Document:

pfsi_Ex10_3

		

			Exhibit 10.3

		

		

			 

		

		

			EXECUTION VERSION

		

		

			 

		

		
			 
		

		
			 
		

		
			 
		

		
			PNMAC GMSR ISSUER TRUST,
		

		
			as Issuer
		

		
			and
		

		
			CITIBANK, N.A.,
		

		
			as Indenture Trustee
		

		
			and
		

		
			PENNYMAC LOAN SERVICES, LLC,
		

		
			as Administrator and as Servicer
		

		
			and
		

		
			CREDIT SUISSE FIRST BOSTON MORTGAGE CAPITAL LLC,
		

		
			as Administrative Agent
		

		
			and consented to by
		

		
			CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH, 
		

		
			as Noteholder
		

		

		
			OMNIBUS AMENDMENT NO. 1
		

		
			Dated as of February 16, 2017
		

		
			to the
		

		
			SERIES 2016-MSRVF1 INDENTURE SUPPLEMENT
		

		
			Dated as of December 19, 2016
		

		
			and
		

		
			SERIES 2016-MBS ADV1 INDENTURE SUPPLEMENT
		

		
			Dated as of December 19, 2016
		

		

		
			PNMAC GMSR ISSUER TRUST
		

		
			MSR COLLATERALIZED Notes, SERIES 2016-MSRVF1 and Series 2016-MBSADV1
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			

		 

		

			 

		

 

		

			 

		

		

		
			OMNIBUS AMENDMENT NO. 1 TO SERIES 2016-MSRVF1 INDENTURE SUPPLEMENT AND SERIES 2016-MBSADV1 INDENTURE SUPPLEMENT
		

		
			This Omnibus Amendment No. 1 (this “Amendment”) to the Series 2016-MSRVF1 Indenture Supplement (as defined below) and Series 2016-MBSADV1 Indenture Supplement (as defined below) is dated as of February 16, 2017, by and among PNMAC GMSR ISSUER TRUST, as issuer (the “Issuer”), CITIBANK, N.A. (“Citibank”), as indenture trustee (the “Indenture Trustee”), PENNYMAC LOAN SERVICES, LLC, as administrator (in such capacity, the “Administrator”) and as servicer (in such capacity, the “Servicer”), and CREDIT SUISSE FIRST BOSTON MORTGAGE CAPITAL LLC, as administrative agent (the “Administrative Agent”), and is consented to by CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH, as sole noteholder of 100% of Outstanding Notes (the “Noteholder”).
		

		
			RECITALS
		

		
			WHEREAS, the Issuer, the Indenture Trustee, the Administrator, the Servicer and the Administrative Agent are parties to that certain Amended and Restated Indenture, dated as of February 16, 2017 (the “Existing Base Indenture”), the provisions of which are incorporated, as modified by that certain Series 2016-MSRVF1 Indenture Supplement, dated as of December 19, 2016 (as amended, restated, supplement or otherwise modified from time to time, the “Series 2016-MSRVF1 Indenture Supplement”) and that certain Series 2016-MBSADV1 Indenture Supplement, dated as of December 19, 2016 (as amended, restated, supplement or otherwise modified from time to time, the “Series 2016-MBSADV1 Indenture Supplement”, and together with the Series 2016-MSRVF1 Indenture Supplement, the “Existing Indenture Supplements”, and together with the Existing Base Indenture, the “Existing Indenture”), among the Issuer, Citibank, the Servicer, the Administrator and the Administrative Agent.  Capitalized terms used but not otherwise defined herein shall have the meanings given to them in the Existing Indenture;
		

		
			WHEREAS, the Issuer, the Indenture Trustee, the Administrator, the Servicer, the Administrative Agent and the Noteholder have agreed, subject to the terms and conditions of this Amendment, that the Existing Indenture Supplements be amended to reflect certain agreed upon revisions to the terms of the Existing Indenture Supplements;  
		

