Document:

pfsi_EX_109

		
			Exhibit 10.9
		

		
			 
		

			
					
						PLS REGULAR FACILITY

					
					
						EXECUTION

				

		
			 
		

		
			AMENDMENT NO. 10 TO
		

		
			THIRD AMENDED AND RESTATED MASTER REPURCHASE AGREEMENT
		

		
			 
		

		
			Amendment No. 10 to Third Amended and Restated Master Repurchase Agreement, dated as of April 24, 2020 (this “Amendment”), among Credit Suisse First Boston Mortgage Capital LLC (the “Administrative Agent”), Credit Suisse AG, a company incorporated in Switzerland, acting through its Cayman Islands Branch (a  “Buyer”), Alpine Securitization LTD (a “Buyer”), PennyMac Loan Services, LLC (the “Seller”) and Private National Mortgage Acceptance Company, LLC  (the  “Guarantor”).
		

		
			 
		

		
			RECITALS
		

		
			 
		

		
			The Administrative Agent,  the Buyers, the Seller and the Guarantor are parties to that certain Third Amended and Restated Master Repurchase Agreement, dated as of April 28, 2017 (as amended by Amendment No. 1, dated as of June 1, 2017, Amendment No. 2, dated as of December 20, 2017, Amendment No. 3, dated as of February 1, 2018, Amendment No. 4, dated as of April 27, 2018,  Amendment No. 5, dated as of February 11, 2019, Amendment No. 6, dated as of April 26, 2019, Amendment No. 7, dated as of September 11, 2019,  Amendment No. 8, dated as of March 6, 2020, and Amendment No. 9, dated as of April 1, 2020,  the “Existing Repurchase Agreement”, and as further amended by this Amendment, the “Repurchase Agreement”),  and the related Second Amended and Restated Pricing Side Letter, dated as of April 28, 2017 (as amended, restated, supplemented or otherwise modified from time to time, the “Pricing Side Letter”).  The Guarantor is party to that certain Amended and Restated Guaranty, dated as of April 28, 2017 (as amended, restated, supplemented or otherwise modified from time to time, the “Guaranty”),  by the Guarantor in favor of Administrative Agent.  Capitalized terms used but not otherwise defined herein shall have the meanings given to them in the Existing Repurchase Agreement and Guaranty, as applicable.
		

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

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

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

		
			1.1       deleting the definition of “Termination Date” in its entirety and replacing it with the following:
		

		
			“Termination Date” means the earlier of (a) April 23, 2021, and (b) the date of the occurrence of an Event of Default.
		

		
			
		

		
			

		 

		

			-1-

		

		

		
			1.2       adding the following definitions in their proper alphabetical order:
		

		
			“E-Sign” means the Electronic Signatures in Global and National Commerce Act, 15 U.S.C. § 7001 et seq.
		

		
			“UETA” means the Official Text of the Uniform Electronic Transactions Act as approved by the National Conference of Commissioners on Uniform State Laws at its Annual Conference on July 29, 1999.
		

		
			1.3       deleting the definition of “GNMA Advances” and any and all references thereto in their entirety.
		

		
			SECTION 2.   Conditions Precedent.  Section 10(b) of the Existing Repurchase Agreement is hereby amended by deleting clause (5) thereof in its entirety and replacing it with the following:
		

		
			(5)        Requirements of Law.  Neither Administrative Agent nor Buyers shall have determined that the introduction of or a change in any Requirement of Law or in the interpretation or administration of any Requirement of Law applicable to Administrative Agent or any Buyer has made it unlawful, and no Governmental Authority shall have asserted that it is unlawful, for Administrative Agent or any Buyer to enter into Transactions with a Pricing Rate based on the Reference Rate.
		

		
			SECTION 3.   Non-assignability.  Section 22(b) of the Existing Repurchase Agreement is hereby amended by deleting the reference to Section 7 therein and replacing it with a reference to Section 11.
		

		
			SECTION 4.    Counterparts.  Section 31 of the Existing Repurchase Agreement is hereby amended by deleting such section in its entirety and replacing it with the following:
		

		
			31.       Counterparts
		

		
			This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original, and all such counterparts shall together constitute one and the same instrument. Delivery of an executed counterpart of a signature page of this Agreement in a Portable Document Format (PDF) or by facsimile shall be effective as delivery of a manually executed original counterpart of this Agreement.  The parties agree that this Agreement, any addendum or amendment hereto or any other document necessary for the consummation of the transactions contemplated by this Agreement may be accepted, executed or agreed to through the use of an electronic signature in accordance with the E-Sign, UETA and any applicable state law.  Any document accepted, executed or agreed to in conformity with such laws will be binding on all parties hereto to the same extent as if it were physically executed and each party hereby consents to the use of any secure third party electronic signature capture service providers with appropriate document access tracking, electronic signature tracking and document retention as may be approved by the Administrative Agent in its sole discretion.
		

