Document:

10.3 Am 9 to A_R MRA

		

			 

		

		
			Exhibit 10.3
		

		
			 
		

			
					
						 

					
					
						 

				
	
					
						PLS REGULAR FACILITY

					
					
						EXECUTION VERSION

				

		
			 
		

		
			AMENDMENT NO. 9  TO
		

		
			THIRD AMENDED AND RESTATED MASTER REPURCHASE AGREEMENT
		

		
			 
		

		
			Amendment No. 9 to Third Amended and Restated Master Repurchase Agreement, dated as of April 1, 2020 (this “Amendment”), among Credit Suisse First Boston Mortgage Capital LLC (the “Administrative Agent”), Credit Suisse AG, a company incorporated in Switzerland, acting through its Cayman Islands Branch (a  “Buyer”), Alpine Securitization LTD (a “Buyer”), PennyMac Loan Services, LLC (the “Seller”) and Private National Mortgage Acceptance Company, LLC  (the  “Guarantor”).
		

		
			RECITALS
		

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

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

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

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

		
			1.1       adding the following definitions in proper alphabetical order:
		

		
			“SPIA VFN Repo Agreement” means that certain Master Repurchase Agreement dated as of April 1, 2020 by and among Seller, Administrative Agent and CS Cayman, as amended, restated, supplemented or otherwise modified from time to time.
		

		
			
		

		
			

		 

		

			-1-

		

		

			 

		

		

		
			“SPIA VPN Repo Documents” means the SPIA VFN Repo Agreement and the other “Program Agreements” as defined in the SPIA VPN Repo Agreement.
		

		
			1.2       deleting the definition of “Obligations” in its entirety and replacing it with the following:
		

		
			“Obligations” means (a) all of Seller’s indebtedness, obligations to pay the Repurchase Price on the Repurchase Date, the Price Differential on each Price Differential Payment Date, and other obligations and liabilities, to Administrative Agent and Buyers, its Affiliates or Custodian arising under, or in connection with, the Program Agreements, whether now existing or hereafter arising; (b) any and all sums paid by Administrative Agent, Buyers or Administrative Agent on behalf of Buyers in order to preserve any Purchased Mortgage Loan or its interest therein; (c) in the event of any proceeding for the collection or enforcement of any of Seller’s indebtedness, obligations or liabilities referred to in clause (a), the reasonable expenses of retaking, holding, collecting, preparing for sale, selling or otherwise disposing of or realizing on any Purchased Mortgage Loan, or of any exercise by Administrative Agent or Buyers of their rights under the Program Agreements, including, without limitation, attorneys’ fees and disbursements and court costs; (d) all of Seller’s indemnity obligations to Administrative Agent, Buyers and Custodian or both pursuant to the Program Agreements; (e) all of Seller’s obligations under the VFN Facility Documents; (f) all of Seller’s obligations under the Conventional MSR Loan Facility Documents; (g) all of Seller’s obligations under the MSR PC Repo Documents and (h) all of Seller’s obligations under the SPIA VPN Repo Documents.
		

		
			SECTION 2.  Security Interest. Section 8 of the Existing Repurchase Agreement is hereby amended by deleting subsection c. thereof in its entirety and replacing it with the following:
		

		
			c.          Administrative Agent and Seller hereby agree that in order to further secure Seller’s Obligations hereunder, Seller hereby grants to Administrative Agent, for the benefit of Buyers, a security interest in (i) Seller’s rights under the Conventional MSR Loan Facility Documents, SPIA VFN Repo Documents and the MSR PC Repo Documents, including, without limitation, any rights to receive payments thereunder or any rights to collateral thereunder whether now owned or hereafter acquired, now existing or hereafter created, and (ii) all collateral however defined or described under the Conventional MSR Loan Facility Documents, SPIA VFN Repo Documents and the MSR PC Repo Documents (the “Additional Collateral”). Seller hereby instructs Buyer, as lender under the Conventional MSR Loan Facility Documents, as the buyer under the SPIA VFN Repo Documents and the buyer under the MSR PC Repo Documents that upon receipt of a notice of an Event of Default under this Agreement, the Buyer, as the lender or buyer, as applicable, thereunder, is authorized and instructed to remit to Administrative Agent for the benefit of Buyers hereunder directly any amounts otherwise payable to Seller under the Conventional MSR Loan Facility Documents, the SPIA VFN Repo Documents and the MSR PC Repo Documents and to deliver to Administrative Agent for the benefit of Buyers all collateral otherwise deliverable to Seller. In furtherance of the foregoing, upon repayment of the entire “Obligations” (as defined in the Conventional MSR Loan Facility Documents) under the Conventional MSR Loan Agreement and the termination of all obligations of the lender thereunder or other termination of the Conventional MSR Loan Facility Documents following the repayment of all obligations thereunder that the lender thereunder deliver to Administrative Agent for the
		

		
			
		

		
			

		 

		