		
			WHEREAS, pursuant to Section 12.2 of the Existing Base Indenture, the Issuer, the Indenture Trustee, the Administrator, the Servicer and the Administrative Agent, with prior notice to each Note Rating Agency and the consent of the Majority Noteholders of each Series materially and adversely affected by such amendment of the Existing Base Indenture, by Act of said Noteholders delivered to the Issuer, the Administrator, the Servicer, the Administrative Agent and the Indenture Trustee, upon delivery of an Issuer Tax Opinion (unless the Noteholders unanimously consent to waive such opinion), for the purpose of adding any provisions to, or changing in any manner or eliminating any of the provisions of, the Existing Indenture Supplements;
		

		
			WHEREAS, pursuant to Section 12.2 of the Existing Base Indenture, the parties hereto may amend the Existing Indenture Supplement with the consent of each of the Noteholders of the Notes of the related Series or as otherwise specified in the Existing Indenture Supplement;  
		

		
			
		

		
			

		 

		

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			WHEREAS, pursuant to Section 12.3 of the Existing Base Indenture, in executing or accepting the additional trusts created by any amendment or Indenture Supplement of the Existing Base Indenture permitted by Article XII or the modifications thereby of the trusts created by the Existing Base Indenture, the Indenture Trustee will be entitled to receive, and (subject to Section 11.1 of the Existing Base Indenture) will be fully protected in relying upon, an Opinion of Counsel stating that the execution of such amendment or Indenture Supplement is authorized and permitted by the Existing Base Indenture and that all conditions precedent thereto have been satisfied (the “Authorization Opinion”); provided, that no such Authorization Opinion shall be required in connection with any amendment or Indenture Supplement consented to by all Noteholders if all of the Noteholders have directed the Indenture Trustee in writing to execute such amendment or Indenture Supplement; 
		

		
			WHEREAS, there are currently two Outstanding Series of Notes, (i) the Series 2016-MSRVF1 Note (the “Series 2016-MSRVF1 Note”), which was issued to PennyMac Loan Services, LLC (“PLS”) pursuant to the terms of Series 2016-MSRVF1 Indenture Supplement, and which was financed by CSCIB under the Series 2016-MSRVF1 Master Repurchase Agreement, dated as of December 19, 2016, by and among the Administrative Agent, CSCIB, as buyer and PLS, as seller (the “MSRVF1 Repurchase Agreement”), pursuant to which PLS sold all of rights, title and interest in the Series 2016-MSRVF1 Note to CSCIB and (ii) the Series 2016-MBSADV1 Note (the “Series 2016-MBSADV1 Note”, and together with the Series 2016-MSRVF1 Note, the “Outstanding Notes”), which was issued pursuant to that certain Series 2016-MBSADV1 Indenture Supplement;
		

		
			WHEREAS, (i) pursuant to the Series 2016-MSRVF1 Indenture Supplement, with respect to the Series 2016-MSRVF1 Note, any Action provided by the Existing 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 MSRVF1 Repurchase Agreement and (ii) pursuant to the terms of the Note Purchase Agreement, dated as of December 19, 2016, by and among the Issuer, CSFB, as the Administrative Agent and CSCIB, as purchaser, CSCIB is the purchaser and sole noteholder of the Series 2016-MBSADV1 Note, and therefore CSCIB is the sole Noteholder the Outstanding Notes materially and adversely affected by such amendment of the Existing Indenture Supplements;
		

		
			WHEREAS, pursuant to Section 9 of the Series 2016-MBSADV1 Indenture Supplement and Section 10 of the Series 2016-MSRVF1 Indenture Supplement, the parties hereto may enter into an amendment to supplement, amend or revise any term or provision of the Existing Indenture Supplements pursuant to the terms and provisions of Section 12.2 of the Existing Base Indenture with the consent of the Noteholder of 100% of the Outstanding Notes; and
		

		
			WHEREAS, as of the date hereof, there are no Classes or Series of Outstanding Notes rated by any Note Rating Agency. 
		

		
			NOW, THEREFORE, the Issuer, Indenture Trustee, the Administrator, the Servicer and the Administrative Agent hereby agree, in consideration of the amendments, agreements and other provisions herein contained and of certain other good and valuable consideration the receipt and sufficiency of which is hereby acknowledged by the parties hereto, that the Existing Indenture Supplements are hereby amended as follows:  
		

		
			
		

		
			

		 

		

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			Section 1.        Amendment to the Existing Indenture Supplements.
		