		
			
		

		
			

		 

		

			-2-

		

		

		
			SECTION 5.  General Interpretive Principles.  Section 40(h) of the Existing Repurchase Agreement is hereby amended by deleting the reference to Section 5-107(7) and replacing it with a reference to Section 1-201(b)(20).
		

		
			SECTION 6.   Authorized Representatives.  Schedule 2 to the Existing Repurchase Agreement is hereby amended by deleting such schedule in its entirety and replacing it with Annex A hereto.
		

		
			SECTION 7.   Conditions Precedent.  This Amendment shall become effective as of the date hereof (the “Amendment Effective Date”),  subject to the satisfaction of the following conditions precedent:
		

		
			7.1       Delivered Documents.  On the Amendment Effective Date, the Administrative Agent on behalf of Buyers shall have received the following documents, each of which shall be satisfactory to the Administrative Agent in form and substance:
		

		
			(a)        this Amendment, executed and delivered by duly authorized officers of the Administrative Agent, the Buyers, the Seller and the Guarantor;
		

		
			(b)        Amendment No. 10 to Second Amended and Restated Pricing Side Letter, executed and delivered by duly authorized officers of the Administrative Agent, the Buyers, the Seller and the Guarantor; and
		

		
			(c)        such other documents as the Administrative Agent or counsel to the Administrative Agent may reasonably request.
		

		
			SECTION 8.   Representations and Warranties.  Seller hereby represents and warrants to the Administrative Agent and Buyers that it is in compliance with all the terms and provisions set forth in the Repurchase Agreement on its part to be observed or performed, and that no Event of Default has occurred or is continuing, and hereby confirms and reaffirms the representations and warranties contained in Section 13 of Repurchase Agreement.
		

		
			SECTION 9.   Limited Effect.  Except as expressly amended and modified by this Amendment, the Existing 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. Counterparts may be delivered electronically. Facsimile, documents executed, scanned and transmitted electronically and electronic signatures shall be deemed original signatures for purposes of this Amendment and all matters related thereto, with such facsimile, scanned and electronic signatures having the same legal effect as original signatures.  The parties agree that this Amendment, any addendum or amendment hereto or any other document necessary for the consummation of the transaction contemplated by this Amendment may be accepted, executed or agreed to through the use of an electronic signature in accordance with the Electronic Signatures in Global and National Commerce Act (“E-Sign Act”), Title 15, United States Code, Sections 7001 et seq., the Uniform
		

		
			
		

		
			

		 

		

			-3-

		

		

		
			Electronic Transaction Act (“UETA”) and any applicable state law.  Any document accepted, executed or agreed to in conformity with such laws will be binding on all parties hereto to the same extent as if it were physically executed and each party hereby consents to the use of any secure third party electronic signature capture service providers with appropriate document access tracking, electronic signature tracking and document retention as may be reasonably chosen by a signatory hereto.
		

		
			 
		

		
			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 SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REFERENCE TO THE CHOICE OF LAW PROVISIONS THEREOF.
		

		
			 
		

		
			SECTION 13. Reaffirmation of Guaranty.  The Guarantor hereby ratifies and affirms all of the terms, covenants, conditions and obligations of the Guaranty and acknowledges and agrees that the term “Obligations” as used in the Guaranty shall apply to all of the Obligations of the Seller to Administrative Agent and Buyers under the Repurchase Agreement and related Program Agreements, as amended hereby.
		

		
			 
		

		
			[Remainder of page intentionally left blank]
		

		
			 
		

		
			 
		

		
			

		 

		

			-4-

		

		

		
			IN WITNESS WHEREOF, the parties have caused this Amendment to be duly executed as of the date first above written.
		

			
					
						 

					
					
						CREDIT SUISSE FIRST BOSTON MORTGAGE CAPITAL LLC, as Administrative Agent

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Margaret Dellafera

				
	
					
						 

					
					
						 

					
					
						Name:  Margaret Dellafera

				
	
					
						 

					
					
						 

					
					
						Title:   Vice President

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH, as a Committed Buyer and as a Buyer

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Margaret Dellafera

				
	
					
						 

					
					
						 

					
					
						Name:  Margaret Dellafera

				
	
					
						 

					
					
						 

					
					
						Title:    Vice President

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Ernest Calabrese

				
	
					
						 

					
					
						 

					
					
						Name:  Ernest Calabrese

				
	
					
						 

					
					
						 

					
					
						Title:   Authorized Signatory

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						ALPINE SECURITIZATION LTD, as a Buyer, by Credit Suisse AG, New York Branch as Attorney-in-Fact

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Jason Ruchelsman

				
	
					
						 

					
					
						 

					
					
