise) from any legal action, suit or proceeding, from jurisdiction of any court
or from set off or any legal process (whether service or notice, attachment prior to
judgment, attachment in aid of execution of judgment, execution of judgment or otherwise)
with respect to itself or any of its property, such party hereby irrevocably waives and
agrees not to plead or claim such immunity in respect of any action brought to enforce
its obligations under the Agreement or relating in any way to the Agreement or any
Transaction under the Agreement.

	6.	 	Additional Event of Default.
	 
	 	 	The following sub-paragraphs shall be added to the first paragraph of Section 11 of the
Agreement after the end of sub-paragraph (vii):
	 
	 	 	“(viii) if, as a result of sovereign action or inaction (directly or indirectly), Buyer or
Seller becomes unable to perform any absolute or contingent obligation to make a payment or
transfer or to receive a payment or transfer in respect of any
Transaction under the Agreement or to comply with any other material provision of the Agreement relating
to such Transaction.”
	 
	7.	 	Substitution.
	 
	 	 	Paragraph 9 is amended by adding the following sub-paragraphs (c) and (d):-

	 	(c)	 	In the case of any Transaction for which the Repurchase Date is other than the
business day immediately following the Purchase Date and with respect to which Seller does
not have any existing right to substitute substantially the same Securities for Purchased
Securities, Seller shall have the right, subject to the proviso to this sentence, upon
notice to Buyer, which notice shall be given at or prior to 10 A.M. New York time on such
business day, to substitute substantially the same Securities for any Purchased
Securities; provided, however, that Buyer may elect by the close of the business on the
business day notice is received, or by the close of the next business day if notice is
given after 10 A.M. New York time on such day, not to accept such substitution. In the
event such substitution is accepted by Buyer, such substitution shall be made by Seller’s
transfer to Buyer of such other Securities and Buyer’s transfer to Seller of such
Purchased Securities, and after substitution, the substituted Securities shall be deemed to
be Purchased Securities. In the event Buyer elects not to accept such substitution, Buyer
shall offer Seller the right to terminate the Transaction.

15

 

	 	(d)	 	In the event Seller exercises its right to substitute or terminate under subparagraph
(c), Seller shall be obligated to pay to Buyer, by the close of the business day of such
substitution or termination, as the case may be, an amount equal to (A) Buyer’s actual cost
(including all fees, expenses and commissions) of (i) entering into replacement
transactions; (ii) entering into or terminating hedge transactions; and/or (iii)
terminating transactions or substituting securities in like transactions with third parties
in connection with or as a result of such substitution or termination, and (B) to the
extent Buyer determines not to enter into replacement transactions, the loss incurred by
Buyer directly arising or resulting from such substitution or termination. The foregoing
amounts shall be solely determined and calculated by Buyer in good
faith.

	8.	 	Representations.
	 
	 	 	Each party will be deemed to represent to the other on the date that it enters into a
Transaction and continuing until the settlement of any such Transaction that (absent a written
agreement that expressly imposes an affirmative obligation to the contrary for that
Transaction):

	 	(i)	 	it is not relying on any advice (whether written or oral) of the other party,
other than the representations expressly set out in the Agreement;
	 
	 	(ii)	 	it is capable of assessing the merits of and understanding (on its own behalf or
through independent professional advice), and understands and accepts the terms and
conditions and risks of any such Transaction and is willing to assume such risks; and
	 
	 	(iii)	 	it has made and will make its own decisions regarding entering into any such
Transaction and as to whether such Transaction is appropriate or proper for it based
upon its own judgment and upon advice from such advisers as it has deemed necessary.

	9.	 	Recording of Conversations.
	 
	 	 	Each party (i) consents to the recording of telephone conversations between the trading,
marketing and other relevant personnel of the parties in connection with this Agreement, any
Transaction or any potential Transaction, (ii) agrees to obtain any necessary consent of, and
give notice of such recording to, its relevant personnel and (iii) agrees, to the extent
permitted by applicable law, that recordings may be submitted in
evidence in any proceedings.

16

 

	10.	 	Waiver of Trial by Jury.
	 
	 	 	Each party hereby irrevocably waives any and all right to trial by jury in any legal
proceeding arising out of or relating to the Agreement or any
Transaction hereunder.
	 
	11.	 	Transactions terminable upon demand.
	 
	 	 	Each of the parties agrees that a Transaction being terminable upon demand will not be
for a term of more than 364 days
	 
	12.	 	Agreement to deliver documents.
	 
	 	 	Each party agrees to deliver the following documents, as applicable, and represents
and warrants that all applicable information that is furnished in writing by or on behalf
of it to the other party is, as of the date of the information, true, accurate and complete
in every material respect:-

	 	 	 	 	 
	Party	 	 	 	 
	required to	 	 	 	 
	deliver	 	 	 	 
	document	 	Form/Document/Certificate	 	Date by which to be delivered
	Party A and
Party B

	 	A certificate (or, if
available, the current authorized
signature book of such party)
specifying the names, titles,
authority and specimen
signatures of the persons
authorized to execute the
Agreement on its behalf.
	 	Upon execution of
the Agreement.
	 
	 	 	 	 
	Party A and
Party B

	 	A copy of (i) the annual
report containing audited
consolidated financial statements
for the most recent fiscal year
and (ii) monthly unaudited
consolidated financial statements,
if any
	 	(i) Within
ninety (90) calendar days
of the last day of each
fiscal year and (ii)
within thirty (30)
calendar days of the last
day of the
applicable month.

17

 

	 	 	 	 	 

	Guggenheim Securities, LLC

	 	Provident Mortgage Capital Associates, Inc	 	 
	 
	 	 	 	 
	/s/ Paul Friedman
 

Paul Friedman

	 	/s/ Mark E. Lefanowicz
 

Mark E. Lefanowicz
	 	 
	Chief Operating Officer

	 	Chief Financial Officer	 	 

18

 

Annex II

Names and Addresses for Communications between Parties

1. Party A

Mr. Michael
Cosgrove/ Mr. William Kimlingen

Guggenheim Securities, LLC

135 East 57th Street

New York, New York 10022

Brokerdealerops@guggenheimpartners.com

Telephone
No.: (212) 338-8890

Telefax No.: (212) 338-8899

2. Party B

Provident
Mortgage Capital Associates, Inc

1633 Bayshore Highway

Suite 155

Burlingame, CA 94010

19exv10w11

Exhibit 10.11

	 	 	 

	 	 	 

	

	 	Master Repurchase

Agreement
	 

	 	September 1996 Version
	 
	 	 
	Dated as of

	 	APRIL 14, 2011
	 
	 	 
	Between:

	 	UBS SECURITIES LLC (“Party A”)
	 
	 	 
	and

	 	PROVIDENT MORTGAGE CAPITAL
ASSOCIATES, INC. (“Party B”)

	1.	 	Applicability
	 
	 	 	From time to time the parties hereto may enter into transactions in which one party (“Seller”)
agrees to transfer to the other (“Buyer”) securities or other assets (“Securities”) against the
transfer of funds by Buyer, with a simultaneous agreement by Buyer to transfer to Seller such
Securities at a date certain or on demand, against the transfer of funds by Seller. Each such
transaction shall be referred to herein as a “Transaction” and, unless otherwise agreed in
writing, shall be governed by this Agreement, including any supplemental terms or conditions
contained in Annex I hereto and in any other annexes identified herein or therein as applicable
hereunder.
	 