		
			Clauses (a) and (c) of Section 7 of the Series 2016-MSRVF1 Indenture Supplement and clauses (a) and (c) of Section 6 of the Series 2016-MBSADV1 Indenture Supplement are hereby amended by deleting the references to “Administrative Agent” therein and replacing them with “Indenture Trustee”.
		

		
			Section 2.        No Note Rating Agency.  As of the date hereof and prior to the execution of this Amendment, there are no Classes or Series of Outstanding Notes rated by any Note Rating Agency.
		

		
			Section 3.       Waiver of Issuer Tax Opinion and Authorization Opinion.  Pursuant to Section 12.2 of the Existing Base Indenture, Section 9(a) of the Series 2016-MBSADV1 Indenture Supplement, and Section 10(a) of the Series 2016-MSRVF1 Indenture Supplement, the Noteholder hereby waives and instructs the Administrative Agent and the Indenture Trustee to waive the provisions of Section 12.2 of the Existing Base Indenture, Section 9(a) of the Series 2016-MBSADV1 Indenture Supplement, and Section 10(a) of the Series 2016-MSRVF1 Indenture Supplement which require delivery of an Issuer Tax Opinion with respect to this Amendment. Pursuant to Section 12.3 of the Existing Base Indenture, the Noteholder hereby waives and instructs the Administrative Agent and the Indenture Trustee to waive the provisions of Section 12.3 of the Existing Base Indenture which requires delivery of an Authorization Opinion with respect to this Amendment. 
		

		
			Section 4.       Conditions to Effectiveness of this Amendment.  This Amendment shall become effective on the date (the “Amendment Effective Date”) upon the execution and delivery of this Amendment by all parties hereto.
		

		
			Section 5.        Consent, Acknowledgment and Waivers by 100% of the Noteholders.
		

		
			By execution of this Amendment, Credit Suisse AG, Cayman Islands Branch, in its capacity as sole Noteholder of the Outstanding Notes hereby consents to this Amendment. The Noteholder certifies that it is the sole Noteholder of all the Outstanding Notes related to each Series with the right to instruct the Indenture Trustee. In addition, the Noteholder certifies as to itself that (i) it is authorized to execute and deliver this consent and such power has not been granted or assigned to any other person, (ii) the Person executing this Indenture Supplement on behalf of the Noteholder is duly authorized to do so, (iii) the Indenture Trustee may conclusively rely upon such consent and certifications, (iv) the execution by the Noteholder of this Amendment should be considered an “Act” by Noteholders pursuant to Section 1.5 of the Existing Base Indenture, and (v) it acknowledges and agrees that the amendments effected by this Amendment shall become effective on the Amendment Effective Date.
		

		
			Section 6.        Representations and Warranties.  The Issuer hereby represents and warrants to the Indenture Trustee, the Administrative Agent and the Noteholder that as of the date hereof it is in compliance with all the terms and provisions set forth in the Existing Indenture on its part to be observed or performed remains bound by the terms thereof, and that no Event of 
		

		
			
		

		
			

		 

		

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			Default has occurred or is continuing, and hereby confirms and reaffirms the representations and warranties contained in Section 9.1 of the Existing Base Indenture. 
		

		
			Section 7.      Limited Effect.  Except as expressly amended and modified by this Amendment, the Existing Indenture shall continue to be, and shall remain, in full force and effect in accordance with its terms and the execution of this Amendment.
		

		
			Section 8.        No Recourse.  It is expressly understood and agreed by the parties hereto that (a) this Amendment is executed and delivered by Wilmington Savings Fund Society, FSB d/b/a Christiana Trust (“Christiana”), not individually or personally but solely as Owner Trustee of the Issuer under the Trust Agreement, in the exercise of the powers and authority conferred and vested in it, (b) each of the representations, warranties, undertakings and agreements herein made on the part of the Issuer is made and intended not as personal representations, warranties, undertakings and agreements by Christiana but is made and intended for the purpose of binding only the Issuer, (c) nothing herein contained shall be construed as creating any liability on Christiana, individually or personally, to perform any covenant either expressed or implied contained herein, all such liability, if any, being expressly waived by the parties hereto and by any Person claiming by, through or under the parties hereto, (d) Christiana has made no investigation as to the accuracy or completeness of any representations or warranties made by the Issuer in this Amendment and (e) under no circumstances shall Christiana be personally liable for the payment of any indebtedness or expenses of the Issuer or be liable for the breach or failure of any obligation, representation, warranty or covenant made or undertaken by the Issuer under this Amendment or any other related documents.
		