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			benefit of Buyers hereunder any collateral then in its possession or control. In furtherance of the foregoing, upon repayment of the entire “Obligations” (as defined in the MSR PC Repo Documents) under the MSR PC Repo Agreement and the termination of all obligations of the lender thereunder or other termination of the MSR PC Repo Documents following the repayment of all obligations thereunder that the lender thereunder deliver to Administrative Agent for the benefit of Buyers hereunder any collateral then in its possession or control.  In furtherance of the foregoing, upon repayment of the entire “Obligations” (as defined in the SPIA VFN Repo Documents) under the SPIA VFN Repo Agreement and the termination of all obligations of the lender thereunder or other termination of the SPIA VFN Repo Documents following the repayment of all obligations thereunder that the lender thereunder deliver to Administrative Agent for the benefit of Buyers hereunder any collateral then in its possession or control. The foregoing provision c. is intended to constitute a security agreement or other arrangement or other credit enhancement related to the Agreement and Transactions hereunder as defined under Sections 101(47)(v) and 741(7)(x) of the Bankruptcy Code.
		

		
			SECTION 3.    Cross Default. Section 15 of the Existing Repurchase Agreement is hereby amended by deleting subsection b. thereof in its entirety and replacing it with the following:
		

		
			b.         Cross Default.  Seller, Guarantor or Affiliates thereof shall be in default under (i) the VFN Facility Documents, (ii) the Conventional MSR Loan Facility Documents, (iii) the MSR PC Repo Documents, (iv) the SPIA VFN Repo Documents,  (v) any Indebtedness, in the aggregate, in excess of $1 million of Seller, Guarantor or any Affiliate thereof, including amounts owed under the VFN Facility Documents, SPIA VFN Repo Documents or the MSR PC Repo Documents, which default (1) involves the failure to pay a matured obligation, or (2) permits the acceleration of the maturity of obligations by any other party to or beneficiary with respect to such Indebtedness, or (vi) any other contract or contracts, in the aggregate in excess of $1 million to which Seller, Guarantor or any Affiliate thereof is a party which default (1) involves the failure to pay a matured obligation, or (2) permits the acceleration of the maturity of obligations by any other party to or beneficiary of such contract.
		

		
			SECTION 4.   Conditions Precedent.  This Amendment shall become effective as of the date hereof (the “Amendment Effective Date”),  subject to the satisfaction of the following conditions precedent:
		

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

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

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

		
			SECTION 5.   Representations and Warranties.  Seller hereby represents and warrants to the Administrative Agent and Buyers that it is in compliance with all the terms and provisions set forth in the Repurchase Agreement on its part to be observed or performed, and that
		

		
			
		

		
			

		 

		

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			no Event of Default has occurred or is continuing, and hereby confirms and reaffirms the representations and warranties contained in Section 13 of Repurchase Agreement.
		

		
			SECTION 6.    Limited Effect.  Except as expressly amended and modified by this Amendment, the Existing Repurchase Agreement shall continue to be, and shall remain, in full force and effect in accordance with its terms.
		

		
			SECTION 7.    Counterparts.  This Amendment may be executed by each of the parties hereto on any number of separate counterparts, each of which shall be an original and all of which taken together shall constitute one and the same instrument. Delivery of an executed counterpart of a signature page of this Amendment in Portable Document Format (PDF) or by facsimile shall be effective as delivery of a manually executed original counterpart of this Amendment.
		

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

		
			SECTION 10. Reaffirmation of Guaranty.  The Guarantor hereby ratifies and affirms all of the terms, covenants, conditions and obligations of the Guaranty and acknowledges and agrees that the term “Obligations” as used in the Guaranty shall apply to all of the Obligations of the Seller to Administrative Agent and Buyers under the Repurchase Agreement and related Program Agreements, as amended hereby.
		

		
			 
		

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

		
			 
		

			
					
						 

					
					
						CREDIT SUISSE FIRST BOSTON MORTGAGE CAPITAL LLC, as Administrative Agent

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Margaret Dellafera

				
	
					
						 

					
					
						 

					
					
						Name:

					
					
						Margaret Dellafera

				
	
					
						 

					
					
						 

					
					
						Title:

					
					
						Authorized Signatory

				

		
			 
		

		
			 
		

			
					
						 

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

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Margaret Dellafera

				
	
					
						 

					
					
						 

					
					
						Name:

					
					
						Margaret Dellafera

				
	
					
						 

					
					
						 

					
					
						Title:

					
					
						Authorized Signatory

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Dominic Obaditch

				
	
					
						 

					
					
						 

					
					
						Name:

					
					
						Dominic Obaditch

				
	
					
						 

					
					
						 

					
					
						Title:

					
					
						Authorized Signatory

				

		
			 
		

		
			 
		

			
					
						 

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

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Elie Chau

				
	
					
						 

					
					
						 

					
					
						Name:

					
					
						Elie Chau

				
	
					
						 

					
					
						 

					
					
						Title:

					
					
						Vice President

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Jason Ruchelsman

				
	
					
						 

					
					
						 

					
					
						Name:

					
					
						Jason Ruchelsman

				
	
					
						 

					
					
						 

					
					
						Title:

					
					
						Director

				

		
			 
		

		
			
		

		
			

		 

		