	2.	 	Definitions

	 	(a)	 	“Act of Insolvency”, with respect to any party, (i) the commencement by such party as
debtor of any case or proceeding under any bankruptcy, insolvency, reorganization,
liquidation, moratorium, dissolution, delinquency or similar law, or such party seeking the
appointment or election of a receiver, conservator, trustee, custodian or similar official
for such party or any substantial part of its property, or the convening of any meeting of
creditors for purposes of commencing any such case or proceeding or seeking such an
appointment or election, (ii) the commencement of any such case or proceeding against such
party, or another seeking such an appointment, or election, or the filing against a party
of an application for a protective decree under the provisions of the Securities Investor
Protection Act of 1970, which (A) is consented to or not timely contested by such party,
(B) results in the entry of an order for relief, such an appointment, or election, the
issuance of such a protective decree or the entry of an order having a similar effect, or
(C) is not dismissed within 15 days, (iii) the making by such party of a general assignment
for the benefit of creditors, or (iv) the admission in writing by such party of such
party’s inability to pay such party’s debts as they become due;
	 
	 	(b)	 	“Additional Purchased Securities”, Securities provided by Seller to Buyer pursuant to
Paragraph 4(a) hereof;

 

 

	 	(c)	 	“Buyer’s Margin Amount”, with respect to any Transaction as of any date, the amount
obtained by application of the Buyer’s Margin Percentage to the Repurchase Price for such
Transaction as of such date;
	 
	 	(d)	 	“Buyer’s Margin Percentage”, with respect to any Transaction as of any date, a percentage
(which may be equal to the Seller’s Margin Percentage) agreed to by Buyer and Seller or, in
the absence of any such agreement, the percentage obtained by dividing the Market Value of the
Purchased Securities on the Purchase Date by the Purchase Price on the Purchase Date for such
Transaction;
	 
	 	(e)	 	“Confirmation”, the meaning specified in Paragraph 3(b) hereof;
	 
	 	(f)	 	“Income”, with respect to any Security at any time, any principal thereof and all interest,
dividends or other distributions thereon;
	 
	 	(g)	 	“Margin Deficit”, the meaning specified in Paragraph 4(a) hereof;
	 
	 	(h)	 	“Margin Excess”, the meaning specified in Paragraph 4(b) hereof;
	 
	 	(i)	 	“Margin Notice Deadline”, the time agreed to by the parties in the relevant Confirmation,
Annex I hereto or otherwise as the deadline for giving notice requiring same-day satisfaction
of margin maintenance obligations as provided in Paragraph 4 hereof (or, in the absence of any
such agreement, the deadline for such purposes established in accordance with market
practice);
	 
	 	(j)	 	“Market Value”, with respect to any Securities as of any date, the price for such Securities
on such date obtained from a generally recognized source agreed to by the parties or the most
recent closing bid quotation from such a source, plus accrued Income to the extent not
included therein (other than any Income credited or transferred to, or applied to the
obligations of, Seller pursuant to Paragraph 5 hereof) as of such date (unless contrary to
market practice for such Securities);
	 
	 	(k)	 	“Price Differential”, with respect to any Transaction as of any date, the aggregate amount
obtained by daily application of the Pricing Rate for such Transaction to the Purchase Price
for such Transaction on a 360-day-per-year basis for the actual number of days during the
period commencing on (and including) the Purchase Date for such Transaction and ending on (but
excluding) the date of determination (reduced by any amount of such Price Differential
previously paid by Seller to Buyer with respect to such Transaction);
	 
	 	(l)	 	“Pricing Rate”, the per annum percentage rate for determination of the Price Differential;
	 
	 	(m)	 	“Prime Rate”, the prime rate of U.S. commercial banks as published in The Wall Street
Journal (or, if more than one such rate is published, the average of such rates);
	 
	 	(n)	 	“Purchase Date”, the date on which Purchased Securities are to be transferred by Seller to
Buyer;
	 
	 	(o)	 	“Purchase Price”, (i) on the Purchase Date, the price at which Purchased Securities are
transferred by Seller to Buyer, and (ii) thereafter, except where Buyer and Seller agree
otherwise, such price increased by the amount of any cash transferred by Buyer to Seller
pursuant to Paragraph 4(b) hereof and decreased by the amount of any cash transferred by
Seller to Buyer pursuant to Paragraph 4(a) hereof or applied to reduce Seller’s obligations
under clause (ii) of Paragraph 5 hereof;
	 
	 	(p)	 	“Purchased Securities”, the Securities transferred by Seller to Buyer in a Transaction
hereunder, and any Securities substituted therefor in accordance with Paragraph 9 hereof. The
term “Purchased

September 1996 Master Repurchase Agreement

2

 

	 	 	 	Securities” with respect to any Transaction at any time also shall include Additional
Purchased Securities delivered pursuant to Paragraph 4(a) hereof and shall exclude
Securities returned pursuant to Paragraph 4(b) hereof;
	 
	 	(q)	 	“Repurchase Date”, the date on which Seller is to repurchase the Purchased Securities
from Buyer, including any date determined by application of the provisions of Paragraph
3(c) or 11 hereof;
	 
	 	(r)	 	“Repurchase Price”, the price at which Purchased Securities are to be transferred from
Buyer to Seller upon termination of a Transaction, which will be determined in each case
(including Transactions terminable upon demand) as the sum of the Purchase Price and the
Price Differential as of the date of such determination;
	 
	 	(s)	 	“Seller’s Margin Amount”, with respect to any Transaction as of any date, the amount
obtained by application of the Seller’s Margin Percentage to the Repurchase Price for such
Transaction as of such date;
	 
	 	(t)	 	“Seller’s Margin Percentage”, with respect to any Transaction as of any date, a
percentage (which may be equal to the Buyer’s Margin Percentage) agreed to by Buyer and
Seller or, in the absence of any such agreement, the percentage obtained by dividing the
Market Value of the Purchased Securities on the Purchase Date by the Purchase Price on the
Purchase Date for such Transaction.

	3.	 	Initiation; Confirmation; Termination

	 	(a)	 	An agreement to enter into a Transaction may be made orally or in writing at the
initiation of either Buyer or Seller. On the Purchase Date for the Transaction, the
Purchased Securities shall be transferred to Buyer or its agent against the transfer of the
Purchase Price to an account of Seller.
	 
	 	(b)	 	Upon agreeing to enter into a Transaction hereunder, Buyer or Seller (or both), as
shall be agreed, shall promptly deliver to the other party a written confirmation of each
Transaction (a “Confirmation”). The Confirmation shall describe the Purchased Securities
(including CUSIP number, if any), identify Buyer and Seller and set forth (i) the Purchase
Date, (ii) the Purchase Price, (iii) the Repurchase Date, unless the Transaction is to be
terminable on demand, (iv) the Pricing Rate or Repurchase Price applicable to the
Transaction, and (v) any additional terms or conditions of the Transaction not inconsistent
with this Agreement. The Confirmation, together with this Agreement, shall constitute
conclusive evidence of the terms agreed between Buyer and Seller with respect to the
Transaction to which the Confirmation relates, unless with respect to the Confirmation
specific objection is made promptly after receipt thereof. In the event of any conflict
between the terms of such Confirmation and this Agreement, this Agreement shall prevail.
	 
	 	(c)	 	In the case of Transactions terminable upon demand, such demand shall be made by Buyer
or Seller, no later than such time as is customary in accordance with market practice, by
telephone or otherwise on or prior to the business day on which such termination will be
effective. On the date specified in such demand, or on the date fixed for termination in
the case of Transactions having a fixed term, termination of the Transaction will be
effected by transfer to Seller or its agent of the Purchased Securities and any Income in
respect thereof received by Buyer (and not previously credited or transferred to, or
applied to the obligations of, Seller pursuant to Paragraph 5 hereof) against the transfer
of the Repurchase Price to an account of Buyer.

	4.	 	Margin Maintenance

	 	(a)	 	If at any time the aggregate Market Value of all Purchased Securities subject to all
Transactions in which a particular party hereto is acting as Buyer is less than the
aggregate Buyer’s Margin Amount for all such Transactions (a “Margin Deficit”), then Buyer
may by notice to Seller require Seller in

September 1996 Master Repurchase Agreement

3

 

	 	 	 	such Transactions, at Seller’s option, to transfer to Buyer cash or additional Securities
reasonably acceptable to Buyer (“Additional Purchased Securities”), so that the cash and
aggregate Market Value of the Purchased Securities, including any such Additional Purchased
Securities, will thereupon equal or exceed such aggregate Buyer’s Margin Amount (decreased
by the amount of any Margin Deficit as of such date arising from any Transactions in which
such Buyer is acting as Seller).
	 
	 	(b)	 	If at any time the aggregate Market Value of all Purchased Securities subject to all
Transactions in which a particular party hereto is acting as Seller exceeds the aggregate
Seller’s Margin Amount for all such Transactions at such time (a “Margin Excess”), then
Seller may by notice to Buyer require Buyer in such Transactions, at Buyer’s option, to
transfer cash or Purchased Securities to Seller, so that the aggregate Market Value of the
Purchased Securities, after deduction of any such cash or any Purchased Securities so
transferred, will thereupon not exceed such aggregate Seller’s Margin Amount (increased by
the amount of any Margin Excess as of such date arising from any Transactions in which such
Seller is acting as Buyer).
	 