		
			Section 9.        Successors and Assigns.  This Amendment shall be binding upon the parties hereto and their respective successors and assigns.
		

		
			Section 10.    GOVERNING LAW.  THIS AMENDMENT AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO OR IN CONNECTION WITH THIS AMENDMENT, THE RELATIONSHIP OF THE PARTIES HERETO, AND/OR THE INTERPRETATION AND ENFORCEMENT OF THE RIGHTS AND DUTIES OF THE PARTIES HERETO WILL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK (WITHOUT REFERENCE TO THE CONFLICT OF LAW PRINCIPLES THEREOF OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW) AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.
		

		
			Section 11.    Counterparts.  The Amendment may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all of such counterparts shall together constitute but 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.
		

		
			Section 12.      Entire Agreement.  The Existing Indenture, as amended by this Amendment, constitutes the entire agreement among the parties hereto with respect to the subject 
		

		
			
		

		
			

		 

		

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			matter hereof, and fully supersedes any prior or contemporaneous agreements relating to such subject matter.  
		

		
			Section 13.      Recitals.  The recitals and statements contained in this Amendment shall be taken as the statements of the Issuer, and the Indenture Trustee does not assume any responsibility for their correctness.  The Indenture Trustee does not make any representation as to the validity or sufficiency of this Amendment (except as may be made with respect to the validity of its own obligations hereunder.)  In entering into this Amendment, the Indenture Trustee shall be entitled to the benefit of every provision of the Existing Indenture relating to the conduct of, or affecting the liability of or affording protection to it. 
		

		
			[Signature Pages Follow]
		

		
			 
		

		
			 
		

		
			

		 

		

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

			
					
						 

					
					
						PNMAC GMSR ISSUER TRUST, as Issuer

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:  Wilmington Savings Fund Society, FSB 

				
	
					
						 

					
					
						d/b/a Christiana Trust, not in its individual

				
	
					
						 

					
					
						capacity but solely as Owner Trustee

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By: 

					
					
						/s/ Jeffrey R. Everhart

				
	
					
						 

					
					
						Name:  Jeffrey R. Everhart, AVP

				
	
					
						 

					
					
						Title:

				

		
			 
		

		
			
		

		

		 

		

			[PNMAC GMSR ISSUER TRUST Omnibus Amendment No. 1  to Series 2016-MSRVF1 Indenture Supplement and Series 2016-MBSADV1 Indenture Supplement]

		

 

		

			 

		

	
					
						

					
						 

					
					
						PENNYMAC LOAN SERVICES, LLC, as

				
	
					
						 

					
					
						Servicer and as Administrator

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By: 

					
					
						/s/ Pamela Marsh

				
	
					
						 

					
					
						Name:  Pamela Marsh

				
	
					
						 

					
					
						Title:    Managing Director, Treasurer

				

		
			 
		

		
			
		

		

		 

		

			[PNMAC GMSR ISSUER TRUST Omnibus Amendment No. 1  to Series 2016-MSRVF1 Indenture Supplement and Series 2016-MBSADV1 Indenture Supplement]

		

 

		

			 

		

	
					
						

					
						 

					
					
						CITIBANK, N.A., as Indenture Trustee, and 

				
	
					
						 

					
					
						not in its individual capacity

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By: 

					
					
						/s/ Valerie Delgado

				
	
					
						 

					
					
						Name:  Valerie Delgado

				
	
					
						 

					
					
						Title:    Vice President

				

		
			 
		

		
			
		

		

		 

		

			[PNMAC GMSR ISSUER TRUST Omnibus Amendment No. 1  to Series 2016-MSRVF1 Indenture Supplement and Series 2016-MBSADV1 Indenture Supplement]

		

 

		

			 

		

	
					
						

					
						 

					
					
						CREDIT SUISSE FIRST BOSTON

				
	
					
						 

					
					
						MORTGAGE CAPITAL LLC, as

				
	