						Name:  Jason Ruchelsman

				
	
					
						 

					
					
						 

					
					
						Title:    Director

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Kevin Quinn

				
	
					
						 

					
					
						 

					
					
						Name:  Kevin Quinn

				
	
					
						 

					
					
						 

					
					
						Title:    Vice President

				

		
			 
		

		
			
		

		

		 

		

			Signature Page to Amendment No. 10 to Third Amended and Restated Master Repurchase Agreement

		

	
					
						

					
						 

					
					
						PENNYMAC LOAN SERVICES, LLC, as Seller

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Pamela Marsh using an electronic signature

				
	
					
						 

					
					
						 

					
					
						Name: Pamela Marsh

				
	
					
						 

					
					
						 

					
					
						Title: Senior Managing Director and Treasurer

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						PRIVATE NATIONAL MORTGAGE ACCEPTANCE COMPANY, LLC, as Guarantor

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Pamela Marsh using an electronic signature

				
	
					
						 

					
					
						 

					
					
						Name: Pamela Marsh

				
	
					
						 

					
					
						 

					
					
						Title: Senior Managing Director and Treasurer

				

		
			 
		

		
			
		

		
			

		 

		

			Signature Page to Amendment No. 10 to Third Amended and Restated Master Repurchase Agreement

		

		

		
			Annex A
to the Amendment
		

		
			ADMINISTRATIVE AGENT AND BUYER AUTHORIZATIONS
		

		
			Any of the persons whose signatures and titles appear below, including any other authorized officers, are authorized, acting singly, to act for Administrative Agent and/or Buyers under this Agreement:
		

			
					
						Name

					
					
						   

					
					
						Title

					
					
						   

					
					
						Signature

				
	
					
						Margaret Dellafera

					
					
						 

					
					
						Vice President

					
					
						 

					
					
						 

				
	
					
						Elie Chau

					
					
						 

					
					
						Vice President

					
					
						 

					
					
						 

				
	
					
						Robert Durden

					
					
						 

					
					
						Vice President

					
					
						 

					
					
						 

				
	
					
						Ron Tarantino

					
					
						 

					
					
						Vice President

					
					
						 

					
					
						 

				
	
					
						Pete Sack

					
					
						 

					
					
						Vice President

					
					
						 

					
					
						 

				
	
					
						Kwaw De Graft-Johnson

					
					
						 

					
					
						Vice President

					
					
						 

					
					
						 

				
	
					
						Dominic Obaditch

					
					
						 

					
					
						Vice President

					
					
						 

					
					
						 

				
	
					
						Sean Walker

					
					
						 

					
					
						Vice President

					
					
						 

					
					
						 

				
	
					
						Ernest Calabrese

					
					
						 

					
					
						Vice President

					
					
						 

					
					
						 

				
	
					
						Jonathan Braus

					
					
						 

					
					
						Vice President

					
					
						 

					
					
						 

				
	
					
						Charles Trombley

					
					
						 

					
					
						Vice President

					
					
						 

					
					
						 

				

		
			 
		

		 

		

			Signature Page to Amendment No. 10 to Third Amended and Restated Master Repurchase Agreementpfsi_EX_1015

		
			Exhibit 10.15
		

		
			 
		

		
			===============================================================================================
		

		
			 
		

		
			CREDIT SUISSE FIRST BOSTON MORTGAGE CAPITAL LLC,
		

		
			as Administrative Agent
		

		
			 
		

		
			and
		

		
			 
		

		
			CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH,
		

		
			as Buyer
		

		
			 
		

		
			and
		

		
			 
		

		
			PENNYMAC LOAN SERVICES, LLC,
		

		
			as Seller
		

		
			 
		

		
			and acknowledged by
		

		
			 
		

		
			PRIVATE NATIONAL MORTGAGE ACCEPTANCE COMPANY, LLC
		

		
			as Guarantor
		

		
			 
		

		
			__________
		

		
			 
		

		
			AMENDMENT NO. 2
		

		
			Dated as of April 1, 2020
		

		
			to the
		

		
			Master Repurchase Agreement
		

		
			Dated as of December 19, 2016
		

		
			 
		

		
			===================================
		

		
			 
		

		
			 
		

		
			

		 

		

		
			AMENDMENT NO. 2 TO
		

		
			MASTER REPURCHASE AGREEMENT
		

		
			 
		

		
			April 1, 2020
		

		
			This Amendment No. 2  (this “Amendment”) to the Series 2016-VF1 Repurchase Agreement (defined below), is entered into as of April 1, 2020, by and among Credit Suisse First Boston Mortgage Capital LLC, as administrative agent (the “Administrative Agent”), Credit Suisse AG, Cayman Islands Branch, as buyer (“Buyer”), and PennyMac Loan Services, LLC (“PLS”), as seller (“Seller”), and is acknowledged by Private National Mortgage Acceptance Company, LLC, as guarantor (“Guarantor”).  Capitalized terms used but not otherwise defined herein shall have the meanings given to them in the Series 2016-VF1 Repurchase Agreement or the Base Indenture (defined below), as applicable.
		