	 	(c)	 	If any notice is given by Buyer or Seller under subparagraph (a) or (b) of this
Paragraph at or before the Margin Notice Deadline on any business day, the party receiving
such notice shall transfer cash or Additional Purchased Securities as provided in such
subparagraph no later than the close of business in the relevant market on such day. If any
such notice is given after the Margin Notice Deadline, the party receiving such notice
shall transfer such cash or Securities no later than the close of business in the relevant
market on the next business day following such notice.
	 
	 	(d)	 	Any cash transferred pursuant to this Paragraph shall be attributed to such
Transactions as shall be agreed upon by Buyer and Seller.
	 
	 	(e)	 	Seller and Buyer may agree, with respect to any or all Transactions hereunder, that the
respective rights of Buyer or Seller (or both) under subparagraphs (a) and (b) of this
Paragraph may be exercised only where a Margin Deficit or Margin Excess, as the case may
be, exceeds a specified dollar amount or a specified percentage of the Repurchase Prices
for such Transactions (which amount or percentage shall be agreed to by Buyer and Seller
prior to entering into any such Transactions).
	 
	 	(f)	 	Seller and Buyer may agree, with respect to any or all Transactions hereunder, that the
respective rights of Buyer and Seller under subparagraphs (a) and (b) of this Paragraph to
require the elimination of a Margin Deficit or a Margin Excess, as the case may be, may be
exercised whenever such a Margin Deficit or Margin Excess exists with respect to any single
Transaction hereunder (calculated without regard to any other Transaction outstanding under
this Agreement).

	5.	 	Income Payments
	 
	 	 	Seller shall be entitled to receive an amount equal to all Income paid or distributed on or in
respect of the Securities that is not otherwise received by Seller, to the full extent it would
be so entitled if the Securities had not been sold to Buyer. Buyer shall, as the parties may
agree with respect to any Transaction (or, in the absence of any such agreement, as Buyer shall
reasonably determine in its discretion), on the date such Income is paid or distributed either
(i) transfer to or credit to the account of Seller such Income with respect to any Purchased
Securities subject to such Transaction or (ii) with respect to Income paid in cash, apply the
Income payment or payments to reduce the amount, if any, to be transferred to Buyer by Seller
upon termination of such Transaction. Buyer shall not be obligated to take any action pursuant
to the preceding sentence (A) to the extent that such action would result in the creation of a
Margin Deficit, unless prior thereto or simultaneously therewith Seller transfers to Buyer cash
or Additional Purchased Securities sufficient to eliminate such Margin Deficit, or (B) if an
Event of Default with respect to Seller has occurred

September 1996 Master Repurchase Agreement

4

 

	 	 	and is then continuing at the time such Income is paid or distributed.
	 
	6.	 	Security Interest
	 
	 	 	Although the parties intend that all Transactions hereunder be sales and purchases and not
loans, in the event any such Transactions are deemed to be loans, Seller shall be deemed to have
pledged to Buyer as security for the performance by Seller of its obligations under each such
Transaction, and shall be deemed to have granted to Buyer a security interest in, all of the
Purchased Securities with respect to all Transactions hereunder and all Income thereon and other
proceeds thereof.
	 
	7.	 	Payment and Transfer
	 
	 	 	Unless otherwise mutually agreed, all transfers of funds hereunder shall be in immediately
available funds. All Securities transferred by one party hereto to the other party (i) shall be
in suitable form for transfer or shall be accompanied by duly executed instruments of transfer
or assignment in blank and such other documentation as the party receiving possession may
reasonably request, (ii) shall be transferred on the book-entry system of a Federal Reserve
Bank, or (iii) shall be transferred by any other method mutually acceptable to Seller and Buyer.
	 
	8.	 	Segregation of Purchased Securities
	 
	 	 	To the extent required by applicable law, all Purchased Securities in the possession of Seller
shall be segregated from other securities in its possession and shall be identified as subject
to this Agreement. Segregation may be accomplished by appropriate identification on the books
and records of the holder, including a financial or securities intermediary or a clearing
corporation. All of Seller’s interest in the Purchased Securities shall pass to Buyer on the
Purchase Date and, unless otherwise agreed by Buyer and Seller, nothing in this Agreement shall
preclude Buyer from engaging in repurchase transactions with the Purchased Securities or
otherwise selling, transferring, pledging or hypothecating the Purchased Securities, but no such
transaction shall relieve Buyer of its obligations to transfer Purchased Securities to Seller
pursuant to Paragraph 3, 4 or 11 hereof, or of Buyer’s obligation to credit or pay Income to, or
apply Income to the obligations of, Seller pursuant to Paragraph 5 hereof.

     Required Disclosure for Transactions in Which the Seller Retains Custody of the Purchased
Securities

     Seller is not permitted to substitute other securities for those subject to this Agreement and
therefore must keep Buyer’s securities segregated at all times, unless in this Agreement Buyer
grants Seller the right to substitute other securities. If Buyer grants the right to substitute,
this means that Buyer’s securities will likely be commingled with Seller’s own securities during
the trading day. Buyer is advised that, during any trading day that Buyer’s securities are
commingled with Seller’s securities, they [will]* [may]** be subject to liens granted by Seller
to [its clearing bank]* [third parties]** and may be used by Seller for deliveries on other
securities transactions. Whenever the securities are commingled, Seller’s ability to resegregate
substitute securities for Buyer will be subject to Seller’s ability to satisfy [the clearing]*
[any]** lien or to obtain substitute securities.

 

			
	*	 	Language to be used under 17 C.F.R. § 403.4(e) if Seller is a government securities broker or
dealer other than a financial institution.
	 
	**	 	Language to be used under 17 C.F.R. § 403.5(d) if Seller is a financial institution.

	9.	 	Substitution

	 	(a)	 	Seller may, subject to agreement with and acceptance by Buyer, substitute other
Securities for any Purchased Securities. Such substitution shall be made by transfer to
Buyer of such other Securities

September 1996 Master Repurchase Agreement

5

 

	 	 	 	and transfer to Seller of such Purchased Securities. After substitution, the substituted
Securities shall be deemed to be Purchased Securities.
	 
	 	(b)	 	In Transactions in which Seller retains custody of Purchased Securities, the parties
expressly agree that Buyer shall be deemed, for purposes of subparagraph (a) of this
Paragraph, to have agreed to and accepted in this Agreement substitution by Seller of other
Securities for Purchased Securities; provided, however, that such other Securities shall
have a Market Value at least equal to the Market Value of the Purchased Securities for
which they are substituted.

	10.	 	Representations
	 
	 	 	Each of Buyer and Seller represents and warrants to the other that (i) it is duly authorized to
execute and deliver this Agreement, to enter into Transactions contemplated hereunder and to
perform its obligations hereunder and has taken all necessary action to authorize such
execution, delivery and performance, (ii) it will engage in such Transactions as principal (or,
if agreed in writing, in the form of an annex hereto or otherwise, in advance of any Transaction
by the other party hereto, as agent for a disclosed principal), (iii) the person signing this
Agreement on its behalf is duly authorized to do so on its behalf (or on behalf of any such
disclosed principal), (iv) it has obtained all authorizations of any governmental body required
in connection with this Agreement and the Transactions hereunder and such authorizations are in
full force and effect and (v) the execution, delivery and performance of this Agreement and the
Transactions hereunder will not violate any law, ordinance, charter, by-law or rule applicable
to it or any agreement by which it is bound or by which any of its assets are affected. On the
Purchase Date for any Transaction Buyer and Seller shall each be deemed to repeat all the
foregoing representations made by it.
	 