					
						 

					
					
						Administrative Agent

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By: 

					
					
						/s/ Dominic Obaditch

				
	
					
						 

					
					
						Name:  Dominic Obaditch

				
	
					
						 

					
					
						Title:    Vice President

				

		
			 
		

		
			
		

		
			

		 

		

			[PNMAC GMSR ISSUER TRUST Omnibus Amendment No. 1  to Series 2016-MSRVF1 Indenture Supplement and Series 2016-MBSADV1 Indenture Supplement]

		

 

		

			 

		

		

		
			 
		

			
					
						 

					
					
						CONSENTED TO BY:

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						CREDIT SUISSE AG, CAYMAN ISLANDS

				
	
					
						 

					
					
						BRANCH, as 100% Noteholder of the Series 2016-

				
	
					
						 

					
					
						MSRVF1 Variable Funding Note and Series 2016-

				
	
					
						 

					
					
						MBSADV1 Variable Funding Note

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By: 

					
					
						/s/ Patrick J. Hart

				
	
					
						 

					
					
						Name:  Patrick J. Hart

				
	
					
						 

					
					
						Title:    Authorized Signatory

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By: 

					
					
						/s/ Erin McCutcheon

				
	
					
						 

					
					
						Name:  Erin McCutcheon

				
	
					
						 

					
					
						Title:    Authorized Signatory

				

		
			 
		

		
			 
		

		 

		

			[PNMAC GMSR ISSUER TRUST Omnibus Amendment No. 1  to Series 2016-MSRVF1 Indenture Supplement and Series 2016-MBSADV1 Indenture Supplement]pfsi_Ex10_4

		

			Exhibit 10.4

		

		

			 

		

		
			EXECUTION VERSION
		

		
			 
		

		
			 
		

		
			PNMAC GMSR ISSUER TRUST,
		

		
			as Buyer
		

		
			 
		

		
			and
		

		
			 
		

		
			PENNYMAC LOAN SERVICES, LLC,
		

		
			as Seller
		

		
			 
		

		
			and
		

		
			 
		

		
			PRIVATE NATIONAL MORTGAGE ACCEPTANCE COMPANY, LLC
		

		
			as Guarantor
		

		
			 
		

		
			and consented to by
		

		
			 
		

		
			cITIBANK, N.A.,
		

		
			as Indenture Trustee
		

		
			 
		

		
			and
		

		
			 
		

		
			CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH, 
		

		
			as Noteholder
		

		
			 
		

		
			and
		

		
			 
		

		
			CREDIT SUISSE FIRST BOSTON MORTGAGE CAPITAL LLC,
		

		
			as Administrative Agent
		

		
			 
		

		

		
			AMENDMENT NO. 1
		

		
			Dated as of February 16, 2017
		

		
			 
		

		
			to the
		

		
			 
		

		
			Master Repurchase Agreement
		

		
			Dated as of December 19, 2016
		

		
			 
		

		
			 
		

		
			 
		

		
			

		 

		

			 

		

 

		

			 

		

		

		
			AMENDMENT No. 1 TO
		

		
			MASTER REPURCHASE AGREEMENT 
		

		
			February 16, 2017
		

		
			This Amendment No. 1 (this “Amendment”) to the Repurchase Agreement (defined below), is entered into on February 16, 2017, by and among PNMAC GMSR ISSUER TRUST (“Buyer”), PennyMac Loan Services, LLC (“Seller”), and Private National Mortgage Acceptance Company, LLC (“Guarantor”), and is consented to by Citibank, N.A. (“Citibank”), as indenture trustee (the “Indenture Trustee”), Credit Suisse First Boston Mortgage Capital LLC, as administrative agent and Credit Suisse AG, Cayman Islands Branch, as noteholder of the Outstanding Notes (the “Noteholder”).  Capitalized terms used but not otherwise defined herein shall have the meanings given to them in the Repurchase Agreement.
		

