Document:

pfsi_EX_101

		

			Exhibit 10.1

		

		

			 

		

		

			EXECUTION VERSION

		

		

			 

		

		
			 
		

		
			PNMAC GMSR ISSUER TRUST,
		

		
			as Issuer
		

		
			 
		

		
			and
		

		
			 
		

		
			CITIBANK, N.A.,
		

		
			as Indenture Trustee, Calculation Agent, Paying Agent and Securities Intermediary
		

		
			 
		

		
			and
		

		
			 
		

		
			PENNYMAC LOAN SERVICES, LLC,
		

		
			as Servicer and Administrator
		

		
			 
		

		
			and
		

		
			 
		

		
			CREDIT SUISSE FIRST BOSTON MORTGAGE CAPITAL LLC,
		

		
			as Administrative Agent
		

		
			 
		

		
			and
		

		
			 
		

		
			PENTALPHA SURVEILLANCE LLC,
		

		
			as Credit Manager
		

		
			 
		

		
			__________
		

		
			AMENDMENT NO. 3
		

		
			Dated as of April 29, 2019
		

		
			to the
		

		
			Second Amended and Restated Base Indenture
		

		
			Dated as of August 10, 2017
		

		
			 
		

		
			 
		

		
			 
		

		
			

		 

		

			 

		

		

		
			This Amendment No. 3 (this “Amendment”) to the Base Indenture  (as defined below) is entered into as of April 29, 2019,  by and among PNMAC GMSR ISSUER TRUST, a statutory trust organized under the laws of the State of Delaware (the “Issuer”), CITIBANK, N.A. (“Citibank”), a national banking association, in its capacity as Indenture Trustee (the “Indenture Trustee”), and as Calculation Agent, Paying Agent and Securities Intermediary (in each case, as defined herein), PENNYMAC LOAN SERVICES, LLC, a limited liability company organized under the laws of the State of Delaware (“PLS”), as administrator (in such capacity, the “Administrator”) and as servicer (in such capacity, the “Servicer”), and CREDIT SUISSE FIRST BOSTON MORTGAGE CAPITAL LLC (“CSFB”), a Delaware limited liability company, as an administrative agent (the “Administrative Agent”), and is  acknowledged by PENTALPHA SURVEILLANCE LLC, a Delaware limited liability company (“Pentalpha”) as credit manager.  Capitalized terms used but not otherwise defined herein shall have the meanings assigned to them in the Existing Base Indenture (as defined below).
		

		
			W I T N E S S E T H:
		

		
			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”), the Administrator, the Servicer, the Administrative Agent and the Credit Manager are parties to that certain Second Amended and Restated Base Indenture, dated as of August 10, 2017 (as amended by that certain Amendment No. 1 dated as of February 28, 2018, and as further amended by that certain Amendment No. 2 dated as of August 10, 2018, and as may be further restated, supplemented, or otherwise modified from time to time, the “Existing Base Indenture”);
		

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

		
			WHEREAS, pursuant to Section 12.2 of the Existing Base Indenture, the Issuer, the Indenture Trustee, the Administrator, the Servicer and the Administrative Agent (in its sole and absolute discretion) may amend the Existing Base Indenture for the purpose of adding any provisions to, or changing in any manner or eliminating any of the provisions of the Existing Base Indenture, with the consent of the Noteholders (as set forth below) upon (i) delivery of an Issuer Tax Opinion and (ii) prior notice to each Note Rating Agency;
		

		
			WHEREAS, pursuant to Section 12.3 of the Existing Base Indenture, the Issuer shall also deliver to the Indenture Trustee an Opinion of Counsel stating that the execution of such amendment to the Existing Base Indenture is authorized and permitted by the Existing Base Indenture and that all conditions precedent thereto have been satisfied (the “Authorization Opinion”), and pursuant to Section 1.3 of the Existing Base Indenture, the Issuer will furnish to the Indenture Trustee (1) an Officer’s Certificate stating that all conditions precedent, if any, provided for in this Base Indenture relating to the proposed action have been complied with and (2) except as provided below, an Opinion of Counsel stating that in the opinion of such counsel all such conditions precedent, if any, have been complied with; and
		

		
			
		

		
			

		 

		

			-2-

		

		

			 

		

		

		
			NOW THEREFORE, in consideration of the premises and mutual agreements herein and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Issuer, the Indenture Trustee, the Administrator, the Servicer and the Administrative Agent hereby agree as follows:
		

