Document:

pfsi_Ex10_5

		

			Exhibit 10.5

		

		

			 

		

		

			EXECUTION VERSION

		

		
			AMENDMENT No. 1 TO
		

		
			GUARANTY 
		

		
			 
		

		
			 February 16, 2017
		

		
			This Amendment No. 1 (this “Amendment”) to the Guaranty (defined below), is entered into on February 16, 2017, by and between PNMAC GMSR ISSUER TRUST (“Buyer”) and Private National Mortgage Acceptance Company, LLC (“Guarantor”), and consented to by Credit Suisse First Boston Mortgage Capital LLC, as administrative agent.  Capitalized terms used but not otherwise defined herein shall have the meanings given to them in the Guaranty.  
		

		
			W I T N E S S E T H:
		

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

		
			WHEREAS, pursuant to Section 13 of the Guaranty, the Guaranty may be amended, supplemented or otherwise modified by a written instrument executed by Guarantor and Buyer;
		

		
			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, Buyer and Guarantor have agreed, subject to the terms of this Amendment, that the Guaranty be amended to reflect certain agreed upon revisions thereto set forth herein.
		

		
			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, Buyer and Guarantor agree as follows:
		

		
			SECTION 1.    Amendments to the Guaranty.  The Guaranty is hereby amended as follows: 
		

		
			(a)       Section 6(b) of the Guaranty is amended by adding the following subclause (iv) thereto: 
		

		
			“(iv)  Guarantor is not an “investment company”, or a company “controlled” by an “investment company,” within the meaning of the Investment Company Act of 1940, as amended from time to time;”
		

		
			(b)       Section 6 of the Guaranty is amended by adding the following clause (c) thereto: 
		

		
			“(c)  Guarantor hereby covenants that it shall not merge, consolidate, amalgamate, liquidate, wind up or dissolve itself (or suffer any liquidation, winding up or dissolution) or sell all or substantially all of its assets; provided that Guarantor may merge or consolidate with (a) any wholly owned subsidiary of Guarantor, or (b) 
		

		
			
		

		
			

		 

		

			 

		

 

		

			 

		

		

		
			any other Person if Guarantor is the surviving entity; and provided further, that if after giving effect thereto, no Default would exist hereunder.”
		

		
			(c)       Section 19 is hereby added to the Guaranty as follows: 
		

		
			“19.    Each of the following events or circumstances shall constitute an “Event of Default” under this Guaranty: 
		

		
			(i)         For any reason, this Guaranty at any time shall not be in full force and effect in all material respects or shall not be enforceable in all material respects in accordance with its terms, or Guarantor or any Affiliate of Guarantor shall seek to disaffirm, terminate, limit or reduce its obligations hereunder.
		

		
			(ii)        A material breach by Guarantor of the representation or warranty in Section 6(b)(iv) hereof, if not cured within thirty (30) days following the occurrence of such breach, or breach of the covenant in Section 6(c) hereof.”
		

		
			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 PennyMac Loan Services, LLC (“Seller”) to Buyer under that certain Repurchase Agreement, dated as of December 19, 2016 (as amended, restated, supplemented or otherwise modified from time to time, the “Repurchase Agreement”), by and among Buyer, Seller and Guarantor, 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, Guarantor hereby represents, warrants and covenants that:
		

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

		
			(b) Guarantor’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.    Consent.  The Administrative Agent hereby consents to this Amendment.
		

		
			SECTION 7.   Single Agreement.  Except as expressly amended and modified by this Amendment, all of the terms and conditions of the Guaranty remain in full force and effect and are hereby reaffirmed.
		

		
			
		

		
			

		 

		

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			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 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 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.
		

		
			SECTION 11.    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]
		

		
			 
		

		
			 
		

		
			

		 

		

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			IN WITNESS WHEREOF, Buyer and Guarantor have caused their names to be signed to this Amendment by their respective officers thereunto duly authorized as to the date first above written.
		

			
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						    

					
					
						PNMAC GMSR ISSUER TRUST, as Buyer

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:  PennyMac Loan Services, LLC, as

				
	
					
						 

					
					
						 

					
					
						Administrator

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By: 

					
					
						/s/ Pamela Marsh

				
	
					
						 

					
					
						 

					
					
						 

					
					
						Name:

					
					
						Pamela Marsh

				
	
					
						 

					
					
						 

					
					
						 

					
					
						Title:

					
					
						Managing Director, Treasurer

				

		
			 
		

		
			 
		

		
			
		

		
			

		 

		

			[Signature page to Amendment No. 1 to Guaranty]

		

 

		

			 

		

		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						    

					
					