		
			W I T N E S S E T H:
		

		
			WHEREAS, Buyer, Seller and the Administrative Agent have entered into that certain Master Repurchase Agreement, dated as of December 19, 2016, as amended by Amendment No. 1, dated as of February 28, 2018 (as amended, restated, supplemented or otherwise modified from time to time, the “Series 2016-VF1 Repurchase Agreement”);
		

		
			WHEREAS, the Guarantor is party to that certain Amended and Restated Guaranty (as amended, restated, supplemented or otherwise modified from time to time, the “Guaranty”), dated as of the date hereof, by the Guarantor in favor of Buyer;
		

		
			WHEREAS, Buyer,  Seller and Administrative Agent have agreed, subject to the terms of this Amendment, that the Series 2016-VF1 Repurchase Agreement be amended to reflect certain agreed upon revisions to the terms of the Series 2016-VF1 Repurchase Agreement;
		

		
			WHEREAS, as a condition precedent to amending the Series 2016-VF1 Repurchase Agreement, Buyer has required the Guarantor to ratify and affirm the Guaranty on the date hereof;
		

		
			WHEREAS, PNMAC GMSR Issuer Trust, as issuer (the “Issuer”), Citibank, N.A., as indenture trustee (in such capacity, the “Indenture Trustee”), as calculation agent (in such capacity, the “Calculation Agent”), as paying agent (in such capacity, the “Paying Agent”) and as securities intermediary (in such capacity, the “Securities Intermediary”), PLS, as administrator (in such capacity, the “Administrator”) and as servicer (in such capacity, the “Servicer”), the Administrative Agent and Pentalpha Surveillance LLC, as credit manager, are parties to that certain Third Amended and Restated Base Indenture, dated as of April 1, 2020 (as may be amended, restated, supplemented, or otherwise modified from time to time, the “Base Indenture”), as supplemented by the Amended and Restated Series 2016-MSRVF1 Indenture Supplement, dated as February 28, 2018, as amended by Amendment No. 1, dated as of August 10, 2018, by and among the Issuer, the Indenture Trustee, the Calculation Agent, the Paying Agent, the Securities Intermediary, the Administrator, the Servicer and the Administrative Agent (as may be
		

		
			
		

		
			

		 

		

			-  2  -

		

		

		
			further amended, restated, supplemented or otherwise modified from time to time, the “Series 2016-MSRVF1 Indenture Supplement”);
		

		
			WHEREAS, pursuant to Section 10.3(e)(iii) of the Base Indenture, so long as any Note is Outstanding and until all obligations have been paid in full, PLS shall not consent to any amendment, modification or waiver of any term or condition of any Transaction Document, without the prior written consent of the Administrative Agent; and
		

		
			WHEREAS, pursuant to Section 4.1(a)(iii) of the Trust Agreement, the consent of each of the Owners (as defined in the Trust Agreement) (unless an Event of Default has occurred and is continuing), the Administrative Agent and the Series Required Noteholders (as defined in the Base Indenture) of all Variable Funding Notes is required for the amendment or other change to any Transaction Document in circumstances where the consent of any Noteholder or the Administrative Agent is required (other than an amendment or supplement to the Base Indenture pursuant to Section 12.1 thereof);
		

		
			WHEREAS, (i) pursuant to the Trust Agreement, PLS is the sole Owner, (ii) pursuant to the Series 2016-MSRVF1 Indenture Supplement, with respect to the Series 2016-MSRVF1 Note, any Action provided by the Base Indenture or the Series 2016-MSRVF1 Indenture Supplement to be given or taken by a Noteholder shall be taken by CSCIB, as the buyer of the Series 2016-MSRVF1 Note under the VFN Repurchase Agreement and (iii) pursuant to the terms of the Note Purchase Agreement, CSCIB is the purchaser of the Series 2016-MSRADV1 Note, and therefore CSCIB is 100% of the VFN Noteholders of the Outstanding Notes;
		

		
			WHEREAS, the Series 2016-VF1 Repurchase Agreement is a Transaction Document.
		