		
			SECTION 1.  Amendments to the Existing Base Indenture.  (a) Section 1.1 of the Existing Base Indenture is hereby amended by deleting the definitions of “Collateral Value”  in its entirety and replacing it with the following:
		

		
			Collateral Value: As of the applicable Determination Date, the product of (A) the related Market Value Percentage and (B) unpaid principal balance of the Portfolio as of such date of determination; provided, however, that the unpaid principal balance of any Mortgage Loans being serviced by an Interim Servicer shall be eligible to be included in the calculation of “Collateral Value” (i) for a period of time no longer than one hundred and twenty (120) days, and (ii) aggregate unpaid principal balance of the Mortgage Loans serviced by an Interim Servicer may not exceed 15% of the Collateral Value of all MSRs, unless, in either case, consented to by the Administrative Agent.
		

		
			(b)        Section 1.1 of the Existing Base Indenture is hereby amended by adding the definitions of “Acquired MSRs” and “Interim Servicer” in their proper alphabetical order as follows:
		

		
			Acquired MSRs:  MSRs related to previously issued Ginnie Mae MBS that the Servicer acquired, provided that Ginnie Mae has acknowledged that the Servicer is deemed the “issuer” of the Pooled Mortgages related to such Acquired MSRs by execution of the Assignment Agreement (Ginnie Mae MBS Guide Appendix VIII-3), or any such successor form approved by Ginnie Mae from time to time.
		

		
			Interim Servicer:  The Transferor of an Acquired MSR acting in its capacity as subservicer for the benefit of the Servicer in connection with the purchase thereof.
		

		
			(c)        Section 10.2(r) of the Existing Base Indenture is hereby amended and restated in its entirety as follows:
		

		
			(r)        Reimbursement of Advance Reimbursement Amounts. With respect to any Pooled Mortgage and collections received with respect thereto, PLS shall reimburse itself for any unreimbursed MBS Advances, and shall ensure that any Interim Servicers reimburse themselves for any unreimbursed MBS Advances, only as provided by the Ginnie Mae Contract. All such amounts shall be deposited into the Collection and Funding Account in accordance with Section 4.2 hereof.
		

		
			(d)        Section 10.3(g) of the Existing Base Indenture is hereby amended and restated in its entirety as follows:
		

		
			
		

		
			

		 

		

			-3-

		

		

			 

		

		

		
			(g)        appoint any subservicers (other than an Interim Servicer) with respect to any MSRs pledged to the Indenture Trustee pursuant to this Base Indenture; provided,  however, that PLS’s use of an Interim Servicer shall not relieve PLS of its obligations hereunder with respect to the related Mortgage Loans, and PLS shall remain liable under this Indenture as if PLS was servicing such Mortgage Loans directly;
		

		
			SECTION 2.  Consents.  Each of the Issuer, the Indenture Trustee, the Administrator, the Servicer, 100% of the Noteholders of the Series 2016-MSRVF1 Notes, 100% of the Noteholders of the Series 2016-MBSADV1 Notes and the Administrative Agent hereby consents to this Amendment. The Noteholders of the Series 2018-GT1 Notes and the 2018-GT2 Notes have consented to this Amendment pursuant to (i) Section 10(f) of that certain Series 2018-GT2 Indenture Supplement, dated as of August 10, 2018, among Issuer, Indenture Trustee, Calculation Agent, Paying Agent, Securities Intermediary, Administrator, Servicer, and Administrative Agent, as attached hereto as Exhibit A and (ii) Section 10(f) of that certain Series 2018-GT1 Indenture Supplement, dated as of February 28, 2018, among Issuer, Indenture Trustee, Calculation Agent, Paying Agent, Securities Intermediary, Administrator, Servicer, and Administrative Agent, as attached hereto as Exhibit B.
		

		
			SECTION 3.   Authorization and Direction.  The Indenture Trustee is hereby authorized and directed to execute any other documents related to this Amendment.
		

		
			SECTION 4.   Conditions to Effectiveness of this Amendment.  This Amendment shall become effective upon the latest to occur of the following:
		

		
			(a)        the execution and delivery of this Amendment by all parties hereto;
		

		
			(b)        prior notice to each Note Rating Agency that is presently rating any Outstanding Notes;
		

		
			(c)        the delivery of an Authorization Opinion;
		

		
			(d)        the delivery of an Issuer Tax Opinion; and
		

		
			(e)        the Issuer shall have furnished to the Indenture Trustee (1) an Officer’s Certificate stating that all conditions precedent, if any, provided for in the Existing Base Indenture relating to the proposed action have been complied with and (2) an Opinion of Counsel stating that in the opinion of such counsel all such conditions precedent, if any, have been complied with.
		