		
			W I T N E S S E T H:
		

		
			WHEREAS, Buyer, Seller and Guarantor have entered into that certain Master Repurchase Agreement, dated as of December 19, 2016 (as amended, restated, supplemented or otherwise modified from time to time, the “Repurchase Agreement”);  
		

		
			WHEREAS, the Guarantor is party to that certain Guaranty (as amended, restated, supplemented or otherwise modified from time to time, the “Guaranty”), dated as of December 19, 2016, by the Guarantor in favor of Buyer; 
		

		
			WHEREAS, Buyer,  Seller and Guarantor have agreed, subject to the terms of this Amendment, that the Repurchase Agreement be amended to reflect certain agreed upon revisions to the terms of the Repurchase Agreement; 
		

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

		
			WHEREAS, the Issuer, Citibank, as 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”), Credit Suisse First Boston Mortgage Capital LLC, as administrative agent (in such capacity, the “Administrative Agent”) and the Credit Manager are parties to that certain Base Indenture, dated as of December 19, 2016 (as amended, restated, supplemented, or otherwise modified from time to time, the “Base Indenture”), as supplemented by the Series 2016-MSRVF1 Indenture Supplement, dated as of December 19, 2016, 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 (the “Series 2016-MSRVF1 Indenture Supplement”), and the Series 2016-MBSADV1 Indenture Supplement, dated as of December 19, 2016, 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 (the “Series 2016-MBSADV1 Indenture Supplement”); 
		

		
			
		

		
			

		 

		

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			WHEREAS, there are currently two Outstanding Series of Notes, (i) the Series 2016-MSRVF1 Note (the “Series 2016-MSRVF1 Note”), which was issued to PennyMac Loan Services, LLC (“PLS”) pursuant to the terms of that certain Series 2016-MSRVF1 Indenture Supplement, and which was financed by CSCIB under the Series 2016-MSRVF1 Master Repurchase Agreement, dated as of December 19, 2016, by and among the Administrative Agent, CSCIB, as buyer and PLS, as seller (the “MSRVF1 Repurchase Agreement”), pursuant to which PLS sold all of rights, title and interest in the Series 2016-MSRVF1 Note to CSCIB and (ii) the Series 2016-MBSADV1 Note (the “Series 2016-MBSADV1 Note”), which was issued pursuant to that certain Series 2016-MBSADV1 Indenture Supplement; 
		

		
			WHEREAS, pursuant to Section 10.15 of the Repurchase Agreement, any provision providing for the exercise of any action or discretion by Buyer shall be exercised by the Indenture Trustee at the written direction of either 100% of the VFN Noteholders or the Majority Noteholders of all Outstanding Notes; 
		

		
			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, (i) 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 MSRVF1 Repurchase Agreement and (ii) pursuant to the terms of the Note Purchase Agreement, dated as of December 19, 2016, by and among the Issuer, CSFB, as the Administrative Agent and CSCIB, as purchaser, CSCIB is the purchaser and sole noteholder of the Series 2016-MBSADV1 Note, and therefore CSCIB is 100% of the VFN Noteholders of the Outstanding Notes;
		

		
			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 Guarantor agree as follows:
		

		
			SECTION 1.    Amendments to Repurchase Agreement.  The Repurchase Agreement is hereby amended as follows: 
		

		
			(a)        Section 1.01 of the Repurchase Agreement is hereby amended by deleting the definition of “Market Value Percentage” in its entirety.
		

		
			(b)        Section 1.01 of the Repurchase Agreement is hereby amended by deleting the definitions of “Price Differential” and “Required Payment” in their entirety and replacing them as follows: 
		

		
			“Price Differential” means with respect to any Transaction as of any date of determination, an amount equal to the sum of (i) the product of (A) the Pricing Rate for such Transaction, (B) the Purchase Price for such Transaction and (C) a fraction, the numerator of which is the number of days elapsed from and including the 
		

		
			
		

		
			

		 

		

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			preceding MRA Payment Date to and excluding such date of determination and the denominator of which equals 360, (ii) the aggregate expected related fees (including Default Supplemental Fees, and Step-Up Fees), costs and expenses (including any Fees, Expenses, reasonable out-of-pocket expenses and indemnification amounts owed for Administrative Expenses of the Issuer described in Section 4.5(a)(1)(ii) of the Base Indenture, and Specified Call Premium Amounts) as of such date of determination (as determined by the Administrative Agent), and (iii) if an MBS Advance VFN has a positive VFN Principal Balance, any Advance Reimbursement Amounts.
		