		
			NOW, THEREFORE, in consideration of the premises and mutual agreements set forth herein and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, Seller, Buyer and the Administrative Agent agree as follows:
		

		
			SECTION 1.    Amendments.  The Series 2016-VF1 Repurchase Agreement is hereby amended as follows:
		

		
			(a)        Section 1.01 of the Series 2016-VF1 Repurchase Agreement is hereby amended by deleting the definitions of “Applicable Lending Office,”  “Base Indenture,” “MLRA Pricing Side Letter,” “Mortgage Loan Repurchase Agreement,” clause (e) of the definition of “Obligations,” “Other Repurchase Agreements,” “Pledged Repurchase Asset,” “Purchase Price,” “Repurchase Documents,” and “VFN Guaranty”  in their entirety and replacing them with the following:
		

		
			“Applicable Lending Office” means the “lending office” of Buyer (or of an Affiliate of Buyer) designated in Section 10.05 hereof or such other office of Buyer (or of an Affiliate of Buyer) as Buyer may from time to time specify to Seller in writing as the office by which the Transactions are to be made and/or maintained.
		

		
			“Base Indenture” means the Third Amended and Restated Base Indenture, dated as of April 1, 2020, among Buyer, Citibank, N.A., as indenture trustee, as
		

		
			
		

		
			

		 

		

			-  3  -

		

		

		
			calculation agent, as paying agent and as securities intermediary, Seller, as administrator and as servicer, CSFB, as administrative agent, and the Credit Manager, including the schedules and exhibits thereto, as amended, restated, supplemented or otherwise modified from time to time.
		

		
			“MLRA Pricing Side Letter”  has the meaning assigned to the term in the Pricing Side Letter.
		

		
			“Mortgage Loan Repurchase Agreement”  has the meaning assigned to the term in the Pricing Side Letter.
		

		
			“Obligations” ... (e) all of Seller’s and PNMAC’s, as guarantor, obligations under the Other Repurchase Agreements and other Repurchase Documents.
		

		
			“Other Repurchase Agreements” means the Mortgage Loan Repurchase Agreement and the Series 2020-SPIADVF1 Repurchase Agreement.
		

		
			“Purchase Price”  means on any date of determination:
		

		
			(i)        the price at which each Purchased Asset (or portion thereof) is transferred by Seller to Buyer, which shall equal the Asset Value of such Purchased Asset on the related Purchase Date, minus
		

		
			(ii)       the sum of (a) any Repurchase Price paid with respect to such Purchased Asset pursuant to Section 2.03,  plus (b) any Additional Note Payment made with respect to such Purchased Asset pursuant to Section 4.4(b) or Section 4.5(e) of the Indenture, plus (c) any Redemption Amount paid pursuant to Section 13.1 of the Indenture, plus (d) any amounts paid or applied with respect to such Purchased Asset pursuant to Section 2.05.
		

		
			“Repurchase Documents” means any or all of the “Program Agreements” as defined in each Other Repurchase Agreement.
		

		
			“Subordinate Pledge Assets” has the meaning set forth in Section 4.02(e).
		

		
			“VFN Guaranty” means the Amended and Restated Guaranty, dated as of April 1, 2020, as further amended, restated, supplemented or otherwise modified from time to time, pursuant to which VFN Guarantor fully and unconditionally guarantees the obligations of Seller hereunder.
		

		
			(b)        Section 1.01 of the Series 2016-VF1 Repurchase Agreement is hereby amended by adding the definition of “Series 2020-SPIADVF1 Repurchase Agreement” in proper alphabetical order as follows:
		

		
			“Series 2020-SPIADVF1 Repurchase Agreement” means the Series 2020-SPIADVF1 Repurchase Agreement, dated as of April 1, 2020, among PLS, as repo seller, CSCIB, as repo buyer and CSFB, as administrative agent, as amended, restated, supplemented or otherwise modified from time to time.
		

		
			
		

		
			

		 

		

			-  4  -

		

		

		
			(c)        Section 2.05(a) of the Series 2016-VF1 Repurchase Agreement is hereby amended by deleting it in its entirety and replacing it as follows:
		

		
			(a)        If at any time the aggregate outstanding amount of the Purchase Price of the Note is greater than the related Asset Value (such excess, a “Margin Deficit”), then Buyer may by notice to Seller require Seller to transfer to Buyer cash in an amount at least equal to the Margin Deficit (such requirement, a “Margin Call”).
		

		
			(d)        Section 4.02 of the Series 2016-VF1 Repurchase Agreement is hereby amended by deleting clause (b), (c) and (d) in their entirety and replacing them as follows, adding a new clause (e) as follows and changing the existing clause (e) to clause (f):
		

		
			(b)        [Reserved].
		

		
			(c)        Buyer and Seller hereby agree that in order to further secure Seller’s Obligations hereunder, Seller hereby assigns, pledges, conveys and grants to Buyer a security interest in (i) as of the Closing Date, Seller’s rights (but not its obligations) under the Program Agreements including without limitation any rights to receive payments thereunder or any rights to collateral thereunder whether now owned or hereafter acquired, now existing or hereafter created (collectively, the “Repurchase Rights”) and (ii) all collateral however defined or described under the Program Agreements to the extent not otherwise included under the definitions of Primary Repurchase Assets or Repurchase Rights (such collateral, “Additional Repurchase Assets,” and collectively with the Primary Repurchase Assets and the Repurchase Rights, the “Repurchase Assets”) to secure the Obligations.
		