		
			SECTION 5.  No Default; Representations and Warranties.  PLS and the Issuer each hereby represents and warrants to the Indenture Trustee and the Administrative Agent that as of the date hereof it is in compliance with all the terms and provisions set forth in the Existing Base Indenture on its part to be observed or performed and remains bound by the terms thereof, and that no Event of Default has occurred or is continuing on the date hereof, and hereby confirms and reaffirms the representations and warranties contained in Section 9.1 of the Existing Base Indenture.
		

		
			
		

		
			

		 

		

			-4-

		

		

			 

		

		

		
			SECTION 6.  Single Agreement.  Except as expressly amended and modified by this Amendment, all of the terms and conditions of the Existing Base Indenture remain in full force and effect and are hereby reaffirmed.
		

		
			SECTION 7.  Successors and Assigns.  This Amendment shall be binding upon the parties hereto and their respective successors and assigns.
		

		
			SECTION 8.  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 9.  GOVERNING LAW.  THIS AMENDMENT AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO OR IN CONNECTION WITH THIS BASE INDENTURE, 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 10.  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.
		

		
			[Signature pages follow]
		

		
			 
		

		
			 
		

		
			

		 

		

			-5-

		

		

			 

		

		

		
			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: PennyMac Loan Services, LLC, its Administrator

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Pamela Marsh

				
	
					
						 

					
					
						Name:

					
					
						Pamela Marsh

				
	
					
						 

					
					
						Title:

					
					
						Managing Director, Treasurer

				

		
			 
		

		
			
		

		

		 

		

			[PNMAC GMSR ISSUER TRUST – Amendment No. 3 to Second A&R Base Indenture]

		

		

			 

		

	
					
						

					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						CITIBANK, N.A., as Indenture Trustee,
Calculation Agent, Paying Agent and Securities
Intermediary and not in its individual capacity

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Valerie Delgado

				
	
					
						 

					
					
						Name:

					
					
						Valerie Delgado

				
	
					
						 

					
					
						Title:

					
					
						Senior Trust Officer

				

		
			 
		

		
			
		

		

		 

		

			[PNMAC GMSR ISSUER TRUST – Amendment No. 3 to Second A&R Base Indenture]

		

		

			 

		

	
					
						

					
						 

					
					
						PENNYMAC LOAN SERVICES, LLC,

				
	
					
						 

					
					
						as Servicer and as Administrator

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Pamela Marsh

				
	
					
						 

					
					
						Name:

					
					
						Pamela Marsh

				
	
					
						 

					
					
						Title:

					
					
						Managing Director, Treasurer

				

		
			 
		

		
			
		

		

		 

		

			[PNMAC GMSR ISSUER TRUST – Amendment No. 3 to Second A&R Base Indenture]

		

		

			 

		

	
					
						

					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						CREDIT SUISSE FIRST BOSTON
MORTGAGE CAPITAL LLC, as Administrative Agent

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Dominic Obaditch

				
	
					
						 

					
					
						Name:

					
					
						Dominic Obaditch

				
	
					
						 

					
					
						Title:

					
					
						Vice President

				

		
			 
		

		
			
		

		

		 

		

			[PNMAC GMSR ISSUER TRUST – Amendment No. 3 to Second A&R Base Indenture]

		

		

			 

		

	
					
						

					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						ACKNOWLEDGED AND AGREED TO BY:

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						PENTALPHA SURVEILLANCE LLC, as Credit Manager

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ James Callahan

				
	
					
						 

					
					
						Name:

					
					
						James Callahan

				
	
					
						 

					
					
						 

					
					
						Solely on behalf of Pentalpha Surveillance LLC

				

		
			 
		

		
			
		

		

		 

		

			[PNMAC GMSR ISSUER TRUST – Amendment No. 3 to Second A&R Base Indenture]

		

		

			 

		

	
					
						

					
						 

					
					
						CONSENTED TO BY:

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						CREDIT SUISSE AG, CAYMAN ISLANDS
BRANCH, as Noteholder of the Series 2016-MSRVF1 Note

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Dominic Obaditch

				
	
					
						 

					
					
						Name:

					
					
						Dominic Obaditch

				
	
					
						 

					
					
						Title:

					
					
						Authorized Signatory

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Kwaw de Graft-Johnson

				
	
					
						 

					
					
						Name:

					
					
						Kwaw de Graft-Johnson

				
	