		
			“Required Payment” means, with respect to any Purchased Asset, the amounts required to be paid by Seller to Buyer on an MRA Payment Date, equal to any “Scheduled Principal Payment Amounts” due on such MRA Payment Date under the Indenture.
		

		
			(c)        Section 1.01 of the Repurchase Agreement is hereby amended by deleting the definition of “Weekly Report Date” in its entirety.
		

		
			(d)        Article III of the Repurchase Agreement is hereby amended by adding a new Section 3.20 at the end thereof as follows:
		

		
			Section 3.20    Eligible Assets.  All Assets that are subject to a Transaction under this Agreement are Eligible Assets. 
		

		
			(e)        Section 6.03 of the Repurchase Agreement is hereby amended by deleting such Section in its entirety and replacing it as follows:
		

		
			Section 6.03    [Reserved.]
		

		
			(f)        Section 6.04 of the Repurchase Agreement is hereby amended by deleting such Section in its entirety and replacing it as follows:
		

		
			Section 6.04    Asset Schedule.  Seller shall at all times maintain a current list (which may be stored in electronic form) of all Assets.  Seller shall deliver to Buyer on each Determination Date for any Interim Payment Date a cumulative Asset Schedule as of the last Business Day of the preceding week, each of which, when so delivered, shall replace the current Asset Schedule and which may be delivered in electronic form.  As of each date an updated Asset Schedule is delivered in accordance with this Section 6.04, Seller hereby certifies, represents and warrants to Buyer that each such updated Asset Schedule is true, complete and correct in all material respects.
		

		
			(g)        Section 7.01 of the Repurchase Agreement is hereby amended by deleting clause (f) thereof in its entirety and replacing it as follows: 
		

		
			(f)        Guarantor Breach. A breach by Guarantor of any material representation, warranty or covenant set forth in the PC Guaranty or any other Program Agreement 
		

		
			
		

		
			

		 

		

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			if such breach is not cured within thirty (30) days (provided that the breach of the covenant in Section 6(c) of the PC Guaranty shall not be entitled to such cure period), any “event of default” by Guarantor under the PC Guaranty, any repudiation of the PC Guaranty by Guarantor, or if the PC Guaranty is not enforceable against Guarantor.
		

		
			(h)       Section 10.15 of the Repurchase Agreement is hereby amended by adding the following sentence immediately after the first sentence thereof:
		

		
			To the extent there are conflicting directions between 100% of the VFN Noteholders and the Majority Noteholders, the Indenture Trustee will take its direction from 100% of the VFN Noteholders.  
		

		
			SECTION 2.    Consent.  Each of the Noteholder, Indenture Trustee and Administrative Agent hereby consent to this Amendment.  The Noteholder hereby certifies that (i) it holds 100% of the Outstanding Notes and therefore is the Majority Noteholder of each Series, (ii) it has the authority to deliver this certification and the directions included herein to the Indenture Trustee, (iii) such power has not been granted or assigned to any other person, and (iv) the Indenture Trustee may conclusively rely upon this certification.
		

		
			SECTION 3.    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 Seller to Issuer under the 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 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 Repurchase Agreement remain 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. 
		

		
			
		

		
			

		 

		

			-  5  -

		

 

		

		
			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.
		

		
			SECTION 10.   Owner Trustee.  It is expressly understood and agreed by the parties hereto that (a) this Amendment is executed and delivered by Wilmington Savings Fund Society, FSB d/b/a Christiana Trust (“Christiana”), not individually or personally but solely as trustee of the Issuer, in the exercise of the powers and authority conferred and vested in it, (b) each of the representations, warranties, undertakings and agreements herein made on the part of the Issuer is made and intended not as personal representations, warranties, undertakings and agreements by Christiana but is made and intended for the purpose of binding only the Issuer, (c) nothing herein contained shall be construed as creating any liability on Christiana, individually or personally, to perform any covenant either expressed or implied contained herein, all such liability, if any, being expressly waived by the parties hereto and by any Person claiming by, through or under the parties hereto, (d) Christiana has made no investigation as to the accuracy or completeness of any representations or warranties made by the Issuer in this Amendment and (e) under no circumstances shall Christiana be personally liable for the payment of any indebtedness or expenses of the Issuer or be liable for the breach or failure of any obligation, representation, warranty or covenant made or undertaken by the Issuer under this Amendment or any other related documents. 
		

