Document:

pfsi_EX_10140

		
			Exhibit 10.140
		

		
			 
		

		
			
		

			
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						    

					
					
						Schedule (Lease Intended as Security)

					
					
						 

					
					
						    

					
					
						Schedule

					
					
						 

				
	
					
						Banc of America Leasing & Capital, LLC

					
					
						 

					
					
						to Master Lease Agreement

					
					
						 

					
					
						 

					
					
						Number  002

				

		
			 
		

		
			This Schedule (“Schedule”), dated as of May 4, 2016, between Banc of America Leasing & Capital, LLC (“Lessor”) and Private National Mortgage Acceptance Company, LLC (“Lessee”) is executed pursuant to Master Lease Agreement Number 30350-90000 dated December 9, 2015 (the “Master Lease”), incorporated in this Schedule by this reference.   Unless otherwise defined in this Schedule, capitalized terms used in this Schedule have the respective meanings assigned to such terms in the Master Lease.  If any provision of this Schedule conflicts with any provision of the Master Lease, the provisions contained in this Schedule shall prevail.  Lessee hereby authorizes Lessor to insert the serial numbers and other identification data of the Equipment, dates, and other omitted factual matters or descriptions in this Schedule.
		

		
			 
		

		
			1.Description of Equipment; Location.  The Equipment subject to this Schedule, which has a cost to Lessor in the aggregate of $12,651,408.36, which may include taxes, shipping, installation and other related expenses, if any (collectively “Lessor’s Cost”), are as follows:
		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Quantity

					
					
						    

					
					
						Description

					
					
						    

					
					
						Serial Number

					
					
						    

					
					
						Lessor’s Cost

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						See attached Exhibit A

					
					
						 

					
					
						 

				

		
			 
		

		
			Location of Equipment.  The Equipment will be located or (in the case of over-the-road vehicles) based at the following locations:
		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Location

					
					
						    

					
					
						Address

					
					
						    

					
					
						City

					
					
						    

					
					
						County

					
					
						    

					
					
						State

					
					
						    

					
					
						ZIP

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						See attached Exhibit A

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				

		
			 
		

		
			2.Acceptance.  Lessee acknowledges and represents that the Equipment (a) has been delivered to, received and inspected by Lessee, (b) is in good operating order, repair, condition and appearance, (c) is of the manufacture, design and capacity selected by Lessee and are suitable for the purposes for which the Equipment are leased, and are acceptable and satisfactory to Lessee, (d) do not require any additions or modifications to make them suitable for use, other than ancillary modifications or additions normally made by lessees of similar assets, and are available for use and lease by Lessee and Lessor, and (e) have been irrevocably accepted as “Equipment” leased by Lessee under this Schedule as of the date written below (the “Acceptance Date”).  Lessee hereby authorizes and directs Lessor to reimburse Lessee or pay Vendors for the purchase price of the Equipment in accordance with Vendors’ invoices therefor, receipt and approval of which are hereby reaffirmed by Lessee. 
		

		
			 
		

		
			3.Lease Term.  The original Lease Term for the Lease of Equipment under this Schedule consist of:  (i) an “Interim Term” (if any) beginning on the Acceptance Date, and continuing through and including the day preceding the Base Date; and (ii) a “Base Term” of thirty-six  (36) months, beginning on  May 4, 2016  (the “Base Date”).
		

		
			 
		

		
			4.Rent.    Rent payable under this Schedule consists of:  (i) “Interim Rent”, which shall be due Lessor for each day of the interim Term and shall equal the daily equivalent of the initial Base Rent, and payable on the Base Date; and (ii) “Base Rent”, which shall be payable in arrears in thirty-six (36) consecutive monthly installments of the payment amount and interest (the “Payments”) commencing on _June 4, 2016_  (the “Initial Payment”).  Each Payment shall be in the principal amount of $351,428.01, plus interest as described in the following paragraph, and due and payable on the same day of the month as the Initial Payment set forth above in each succeeding payment period (each, a “Payment Date”) during the Lease Term.  All interest hereunder shall be calculated on the basis of a year of 360 days comprised of 12 months of 30 days each.
		