					
						 

					
					
						Title:

					
					
						Authorized Signatory

				

		
			 
		

		
			
		

		

		 

		

			[PNMAC GMSR ISSUER TRUST – Amendment No. 3 to Second A&R Base Indenture]

		

		

			 

		

	
					
						

					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						CONSENTED TO BY:

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						CREDIT SUISSE AG, CAYMAN ISLANDS
BRANCH, as Noteholder of the Series 2016-MBSADV1 Note

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Dominic Obaditch

				
	
					
						 

					
					
						Name:

					
					
						Dominic Obaditch

				
	
					
						 

					
					
						Title:

					
					
						Authorized Signatory

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Kwaw de Graft-Johnson

				
	
					
						 

					
					
						Name:

					
					
						Kwaw de Graft-Johnson

				
	
					
						 

					
					
						Title:

					
					
						Authorized Signatory

				

		
			 
		

		
			 
		

		
			

		 

		

			[PNMAC GMSR ISSUER TRUST – Amendment No. 3 to Second A&R Base Indenture]

		

		

			 

		

		

		
			Exhibit A
		

		
			Series 2018-GT2 Indenture Supplement 
		

		
			 
		

		
			
		

		
			

		 

		

			Exhibit A-1

		

		

			 

		

		

		
			Exhibit B
		

		
			Series 2018-GT1 Indenture Supplement 
		

		
			 
		

		 

		

			Exhibit B-1pfsi_EX_102

		

			Exhibit 10.2

		

		

			EXECUTION VERSION

		

		

			 

		

		
			AMENDMENT NUMBER SEVEN
		

		
			to the
		

		
			AMENDED AND RESTATED MASTER REPURCHASE AGREEMENT
		

		
			Dated as of March 3, 2017,
		

		
			by and between
		

		
			PENNYMAC LOAN SERVICES, LLC
		

		
			and
		

		
			CITIBANK, N.A.
		

		
			This AMENDMENT NUMBER SEVEN (this “Amendment Number Seven”) is made this 15th day of May, 2019, by and between PENNYMAC LOAN SERVICES, LLC, as seller and servicer (“Seller”), and CITIBANK, N.A. (“Buyer”), to the Amended and Restated Master Repurchase Agreement, dated as of March 3, 2017, by and between Seller and Buyer, as such agreement may be amended from time to time (the “Agreement”).  Capitalized terms used but not otherwise defined herein shall have the meanings assigned to such terms in the Agreement.
		

		
			RECITALS
		

		
			WHEREAS, Seller and Buyer have agreed to amend the Agreement as more specifically set forth herein; and
		

		
			WHEREAS, as of the date hereof, Seller represents to Buyer that the Seller Parties are in full compliance with all of the terms and conditions of the Agreement and each other Program Document and no Default or Event of Default has occurred and is continuing under the Agreement or any other Program Document.
		

		
			NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and for the mutual covenants herein contained, the parties hereto hereby agree as follows:
		

		
			SECTION 1.     Amendment. Effective as of May 15, 2019 (the “Amendment Effective Date”), the Agreement is hereby amended as follows:
		

		
			(a)  Section 2 of the Agreement is hereby amended by deleting the definition of “Committed Amount” in its entirety and replacing it with the following:
		

		
			“Committed Amount” shall mean an amount equal to (i) $300,000,000; reduced by (ii) Buyer's Pro Rata Share of the aggregate outstanding Purchase Price (as such terms are defined in the VFN Repurchase Agreement) for all Transactions (as such term is defined in the VFN Repurchase Agreement) under the VFN Repurchase Agreement.
		

		
			(b)  Section 2 of the Agreement is hereby amended by deleting the definition of “Uncommitted Amount” in its entirety and replacing it with the following:
		

		
			“Uncommitted Amount” shall mean $400,000,000.
		

		
			(c)  Section 2 of the Agreement is hereby amended by adding the following definitions in the appropriate alphabetical order:
		

		
			 
		

		
			 
		

		
			

		 

		

			 

		

		

		
			“FNMA Construction to Permanent Loan” shall mean an Eligible Loan which conforms to the Fannie Mae Guides that provide for financing of construction of the Mortgaged Property and converts to a conventional permanent Loan upon completion of the related construction.
		

		
			“FNMA Homestyle Renovation Loan” shall mean an Eligible Loan which conforms to the Fannie Mae Guides that enables a Mortgagor to obtain a purchase transaction Mortgage Loan or a limited cash-out refinance Mortgage Loan and receive funds to cover the costs of repairs, remodeling, renovations, or energy improvements to the Mortgaged Property.
		