						PRIVATE NATIONAL MORTGAGE

				
	
					
						 

					
					
						 

					
					
						ACCEPTANCE COMPANY, LLC, as Guarantor

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By: 

					
					
						/s/ Pamela Marsh

				
	
					
						 

					
					
						 

					
					
						 

					
					
						Name:

					
					
						Pamela Marsh

				
	
					
						 

					
					
						 

					
					
						 

					
					
						Title:

					
					
						Managing Director, Treasurer

				

		
			 
		

		
			
		

		

		 

		

			[Signature page to Amendment No. 1 to Guaranty]

		

 

		

			 

		

	
					
						

					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						    

					
					
						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 Guaranty]Exhibit

Exhibit 4(a)

	
					
	 
	 
	 
	 
	 

EIGHTH SUPPLEMENTAL INDENTURE

BETWEEN

BANK OF AMERICA CORPORATION

AND 

THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.

DATED AS OF FEBRUARY 23, 2017

Supplementing the Indenture for Senior Debt Securities dated as of January 1, 1995, 
as supplemented by a First Supplemental Indenture dated as of September 18, 1998,
Second Supplemental Indenture dated as of May 7, 2001,
Third Supplemental Indenture dated as of July 28, 2004,
Fourth Supplemental Indenture dated as of April 28, 2006,
Fifth Supplemental Indenture dated as of December 1, 2008,
Sixth Supplemental Indenture dated as of February 23, 2011
and
Seventh Supplemental Indenture dated as of January 13, 2017

	
					
	 
	 
	 
	 
	 

EIGHTH SUPPLEMENTAL INDENTURE
THIS EIGHTH SUPPLEMENTAL INDENTURE, dated as of February 23, 2017 (the “Eighth Supplemental Indenture”), between BANK OF AMERICA CORPORATION, a Delaware corporation (the “Company”), having its principal office at 100 North Tryon Street, Charlotte, North Carolina 28255, and THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A. (formerly known as The Bank of New York Trust Company, N.A.), a national banking association, as successor Trustee (the “Trustee”) under the Indenture referred to herein. 
W I T N E S S E T H:
WHEREAS, NationsBank Corporation, predecessor of the Company, and BankAmerica National Trust Company, predecessor trustee, previously entered into an Indenture for Senior Debt Securities, dated as of January 1, 1995 (the “Base Indenture”), which has been supplemented by a First Supplemental Indenture dated as of September 18, 1998, a Second Supplemental Indenture dated as of May 7, 2001, a Third Supplemental Indenture dated as of July 28, 2004, a Fourth Supplemental Indenture dated as of April 28, 2006, a Fifth Supplemental Indenture dated as of December 1, 2008, a Sixth Supplemental Indenture dated as of February 23, 2011 and a Seventh Supplemental Indenture dated as of January 13, 2017 (each, a “Supplemental Indenture” and together, the “Supplemental Indentures” and the Base Indenture as so supplemented by the Supplemental Indentures, the “Indenture”);
WHEREAS, Section 10.01(e) of the Base Indenture provides that without the consent of any holders of Securities, the Company, when authorized by or pursuant to a Board Resolution (as defined in Section 1.01 of the Base Indenture), and the Trustee may enter into an indenture supplemental to the Indenture for the purpose of modifying, eliminating or adding to any of the provisions of the Indenture, provided that any such change or elimination shall not apply to any Security Outstanding at the time of such change; 
WHEREAS, the Company desires to enter into an indenture supplemental to the Indenture for the purpose of modifying certain provisions of the Indenture relating to the permitted consolidation or merger of the Company and sale or conveyance of all or substantially all of the Company’s assets for all Securities to be issued on or after the date of such supplemental indenture;
WHEREAS, the Company has requested that the Trustee execute and deliver this Eighth Supplemental Indenture;
WHEREAS, the conditions set forth in the Base Indenture for the execution and delivery of this Eighth Supplemental Indenture have been satisfied; and
WHEREAS, all things necessary to make this Eighth Supplemental Indenture a valid agreement of the Company and the Trustee, in accordance with its terms, and a valid amendment of, and supplement to, the Indenture have been done.
NOW, THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, it is mutually covenanted and agreed that the Indenture is supplemented and amended to the extent and for the purposes expressed herein, as follows:
ARTICLE I 
CAPITALIZED TERMS 
Section 1.1    Definition of Terms.
For purposes of this Eighth Supplemental Indenture,