			Signature Page to Amendment No. 9 to Third Amended and Restated Master Repurchase Agreement

		

		

			 

		

		

		
			 
		

			
					
						

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						PENNYMAC LOAN SERVICES, LLC, as Seller

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Pamela Marsh

				
	
					
						 

					
					
						 

					
					
						Name:

					
					
						Pamela Marsh

				
	
					
						 

					
					
						 

					
					
						Title:

					
					
						Senior Managing Director and Treasurer

				

		
			 
		

		
			 
		

			
					
						

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						PRIVATE NATIONAL MORTGAGE ACCEPTANCE  COMPANY, LLC, as Guarantor

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Pamela Marsh

				
	
					
						 

					
					
						 

					
					
						Name:

					
					
						Pamela Marsh

				
	
					
						 

					
					
						 

					
					
						Title:

					
					
						Senior Managing Director and Treasurer

				

		
			 
		

		
			 
		

		 

		

			Signature Page to Amendment No. 9 to Third Amended and Restated Master Repurchase Agreement10.4 GMSR Supp Indent

		

			Exhibit 10.4

		

		

			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 Administrator and as Servicer
		

		
			and
		

		
			CREDIT SUISSE FIRST BOSTON MORTGAGE CAPITAL LLC,
		

		
			as Administrative Agent
		

		

		
			SERIES 2020-SPIADVF1 INDENTURE SUPPLEMENT
		

		
			Dated as of April 1, 2020
		

		
			To
		

		
			THIRD AMENDED AND RESTATED INDENTURE
		

		
			Dated as of April 1, 2020
		

		
			MSR COLLATERALIZED NOTES,
		

		
			SERIES 2020-SPIADVF1
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			

		 

		

			 

		

		

		
			TABLE OF CONTENTS
		

			
					
						

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						PAGE

				
	
					
						SECTION 1.

					
					
						CREATION OF SERIES 2020-SPIADVF1 NOTES.

					
1
				
	
					
						SECTION 2.

					
					
						DEFINED TERMS.

					
2
				
	
					
						SECTION 3.

					
					
						FORMS OF SERIES 2020-SPIADVF1 NOTES.

					
6
				
	
					
						SECTION 4.

					
					
						INTEREST PAYMENT AMOUNT.

					
6
				
	
					
						SECTION 5.

					
					
						PAYMENTS; NOTE BALANCE INCREASES; EARLY MATURITY.

					
6
				
	
					
						SECTION 6.

					
					
						OPTIONAL REDEMPTION.

					
7
				
	
					
						SECTION 7.

					
					
						DETERMINATION OF NOTE INTEREST RATE AND LIBOR.

					
8
				
	
					
						SECTION 8.

					
					
						CONDITIONS PRECEDENT SATISFIED.

					
8
				
	
					
						SECTION 9.

					
					
						REPRESENTATIONS AND WARRANTIES.

					
8
				
	
					
						SECTION 10.

					
					
						AMENDMENTS.

					
9
				
	
					
						SECTION 11.

					
					
						COUNTERPARTS.

					
9
				
	
					
						SECTION 12.

					
					
						ENTIRE AGREEMENT.

					
10
				
	
					
						SECTION 13.

					
					
						LIMITED RECOURSE.

					
10
				
	
					
						SECTION 14.

					
					
						OWNER TRUSTEE LIMITATION OF LIABILITY.

					
10
				

		
			 
		

		
			 
		

		
			

		 

		

			-i-

		

		

		
			 
		

		
			THIS SERIES 2020-SPIADVF1 INDENTURE SUPPLEMENT (this “Indenture Supplement”), dated as of April 1, 2020, is made by and among PNMAC GMSR ISSUER TRUST, a statutory trust organized under the laws of the State of Delaware, as issuer (the “Issuer”), CITIBANK, N.A., a national banking association, as indenture trustee (the “Indenture Trustee”), as calculation agent (the “Calculation Agent”), as paying agent (the “Paying Agent”) and as securities intermediary (the “Securities Intermediary”), PENNYMAC LOAN SERVICES, LLC, a limited liability company organized under the laws of the State of Delaware (“PLS”), as administrator (the “Administrator”) and as servicer (the “Servicer”), and CREDIT SUISSE FIRST BOSTON MORTGAGE CAPITAL LLC (“CSFB”), a Delaware limited liability company, as Administrative Agent (as defined herein).  This Indenture Supplement relates to and is executed pursuant to that certain Third Amended and Restated Base Indenture supplemented hereby, dated as of April 1, 2020, including the schedules and exhibits thereto (as amended, restated, supplemented, restated or otherwise modified from time to time, the “Base Indenture”), among the Issuer, PLS, the Indenture Trustee, the Calculation Agent, the Paying Agent, the Securities Intermediary, and PENTALPHA SURVEILLANCE LLC, a Delaware limited liability company, as credit manager (the “Credit Manager”), CSFB, as Administrative Agent and the “Administrative Agents” from time to time parties thereto, all the provisions of which are incorporated herein as modified hereby and shall be a part of this Indenture Supplement as if set forth herein in full (the Base Indenture as so supplemented by this Indenture Supplement, collectively referred to as the “Indenture”).
		