		
			 
		

		
			Interest shall accrue on the entire Lessor’s Cost of this Schedule outstanding for any calendar month or portion thereof as reduced by each Payment of principal, at a per annum rate of interest equal to (i) two percent (2%) plus the rate of interest equal to the “average of interbank offered rates for dollar deposits in the London Market based on quotations of sixteen (16) major banks” for a term of thirty days as published in the Wall Street Journal under a heading entitled “Money Rates, London Interbank Offered Rates (LIBOR)” or any future or substitute heading, on the fifteenth day of the month preceding the month in which the Payment Date occurs for the applicable Payment, or (ii) if less, the highest rate of interest permitted by applicable law (the “Interest Rate”).
		

		
			
		

		
			

		 

		

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5.Tax Exemption; Personal Property Taxes.  Lessor will invoice Lessee for all sales and use taxes as and when due and payable in accordance with applicable law, unless Lessee timely delivers to Lessor a valid exemption certificate with respect to such taxes.  Delivery of such certificate shall constitute Lessee’s representation and warranty that no such taxes shall become due and payable with respect to the Equipment, and Lessee shall indemnify and hold harmless Lessor from and against any and all liability or damages, including late charges and interest which Lessor may incur by reason of the assessment of such taxes.  Notwithstanding any provision to the contrary in this Lease, Lessee shall file directly with all appropriate taxing authorities all declarations, returns, inventories and other documentation with respect to any personal property taxes due or to become due with respect to the Equipment (“Taxes”) and shall pay on or before the date when due all such Taxes assessed, billed or otherwise payable with respect to such Equipment directly to such taxing authorities. Upon request by Lessor, Lessee shall provide Lessor with copies of satisfactory documentation and proof of payment of such Taxes, and any penalties and interest thereon, and any other liabilities and damages that Lessor may incur arising out of the failure of Lessee to pay when due such Taxes.  The indemnity and covenants set forth herein shall continue in full force and effect and shall survive the expiration or earlier termination of this Lease.
		

		
			 
		

		
			6.Status of Lease as “Lease Intended as Security.”  Any provision of the Master Lease to the contrary notwithstanding, Lessor and Lessee acknowledge and agree that the Lease of Equipment under this Schedule is and is intended to be a transaction which creates a security interest in personal property in favor of Lessor, and shall be construed to constitute a lease intended as security for all commercial law and federal income and state tax purposes.  Lessee and Lessor further acknowledge and agree that:  (i) any right, title or interest of Lessor in and to the Equipment is held for collateral security purposes and that Lessor shall be entitled to all of the rights and remedies of a secured party under Article 9 of the UCC and otherwise provided under applicable law;  (ii) Section 7(c) of the Master Lease shall not be applicable to the Lease evidenced by this Schedule;  (iii) Lessee shall be treated for both federal and state income tax purposes as the owner of the Equipment and shall be entitled to take all of the tax benefits (including, without limitation, all depreciation deductions) that may be available with respect to the Equipment;  (iv) upon the payment and performance of all of Lessee’s Obligations under this Schedule, and provided that there then exists no Event of Default, Lessee shall not be obligated to return the Equipment to Lessor pursuant to the provisions of Section 8 of the Master Lease;  and (v) the last sentence of Section 12(a) of the Master Lease as it relates to the Lease evidenced by this Schedule is deleted and replaced with the following:  “Any payments received by Lessor after the occurrence of an Event of Default, including proceeds of any disposition of Equipment, shall be applied in the following order: (A) to all costs, and (including Attorneys’ Fees), charges and expenses incurred in taking, removing, holding, repairing and selling or leasing the Equipment or other Collateral or enforcing the provisions hereof; (B) to the extent not previously paid by Lessee, to pay Lessor for any damages then remaining unpaid hereunder; and (C) the balance, if any, shall be paid to Lessee and/or other parties lawfully entitled thereto.”
		