		
			(d)        Seller hereby delivers an irrevocable instruction to the buyer under any Repurchase Document that upon receipt of notice of an Event of Default under this Agreement, the buyer thereunder is authorized and instructed to (i) remit to Buyer hereunder directly any amounts otherwise payable to Seller and (ii) deliver to Buyer all collateral otherwise deliverable to Seller, to the extent all obligations then due and owing under such Other Repurchase Agreement have been paid in full.  In furtherance of the foregoing, upon repayment of the outstanding purchase price under any Other Repurchase Agreement and termination of all obligations of the Seller thereunder or other termination of the related Repurchase Documents following repayment of all obligations thereunder, the related buyer under any Repurchase Document is hereby instructed to deliver to Buyer hereunder any collateral (as such term may be defined under the related Repurchase Documents) then in its possession or control.
		

		
			(e)        Seller makes a subordinate pledge to the buyers under the Other Repurchase Agreements as security for the performance by Seller of its obligations thereunder and hereby grants, assigns and pledges to the buyers thereunder a subordinate security interest in all of Seller’s right, title and interest in, to and under (i) the Note identified on the Asset Schedule; (ii) all rights to reimbursement or payment of the Note and/or amounts due in respect thereof under the Note identified on the Asset Schedule; (iii) all records, instruments or other documentation evidencing any of the foregoing and
		

		
			
		

		
			

		 

		

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			(iv) any and all replacements, substitutions, distributions on or proceeds of any and all of the foregoing (collectively, the “Subordinated Pledge Assets”). Seller hereby delivers an irrevocable instruction to Buyer that upon its receipt of notice of an “Event of Default” from the buyer under any Other Repurchase Agreement, Buyer is authorized and instructed to (i) remit to such buyer directly any amounts otherwise payable to Seller under this Agreement and (ii) deliver to such buyer all Subordinated Pledge Assets otherwise deliverable to Seller, to the extent all obligations then due and owing under this Agreement have been paid in full.  In furtherance of the foregoing, upon repayment of the outstanding Purchase Price and termination of all Obligations or other termination of the Program Agreements following repayment of all obligations thereunder, Buyer shall deliver to the buyer under any Other Repurchase Agreement with respect to which the related purchase price remains outstanding any Subordinated Pledge Assets then in Buyer’s possession or under its control. The subordinate pledge set forth in this clause (e) shall automatically terminate with respect to an Other Repurchase Agreement if Buyer or the other buyer thereunder, is no longer CSFB, CSCIB, or any Affiliates thereof.
		

		
			(e)        Section 4.07 of the Series 2016-VF1 Repurchase Agreement is hereby amended by deleting the third sentence thereof and replacing it with the following:
		

		
			Without limiting the generality of the foregoing, Buyer may terminate the Participation Interest in Originated MSR Excess Spread, Retained Servicing Spread and Purchased MSR Excess Spread in accordance with the Participation Agreement.
		

		
			(f)        Section 5.03(d) of the Series 2016-VF1 Repurchase Agreement is hereby amended by deleting “true sale” and replacing it with “safe harbor.”
		

		
			(g)        Section 9.02(a) and (b) of the Series 2016-VF1 Repurchase Agreement is hereby amended by deleting in its entirety and replacing it with the following:
		

		
			(a)        Buyer may in accordance with applicable law at any time sell to one or more banks or other entities (“Participants”) participating interests in all or a portion of Buyer’s rights and obligations under this Agreement and the other Program Agreements; provided,  that (i) Seller has consented to such sale; provided,  however, Seller’s consent shall not be required in the event that (A) such Participant is an Affiliate of Buyer or (B) an Event of Default has occurred; (ii) each such sale shall represent an interest in a Transaction in a Purchase Price of $1,000,000 or more and (iii) other than with respect to a participating interest consisting of a pro rata interest in all payments due to Buyer under this Agreement and prior to an Event of Default Buyer receives an opinion of a nationally recognized tax counsel experienced in such matters that such sale will not result in the Issuer being subject to tax on its net income as an association (or publicly traded partnership) taxable as a corporation or a taxable mortgage pool taxable as a corporation, each for U.S. federal income tax purposes.  In the event of any such sale by Buyer of participating interests to a Participant, Buyer shall remain a party to the Transaction for all purposes under this Agreement  and the Program Agreements and Seller shall continue to deal solely and directly with Buyer in connection with Buyer’s rights and obligations under this Agreement and the Program Agreements.
		