		
			Capitalized terms used and not otherwise defined herein shall have the respective meanings given them in the Base Indenture.
		

		
			PRELIMINARY STATEMENT
		

		
			The Issuer has duly authorized the issuance of a Series of Variable Funding Notes, the “PNMAC GMSR ISSUER TRUST MSR Collateralized Notes, Series 2020-SPIADVF1” (the “Series 2020-SPIADVF1 Notes”). The parties are entering into this Indenture Supplement to document the terms of the issuance of the Series 2020-SPIADVF1 Notes pursuant to the Base Indenture, which provides for the issuance of Notes in multiple series from time to time.
		

		
			Section 1.        Creation of Series 2020-SPIADVF1 Notes.
		

		
			There are hereby created, effective as of the Issuance Date, the Series 2020-SPIADVF1 Notes, to be issued pursuant to the Base Indenture and this Indenture Supplement, to be known as “PNMAC GMSR ISSUER TRUST MSR Collateralized Notes, Series 2020-SPIADVF1 Notes” The Series 2020-SPIADVF1 Notes are not rated and are subordinate to the Series 2016-MBSADV1 Notes, but shall not be subordinated to any other Series of Notes.  The Series 2020-SPIADVF1 Notes are issued in one (1) Class of Variable Funding Notes (Class A-SPIADVF1) with the Maximum VFN Principal Balance, Stated Maturity Date, Note Interest Rate and other terms as specified in this Indenture Supplement.  The Series 2020-SPIADVF1 Notes shall be secured by the Trust Estate Granted to the Indenture Trustee pursuant to the Base Indenture.  The Indenture Trustee shall hold the Trust Estate as collateral security for the benefit of the Noteholders of the Series 2020-SPIADVF1 Notes and all other Series of Notes issued under the Base Indenture as described therein.  In the event that any term or provision contained herein with respect to the Series 2020-SPIADVF1 Notes shall conflict with or be inconsistent with any term or provision
		

		
			
		

		
			

		 

		

			 

		

		

			 

		

		

		
			 
		

		
			contained in the Base Indenture, the terms and provisions of this Indenture Supplement shall govern to the extent of such conflict.
		

		
			Section 2.        Defined Terms.
		

		
			With respect to the Series 2020-SPIADVF1 Notes and in addition to or in replacement for the definitions set forth in Section 1.1 of the Base Indenture, the following definitions shall be assigned to the defined terms set forth below:
		

		
			“Additional Note Payment” means a payment made by the owner of the Owner Trust Certificate to the Noteholder of the Series 2020-SPIADVF1 Notes during the Revolving Period to reduce the unpaid principal balance of the Series 2020-SPIADVF1 Notes.
		

		
			“Administrative Agent” means, for so long as the Series 2020-SPIADVF1 Notes have not been paid in full: (i) with respect to the provisions of this Indenture Supplement, CSFB, or an Affiliate or successor thereto; and (ii) with respect to the provisions of the Base Indenture, and notwithstanding the terms and provisions of any other Indenture Supplement, CSFB, and such other parties as set forth in any other Indenture Supplement, or a respective Affiliate or any respective successor thereto.  For the avoidance of doubt, reference to “it” or “its” with respect to the Administrative Agent in the Base Indenture shall mean “them” and “their,” and reference to the singular therein in relation to the Administrative Agent shall be construed as if plural.
		

		
			“Advance Rate” means, with respect to the Series 2020-SPIADVF1 Notes, on any date of determination, the weighted average percentage of the Collateral Value, weighted based on (i) (A) with respect to Servicing Advances, the portion of the Advance Reimbursement Balance allocable to each type of Advance Reimbursement Amount for the related Advance or (B) with respect to MBS Advances, and either the Ginnie Mae I MBS Program or Ginnie Mae II MBS Program, respectively, the unpaid principal balance attributable to FHA Loans, VA Loans or Other Loans, respectively, that are delinquent as of the most recent date of determination and (ii) the applicable Advance Rate Percentage.
		

		
			“Advance Rate Percentage”  means, with respect to any type of Advance, the applicable “Advance Rate Percentage” set forth in Schedule 1 hereto, which may be updated from time to time with the consent of the Administrative Agent and the Administrator and a copy of such updated Schedule to Ginnie Mae.
		

		
			“Base Indenture” has the meaning assigned to such term in the Preamble.
		

		
			“Class A-SPIADVF1 Notes” means, the Variable Funding Notes, Class A-SPIADVF1 Variable Funding Notes, issued hereunder by the Issuer, having an aggregate VFN Principal Balance of no greater than the applicable Maximum VFN Principal Balance.
		

		
			“Corporate Trust Office”  means the corporate trust offices of the Indenture Trustee at which at any particular time its corporate trust business with respect to the Issuer shall be administered, which offices at the Closing Date are located at Citibank, N.A., Agency & Trust, 388 Greenwich Street, New York, NY 10013, Attention: PNMAC GMSR ISSUER TRUST MSR Collateralized Notes, and for Note transfer, exchange or surrender purposes, at Citibank, N.A., 480
		

		
			
		

		
			

		 

		

			2

		

		

			 

		

		

		
			 
		

		
			Washington Boulevard, 30th Floor, Jersey City, New Jersey, 07310, Attention: Agency and Trust - PNMAC GMSR ISSUER TRUST MSR Collateralized Notes.
		

