Document:

EX-10.1

 Exhibit 10.1 

FOURTH AMENDMENT 
 TO

 LOAN AND SECURITY AGREEMENT 

This Fourth Amendment to Loan and Security Agreement (this “Amendment”) is entered into as of July 31, 2019, by and between
PACIFIC WESTERN BANK, a California state chartered bank (“Bank”), and UNUM THERAPEUTICS INC. (“Borrower”). 

RECITALS 
 Borrower and Bank are
parties to that certain Loan and Security Agreement dated as of January 19, 2017 (as amended from time to time, the “Agreement”). The parties desire to amend
the Agreement in accordance with the terms of this Amendment. 
 NOW, THEREFORE, the parties agree as follows: 

 

	1)	 Section 6.6 of the Agreement is hereby amended and restated, as follows: 

6.6 Primary Depository. Borrower shall at all times maintain at least the lesser of $50,000,000 or substantially
all of its cash in depository and operating accounts with Bank or its Affiliates. Without limitation of the foregoing, of the foregoing cash balances maintained with Bank and its Affiliates, (i) until the Term Loan has been funded in accordance
with Section 2.1(b)(i), Borrower shall maintain at least the lesser of $50,000,000 or substantially all cash in accounts with Bank, and (ii) after the Term Loan has been funded in accordance with Section 2.1(b)(i), Borrower shall
maintain at least the lesser of $15,000,000 or substantially all of the foregoing cash balance in accounts with Bank. Borrower may maintain any excess amounts with other financial institutions, provided that Borrower, Bank, and any such financial
institution shall have entered into an account control agreement with respect to any such accounts, in form and substance satisfactory to Bank. Notwithstanding the above, (x) Borrower may maintain the Silicon Valley Bank Cash Collateral Account
at Silicon Valley Bank provided that the balance does not exceed $1,255,400 at any time, (y) Borrower may maintain an aggregate amount not to exceed $10,000,000 in its operating account held at Silicon Valley Bank until September 29, 2019,
after which all cash in any accounts held at Silicon Valley Bank, unless otherwise permitted herein, shall be transferred to Bank, and (z) Borrower may maintain a collateral account at Silicon Valley Bank with an amount not exceeding $250,000
at any time to secure reimbursement obligations under corporate credit cards. For the avoidance of doubt, no account control agreements in favor of Bank shall be required with respect to any accounts permitted under these clauses (x), (y) and (z).
Borrower may transfer cash to the MSC Subsidiary so long as the MSC Investment Conditions have been met. 
  

	2)	 A new subsection (n) is hereby added to the defined term “Permitted Indebtedness” in Exhibit A
to the Agreement, as follows: 

 (n) Indebtedness not to exceed $250,000 in the aggregate outstanding at
any time arising under a credit card facility provided by Silicon Valley Bank. 

	3)	 A new subsection (m) is hereby added to the defined term “Permitted Liens” in Exhibit A to the
Agreement, as follows: 

 (m) Liens on Cash in a collateral account with Silicon Valley Bank in an amount
not to exceed $250,000 at any time securing reimbursement obligations under a credit card facility provided by Silicon Valley Bank. 
  

	4)	 Unless otherwise defined, all initially capitalized terms in this Amendment shall be as defined in the
Agreement. The Agreement, as amended hereby, shall be and remain in full force and effect in accordance with its respective terms and hereby is ratified and confirmed in all respects. Except as expressly set forth herein, the execution, delivery,
and performance of this Amendment shall not operate as a waiver of, or as an amendment of, any right, power, or remedy of Bank under the Agreement, as in effect prior to the date hereof. Borrower ratifies and reaffirms the continuing effectiveness
of all agreements entered into in connection with the Agreement. 

  

	5)	 Borrower represents and warrants that the representations and warranties contained in the Agreement are true
and correct as of the date of this Amendment. 

  

	6)	 This Amendment may be executed in two or more counterparts, each of which shall be deemed an original, but all
of which together shall constitute one instrument. 

  

	7)	 As a condition to the effectiveness of this Amendment, Bank shall have received, in form and substance
satisfactory to Bank, the following: 

  

	 	a)	 this Amendment, duly executed by Borrower; 

 

	 	b)	 payment of all Bank Expenses, including Bank’s expenses for the documentation of this amendment and any
related documents, and any UCC, good standing or intellectual property search or filing fees, which may be debited from any of Borrower’s accounts; and 

  

	 	c)	 such other documents and completion of such other matters, as Bank may reasonably deem necessary or
appropriate. 