		
			[Signatures appear on the following page]
		

		
			 
		

		
			

		 

		

			-  6  -

		

 

		

		
			IN WITNESS WHEREOF, Buyer, Seller and Guarantor have caused their names to be signed to this Amendment No. 1 to the Repurchase Agreement by their respective officers thereunto duly authorized as to the date first above written.
		

			
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						Buyer:

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						    

					
					
						PNMAC GMSR ISSUER TRUST, as Buyer

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:

					
					
						Wilmington Savings Fund Society, FSB

				
	
					
						 

					
					
						 

					
					
						d/b/a Christiana Trust, not in its individual

				
	
					
						 

					
					
						 

					
					
						capacity but solely as Owner Trustee

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By: 

					
					
						/s/ Jeffrey R. Everhart

				
	
					
						 

					
					
						 

					
					
						 

					
					
						Name:

					
					
						Jeffrey R. Everhart, AVP

				
	
					
						 

					
					
						 

					
					
						 

					
					
						Title:

					
					
						 

				

		
			
		

		

		 

		

			[Signature page to Amendment No. 1 to PC Repurchase Agreement]

		

 

	
					
						

					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						Seller:

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						    

					
					
						PENNYMAC LOAN SERVICES, LLC

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By: 

					
					
						/s/ Pamela Marsh

				
	
					
						 

					
					
						 

					
					
						 

					
					
						Name:

					
					
						Pamela Marsh

				
	
					
						 

					
					
						 

					
					
						 

					
					
						Title:

					
					
						Managing Director, Treasurer

				

		
			
		

		

		 

		

			[Signature page to Amendment No. 1 to PC Repurchase Agreement]

		

 

	
					
						

					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						Guarantor:

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						    

					
					
						PRIVATE NATIONAL MORTGAGE

				
	
					
						 

					
					
						 

					
					
						ACCEPTANCE COMPANY, LLC

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By: 

					
					
						/s/ Pamela Marsh

				
	
					
						 

					
					
						 

					
					
						 

					
					
						Name:

					
					
						Pamela Marsh

				
	
					
						 

					
					
						 

					
					
						 

					
					
						Title:

					
					
						Managing Director, Treasurer

				

		
			
		

		

		 

		

			[Signature page to Amendment No. 1 to PC Repurchase Agreement]

		

 

	
					
						

					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						CONSENTED AND AGREED TO BY:

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						   

					
					
						CITIBANK, N.A., as Indenture Trustee and not

				
	
					
						 

					
					
						 

					
					
						in its individual capacity

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By: 

					
					
						/s/ Valerie Delgado

				
	
					
						 

					
					
						 

					
					
						 

					
					
						Name:

					
					
						Valerie Delgado

				
	
					
						 

					
					
						 

					
					
						 

					
					
						Title:

					
					
						Vice President

				

		
			
		

		

		 

		

			[Signature page to Amendment No. 1 to PC Repurchase Agreement]

		

 

	
					
						

					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						CONSENTED AND AGREED TO BY:

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						    

					
					
						CREDIT SUISSE AG, CAYMAN ISLANDS

				
	
					
						 

					
					
						 

					
					
						BRANCH

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By: 

					
					
						/s/ Patrick J. Hart

				
	
					
						 

					
					
						 

					
					
						 

					
					
						Name:

					
					
						Patrick J. Hart

				
	
					
						 

					
					
						 

					
					
						 

					
					
						Title:

					
					
						Authorized Signatory

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:

					
					
						/s/ Erin McCutcheon

				
	
					
						 

					
					
						 

					
					
						 

					
					
						Name:

					
					
						Erin McCutcheon

				
	
					
						 

					
					
						 

					
					
						 

					
					
						Title:

					
					
						Authorized Signatory

				

		
			
		

		

		 

		

			[Signature page to Amendment No. 1 to PC Repurchase Agreement]

		

 

	
					
						

					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						CONSENTED AND AGREED TO BY:

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						    

					
					
						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. 1 to PC Repurchase Agreement]

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