	11.	 	Events of Default
	 
	 	 	In the event that (i) Seller fails to transfer or Buyer fails to purchase Purchased Securities
upon the applicable Purchase Date, (ii) Seller fails to repurchase or Buyer fails to transfer
Purchased Securities upon the applicable Repurchase Date, (iii) Seller or Buyer fails to comply
with Paragraph 4 hereof, (iv) Buyer fails, after one business day’s notice, to comply with
Paragraph 5 hereof, (v) an Act of Insolvency occurs with respect to Seller or Buyer, (vi) any
representation made by Seller or Buyer shall have been incorrect or untrue in any material
respect when made or repeated or deemed to have been made or repeated, or (vii) Seller or Buyer
shall admit to the other its inability to, or its intention not to, perform any of its
obligations hereunder (each an “Event of Default”):

	 	(a)	 	The nondefaulting party may, at its option (which option shall be deemed to have been
exercised immediately upon the occurrence of an Act of Insolvency), declare an Event of
Default to have occurred hereunder and, upon the exercise or deemed exercise of such
option, the Repurchase Date for each Transaction hereunder shall, if it has not already
occurred, be deemed immediately to occur (except that, in the event that the Purchase Date
for any Transaction has not yet occurred as of the date of such exercise or deemed
exercise, such Transaction shall be deemed immediately canceled). The nondefaulting party
shall (except upon the occurrence of an Act of Insolvency) give notice to the defaulting
party of the exercise of such option as promptly as practicable.
	 
	 	(b)	 	In all Transactions in which the defaulting party is acting as Seller, if the
nondefaulting party exercises or is deemed to have exercised the option referred to in
subparagraph (a) of this Paragraph, (i) the defaulting party’s obligations in such
Transactions to repurchase all Purchased Securities, at the Repurchase Price therefor on
the Repurchase Date determined in accordance with subparagraph (a) of this Paragraph, shall
thereupon become immediately due and payable, (ii) all Income paid after such exercise or
deemed exercise shall be retained by the nondefaulting party and applied to the aggregate
unpaid Repurchase Prices and any other amounts owing by the defaulting party hereunder, and
(iii) the defaulting party shall immediately deliver to the nondefaulting party any
Purchased Securities subject to such Transactions then in the defaulting party’s possession
or control.

September 1996 Master Repurchase Agreement

6

 

	 	(c)	 	In all Transactions in which the defaulting party is acting as Buyer, upon tender by the
nondefaulting party of payment of the aggregate Repurchase Prices for all such Transactions,
all right, title and interest in and entitlement to all Purchased Securities subject to such
Transactions shall be deemed transferred to the nondefaulting party, and the defaulting
party shall deliver all such Purchased Securities to the nondefaulting party.
	 
	 	(d)	 	If the nondefaulting party exercises or is deemed to have exercised the option referred
to in subparagraph (a) of this Paragraph, the nondefaulting party, without prior notice to
the defaulting party, may:

	 	(i)	 	as to Transactions in which the defaulting party is acting as Seller, (A)
immediately sell, in a recognized market (or otherwise in a commercially reasonable
manner) at such price or prices as the nondefaulting party may reasonably deem
satisfactory, any or all Purchased Securities subject to such Transactions and apply
the proceeds thereof to the aggregate unpaid Repurchase Prices and any other amounts
owing by the defaulting party hereunder or (B) in its sole discretion elect, in lieu of
selling all or a portion of such Purchased Securities, to give the defaulting party
credit for such Purchased Securities in an amount equal to the price therefor on such
date, obtained from a generally recognized source or the most recent closing bid
quotation from such a source, against the aggregate unpaid Repurchase Prices and any
other amounts owing by the defaulting party hereunder; and
	 
	 	(ii)	 	as to Transactions in which the defaulting party is acting as Buyer, (A)
immediately purchase, in a recognized market (or otherwise in a commercially reasonable
manner) at such price or prices as the nondefaulting party may reasonably deem
satisfactory, securities (“Replacement Securities”) of the same class and amount as any
Purchased Securities that are not delivered by the defaulting party to the
nondefaulting party as required hereunder or (B) in its sole discretion elect, in lieu
of purchasing Replacement Securities, to be deemed to have purchased Replacement
Securities at the price therefor on such date, obtained from a generally recognized
source or the most recent closing offer quotation from such a source.

	 	 	 	Unless otherwise provided in Annex I, the parties acknowledge and agree that (1) the
Securities subject to any Transaction hereunder are instruments traded in a recognized
market, (2) in the absence of a generally recognized source for prices or bid or offer
quotations for any Security, the nondefaulting party may establish the source therefor in
its sole discretion and (3) all prices, bids and offers shall be determined together with
accrued Income (except to the extent contrary to market practice with respect to the
relevant Securities).
	 
	 	(e)	 	As to Transactions in which the defaulting party is acting as Buyer, the defaulting
party shall be liable to the nondefaulting party for any excess of the price paid (or
deemed paid) by the nondefaulting party for Replacement Securities over the Repurchase
Price for the Purchased Securities replaced thereby and for any amounts payable by the
defaulting party under Paragraph 5 hereof or otherwise hereunder.
	 
	 	(f)	 	For purposes of this Paragraph 11, the Repurchase Price for each Transaction hereunder
in respect of which the defaulting party is acting as Buyer shall not increase above the
amount of such Repurchase Price for such Transaction determined as of the date of the
exercise or deemed exercise by the nondefaulting party of the option referred to in
subparagraph (a) of this Paragraph.
	 
	 	(g)	 	The defaulting party shall be liable to the nondefaulting party for (i) the amount of
all reasonable legal or other expenses incurred by the nondefaulting party in connection
with or as a result of an

September 1996 Master Repurchase Agreement

7

 

	 	 	 	Event of Default, (ii) damages in an amount equal to the cost (including all fees, expenses
and commissions) of entering into replacement transactions and entering into or terminating
hedge transactions in connection with or as a result of an Event of Default, and (iii) any
other loss, damage, cost or expense directly arising or resulting from the occurrence of an
Event of Default in respect of a Transaction.
	 
	 	(h)	 	To the extent permitted by applicable law, the defaulting party shall be liable to the
nondefaulting party for interest on any amounts owing by the defaulting party hereunder,
from the date the defaulting party becomes liable for such amounts hereunder until such
amounts are (i) paid in full by the defaulting party or (ii) satisfied in full by the
exercise of the nondefaulting party’s rights hereunder. Interest on any sum payable by the
defaulting party to the nondefaulting party under this Paragraph 11(h) shall be at a rate
equal to the greater of the Pricing Rate for the relevant Transaction or the Prime Rate.
	 
	 	(i)	 	The nondefaulting party shall have, in addition to its rights hereunder, any rights
otherwise available to it under any other agreement or applicable law.

	12.	 	Single Agreement
	 
	 	 	Buyer and Seller acknowledge that, and have entered hereinto and will enter into each
Transaction hereunder in consideration of and in reliance upon the fact that, all Transactions
hereunder constitute a single business and contractual relationship and have been made in
consideration of each other. Accordingly, each of Buyer and Seller agrees (i) to perform all of
its obligations in respect of each Transaction hereunder, and that a default in the performance
of any such obligations shall constitute a default by it in respect of all Transactions
hereunder, (ii) that each of them shall be entitled to set off claims and apply property held by
them in respect of any Transaction against obligations owing to them in respect of any other
Transactions hereunder and (iii) that payments, deliveries and other transfers made by either of
them in respect of any Transaction shall be deemed to have been made in consideration of
payments, deliveries and other transfers in respect of any other Transactions hereunder, and the
obligations to make any such payments, deliveries and other transfers may be applied against
each other and netted.
	 
	13.	 	Notices and Other Communications
	 
	 	 	Any and all notices, statements, demands or other communications hereunder may be given by a
party to the other by mail, facsimile, telegraph, messenger or otherwise to the address
specified in Annex II hereto, or so sent to such party at any other place specified in a notice
of change of address hereafter received by the other. All notices, demands and requests
hereunder may be made orally, to be confirmed promptly in writing, or by other communication as
specified in the preceding sentence.
	 
	14.	 	Entire Agreement; Severability
	 
	 	 	This Agreement shall supersede any existing agreements between the parties containing genera!
terms and conditions for repurchase transactions. Each provision and agreement herein shall be
treated as separate and independent from any other provision or agreement herein and shall be
enforceable notwithstanding the unenforceability of any such other
provision or agreement.
	 
	15.	 	Non-assignability; Termination

	 	(a)	 	The rights and obligations of the parties under this Agreement and under any
Transaction shall not be assigned by either party without the prior written consent of the
other party, and any such assignment without the prior written consent of the other party
shall be null and void. Subject to the foregoing, this Agreement and any Transactions shall
be binding upon and shall inure to the benefit of the parties and their respective
successors and assigns. This Agreement may be terminated by either party upon giving
written notice to the other, except that this Agreement shall, notwithstanding such notice,
remain applicable to any Transactions then outstanding.