 [Signature Page Follows] 

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

 

							
	UNUM THERAPEUTICS INC.	  	PACIFIC WESTERN BANK
				
	By:	  	 /s/ Charles Wilson
	  	By:	  	 /s/ Joseph Holmes Dague

	Name:	  	Charles Wilson	  	Name:	  	Joseph Holmes Dague
	Title:	  	President and CEO	  	Title:	  	Senior Vice President

 [Signature Page to Fourth Amendment to Loan and Security Agreement]pmt-ex101_202.htm

Exhibit 10.1

 

 
 
AMENDMENT NUMBER SIX

to the

AMENDED AND RESTATED MASTER REPURCHASE AGREEMENT

Dated as of March 3, 2017,

by and among

PENNYMAC LOAN SERVICES, LLC,

PENNYMAC HOLDINGS, LLC,
PENNYMAC CORP.

and

CITIBANK, N.A.

 

This AMENDMENT NUMBER SIX (this “Amendment Number Six”) is made this 15th day of May, 2019, by and among PENNYMAC CORP. (“PMAC”), PENNYMAC HOLDINGS, LLC (together with PMAC, each a “Seller” and collectively, the “Sellers”), PENNYMAC LOAN SERVICES, LLC (“Servicer”) and CITIBANK, N.A. (“Buyer”), to the Amended and Restated Master Repurchase Agreement, dated as of March 3, 2017, by and among Sellers, Servicer 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, Sellers, Servicer and Buyer have agreed to amend the Agreement as more specifically set forth herein; and

WHEREAS, as of the date hereof, Sellers and Servicer represent to Buyer that the Seller Parties and Servicer 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.Amendments. 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 the sum of (ii) (a) the aggregate outstanding Purchase Price (as such term is defined in the PMAC Agency Repurchase Agreement) of all Loans (as such term is defined in the PMAC Agency Repurchase Agreement) then subject to outstanding Transactions (as such term is defined in the PMAC Agency Repurchase Agreement) under the PMAC Agency Repurchase Agreement and (b) 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 restating the definition of "Uncommitted Amount" as follows:

“Uncommitted Amount” shall mean an amount equal to (i) $550,000,000 reduced by (ii) the Uncommitted Amount (as such term is defined in the PMAC Agency Repurchase Agreement) of all Loans (as such term is defined in the PMAC Agency Repurchase Agreement) then subject to outstanding Transactions (as such term is defined in the PMAC Agency Repurchase Agreement) under the PMAC Agency Repurchase Agreement.

Section 2.Effectiveness.  This Amendment Number Six shall become effective as of the date that Buyer shall have received counterparts of this Amendment Number Six duly executed by each of the parties hereto.

Section 3.Fees and Expenses.  Sellers agree to pay to Buyer all reasonable out of pocket costs and expenses incurred by Buyer in connection with this Amendment Number Six (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.  Sellers and Servicer hereby represent to Buyer that as of the date hereof, the Seller Parties and Servicer 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 Six shall be binding and inure to the benefit of the parties hereto and their respective successors and permitted assigns.  THIS AMENDMENT NUMBER SIX 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 Six 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 Six 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, Sellers, Servicer and Buyer have caused this Amendment Number Six to be executed and delivered by their duly authorized officers as of the Amendment Effective Date.

 

	
PENNYMAC CORP.,

	
(Seller)

	
 
	
 

	
By:
	
/s/ Pamela Marsh

	
Name:
	
 Pamela Marsh

	
Title:
	
Managing Director, Treasurer

 

	
PENNYMAC HOLDINGS, LLC,

	
(Seller)

	
 
	
 

	
By:
	
/s/ Pamela Marsh

	
Name:
	
 Pamela Marsh

	
Title:
	
Managing Director, Treasurer

 

	
PENNYMAC LOAN SERVICES, LLC,

	
(Servicer)

	
 
	
 

	
By:
	
/s/ Pamela Marsh

	
Name:
	
 Pamela Marsh

	
Title:
	
Managing Director, Treasurer

 

	
CITIBANK, N.A.

	
(Buyer and Agent, as applicable)

	
 
	
 

	
 
	
 

	
By:
	
/s/ Susan Mills

	
Name:
	
 Susan Mills

	
Title:
	
Vice President

	
 
	
Citibank, NA

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