		
			 
		

		
			7.Further Representations and Agreements.  Lessee represents, warrants and agrees as follows: (a) all representations and warranties of Lessee contained in the Master Lease are restated as of the Acceptance Date and are true and correct as of such date;  (b) there has been no material adverse change in the operations, business, properties or condition (financial or otherwise) of Lessee or any Guarantor since November 16, 2015; (c) there exists no Default or Event of Default as of the Acceptance Date; and  (d) the operation and maintenance of any Equipment in the ordinary course by Lessee do not require the entry into any software or other intellectual property rights agreement with any licensor or other person, except as disclosed to Lessor in writing prior to the Acceptance Date.
		

		
			 
		

		
			8.End of Lease Term Purchase.  At the end of the Base Term, or within 15 days thereafter, Lessee shall purchase the Equipment on an “AS IS, WHERE IS” quitclaim basis, without representations or warranties of any kind, express or implied, for the cash amount of one dollar ($1.00) (“Purchase Price”).  Lessee shall pay Lessor the Purchase Price on or before the expiration of the Base Term in immediately available funds.
		

		
			 
		

			
					
						BANC OF AMERICA LEASING & CAPITAL, LLC

					
					
						Private National Mortgage Acceptance Company, LLC

				

		
			 
		

			
					
						By: 

					
					
						/c/ Terri J. Preston

					
					
						 

					
					
						By:

					
					
						/c/ Pamela Marsh

				

		
			 
		

			
					
						Printed Name: 

					
					
						Terri J. Preston

					
					
						 

					
					
						Printed Name:

					
					
						Pamela Marsh

				

		
			 
		

			
					
						Title: 

					
					
						Vice President, BALC

					
					
						 

					
					
						Title:

					
					
						Managing Director, Treasurer

				

		
			 
		

			
					
						 

					
					
						 

					
					
						Acceptance Date:

					
					
						May 4, 2016

				

		
			 
		

		
			Where multiple counterpart originals of this Schedule have been executed by Lessee and Lessor, only the counterpart marked “Lessor’s Copy” shall be deemed chattel paper evidencing the Lease of Equipment subject to this Schedule, and a security interest in such chattel paper and Lease may be perfected through the transfer and possession of the “Lessor’s Copy” of such Schedule only, without the need 
		

		
			

		 

		

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to transfer possession of the Master Lease, any Related Agreement or any other document executed and delivered in connection with this Lease.
		

		 

		

			Page 3 of 3pfsi_EX_1062

		
			Exhibit 10.62
		

		
			 
		

		
			EXECUTION
		

		
			 
		

		
			AMENDMENT NO. 10
TO MASTER REPURCHASE AGREEMENT
		

		
			 
		

		
			Amendment No. 10 to Master Repurchase Agreement, dated as of March 29, 2016 (this “Amendment”), by and among Bank of America, N.A. (“Buyer”), PennyMac Loan Services, LLC (“Seller”) and Private National Mortgage Acceptance Company, LLC (the “Guarantor”).
		

		
			 
		

		
			RECITALS
		

		
			 
		

		
			Buyer, Seller and Guarantor are parties to that certain Master Repurchase Agreement, dated as of March 17, 2011 (as amended, restated, supplemented or otherwise modified from time to time, the “Existing Master Repurchase Agreement”; and as further amended by this Amendment, the “Master Repurchase Agreement”).  The Guarantor is a party to that certain Amended and Restated Guaranty, dated as of August 13, 2014 (as amended, restated, supplemented or otherwise modified from time to time, the “Guaranty”), made by Guarantor in favor of Buyer. 
		