September 1996 Master Repurchase Agreement

8

 

	 	(b)	 	Subparagraph (a) of this Paragraph 15 shall not preclude a party from assigning,
charging or otherwise dealing with all or any part of its interest in any sum payable to it
under Paragraph 11 hereof.

	16.	 	Governing Law
	 
	 	 	This Agreement shall be governed by the laws of the State of New York without giving effect to
the conflict of law principles thereof.
	 
	17.	 	No Waivers, Etc.
	 
	 	 	No express or implied waiver of any Event of Default by either party shall constitute a waiver
of any other Event of Default and no exercise of any remedy hereunder by any party shall
constitute a waiver of its right to exercise any other remedy hereunder. No modification or
waiver of any provision of this Agreement and no consent by any party to a departure herefrom
shall be effective unless and until such shall be in writing and duly executed by both of the
parties hereto. Without limitation on any of the foregoing, the failure to give a notice
pursuant to Paragraphs 4(a) or 4(b) hereof will not constitute a waiver of any right to do so at
a later date.
	 
	18.	 	Use of Employee Plan Assets

	 	(a)	 	If assets of an employee benefit plan subject to any provision of the Employee
Retirement Income Security Act of 1974 (“ERISA”) are intended to be used by either party
hereto (the “Plan Party”) in a Transaction, the Plan Party shall so notify the other party
prior to the Transaction. The Plan Party shall represent in writing to the other party that
the Transaction does not constitute a prohibited transaction under ERISA or is otherwise
exempt therefrom, and the other party may proceed in reliance thereon but shall not be
required so to proceed.
	 
	 	(b)	 	Subject to the last sentence of subparagraph (a) of this Paragraph, any such
Transaction shall proceed only if Seller furnishes or has furnished to Buyer its most
recent available audited statement of its financial condition and its most recent
subsequent unaudited statement of its financial condition.
	 
	 	(c)	 	By entering into a Transaction pursuant to this Paragraph, Seller shall be deemed (i)
to represent to Buyer that since the date of Seller’s latest such financial statements,
there has been no material adverse change in Seller’s financial condition which Seller has
not disclosed to Buyer, and (ii) to agree to provide Buyer with future audited and
unaudited statements of its financial condition as they are issued, so long as it is a
Seller in any outstanding Transaction involving a Plan Party.

	19.	 	Intent

	 	(a)	 	The parties recognize that each Transaction is a “repurchase agreement” as that term is
defined in Section 101 of Title 11 of the United States Code, as amended (except insofar as
the type of Securities subject to such Transaction or the term of such Transaction would
render such definition inapplicable), and a “securities contract” as that term is defined
in Section 741 of Title 11 of the United States Code, as amended (except insofar as the
type of assets subject to such Transaction would render such definition inapplicable).
	 
	 	(b)	 	It is understood that either party’s right to liquidate Securities delivered to it in
connection with Transactions hereunder or to exercise any other remedies pursuant to
Paragraph 11 hereof, is a contractual right to liquidate such Transaction as described in
Sections 555 and 559 of Title 11 of the United States Code, as amended.

September 1996 Master Repurchase Agreement

9

 

	 	(c)	 	The parties agree and acknowledge that if a party hereto is an “insured depository
institution,” as such term is defined in the Federal Deposit Insurance Act, as amended
(“FDIA”), then each Transaction hereunder is a “qualified financial contract,” as that term
is defined in FDIA and any rules, orders or policy statements thereunder (except insofar as
the type of assets subject to such Transaction would render such definition inapplicable).
	 
	 	(d)	 	It is understood that this Agreement constitutes a “netting contract” as defined in and
subject to Title IV of the Federal Deposit Insurance Corporation Improvement Act of 1991
(“FDICIA”) and each payment entitlement and payment obligation under any Transaction
hereunder shall constitute a “covered contractual payment entitlement” or “covered
contractual payment obligation”, respectively, as defined in and subject to FDICIA (except
insofar as one or both of the parties is not a “financial institution” as that term is
defined in FDICIA).

	20.	 	Disclosure Relating to Certain Federal Protections
	 
	 	 	The parties acknowledge that they have been advised that:

	 	(a)	 	in the case of Transactions in which one of the parties is a broker or dealer
registered with the Securities and Exchange Commission (“SEC”) under Section 15 of the
Securities Exchange Act of 1934 (“1934 Act”), the Securities Investor Protection
Corporation has taken the position that the provisions of the Securities Investor
Protection Act of 1970 (“SIPA”) do not protect the other party with respect to any
Transaction hereunder;
	 
	 	(b)	 	in the case of Transactions in which one of the parties is a government securities
broker or a government securities dealer registered with the SEC under Section 15C of the
1934 Act, SIPA will not provide protection to the other party with respect to any
Transaction hereunder; and
	 
	 	(c)	 	in the case of Transactions in which one of the parties is a financial institution,
funds held by the financial institution pursuant to a Transaction hereunder are not a
deposit and therefore are not insured by the Federal Deposit Insurance Corporation or the
National Credit Union Share Insurance Fund, as applicable.

	 	 	 	 	 	 	 	 	 	 	 

	USB SECURITIES LLC	 	 	 	PROVIDENT MORTGAGE
CAPITAL ASSOCIATES, INC.	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	By: 

 

	 	/s/ Lisa Rosenthal
 

Lisa Rosenthal
	 	 
	 	By:

 
	 	/s/ Mark E. Lefanowicz
 

Mark E. Lefanowicz
	 	 
	Title:

	 	Executive Director and Counsel 

Region Americas Legal
 Prime Services and Securities Finance
	 	 	 	Title:

Date:
	 	CFO

4/14/11	 	 
	Date:

	 	 
	 	 	 	
	 		 	 

	 	 	 	 	 	 	 	 	 	 	 

	By: 

 

	 	/s/ Janette R. M. McDonald
 

Janette R. M. McDonald
	 	 
	 	 
	 	
 	 	 
	Title:

Date:

	 	Director

Region Americas Legal 

Prime Services &  Securities Finance
	 	 	 	
	 		 	 

September 1996 Master Repurchase Agreement

10

 

Annex I

Terms and Conditions Supplemental to the Master Repurchase Agreement

     The following terms and conditions supplement and are a part of the Master Repurchase Agreement
dated the date hereof (the “Agreement”) between UBS Securities LLC (“Party A”) and Provident
Mortgage Capital Associates, Inc. (“Party B”). In the event of a conflict between provisions of
this Annex I and the Agreement, the provisions of this Annex I shall govern. Capitalized terms used
but not defined shall have the meanings ascribed to them in the Agreement.

1. Other Applicable Annexes. In addition to this Annex I and Annex II, the following Annexes and
any Schedules thereto shall form a part of this Agreement and shall be applicable thereunder:

	 	o	 	Annex IV (Party Acting as Agent)
	 
	 	þ	 	Annex V (Margin for Forward Transactions)
	 
	 	þ	 	Annex VI (Buy/Sell Back Transactions)
	 
	 	o	 	Annex VII (Transactions Involving Registered Investment Companies)

2. The definition of “Market Value” in Paragraph 2(j) is amended by adding thereto after “a
generally recognized source agreed to by the parties” the following: “(and, in the absence of such
agreement, determined by Buyer)”.

3. The parties hereto agree to amend Paragraph 4 by adding a sub-paragraph (g) which reads as
follows:

“(g) If notice to eliminate a Margin Deficit or Margin Excess is received prior to 10:00 a.m. New
York time on any business day, such deficit or excess shall be eliminated by the close of business
on such day; if notice to eliminate a Margin Deficit or Margin Excess is received after 10:00 a.m.
New York time on any business day, such deficit or excess shall be eliminated by 12:00 Noon New
York Time of the following business day.”

4. Minimum Transfer Amount. Paragraph 4(e) shall be deleted in its entirety and replaced
with the following: “Seller and Buyer may agree, with respect to any or all Transactions hereunder,
that the respective rights of Buyer or Seller (or both) under subparagraphs (a) and (b) of this
Paragraph may be exercised only where a Margin Deficit or Margin Excess, as the case may be,
exceeds $250,000 U.S. dollars (or its equivalent in the relevant currency).”

5. The parties hereto (i) consent to the recording of all telephone conversations between trading,
operations, and marketing personnel of the parties and their Affiliates in connection with this
Agreement or any potential Transaction, (ii) agree to give notice to such personnel of it and its
Affiliates that their calls will be recorded; and (iii) agree that in any Proceedings, it will not
object to the introduction of such recordings in evidence on the grounds that consent was not
properly given.