		
			“CSCIB” means Credit Suisse AG, Cayman Islands Branch and its permitted successors or assigns.
		

		
			“Cumulative Interest Shortfall Amount Rate” means, with respect to the Series 2020-SPIADVF1 Notes, 3.00% per annum.
		

		
			“Default Supplemental Fee” means for the Series 2020-SPIADVF1 Notes and each Payment Date during the Full Amortization Period and on the date of final payment of such Notes (if the Full Amortization Period is continuing on such final payment date), a fee equal to (1) the related Cumulative Default Supplemental Fee Shortfall Amount, plus (2) the product of
		

		
			(a)        the Default Supplemental Fee Rate multiplied by
		

		
			(b)        the average daily Note Balance since the prior Payment Date of the Series 2020-SPIADVF1 Notes multiplied by
		

		
			(c)        a fraction, the numerator of which is the number of days elapsed from and including the prior Payment Date (or, if later, the commencement of the Full Amortization Period) to but excluding such Payment Date and the denominator of which equals 360.
		

		
			“Default Supplemental Fee Rate” means, with respect to the Series 2020-SPIADVF1 Notes, 3.00% per annum.
		

		
			“Eligible Advance Reimbursement Amounts” means, any Advance Reimbursement Amount related to an Advance that meets each of the criteria specified for such type of Advance set forth in Schedule 2 hereto, which may be updated from time to time with the consent of the Administrative Agent and the Administrator.
		

		
			“FHA Servicing Advance Reimbursement Amounts” means, any Servicing Advance Reimbursement Amounts related to reimbursements for previously made Servicing Advances on any FHA Loan.
		

		
			“Indenture” has the meaning assigned to such term in the Preamble.
		

		
			“Indenture Supplement” has the meaning assigned to such term in the Preamble.
		

		
			“Ineligible Advance” means any Advance that is related to a Portfolio Mortgage Loan in an MBS with any of the designations set forth in Schedule 3 hereto, which may be updated from time to time with the consent of the Administrative Agent and the Administrator.
		

		
			“Initial Note Balance” means, in the case of the Series 2020-SPIADVF1 Notes, an amount determined by the Administrative Agents, the Issuer and the Administrator on the Issuance Date, which amount is set forth in an Issuer Certificate delivered to the Indenture Trustee.  For the avoidance of doubt, the requirement for minimum bond denominations in Section 6.2 of the Base Indenture shall not apply in the case of the Series 2020-SPIADVF1 Notes.
		

		
			
		

		
			

		 

		

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			“Interest Accrual Period” means, for the Series 2020-SPIADVF1 Notes and any Payment Date, the period beginning on the immediately preceding Payment Date (or, in the case of the first Payment Date, the Issuance Date) and ending on the day immediately preceding the current Payment Date.  The Interest Payment Amount for the Series 2020-SPIADVF1 Notes on any Payment Date shall be determined based on the Interest Day Count Convention.
		

		
			“Interest Day Count Convention” means with respect to the Series 2020-SPIADVF1 Notes, the actual number of days in the related Interest Accrual Period divided by 360.
		

		
			“Issuance Date” means April 1, 2020.
		

		
			“LIBOR” means the London interbank offered rate.
		

		
			“LIBOR Determination Date” means for each Interest Accrual Period, the second London Banking Day prior to the commencement of such Interest Accrual Period.
		

		
			“LIBOR Index Rate” means for a one-month period, the LIBOR per annum (rounded upward, if necessary, to the next higher one hundred-thousandth of a percentage point) for deposits in U.S. Dollars for a one-month period, which appears on the LIBOR01 Page as of 11:00 a.m. (London, England time) on the date that is two (2) London Banking Days before the commencement of such one-month period.
		

		
			“LIBOR Rate” means, with respect to any Interest Accrual Period with respect to which interest is to be calculated by reference to the “LIBOR Rate,” (a) the LIBOR Index Rate for a one-month period, if such rate is available, (b) in the event that LIBOR and LIBOR Index Rate are phased out, and a new benchmark intended as a replacement for LIBOR and LIBOR Index Rate is established or administered by the Financial Conduct Authority or ICE Benchmark Administration or other comparable authority, and such new benchmark with a one-month maturity is readily available through Bloomberg or a comparable medium, then the Administrator, with the Administrative Agent’s written consent, shall direct the Indenture Trustee to utilize such new benchmark with a one-month maturity for all purposes hereof in place of the LIBOR Index Rate (including any mathematical or other adjustments to the new benchmark rate (if any) incorporated therein as determined by the Administrator and the Administrative Agent in a manner substantially consistent with market practice with respect to similarly situated counterparties with substantially similar assets in similar facilities and reasonably necessary such that the parties are similarly situated to the period before the replacement of LIBOR), and (c) if the LIBOR Index Rate cannot be determined or has been phased out and no new benchmark under clause (b) has been established, the arithmetic average of the rates of interest per annum (rounded upward, if necessary, to the nearest 1/100 of 1%) at which deposits in U.S. Dollars in immediately available funds are offered to the Administrative Agent at 11:00 a.m. (London, England time) two (2) London Banking Days before the beginning of such one-month period by three (3) or more major banks in the interbank Eurodollar market selected by the Administrative Agent for delivery on the first day of and for a period equal to such one-month period and in an amount equal or comparable to the principal amount of the portion of the Note Balance on which the “LIBOR Rate” is being calculated.
		