		
			 
		

		
			Buyer, Seller and Guarantor have agreed, subject to the terms and conditions of this Amendment, that the Existing Master Repurchase Agreement be amended to reflect certain agreed upon revisions to the terms of the Existing Master Repurchase Agreement.  As a condition precedent to amending the Existing Master Repurchase Agreement, Buyer has required Guarantor to ratify and affirm the Guaranty on the date hereof.
		

		
			 
		

		
			Accordingly, Buyer, Seller and Guarantor hereby agree, in consideration of the mutual promises and mutual obligations set forth herein, that the Existing Master Repurchase Agreement is hereby amended as follows:
		

		
			 
		

		
			Section 1.     Definitions. Section 2 of the Existing Master Repurchase Agreement is hereby amended by:
		

		
			 
		

		
			1.1       deleting the definitions of “Mortgage File” and “Mortgage Loan” in their entirety and replacing them with the following:
		

		
			 
		

		
			“Mortgage File” means, with respect to a Mortgage Loan, the documents and instruments relating to such Mortgage Loan and set forth in Exhibit 12 to the Custodial Agreement.
		

		
			 
		

		
			“Mortgage Loan” means any mortgage loan of a Type identified on any schedule attached to the Transactions Terms Letter, which mortgage loan may be either a Dry Loan or a Wet Mortgage Loan which is a fixed or floating rate, one to four family residential mortgage loan evidenced by a promissory note and secured by a mortgage, which satisfies the requirements set forth in (a) the Underwriting Guidelines and (b) Section 13(b) hereof; provided, however, that, except as expressly approved in writing by Buyer, Mortgage Loans shall not include any High Cost Mortgage Loans.
		

		
			 
		

		
			1.2       adding the following definition in its proper alphabetical order:
		

		
			 
		

		
			 
		

		
			 
		

		 

 

		
			 
		

		
			“TILA-RESPA Integrated Disclosure Rule” means the Truth-in-Lending Act and Real Estate Settlement Procedures Act Integrated Disclosure Rule, adopted by the Consumer Financial Protection Bureau, which is effective for residential mortgage loan applications received on or after October 3, 2015.
		

		
			 
		

		
			Section 2.     Events of Default. Section 15 of the Existing Master Repurchase Agreement is hereby amended by:
		

		
			 
		

		
			2.1   deleting subsection (r)(3) in its entirety and replacing it with the following:
		

		
			 
		

		
			(3)(A) Any Person shall engage in any “prohibited transaction” (as defined in Section 406 of ERISA or Section 4975 of the Code) involving any Plan, (B) a determination that a Plan is “at risk” (within the meaning of Section 303 of ERISA) or any Lien in favor of the PBGC or a Plan shall arise on the assets of Seller or any ERISA Affiliate, (C) a Reportable Event shall occur with respect to, or proceedings shall commence to have a trustee appointed, or a trustee shall be appointed, to administer or to terminate, any Plan, which Reportable Event or commencement of proceedings or appointment of a trustee is, in the reasonable opinion of Buyer, likely to result in the termination of such Plan for purposes of Title IV of ERISA, (D) Seller, Guarantor or any ERISA Affiliate shall file an application for a minimum funding waiver under section 302 of ERISA or section 412 of the Code with respect to any Plan, (E) any obligation for post-retirement medical costs (other than as required by COBRA) exists, or (F) any other event or condition shall occur or exist with respect to a Plan; and in each case in clauses (A) through (F) above, such event or condition, together with all other such events or conditions, if any, could reasonably be expected to have a Material Adverse Effect or (G) the assets of Seller, Guarantor, any Subsidiary of Seller or Guarantor, or any ERISA Affiliate become plan assets within the meaning of 29 CFR 2510.3-101 as modified by section 3(42) of ERISA.
		

		
			 
		

		
			2.2   adding the following new subsection:
		

		
			 
		

		
			(s) Settlements.  Seller has, without the express written consent of Buyer, entered into any settlement with, or consented to the issuance of a consent order by, any Governmental Authority in which the fines, penalties, settlement amounts or any other amounts owed by Seller thereunder exceeds $5,000,000 in the aggregate. 
		