		
			  “Rebuttable Presumption Loan” shall mean a Qualified Mortgage with an annual percentage rate that exceeds the average prime offer rate for a comparable mortgage loan as of the date the interest rate is set by 1.5 or more percentage points for a first-lien Loan.
		

		
			“Temporary Interest Buydown Loan” shall mean a Loan (i) which is a Qualified Mortgage eligible for sale to an Agency, (ii) the proceeds of which were used by the Mortgagor to purchase a primary residence, (iii) underwritten in which the related Mortgagor qualified for the final Note rate and not the temporary Note rate, and (iv) in which the Mortgagor did not contribute directly or indirectly to the buydown proceeds.
		

		
			“VA Renovation Loan” shall mean a VA Loan the purpose of which is made to purchase and repair or renovate a Mortgaged Property and such Loan complies with the VA Regulations including without limitation the “Loan for Alteration and Repair” guidelines.
		

		
			“VFN Repurchase Agreement” shall mean that certain Amended and Restated Master Repurchase Agreement, among CREDIT SUISSE FIRST BOSTON MORTGAGE CAPITAL LLC, as administrative agent, the Buyers (as defined therein) from time to time party thereto, and PENNYMAC LOAN SERVCES, LLC, as seller, as such agreement is entered after the date hereof and may be amended from time to time.
		

		
			(d)  Schedule 1 of the Agreement is hereby amended by deleting clause (gg) in its entirety and replacing it with the following (bold language added to evidence changes):
		

		
			(gg)       No Buydown Provisions; No Graduated Payments or Contingent Interests.  Except for (i) any Temporary Interest Buydown Loans and (ii) (a) if requested by the related Mortgagor and (b) during the applicable renovation period, any FNMA Construction to Perm Loans, FNMA HomeStyle Renovation Loans, or VA Renovation Loans; the Loan does not contain provisions pursuant to which Monthly Payments are paid or partially paid with funds deposited in any separate account established by Seller, the Mortgagor, or anyone on behalf of the Mortgagor, or paid by any source other than the Mortgagor nor does it contain any other similar provisions which may constitute a “buydown” provision.  The Loan is not a graduated payment mortgage loan and the Loan does not have a shared appreciation or other contingent interest feature.
		

		
			
		

		
			

		 

		

			 

		

		

			 

		

		

		
			(e)  Schedule 1 of the Agreement is hereby amended by deleting clause (pp) in its entirety and replacing it with the following (bold language added to evidence changes):
		

		
			 
		

		
			(pp)       Construction or Rehabilitation of Mortgaged Property. FNMA Construction to Perm Loans/FNMA HomeStyle Renovation Loans/VA Renovation Loans.  No Loan (other than any FNMA Construction to Permanent Loan, FNMA HomeStyle Renovation Loans or VA Renovation Loan) was made in connection with the construction or rehabilitation of a Mortgaged Property or facilitating the trade-in or exchange of a Mortgaged Property.  With respect to any FNMA Construction to Permanent Loan, the construction of the Mortgaged Property has been completed and such Loan has converted to a permanent conventional Loan.  With respect to a FNMA HomeStyle Renovation Loan, either (i) Seller is monitoring timely completion of the renovation work during the applicable renovation period and an escrow account contains the necessary contingency reserve and adequate funds to cover the remaining renovation costs, or (ii) the renovation work is complete and Seller has obtained a certification of completion.  With respect to any VA Renovation Loan, a VA approved appraiser has issued a “Notice of Value” and completed the final inspection of the Mortgaged Property and the Loan Guaranty Certificate has been issued.
		

		
			(f)   Schedule 1 of the Agreement is hereby amended by deleting clause (ggg) in its entirety and replacing it with the following:
		

		
			(ggg)     Higher-Priced Mortgage Loans.  Any loan that meets the definition of “higher-priced mortgage loan,” as defined in 12 C.F.R. 1026.35, both: (i) complies with all requirements of the federal Truth-in-Lending Act and Regulation Z, including 12 CFR 1026.35, as applicable; and (ii) meets all Agency requirements and is deliverable to the Agencies.
		