		
			
		

		
			

		 

		

			-  6  -

		

		

		
			(b)        Buyer may in accordance with applicable law at any time assign, pledge, hypothecate, or otherwise transfer to one or more banks, financial institutions, investment companies, investment funds or any other Person (each, a “Transferee”) all or a portion of Buyer’s rights and obligations under this Agreement so long as a Noteholder of an MBS Advance VFN continues to own interests in the outstanding Series of VFNs that are funded in an aggregate amount that equals or exceeds the amount required to avoid an Early Amortization Event under any outstanding Series of Term Notes and the other Program Agreements; provided,  that (i) Seller has consented to such assignment, pledge, hypothecation, or other transfer; provided,  however, Seller’s consent shall not be required in the event that (A) such Transferee is an Affiliate of Buyer or (B) an Event of Default has occurred; (ii) absent an Event of Default, Buyer shall give at least ten days’ prior notice thereof to Seller; and (iii) that each such sale shall represent an interest in the Transactions in an aggregate Purchase Price of $1,000,000 or more, (iv) such Transferee shall have also acquired the same percentage interest in each other Series of Variable Funding Notes, unless Ginnie Mae has consented in writing to waive this requirement, and (v) other than with respect to an assignment, pledge, hypothecation or transfer consisting of a pro rata interest in all payments due to Buyer under this Agreement and prior to an Event of Default Buyer received an opinion of a nationally recognized tax counsel experienced in such matters that such assignment, pledge, hypothecation or transfer  will not result in the Issuer being subject to tax on its net income as an association (or publicly traded partnership) taxable as a corporation or a taxable mortgage pool taxable as a corporation, each for U.S. federal income tax purposes.  In the event of any such assignment, pledge, hypothecation or transfer by Buyer of Buyer’s rights under this Agreement and the other Program Agreements, Seller shall continue to deal solely and directly with Buyer in connection with Buyer’s rights and obligations under this Agreement.  Buyer (acting as agent for Seller) shall maintain at its address referred to in Section 10.05 a register (the “Register”) for the recordation of the names and addresses of Transferees, and the Purchase Price outstanding and Price Differential in the Transactions held by each thereof.  The entries in the Register shall be prima facie conclusive and binding, and Seller may treat each Person whose name is recorded in the Register as the owner of the Transactions recorded therein for all purposes of this Agreement.  No assignment shall be effective until it is recorded in the Register.
		

		
			(h)        Section 10.05 of the Series 2016-VF1 Repurchase Agreement is hereby amended by deleting all reference to Seller address and replacing it with the following:
		

		
			If to Seller:
		

		
			PennyMac Loan Services, LLC
		

		
			3043 Townsgate Road
		

		
			Westlake Village, CA 91361
		

		
			Attention:  Pamela Marsh/Richard Hetzel
		

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

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

		
			richard.hetzel@pnmac.com;
		

		
			
		

		
			

		 

		

			-  7  -

		

		

		
			contract.finance@pnmac.com
		

		
			 
		

		
			with a copy to:
		

		
			PennyMac Loan Services, LLC
		

		
			3043 Townsgate Road
		

		
			Westlake Village, CA 91361
		

		
			Attention:  Derek Stark
		

		
			Phone Number:  (818) 746-2289
		

		
			E-mail:  derek.stark@pnmac.com
		

		
			 
		

		
			(i)        Schedule 1 of the Series 2016-VF1 Repurchase Agreement is hereby amended by deleting and replacing it with Exhibit A to this Amendment.
		

		
			SECTION 2.  Consent.  Each of Buyer, Seller and Administrative Agent hereby consents to this Amendment.
		

		
			 
		

		
			SECTION 3.   Reaffirmation of Guaranty.  The VFN Guarantor hereby ratifies and affirms all of the terms, covenants, conditions and obligations of the Guaranty and acknowledges and agrees that the term “Obligations” as used in the Guaranty shall apply to all of the Obligations of Seller to Buyer under the Series 2016-VF1 Repurchase Agreement and the related Program Agreements, as amended hereby.
		

		
			SECTION 4.   Conditions to Effectiveness of this Amendment.  This Amendment shall become effective upon the execution and delivery of this Amendment by all parties hereto.
		

		
			SECTION 5.   No Default; Representations and Warranties.  To induce Buyer to provide the amendments set forth herein, Seller hereby represents, warrants and covenants that:
		

		
			(a)        no Event of Default has occurred and is continuing on the date hereof; and
		

		
			(b)        Seller’s representations and warranties contained in the Series 2016-VF1 Repurchase Agreement are true and correct in all material respects and such representations and warranties are remade as of the date hereof, except to the extent such representations and warranties specifically relate to an earlier date, in which case, they were true, correct and complete in all material respects on and as of such earlier date.
		

		
			SECTION 6.   Single Agreement.  Except as expressly amended and modified by this Amendment, all of the terms and conditions of the Series 2016-VF1 Repurchase Agreement in full force and effect and are hereby reaffirmed.
		