		
			 
		

		
			Section 3.     Reports.  Section 17 of the Existing Master Repurchase Agreement is hereby amended by deleting subsection (a)(3) in its entirety and replacing it with the following:
		

		
			 
		

		
			(3)     as soon as available and in any event within ninety (90) days after the end of each fiscal year of Guarantor and Seller, the consolidated balance sheets of Guarantor and its consolidated Subsidiaries and the balance sheet of Seller, each as at the end of such fiscal year and the related consolidated statements of income and retained earnings and of cash flows for Guarantor and its consolidated Subsidiaries and Seller for such year, setting forth in each case in comparative form the figures for the previous year, accompanied by an unqualified opinion thereon of independent certified public 
		

		
			 
		

		
			
		

		 

		

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			accountants of recognized national standing, which opinion and the scope of audit shall be acceptable to Buyer in its sole discretion, shall have no “going concern” qualification and shall state that said consolidated financial statements or financial statements, as applicable, fairly present the consolidated financial condition or financial condition, as applicable, and results of operations of Guarantor and its respective consolidated Subsidiaries or Seller, as applicable, as at the end of, and for, such fiscal year in accordance with GAAP;
		

		
			 
		

		
			Section 4.     Notice Information.  Section 20 of the Existing Master Repurchase Agreement is hereby amended by deleting the notice information for Buyer, Seller and Guarantor in its entirety and replacing it with the following:
		

		
			 
		

			
					
						 

					
					
						 

				
	
					
						 

					
					
						If to Seller:

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						PennyMac Loan Services, LLC

				
	
					
						 

					
					
						3043 Townsgate Road

				
	
					
						 

					
					
						Westlake Village, California 91361

				
	
					
						 

					
					
						Attention: Pamela Marsh/Kevin Chamberlain

				
	
					
						 

					
					
						Phone Number: (805) 330-6059/(818) 746-2877

				
	
					
						 

					
					
						E-mail: pamela.marsh@pnmac.com; kevin.chamberlain@pnmac.com

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						If to Guarantor:

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						Private National Mortgage Acceptance Company, LLC

				
	
					
						 

					
					
						3043 Townsgate Road

				
	
					
						 

					
					
						Westlake Village, California 91361

				
	
					
						 

					
					
						Attention: Pamela Marsh/Kevin Chamberlain

				
	
					
						 

					
					
						Phone Number: (805) 330-6059/(818) 746-2877

				
	
					
						 

					
					
						E-mail: pamela.marsh@pnmac.com; kevin.chamberlain@pnmac.com

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						If to Buyer:  

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						Bank of America, N.A.

				
	
					
						 

					
					
						31303 Agoura Road

				
	
					
						 

					
					
						Mail Code: CA6-917-02-63

				
	
					
						 

					
					
						Westlake Village, California 91361

				
	
					
						 

					
					
						Attention: Adam Gadsby, Managing Director

				
	
					
						 

					
					
						Telephone: (818) 225-6541

				
	
					
						 

					
					
						Facsimile: (213) 457-8707

				
	
					
						 

					
					
						Email: Adam.Gadsby@baml.com 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						With copies to:

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						Bank of America, N.A.

				
	
					
						 

					
					
						One Bryant Park, 11th Floor

				
	
					
						 

					
					
						Mail Code: NY1-100-11-01

				
	
					
						 

					
					
						New York, New York 10036

				

		
			 
		

		
			
		

		

		 

		

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						Attention: Eileen Albus, Director, Mortgage Finance

				
	
					
						 

					
					
						Telephone:  (646) 855-0946

				
	
					
						 

					
					
						Facsimile:  (646) 855-5050

				
	
					
						 

					
					
						Email: Eileen.Albus@baml.com

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						Bank of America, N.A.