(a)    terms defined in the Base Indenture or any Supplemental Indenture have the same meaning when used in this Eighth Supplemental Indenture unless otherwise specified herein;
(b)    a term defined anywhere in this Eighth Supplemental Indenture has the same meaning throughout;
(c)    the singular includes the plural and vice versa; and
(d)    headings are for convenience of reference only and do not affect interpretation.
ARTICLE II 
AMENDMENTS TO THE INDENTURE
Section 2.1    Section 1.01 of the Base Indenture is hereby amended by inserting the following new defined term immediately following the definition of “Security Register and Security Registrar”:
“Subsidiary:
The term “Subsidiary” shall mean any Person of which more than 50% of the voting power of the outstanding ownership interests (excluding ownership interests entitled to voting power only by reason of the happening of a contingency) shall at the time be owned, directly or indirectly, by the Company, or one or more Subsidiaries, or by the Company and one or more Subsidiaries.  For this purpose, “voting power” means power to vote in an ordinary election of directors (or, in the case of a Person that is not a corporation, ordinarily to appoint or approve the appointment of Persons holding similar positions).”
Section 2.2    Section 11.01 of the Base Indenture is hereby amended by deleting such Section 11.01 in its entirety and replacing it with the following:
“The Company covenants that it will not merge into or consolidate with any other Person or sell or convey all or substantially all of its assets to any Person, other than a sale or conveyance of all or substantially all of its assets to one or more Subsidiaries, unless (1) either the Company shall be the continuing corporation, or the successor Person (if other than the Company) shall be organized and existing under the laws of the United States of America or a state thereof or the District of Columbia and such successor Person shall expressly assume the due and punctual payment of the principal of (and premium, if any, on) and any interest on all the Securities, according to their tenor, and the due and punctual performance and observance of all of the covenants and conditions of this Indenture to be performed by the Company by supplemental indenture satisfactory to the Trustee, executed and delivered to the Trustee by such successor Person, and (2) the Company or such successor Person, as the case may be, shall not, immediately after such merger or consolidation, or such sale or conveyance, be in default in the performance of any such covenant or condition."
Section 2.3    Section 11.02 of the Base Indenture is hereby amended by replacing each reference therein to “successor corporation” with “successor Person.”

ARTICLE III
MISCELLANEOUS 
Section 3.1    Effectiveness and Applicability.  
This Eighth Supplemental Indenture will become effective upon its execution and delivery. The amendments to the Indenture set forth herein shall apply to all Securities issued on or after the date of this Eighth Supplemental Indenture.  The amendments to the Indenture set forth herein shall not apply to any Securities issued prior to the date of this Eighth Supplemental Indenture, and the rights of the holders of any Securities issued prior to the date of this Eighth Supplemental Indenture shall not be modified hereby.  
Section 3.2    Successors and Assigns.  
All covenants and agreements in the Indenture, as supplemented and amended by this Eighth Supplemental Indenture, by the Company shall bind its successors and assigns, whether so expressed or not. 
Section 3.3    Further Assurances.  
The Company will, at its own cost and expense, execute and deliver any documents or agreements, and take any other actions that the Trustee or its counsel may from time to time request in order to assure the Trustee of the benefits of the rights granted to the Trustee under the Indenture, as supplemented and amended by this Eighth Supplemental Indenture. 
Section 3.4    Certain Duties and Responsibilities of the Trustee; Effect of Recitals.  
		
	(a)
	In entering into this Eighth Supplemental Indenture, the Trustee shall be entitled to the benefit of every provision of the Indenture relating to the conduct or affecting the liability or affording protection to the Trustee, whether or not elsewhere herein so provided.

		
	(b)
	The recitals contained herein shall be taken as the statements of the Company, and the Trustee assumes no responsibility for their correctness.  The Trustee makes no representations as to the validity or sufficiency of this Eighth Supplemental Indenture.  

Section 3.5    Ratification of Indenture.  The Indenture, as supplemented and amended by this Eighth Supplemental Indenture, is in all respects ratified and confirmed, and this Eighth Supplemental Indenture shall be deemed part of the Indenture in the manner and to the extent herein and therein provided. 
Section 3.6     Governing Law.  This Eighth Supplemental Indenture and the Notes shall be governed by and construed in accordance with the laws of the State of New York. 
Section 3.7    Counterparts.  This Eighth Supplemental Indenture may be executed in any number of counterparts each of which shall be an original; but such counterparts shall together constitute but one and the same instrument.
[Signature page follows.]

IN WITNESS WHEREOF, the parties hereto have caused this Eighth Supplemental Indenture to be duly executed as of the day and year first above written. 

BANK OF AMERICA CORPORATION

By:        /s/ Angela C. Jones        
Name:    Angela C. Jones
Title:      Managing Director

THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee

By:        /s/ Valere Boyd            
Name:    Valere Boyd
Title:    Vice President

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