		
			“LIBOR01 Page” means the display designated as “LIBOR01 Page” on the Reuters Service (or such other page as may replace the LIBOR01 Page on that service or such other service as may
		

		
			
		

		
			

		 

		

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			be nominated by the ICE Benchmark Administration as an information vendor for the purpose of displaying ICE Benchmark Administration interest settlement rates for U.S. Dollar deposits).
		

		
			“London Banking Day” means any day on which commercial banks and foreign exchange markets settle payment in both London and New York City.
		

		
			“Margin” means, for the Series 2020-SPIADVF1 Notes, 5.00% per annum.
		

		
			“Maximum VFN Principal Balance” means, for the Series 2020-SPIADVF1 Notes, $1,000,000,000, or (i) such other amount, calculated pursuant to a written agreement between the Administrator and the Administrative Agent or (ii) such lesser amount designated by the Administrator in accordance with the terms of the Base Indenture.
		

		
			“Nonrecoverable Advance” means, any  Servicing Advance that is determined to be “non-recoverable” from late collections of the Mortgage Loan in respect of which such Servicing Advance was made or from Liquidation Proceeds, FHA Claim Proceeds, USDA Claim Proceeds, PIH Claim Proceeds or VA Claim Proceeds.
		

		
			“Note Interest Rate” means, with respect to any Interest Accrual Period, the sum of (a) the greater of (i) LIBOR Rate and (ii) 0.50% plus (b) the Margin.
		

		
			“Other Loan” means, any Mortgage Loan other than an FHA Loan or a VA Loan.
		

		
			“Other Servicing Advance Reimbursement Amounts” means, any Servicing Advance Reimbursement Amounts related to reimbursements for previously made Servicing Advances on any Other Loan.
		

		
			“PLS” has the meaning assigned to such term in the Preamble.
		

		
			“Purchaser” means PLS in its capacity as “Seller” under the PC Repurchase Agreement, and its successors and permitted assigns under the PC Repurchase Agreement.
		

		
			“Redeemable Notes” has the meaning assigned to such term in Section 6 of this Indenture Supplement.
		

		
			“Series 2020-SPIADVF1 Repurchase Agreement” means the Master Repurchase Agreement, dated as of April 1, 2020, among PLS, as seller, CSCIB, as buyer, and CSFB, as administrative agent.
		

		
			“Series Required Noteholders” means, for so long as the Series 2020-SPIADVF1 Notes are Outstanding, 100% of the Noteholders of the Series 2020-SPIADVF1 Notes.  With respect to the Series 2020-SPIADVF1 Notes, any Action provided by the Base Indenture or this Indenture Supplement to be given or taken by a Noteholder shall be taken by CSCIB, as the buyer of the Series 2020-SPIADVF1 Notes under the Series 2020-SPIADVF1 Repurchase Agreement.
		

		
			“SPIA VFN Advance Rate Reduction Event” means the occurrence of any of the events set forth in Schedule 4 hereto, which may be updated from time to time with the consent of the Administrative Agent and the Administrator.
		

		
			
		

		
			

		 

		

			5

		

		

			 

		

		

		
			 
		

		
			“Stated Maturity Date” means, for Series 2020-SPIADVF1 Notes, one (1) year following the end of the Revolving Period.
		

		
			“VA Servicing Advance Reimbursement Amounts” means, any VA Servicing Advance Reimbursement Amounts related to reimbursements for previously made Servicing Advances on any VA Loan.
		

		
			“WSFS” has the meaning assigned to such term in Section 14 hereof.
		

		
			Section 3.        Forms of Series 2020-SPIADVF1 Notes.
		

		
			The Series 2020-SPIADVF1 Notes shall only be issued in definitive, fully registered form and the form of the Rule 144A Definitive Note that may be used to evidence the Series 2020-SPIADVF1 Notes in the circumstances described in Section 5.2(c) of the Base Indenture is attached to the Base Indenture as Exhibit A-2.  None of the Series 2020-SPIADVF1 Notes shall be issued as Regulation S Notes nor shall any Series 2020-SPIADVF1 Notes be sold in offshore transactions in reliance on Regulation S.
		

		
			Section 4.        Interest Payment Amount.
		

		
			Two (2) Business Days prior to each Payment Date, the Administrator shall report the calculation of the Interest Payment Amount for the Interest Accrual Period preceding such Payment Date for inclusion in the Calculation Agent Report.
		