				
	
					
						 

					
					
						One Bryant Park

				
	
					
						 

					
					
						Mail Code: NY1-100-17-01

				
	
					
						 

					
					
						New York, New York 10036

				
	
					
						 

					
					
						Attention: Amie Davis, Assistant General Counsel

				
	
					
						 

					
					
						Telephone: (646) 855-0183

				
	
					
						 

					
					
						Fax: (704) 409-0337

				
	
					
						 

					
					
						E-mail: Amie.Davis@bankofamerica.com

				

		
			 
		

		
			Section 5.     Periodic Due Diligence Review.  Section 35 of the Existing Repurchase Agreement is hereby amended by deleting such section in its entirety and replacing it with the following:
		

		
			 
		

		
			35.  Periodic Due Diligence Review
		

		
			 
		

		
			Seller acknowledges that Buyer has the right to perform continuing due diligence reviews with respect to Seller and the Mortgage Loans, for purposes of verifying compliance with the representations, warranties and specifications made hereunder, or otherwise, and Seller agrees that upon reasonable (but no less than one (1) Business Day’s) prior notice unless an Event of Default shall have occurred, in which case no notice is required, to Seller, Buyer or its authorized representatives will be permitted during normal business hours to examine, inspect, and make copies and extracts of, the Mortgage Files and any and all documents, records, agreements, instruments or information relating to such Mortgage Loans in the possession or under the control of Seller and/or Custodian.  Seller also shall make available to Buyer a knowledgeable financial or accounting officer for the purpose of answering questions respecting the Mortgage Files and the Mortgage Loans.  Without limiting the generality of the foregoing, Seller acknowledges that Buyer may purchase Mortgage Loans from Seller based solely upon the information provided by Seller to Buyer in the Asset Data Record and the representations, warranties and covenants contained herein, and that Buyer, at its option, has the right at any time to conduct a partial or complete due diligence review on some or all of the Mortgage Loans purchased in a Transaction, including, without limitation, ordering Broker’s price opinions, new credit reports and new appraisals on the related Mortgaged Properties and otherwise re-generating the information used to originate such Mortgage Loan.  Buyer may underwrite such Mortgage Loans itself or engage a third party underwriter, approved by Buyer in its sole discretion, to perform such underwriting.  Seller agrees to cooperate with Buyer and any third party underwriter in connection with such underwriting, including, but not limited to, providing Buyer and any third party underwriter with access to any and all documents, records, agreements, instruments or information relating to such Mortgage Loans in the possession, or 
		

		
			
		

		
			

		 

		

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under the control, of Seller.  Seller further agrees that Seller shall pay all out-of-pocket costs and expenses incurred by Buyer in connection with Buyer’s activities pursuant to this Section 35 (“Due Diligence Costs”); provided that such Due Diligence Costs shall be subject to the Due Diligence Cap per calendar year.  For the avoidance of doubt, the Due Diligence Cap shall apply solely to costs incurred by Buyer in connection with its due diligence of Seller and Guarantor in connection with the extension of the Effective Date and Buyer’s review of the Mortgage Files, credit files and servicing files related to Purchased Mortgage Loans prior to the Effective Date.  Such Due Diligence Cap shall not apply to the extent Buyer requests the review of additional Purchased Mortgage Loans or if a Default or Event of Default shall have occurred, in which case Buyer shall have the right to perform due diligence, at the sole expense of Seller without regard to the Due Diligence Cap.
		

		
			 
		

		
			Section 6.     Representations and Warranties.  Schedule 1 of the Existing Master Repurchase Agreement is hereby amended by:
		

		
			 
		

		
			6.1  adding the following paragraph at the beginning of such schedule:
		

		
			 
		

		
			Representations and Warranties Concerning Purchased Mortgage Loans.  Seller represents and warrants to and covenants with Buyer that the following are true and correct with respect to each Purchased Mortgage Loan as of the related Purchase Date through and until the date on which such Purchased Mortgage Loan is repurchased by Seller. With respect to those representations and warranties which are made to the best of Seller’s knowledge, if it is discovered by Seller or Buyer that the substance of such representation and warranty is inaccurate, notwithstanding Seller’s lack of knowledge with respect to the substance of such representation and warranty, such inaccuracy shall be deemed a breach of the applicable representation and warranty.
		