6. The parties hereto irrevocably and unconditionally (i) submit to the non-exclusive jurisdiction
of any United States Federal or New York State court sitting in the Borough of Manhattan, and any
appellate court from any such court, solely for the purpose of any suit, action or proceeding
brought to enforce its obligations under the Agreement or relating in any way to the Agreement or
any Transaction under the

September 1996 Master Repurchase Agreement

11

 

Agreement, (ii) waive, to the fullest extent it may effectively do so, any defense of an
inconvenient forum to the maintenance of such action or proceeding in any such court and any right
of jurisdiction on account of its place or residence or domicile and (iii) waive right to trial by
jury.

7. To the extent that either party has or hereafter may acquire any immunity (sovereign or
otherwise) from any legal action, suit or proceeding, from jurisdiction of any court or from set
off or any legal process (whether service or notice, attachment prior to judgment, attachment in
aid of execution of judgment, execution of judgment or otherwise) with respect to itself or any of
its property, such party hereby irrevocably waives and agrees not to plead or claim such immunity
in respect of any action brought to enforce its obligations under the Agreement or relating in any
way to the Agreement or any Transaction under the Agreement.

8. The following additional definitions shall be inserted into Paragraph 2 of the Agreement:

“Affiliate” means in relation to any person, any entity controlled, directly or indirectly by the
person, any entity that controls, directly or indirectly, the person or any entity directly or
indirectly under common control with the person. For this purpose, “control” of any entity or
person means ownership of a majority of the voting power of the entity or person.

“Investment Advisor” means PMF Advisors, LLC.

“Net Asset Value” means the result in U.S. Dollars of subtracting the total value of all
liabilities (including but not limited to the aggregate mark-to-market value of all trading
positions constituting liabilities) from the total value of all assets (including but not limited
to cash, deposit accounts and instruments, securities, and the aggregate mark-to-market value of
all trading positions constituting assets). For purposes of this computation, amounts denominated
in a currency other than U.S. Dollars shall be converted to U.S. Dollars at the spot rate for such
currency prevailing on the date of determination of the Net Asset Value.

“Specified Entity” means (i) in relation to Party A, UBS Limited, UBS Securities LLC and UBS AG and
(ii) in relation to Party B, any Affiliate of Party B.

“Specified Indebtedness” shall mean any obligation (whether present or future, contingent or
otherwise as principal or surety or otherwise) for the payment or repayment of any money.

“Threshold Amount” shall mean (i) in relation to Party A: an amount equal to 2% of the
shareholder’s equity of UBS AG (howsoever described) as shown in its most recent annual audited
financial statements; and (ii) in relation to Party B the lesser of USD 10,000,000 (or the
equivalent in any other currency or currencies) or an amount equal to 2% of its “Net Asset Value”
as shown in its most recent annual audited financial statements.

9.
Additional Event of Default. The first section of Paragraph 11 is amended by deleting the
word “or” immediately before Sub-Section (vii) and inserting the following Sub-Sections (viii) and
(ix), which shall read as follows:

“(viii) the occurrence of a default, event of default or similar condition or event (however
described) under any agreement between Party A or any Specified Entity of Party A and Party B or
any Specified Entity of Party B.

September 1996 Master Repurchase Agreement

12

 

(ix) the occurrence of any Additional Termination Event (as such term is defined under the relevant
agreement) under any ISDA Master Agreement between Party A or any Specified Entity of Party A and
Party B or any Specified Entity of Party B.

10. Set Off. Without affecting the provisions of the Agreement requiring the calculation of certain
net payment amounts, all payments under this Agreement will be made without set off or
counterclaim; provided, however, in addition to and not in limitation of any other right or remedy
(including any right to set off, counterclaim, or otherwise withhold payment or any recourse to any
credit support document) under applicable law the non-Defaulting Party (“X”) may without prior
notice to any person set off any sum or obligation (whether or not arising under this Agreement and
whether matured or unmatured, whether or not contingent and irrespective of the currency, place of
payment or booking office of the sum or obligation) owed by the Defaulting Party (“Y”) to X or any
Affiliate of X against any sum or obligation (whether or not arising under this Agreement, whether
matured or unmatured, whether or not contingent and irrespective of the currency, place of payment
or booking office of the sum or obligation) owed by X or any Affiliate of X to Y and, for this
purpose, may convert one currency into another at a market rate determined by X. If any sum or
obligation is unascertained, X may in good faith estimate that sum or obligation and set off in
respect of that estimate, subject to X or Y, as the case may be, accounting to the other party when
such sum or obligation is ascertained.

11. Termination of Investment Advisor Relationship. Party B agrees to notify Party A immediately in
the event that the Investment Advisor’s business relationship with Party B is terminated. Except as
otherwise stated herein, each party shall be entitled to rely upon any oral or written notices and
instructions reasonably believed to be originated from the other party hereto or its duly
authorized agent (including, in the case of Party B, the Investment Advisor) and shall not incur
any liability to the other party in acting in accordance with such notices and instructions.

12. Investment Advisor’s Authority. Investment Advisor is duly authorized to execute and deliver
this Agreement, and to enter into Transactions, on Party B’s behalf, and unless it has received
written notice of termination of such authority, Party A shall be entitled to rely upon any and all
instructions or notices received from Investment Advisor with respect to this Agreement or any
Transaction, and Party A shall be under no duty to determine whether the giving of any notice or
instruction, or the entry into any Transaction (including without limitation its nature and its
amount), on behalf of Party B is within the authority of Investment Advisor.

13. Ancillary Documents

(i) Party B agrees to provide Party A with the following on the date of execution of the Agreement:
(A) a certified copy of its memorandum and articles of association or equivalent constitutive
documents; (B) a certified copy of the board resolution authorizing its entry into this Agreement
and the Transactions hereunder (or limited liability company agreement, as applicable); (C) a
certified copy of its certificate of incorporation (or limited liability company certificate, as
applicable); (D) a certified copy of the investment management agreement between Party B and the
Investment Advisor; (E) evidence of the authority and true signatures of each official or
representative signing this Agreement or, as the case may be, a Confirmation, on its behalf; and
(F) such other similar documentation as Party A may reasonably request.

(ii) Party B represents and warrants that it will provide Party A with the following at the time
stated below: (A) the annual audited accounts of Party B within 90 days of the end of Party B’s
financial year; (B) monthly written reports of the Net Asset Value of Party B within 15 days of
each month end; (C) a legal opinion satisfactory to Party A regarding (among other things) the

September 1996 Master Repurchase Agreement

13

 

ability of Party A to enter into and perform its obligations under this Agreement; and (D) any
other similar information which Party A may reasonably request from time to time.

(iii) Party B agrees to provide Party A with the following tax document on or before the date of
execution of the Agreement: A duly completed and executed U.S. Internal Revenue Service Form W-9.

(iv) Party A agrees to provide Party B with the following tax document on or before the date of
execution of the Agreement: A duly completed and executed U.S. Internal Revenue Service Form W-9.

          In
witness whereof, each of the parties hereto have caused this instrument to be executed in its
name and on behalf of its duly authorized representative(s).

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

	PARTY A	 	 	 	PARTY B	 	 
	UBS SECURITIES LLC	 	 	 	PROVIDENT MORTGAGE CAPITAL	 	 
	 	 	 	 	 	 	 	 	ASSOCIATES, INC.	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	By:	 	/s/ Lisa Rosenthal	 	 	 	By:	 	/s/ Mark E. Lefanowicz	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 

	 	Name:
	 	Lisa Rosenthal
	 	 	 	 	 	Name:
	 	Mark E. Lefanowicz	 	 
	 

	 	Title:
	 	Executive Director and Counsel
	 	 	 	 	 	Title:
	 	Chief Financial Officer	 	 
	 

	 	 	 	Region Americas Legal	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	Prime Services & Securities Finance	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	By:	 	/s/ Janette R. M. McDonald	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	Name:
	 	Janette R. M. McDonald	 	 	 	 	 	 	 	 	 	 
	 

	 	Title:
	 	Director	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	Region Americas Legal	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	Prime Services & Securities Finance	 	 	 	 	 	 	 	 	 	 

September 1996
Master Repurchase Agreement

14

 

Annex
II

Names and Addresses for Communications Between Parties

UBS SECURITIES LLC

677 Washington Boulevard

Stamford, CT 06901

For Operational Matters:

Attention:
Operations Manager - UBS

Telephone: (203) 719-6940

Facsimile: (203) 719-6805

For Legal Matters:

Attention: Legal Affairs

Telephone: (203) 719-4871

Facsimile: (203) 719-0680

Name of Party: PROVIDENT MORTGAGE CAPITAL ASSOCIATES, INC.