		
			Section 5.        Payments; Note Balance Increases; Early Maturity.
		

		
			(a)        Except as otherwise expressly set forth herein, the Paying Agent shall make payments on the Series 2020-SPIADVF1 Notes on each Payment Date in accordance with Section 4.5 of the Base Indenture.
		

		
			(b)        In addition, on the third Business Day of each week other than the week of a Payment Date or an Interim Payment Date,  prior to the commencement of the Full Amortization Period, based on information provided to the Paying Agent by the Administrator two (2) Business Days prior to the third Business Day of such week, to the extent any MBS Advance Reimbursement Amounts attributable to the Series 2020-SPIADVF1 and funded under the Series 2020-SPIADVF1 Notes are received in the prior week, the Paying Agent shall distribute the pro rata share of such MBS Advance Reimbursement Amounts on deposit in the Note Payment Account in accordance with Section 4.5(a)(2)(v) of the Base Indenture. With respect to any remaining Advance Reimbursement Available Funds, the Paying Agent shall make payments in accordance with Section 4.5(a)(2) of the Base Indenture.  The Note Balance of the Series 2020-SPIADVF1 Notes may be increased from time to time on certain Funding Dates in accordance with the terms and provisions of Section 4.3 of the Base Indenture, but not in excess of the related Maximum VFN Principal Balance.
		

		
			(c)        Any payments of principal allocated to the Series 2020-SPIADVF1 Notes during a Full Amortization Period shall be applied to the Class A-SPIADVF1 Notes until their Note Balance thereof has been reduced to zero.
		

		
			
		

		
			

		 

		

			6

		

		

			 

		

		

		
			 
		

		
			(d)        The parties hereto acknowledge that the Series 2020-SPIADVF1 Notes will be financed by CSCIB under the Series 2020-SPIADVF1 Repurchase Agreement, pursuant to which PLS will sell all its rights, title and interest in the Series 2020-SPIADVF1 Notes to CSCIB.  The parties hereto acknowledge that with respect to the Series 2020-SPIADVF1 Notes, any Action provided by the Base Indenture or this Indenture Supplement to be given or taken by a Noteholder shall be taken by CSCIB, as the buyer of the Series 2020-SPIADVF1 Notes under the Series 2020-SPIADVF1 Repurchase Agreement.  Subject to the foregoing, the Administrative Agent and the Issuer further confirm that the Series 2020-SPIADVF1 Notes issued on the Issuance Date pursuant to this Indenture Supplement shall be issued in the name of “Credit Suisse First Boston Mortgage Capital LLC, solely in its capacity as Administrative Agent on behalf of Credit Suisse AG, Cayman Islands Branch”.  The Issuer and the Administrative Agent hereby direct the Indenture Trustee to issue the Series 2020-SPIADVF1 Notes in the name of “Credit Suisse First Boston Mortgage Capital LLC, solely in its capacity as Administrative Agent on behalf of Credit Suisse AG, Cayman Islands Branch”.
		

		
			(e)        During the Revolving Period, on any Business Day, and otherwise on each Interim Payment Date and each Payment Date, in accordance with Sections 4.4 and 4.5, respectively, of the Base Indenture, the owner of the Owner Trust Certificate may make Additional Note Payments to the Noteholder of the Series 2020-SPIADVF1 Notes. Additional Note Payments made to the Noteholder of the Series 2020-SPIADVF1 Notes on a Business Day other than an Interim Payment Date or Payment Date shall be reported to the Indenture Trustee in the next Determination Date Report following such Additional Note Payment and by the Indenture Trustee in the next succeeding Interim Payment Date Report or Payment Date Report, as applicable. Such Additional Note Payments shall be applied to reduce the unpaid principal balance of the Series 2020-SPIADVF1 Notes.
		

		
			Section 6.        Optional Redemption.
		

		
			The Issuer may, at any time, upon at least five (5) Business Days’ prior written notice to the Administrative Agent, redeem in whole or in part, and/or terminate and cause retirement of the Series 2020-SPIADVF1 Notes (such Notes, the “Redeemable Notes”).  The Redeemable Notes are subject to optional redemption by the Issuer pursuant to Section 13.1 of the Base Indenture, in whole or in part (so long as, in the case of any partial redemption, each Class of Redeemable Notes is redeemed on a pro-rata basis based on their related Note Balances and each redemption is allocated ratably among the Noteholders of each Class of Redeemable Notes) with respect to such group of Classes, on any Business Day after the date on which the related Revolving Period ends or on any Business Day within five (5) days prior to the end of such Revolving Period upon five (5) days’ prior notice to the Noteholders.  In anticipation of a redemption of the Redeemable Notes at the end of their Revolving Period, the Issuer may issue a new Series or one or more Classes of Notes within the ninety (90) day period prior to the end of such Revolving Period and reserve the cash proceeds of the issuance for the sole purpose of paying the principal balance and all accrued and unpaid interest on the Redeemable Notes to be redeemed, on the last day of their Revolving Period.  Any supplement to this Indenture Supplement executed to effect an optional redemption may be entered into without consent of the Noteholders of any of the Series 2020-SPIADVF1 Notes pursuant to Section 12.1(a)(iv) of the Base Indenture.  Any Notes issued in replacement for the Redeemable Notes will have the same rights and privileges as the Class of Redeemable Note
		

		
			
		

		
			

		 

		

			7

		

		

			 

		

		

		
			 
		

		
			that was refinanced with the related proceeds thereof; provided, such replacement Notes may have different Stated Maturity Dates.
		