		
			SECTION 7.  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.
		

		
			
		

		
			

		 

		

			-  8  -

		

		

		
			SECTION 8. GOVERNING LAW.  THIS AMENDMENT 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 9.  Counterparts.  This Amendment may be executed simultaneously in any number of counterparts.  Each counterpart shall be deemed to be an original, and all such counterparts shall constitute one and the same instrument.  Delivery of an executed counterpart of a signature page by facsimile or other electronic means shall be effective as delivery of a manually executed counterpart of this Amendment.
		

		
			[Signatures appear on the following pages]
		

		
			 
		

		
			

		 

		

			-  9  -

		

		

		
			IN WITNESS WHEREOF, the undersigned have caused this Amendment to be duly executed as of the date first above written.
		

			
					
						 

					
					
						CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH, as Buyer and as 100% of the VFN Noteholders of the Outstanding Notes

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Dominic Obaditch

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						Name:

					
					
						Dominic Obaditch

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						Title:

					
					
						Authorized Signatory

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Margaret D. Dellafera

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						Name:

					
					
						Margaret D. Dellafera

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						Title:

					
					
						Authorized Signer

				

		
			 
		

		
			
		

		

		 

		

			[Signature page to Amendment No. 2 to Series 2016-VF1 Repurchase Agreement]

		

	
					
						

					
						 

					
					
						CREDIT SUISSE FIRST BOSTON MORTGAGE CAPITAL LLC, as Administrative Agent

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Dominic Obaditch

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						Name:

					
					
						Dominic Obaditch

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						Title:

					
					
						Vice President

				

		
			 
		

		
			
		

		
			

		 

		

			[Signature page to Amendment No. 2 to Series 2016-VF1 Repurchase Agreement]

		

		

		
			 
		

			
					
						 

					
					
						PENNYMAC LOAN SERVICES, LLC, as Seller and sole Owner

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Pamela Marsh using an electronic signature

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						Name:

					
					
						Pamela Marsh

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						Title:

					
					
						Senior Managing Director and Treasurer

				

		
			 
		

		
			
		

		

		 

		

			[Signature page to Amendment No. 2 to Series 2016-VF1 Repurchase Agreement]

		

	
					
						

					
						 

					
					
						PRIVATE NATIONAL MORTGAGE ACCEPTANCE COMPANY, LLC, as Guarantor

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Pamela Marsh using an electronic signature

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						Name:

					
					
						Pamela Marsh

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						Title:

					
					
						Senior Managing Director and Treasurer

				

		
			 
		

		
			 
		

		
			

		 

		

			[Signature page to Amendment No. 2 to Series 2016-VF1 Repurchase Agreement]

		

		

		
			EXHIBIT A
		

		
			SCHEDULE 1
		

		
			 
		

		
			RESPONSIBLE OFFICERS – SELLER
		

		
			SELLER AUTHORIZATIONS
		

		
			Any of the persons whose signatures and titles appear below are authorized, acting singly, to act for Seller under this Agreement:
		

		
			Responsible Officers for execution of Program Agreements and amendments:
		

			
					
						Name

					
					
						 

					
					
						Title

					
					
						 

					
					
						Signature

				
	
					
						Pamela Marsh

					
					
						 

					
					
						Senior Managing Director and Treasurer

					
					
						 

					
					
						signed by Pamela Marsh using an electronic signature

				

		
			 
		

		
			 
		

		
			Responsible Officers for execution of Transaction Notices and day-to-day operational functions:
		

		
			 
		

			
					
						Name

					
					
						 

					
					
						Title

					
					
						 

					
					
						Signature

				
	
					
						Pamela Marsh

					
					
						 

					
					
						Senior Managing Director and Treasurer

					
					
						 

					
					
						signed by Pamela Marsh using an electronic signature

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Maurice Watkins

					
					
						 

					
					
						Managing Director, Capital
Markets

					
					
						 

					
					
						signed by Maurice Watkins using an electronic signature

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Thomas Rettinger

					
					
						 

					
					
						Managing Director, Portfolio Risk Management

					
					
						 

					
					
						signed by Thomas Rettinger using an electronic signature

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Richard Hetzel

					
					
						 

					
					
						Senior Vice President, Treasury

					
					
						 

					
					
						signed by Richard Hetzel using an electronic signature

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Paul Newman

					
					
						 

					
					
						Executive Vice President, Treasury

					
					
						 

					
					
						signed by Paul Newman using an electronic signature

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Angela Everest

					
					
						 

					
					
						Authorized Representative

					
					
						 

					
					
						signed by Angela Everest using an electronic signature

				

		
			 
		

		 

		

			Exhibit A-1

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00308-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00308-of-00352.parquet"}]]