	 	 	 

	Contact: Mark E. Lefanowicz, Chief Financial Officer
	 	 
	 

	 	 
	 
	 	 
	Street Address: 1633 Bayshore Hwy., Ste. 155
	 	 
	 

	 	 
	 
	 	 
	City, State, Zip Code: Burlingame, CA 94010
	 	 
	 

	 	 
	 
	 	 
	Telephone No.: 650/652-1300
	 	 
	 

	 	 
	 
	 	 
	Fax No.: 650/652-1350
	 	 
	 

	 	 

September 1996 Master Repurchase Agreement

15

 

Annex III

International Transactions

(Intentionally Left Blank)

September 1996 Master Repurchase Agreement

16

 

Annex IV

Party Acting as Agent

(Intentionally Left Blank)

September 1996 Master Repurchase Agreement

17

 

	 	 	Annex V
	 
	 	 	Margin for Forward Transactions
	 
	 	 	This Annex V forms a part of the Master Repurchase Agreement dated as of April 14, 2011 (the
“Agreement) between UBS Securities LLC and Provident Mortgage Capital Associates, Inc.
Capitalized terms used but not defined in this Annex V shall have the meanings ascribed to them
in the Agreement.
	 
	1.	 	Definitions. For purposes of the Agreement and this Annex V, the following terms shall have
the following meanings:
	 
	 	 	“Forward Exposure”, the amount of loss a party would incur upon canceling a Forward Transaction
and entering into a replacement transaction, determined in accordance with market practice or as
otherwise agreed by the parties;
	 
	 	 	“Forward Transaction”, any Transaction agreed to by the parties as to which the Purchase Date
has not yet occurred;
	 
	 	 	“Net Forward Exposure”, the aggregate amount of a party’s Forward Exposure to the other party
under all Forward Transactions hereunder reduced by the aggregate amount of any Forward Exposure
of the other party to such party under all Forward Transactions hereunder;
	 
	 	 	“Net Unsecured Forward Exposure”, a party’s Net Forward Exposure reduced by the Market Value of
any Forward Collateral transferred to such party (and not returned) pursuant to Paragraph 2 of
this Annex V.
	 
	2.	 	Margin Maintenance.

	 	(a)	 	If at any time a party (the “In-the-Money Party”) shall have a Net Unsecured Forward
Exposure to the other party (the “Out-of-the-Money Party”) under one or more Forward
Transactions, the In-the-Money Party may by notice to the Out-of the Money Party require
the Out-of-the-Money Party to transfer to the In-the-Money Party Securities or cash
reasonably acceptable to the In-the-Money Party (together with any Income thereon and
proceeds thereof, “Forward Collateral”) having a Market Value sufficient to eliminate such
Net Unsecured Forward Exposure. The Out-of-the-Money Party may by notice to the In-the-Money Party require the In-the-Money Party to transfer to the Out-of-the-Money Party
Forward Collateral having a Market Value that exceeds the In-the-Money Party’s Net Forward
Exposure (“Excess Forward Collateral Amount”). The rights of the parties under this
subparagraph shall be in addition to their rights under subparagraphs (a) and (b) of
Paragraph 4 and any other provisions of the Agreement.
	 
	 	(b)	 	The parties may agree, with respect to any or all Forward Transactions hereunder, that
the respective rights of the parties under subparagraph (a) of this Paragraph may be
exercised only where a Net Unsecured Forward Exposure or Excess Forward Collateral Amount,
as the case may be, exceeds a specified dollar amount or other specified threshold for such
Forward Transactions (which amount or threshold shall be agreed to by the parties prior to
entering into any such Forward Transactions).
	 
	 	(c)	 	The parties may agree, with respect to any or all Forward Transactions hereunder, that
the respective rights of the parties under subparagraph (a) of this Paragraph to require
the elimination of a Net Unsecured Forward Exposure or Excess Forward Collateral Amount, as

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	 	 	 	the case may be, may be exercised whenever such a Net Unsecured Forward Exposure or Excess
Forward Collateral Amount exists with respect to any single Forward Transaction hereunder
(calculated without regard to any other Forward Transaction outstanding hereunder).
	 
	 	(d)	 	The parties may agree, with respect to any or all Forward Transactions hereunder, that
(i) one party shall transfer to the other party Forward Collateral having a Market Value
equal to a specified dollar amount or other specified threshold no later than the Margin
Notice Deadline on the day such Forward Transaction is entered into by the parties or (ii)
one party shall not be required to make any transfer otherwise required to be made under
this Paragraph if, after giving effect to such transfer, the Market Value of the Forward
Collateral held by such party would be less than a specified dollar amount or other
specified threshold (which amount or threshold shall be agreed to by the parties prior to
entering into any such Forward Transactions).
	 
	 	(e)	 	If any notice is given by a party to the other under subparagraph (a) of this Paragraph
at or before the Margin Notice Deadline on any business day, the party receiving such
notice shall transfer Forward Collateral as provided in such subparagraph no later than the
close of business in the relevant market on such business day. If any such notice is given
after the Margin Notice Deadline, the party receiving such notice shall transfer such
Forward Collateral no later than the close of business in the relevant market on the next
business day.
	 
	 	(f)	 	Upon the occurrence of the Purchase Date for any Forward Transaction and the
performance by the parties of their respective obligations to transfer cash and Securities
on such date, any Forward Collateral in respect of such Forward Transaction, together with
any Income thereon and proceeds thereof, shall be transferred by the party holding such
Forward Collateral to the other party; provided, however, that neither party shall be
required to transfer such Forward Collateral to the other if such transfer would result in
the creation of a Net Unsecured Forward Exposure of the transferor.
	 
	 	(g)	 	The Pledgor (as defined below) of Forward Collateral may, subject to agreement with and
acceptance by the Pledgee (as defined below) thereof, substitute other Securities
reasonably acceptable to the Pledgee for any Securities Forward Collateral. Such
substitution shall be made by transfer to the Pledgee of such other Securities and transfer
to the Pledgor of such Securities Forward Collateral. After substitution, the substituted
Securities shall constitute Forward Collateral.

	3.	 	Security Interest.

	 	(a)	 	In addition to the rights granted to the parties under Paragraph 6 of the Agreement,
each party (“Pledgor”) hereby pledges to the other party (“Pledgee”) as security for the
performance of its obligations hereunder, and grants Pledgee a security interest in and
right of setoff against, any Forward Collateral and any other cash, Securities or property,
and all proceeds of any of the foregoing, transferred by or on behalf of Pledgor to Pledgee
or due from Pledgee to Pledgor in connection with the Agreement and the Forward
Transactions hereunder.
	 
	 	(b)	 	Unless otherwise agreed by the parties, a party to whom Forward Collateral has been
transferred shall have the right to engage in repurchase transactions with Forward
Collateral or otherwise sell, transfer, pledge or hypothecate Forward Collateral, including
in respect of loans or other extensions of credit to such party that may be in amounts
greater than the Forward Collateral such party is entitled to as security for obligations
hereunder, and that may extend for periods of time longer than the periods during which
such party is entitled to

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	 	 	 	Forward Collateral as security for obligations hereunder; provided, however, that no such
transaction shall relieve such party of its obligations to transfer Forward Collateral
pursuant to Paragraph 2 or 4 of this Annex V or Paragraph 11 of the Agreement.

	4.	 	Events of Default.

	 	(a)	 	In addition to the Events of Default set forth in Paragraph 11 of the Agreement, it
shall be an additional “Event of Default” if either party fails, after one business day’s
notice, to perform any covenant or obligation required to be performed by it under
Paragraph 2 or any other provision of this Annex.
	 