		
			(g)  Schedule 1 of the Agreement is hereby amended by deleting clause (xxx) in its entirety and replacing it with the following (bold and stricken language added to evidence changes):
		

		
			(xxx)  Qualified Mortgage.  If the Loan is consummated on or after January 10, 2014 (including a Refi Mortgage Loan), such Loan satisfies the following criteria:
		

		
			(i)          Such Loan is a Qualified Mortgage (including without limitation any Safe Harbor Qualified Mortgage or Rebuttable Presumption Loan);
		

		
			(ii)         [reserved]; Each Jumbo Loan is a Safe Harbor Qualified Mortgage and such Loan is accurately identified as a Safe Harbor Qualified Mortgage on the Loan Schedule;
		

		
			(iii)        Prior to the origination of such Loan, the related originator made a reasonable and good faith determination that the related Mortgagor would have a reasonable ability to repay such Loan according to its terms, in accordance with, at a minimum, the eight underwriting factors set forth in 12 CFR 1026.43(c)(2);  and
		

		
			(iv)        Such Loan is supported by documentation that evidences compliance with 12 CFR 1026.43 (e) and 12 CFR 1026.43 (c)(2).
		

		
			
		

		
			

		 

		

			 

		

		

			 

		

		

		
			(h)  Schedule 1 of the Agreement is hereby amended by deleting clauses (s), (lll), and (qqq) in their entirety.
		

		
			SECTION 2.      Effectiveness.  This Amendment Number Seven shall become effective as of the date that Buyer shall have received:
		

		
			(a) counterparts hereof duly executed by each of the parties hereto; and
		

		
			(b) counterparts of that certain Amendment Number Seven to the Pricing Side Letter, dated as of the date hereof, duly executed by each of the parties thereto.
		

		
			SECTION 3.     Fees and Expenses.  Seller agrees to pay to Buyer all reasonable out of pocket costs and expenses incurred by Buyer in connection with this Amendment Number Seven (including all reasonable fees and out of pocket costs and expenses of the Buyer’s legal counsel) in accordance with Sections 23 and 25 of the Agreement.
		

		
			SECTION 4.     Representations.  Seller hereby represents to Buyer that as of the date hereof, the Seller Parties are in full compliance with all of the terms and conditions of the Agreement and each other Program Document and no Default or Event of Default has occurred and is continuing under the Agreement or any other Program Document.
		

		
			SECTION 5.     Binding Effect; Governing Law.  This Amendment Number Seven shall be binding and inure to the benefit of the parties hereto and their respective successors and permitted assigns.  THIS AMENDMENT NUMBER SEVEN SHALL BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY, THE LAWS OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO THE CONFLICT OF LAWS PRINCIPLES THEREOF (EXCEPT FOR SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW WHICH SHALL GOVERN).
		

		
			SECTION 6.     Counterparts.  This Amendment Number Seven 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 7.      Limited Effect.  Except as amended hereby, the Agreement shall continue in full force and effect in accordance with its terms.  Reference to this Amendment Number Seven need not be made in the Agreement or any other instrument or document executed in connection therewith, or in any certificate, letter or communication issued or made pursuant to, or with respect to, the Agreement, any reference in any of such items to the Agreement being sufficient to refer to the Agreement as amended hereby.
		

		
			[Signature Page Follows]
		

		
			 
		

		
			 
		

		
			

		 

		

			 

		

		

			 

		

		

		
			IN WITNESS WHEREOF, Seller and Buyer have caused this Amendment Number Seven to be executed and delivered by their duly authorized officers as of the Amendment Effective Date.
		

			
					
						 

					
					
						PENNYMAC LOAN SERVICES, LLC,

				
	
					
						 

					
					
						(Seller and Servicer)

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Pamela Marsh

				
	
					
						 

					
					
						Name:

					
					
						Pamela Marsh

				
	
					
						 

					
					
						Title:

					
					
						Managing Director, Treasurer

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						CITIBANK, N.A.

				
	
					
						 

					
					
						(Buyer and Agent, as applicable)

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Peter D. Steinmetz

				
	
					
						 

					
					
						Name:

					
					
						Peter D. Steinmetz

				
	
					
						 

					
					
						Title:

					
					
						Vice President  Citibank N.A.

				

		
			 
		

		
			Acknowledged:
		

		
			PRIVATE NATIONAL MORTGAGE ACCEPTANCE COMPANY, LLC
		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						By:

					
					
						/s/ Pamela Marsh

					
					
						 

				
	
					
						Name:

					
					
						Pamela Marsh

					
					
						 

				
	
					
						Title:

					
					
						Managing Director, Treasurer

					
					
						 

				

		
			 
		

		 

		

			Amendment Number Seven to Amended and Restated Master Repurchase Agreement PLS-Agency

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00298-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00298-of-00352.parquet"}]]