		
			 
		

		
			6.2  adding the following new clause:
		

		
			 
		

		
			(kkk) TRID Compliance.  To the extent applicable, effective with respect to applications taken on or after October 3, 2015, each Mortgage Loan was originated in compliance with the Consumer Financial Protection Bureau’s TILA-RESPA Integrated Disclosure Rule.  
		

		
			 
		

		
			Section 7.     Fees and Expenses.  Seller hereby agrees to pay to Buyer, on demand, any and all reasonable out-of-pocket fees, costs and expenses (including reasonable fees and expenses of counsel) incurred by Buyer in connection with the development, preparation and execution of this Amendment, irrespective of whether any transactions hereunder are executed.
		

		
			 
		

		
			Section 8.     Conditions Precedent.  This Amendment shall become effective as of the date hereof, upon Buyer’s receipt of this Amendment, executed and delivered by a duly authorized officer of Buyer, Seller and Guarantor.
		

		
			 
		

		
			
		

		 

		

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			Section 9.     Limited Effect.  Except as expressly amended and modified by this Amendment, the Existing Master Repurchase Agreement shall continue to be, and shall remain, in full force and effect in accordance with its terms. 
		

		
			 
		

		
			Section 10.   Counterparts.  This Amendment may be executed by each of the parties hereto on any number of separate counterparts, each of which shall be an original and all of which taken together shall constitute one and the same instrument.
		

		
			 
		

		
			Section 11.   Severability.  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.
		

		
			 
		

		
			Section 12.  GOVERNING LAW.  THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY, THE LAW OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO THE CONFLICT OF LAWS PRINCIPLES THEREOF.
		

		
			 
		

		
			Section 13.  Reaffirmation of Guaranty. The Guarantor hereby (i) agrees that the liability of Guarantor or rights of Buyer under the Guaranty shall not be affected as a result of this Amendment, (ii) ratifies and affirms all of the terms, covenants, conditions and obligations of the Guaranty and (iii) acknowledges and agrees that such Guaranty is and shall continue to be in full force and effect.
		

		
			 
		

		
			[SIGNATURE PAGE FOLLOWS] 
		

		
			 
		

		
			 
		

		
			

		 

		

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			IN WITNESS WHEREOF, the parties have caused their names to be signed hereto by their respective officers thereunto duly authorized as of the day and year first above written.
		

		
			 
		

			
					
						 

					
					
						BANK OF AMERICA, N.A., 

				
	
					
						 

					
					
						 

					
					
						as Buyer

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Adam Robitshek

				
	
					
						 

					
					
						 

					
					
						Name:  Adam Robitshek

				
	
					
						 

					
					
						 

					
					
						Title:     Vice President

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						Pennymac Loan Services, LLC,  

				
	
					
						 

					
					
						 

					
					
						as Seller

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Pamela Marsh

				
	
					
						 

					
					
						 

					
					
						Name:  Pamela Marsh

				
	
					
						 

					
					
						 

					
					
						Title:    Managing Director, Treasurer

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						Private National Mortgage 

				
	
					
						 

					
					
						 

					
					
						Acceptance Company, LLC,

				
	
					
						 

					
					
						 

					
					
						as Guarantor

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Pamela Marsh

				
	
					
						 

					
					
						 

					
					
						Name:  Pamela Marsh

				
	
					
						 

					
					
						 

					
					
						Title:    Managing Director, Treasurer

				

		
			 
		

		 

		

			Signature Page to Amendment No. 10 to Master Repurchase Agreement

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