	 	(b)	 	In addition to the other rights of a nondefaulting party under Paragraph 11 and 12 of
the Agreement, if the nondefaulting party exercised or is deemed to have exercised the
option referred to in Paragraph 11(a) of the Agreement:

	 	(i)	 	The nondefaulting party, without prior notice to the defaulting party, may (A)
immediately sell, in a recognized market (or otherwise in a commercially reasonable
manner) at such price or prices as the nondefaulting party may reasonably deem
satisfactory, any or all Forward Collateral subject to any or all Forward Transactions
hereunder and apply the proceeds thereof to any amounts owing by the defaulting party
hereunder or (B) in its sole discretion elect, in lieu of selling all or a portion of
such Forward Collateral, to give the defaulting party credit for such Forward
Collateral in an amount equal to the price therefor on such date, obtained from a
generally recognized source or the most recent closing bid quotation from such a
source, against any amounts owing by the defaulting party hereunder.
	 
	 	(ii)	 	Any Forward Collateral held by the defaulting party, together with any Income
thereon and proceeds thereof, shall be immediately transferred by the defaulting party
to the nondefaulting party. The nondefaulting party may, at its option (which option
shall be deemed to have been exercised immediately upon the occurrence of an Act of
Insolvency), and without prior notice to the defaulting party, (i) immediately
purchase, in a recognized market (or otherwise in a commercially reasonable manner) at
such price or prices as the nondefaulting party may reasonably deem satisfactory,
securities (“Replacement Securities”) of the same class and amount as any Securities
Forward Collateral that is not delivered by the defaulting party to the nondefaulting
party as required hereunder or (ii) in its sole discretion elect, in lieu of purchasing
Replacement Securities, to be deemed to have purchased Replacement Securities at the
price therefor on such date, obtained from a generally recognized source or the most
recent closing offer quotation from such a source, whereupon the defaulting party shall
be liable for the price of such Replacement Securities together with the amount of any
cash Forward Collateral not delivered by the defaulting party to the nondefaulting
party as required hereunder.

	 	 	Unless otherwise provided in Annex I, the parties acknowledge and agree that (1) the Forward
Collateral subject to any Forward Transaction hereunder are instruments traded in a recognized
market, (2) in the absence of a generally recognized source for prices or bid quotations for any
Forward Collateral, the nondefaulting party may establish the source therefor in its sole
discretion and (3) all prices and bids shall be determined together with accrued Income (except to
the extent contrary to market practice with respect to the relevant Forward Collateral).

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	5.	 	No Waivers, Etc. Without limitation of the provisions of Paragraph 17 of the Agreement, the
failure to give a notice pursuant to subparagraph (a), (b), (c) or (d) of Paragraph 2 of this
Annex V will not constitute a waiver of any right to do so at a later date.

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	 	 	Annex VI
	 
	 	 	Buy/Sell Back Transactions
	 
	 	 	This Annex VI forms a part of the Master Repurchase Agreement dated as of April 14, 2011 (the
“Agreement”) between UBS Securities LLC and Provident Mortgage Capital Associates, Inc.
Capitalized terms used but not defined in this Annex VI shall have the meanings ascribed to them
in the Agreement.
	 
	1.	 	In the event of any conflict between the terms of this Annex VI and any other term of the
Agreement, the terms of this Annex VI shall prevail.
	 
	2.	 	Each Transaction shall be identified at the time it is entered into and in the relevant
Confirmation as either a Repurchase Transaction or a Buy/Sell Back Transaction.
	 
	3.	 	In the case of a Buy/Sell Back Transaction, the Confirmation delivered in accordance with
Paragraph 3 of the Agreement may consist of a single document in respect of both of the
transfers of funds against Securities which together form the Buy/Sell Back Transaction or
separate Confirmations may be delivered in respect of each such transfer.
	 
	4.	 	Definitions. The following definitions shall apply to Buy/Sell Back Transactions:

	 	(a)	 	“Accrued Interest”, with respect to any Purchased Securities subject to a Buy/Sell Back
Transaction, unpaid Income that has accrued during the period from (and including) the
issue date or the last Income payment date (whichever is later) in respect of such
Purchased Securities to (but excluding) the date of calculation. For these purposes unpaid
Income shall be deemed to accrue on a daily basis from (and including) the issue date or
the last Income payment date (as the case may be) to (but excluding) the next Income
payment date or the maturity date (whichever is earlier);
	 
	 	(b)	 	“Sell Back Differential”, with respect to any Buy/Sell Back Transaction as of any date,
the aggregate amount obtained by daily application of the Pricing Rate for such Buy/Sell
Back Transaction to the Purchase Price for such Buy/Sell Back Transaction on a 360 day per
year basis (unless otherwise agreed by the parties for the Transaction) for the actual
number of days during the period commencing on (and including) the Purchase Date for such
Buy/Sell Back Transaction and ending on (but excluding) the date of determination;
	 
	 	(c)	 	“Sell Back Price”, with respect to any Buy/Sell Back Transaction:

	 	(i)	 	in relation to the date originally specified by the parties as the Repurchase
Date pursuant to Paragraph 2(q) of the Agreement, the price agreed by the Parties in
relation to such Buy/Sell Back Transaction, and
	 
	 	(ii)	 	in any other case (including for the purposes of the application of Paragraph 4
or Paragraph 11 of the Agreement), the product of the formula (P
+ D) - (IR + C), where
—
	 
	 	P	 	=  the Purchase Price
	 
	 	D	 	=  the Sell Back Differential
	 
	 	IR	 	=  the amount of any Income in respect of the Purchased Securities paid by the
issuer on any date falling between the Purchase Date and the Repurchase Date

September 1996 Master Repurchase Agreement

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	 	C = 	 	 the aggregate amount obtained by daily application of the Pricing Rate for such
Buy/Sell Back Transaction to any such Income from (and including) the date of payment
by the issuer to (but excluding) the date of calculation.

	5.	 	When entering into a Buy/Sell Back Transaction the parties shall also agree on the Sell Back
Price and the Pricing Rate to apply in relation to such Buy/Sell Back Transaction on the
scheduled Repurchase Date. The parties shall record the Pricing Rate in at least one
Confirmation applicable to such Buy/Sell Back Transaction.
	 
	6.	 	Termination of a Buy/Sell Back Transaction shall be effected on the Repurchase Date by
transfer to Seller or its agent of Purchased Securities against the payment by Seller of (i)
in a case where the Repurchase Date is the date originally agreed to by the parties pursuant
to Paragraph 2(q) of the Agreement, the Sell Back Price referred to in Paragraph 4(c)(i) of
this Annex; and (ii) in any other case, the Sell Back Price referred to in Paragraph 4(c)(ii)
of this Annex.
	 
	7.	 	For the avoidance of doubt, the parties acknowledge and agree that the Purchase Price and the
Sell Back Price in Buy/Sell Back Transactions shall include Accrued Interest (except to the
extent contrary to market practice with respect to the Securities subject to such Buy/Sell
Back Transaction, in which event (i) an amount equal to the Purchase Price plus Accrued
Interest to the Purchase Date shall be paid to Seller on the Purchase Date and shall be used,
in lieu of the Purchase Price, for calculating the Sell Back Differential, (ii) an amount
equal to the Sell Back Price plus the amount of Accrued Interest to the Repurchase Date shall
be paid to Buyer on the Repurchase Date, and (iii) the formula in Paragraph 4(c)(ii) of this
Annex VI shall be replaced by the formula “(P + AI +
D) - (IR + C)”, where “Al” equals Accrued
Interest to the Purchase Date).
	 
	8.	 	Unless the parties agree in Annex I to the Agreement that a Buy/Sell Back Transaction is not
to be repriced, they shall at the time of repricing agree on the Purchase Price, the Sell Back
Price and the Pricing Rate applicable to such Transaction.
	 
	9.	 	Paragraph 5 of the Agreement shall not apply to Buy/Sell Back Transactions. Seller agrees, on
the date such Income is received, to pay to Buyer any Income received by Seller in respect of
Purchased Securities that is paid by the issuer on any date falling between the Purchase Date
and the Repurchase Date.
	 
	10.	 	References to “Repurchase Price” throughout the Agreement shall be construed as references to
“Repurchase Price or the Sell Back Price, as the case may be.”
	 
	11.	 	In Paragraph 11 of the Agreement, references to the “Repurchase Prices” shall be construed as
references to “Repurchase Prices and Sell Back Prices.”

September 1996 Master Repurchase Agreement

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Annex VII

Transactions Involving Registered Investment Companies

(Intentionally Left Blank)

September 1996 Master Repurchase Agreement

24

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