		
			Section 7.        Determination of Note Interest Rate and LIBOR.
		

		
			(a)        At least one (1) Business Day prior to each Determination Date, the Indenture Trustee shall calculate the Note Interest Rate for the related Interest Accrual Period and the Interest Payment Amount for the Series 2020-SPIADVF1 Notes for the upcoming Payment Date, and include a report of such amount in the related Payment Date Report.
		

		
			(b)        On each LIBOR Determination Date, the Indenture Trustee will determine the LIBOR Rate for the succeeding Interest Accrual Period for the related Series 2020-SPIADVF1 Notes on the basis of the procedures specified in the definition of LIBOR Rate.
		

		
			(c)        The establishment of the LIBOR Rate by the Indenture Trustee and the Indenture Trustee’s subsequent calculation of the Note Interest Rate and the Interest Payment Amount on the Series 2020-SPIADVF1 Notes for the relevant Interest Accrual Period, in the absence of manifest error, will be final and binding.
		

		
			Section 8.        Conditions Precedent Satisfied.
		

		
			The Issuer hereby represents and warrants to the Noteholders of the Series 2020-SPIADVF1 Notes and the Indenture Trustee that, as of the related Issuance Date, each of the conditions precedent set forth in the Base Indenture, to the issuance of the Series 2020-SPIADVF1 Notes have been satisfied or waived in accordance with the terms thereof.
		

		
			Section 9.        Representations and Warranties.
		

		
			The Issuer, the Administrator, the Servicer and the Indenture Trustee hereby restate as of the related Issuance Date, or as of such other date as is specifically referenced in the body of such representation and warranty, all of the representations and warranties set forth in Sections 9.1, 10.1 and 11.14, respectively, of the Base Indenture.
		

		
			The Administrator hereby represents and warrants that it is not in default with respect to any material contract under which a default should reasonably be expected to have a material adverse effect on the ability of the Administrator to perform its duties under this Indenture or any Indenture Supplement, or with respect to any order of any court, administrative agency, arbitrator or governmental body which would have a material adverse effect on the transactions contemplated hereunder, and no event has occurred which with notice or lapse of time or both would constitute such a default with respect to any such contract or order of any court, administrative agency, arbitrator or governmental body.
		

		
			PLS hereby represents and warrants that it is not in default with respect to any material contract under which a default should reasonably be expected to have a material adverse effect on the ability of PLS to perform its duties under this Indenture, any Indenture Supplement or any Transaction Document to which it is a party, or with respect to any order of any court, administrative agency, arbitrator or governmental body which would have a material adverse effect on the transactions contemplated hereunder, and no event has occurred which with notice or lapse
		

		
			
		

		
			

		 

		

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			of time or both would constitute such a default with respect to any such contract or order of any court, administrative agency, arbitrator or governmental body,
		

		
			Section 10.      Amendments.
		

		
			(a)        Notwithstanding any provisions to the contrary in Article XII of the Base Indenture but subject to the provisions set forth in Sections 12.1 and 12.3 of the Base Indenture, without the consent of the Noteholders of the Series 2020-SPIADVF1 Notes but with the consent of the Issuer (evidenced by its execution of such amendment), the Indenture Trustee, the Administrator, the Servicer (solely in the case of any amendment that adversely affects the rights or obligations of the Servicer or adds new obligations or increases existing obligations of the Servicer), and the Administrative Agent, at any time and from time to time, upon delivery of an Issuer Tax Opinion and upon delivery by the Issuer to the Indenture Trustee of an Officer’s Certificate to the effect that the Issuer reasonably believes that such amendment will not have a material Adverse Effect, may amend any Transaction Document for any of the following purposes: (i) to correct any mistake or typographical error or cure any ambiguity, or to cure, correct or supplement any defective or inconsistent provision herein or any Transaction Document; or (ii) to amend any other provision of this Indenture Supplement.  For the avoidance of doubt, the consent of the Servicer is not required for (i) the waiver of any Event of Default or (ii) any other modification or amendment to any Event of Default except those related to the actions and omissions of the Servicer.  This Indenture Supplement may be otherwise amended or otherwise modified from time to time in a written agreement among (i) 100% of the Noteholders of the Series 2020-SPIADVF1 Notes, (ii) the Issuer, (iii) the Administrator, (iv) subject to the immediately preceding sentence, the Servicer, (v) the Administrative Agent and (vi) the Indenture Trustee.
		

		
			(b)        Notwithstanding any provisions to the contrary in Section 6.10 or Article XII of the Base Indenture, no supplement, amendment or indenture supplement entered into with respect to the issuance of a new Series of Notes or pursuant to the terms and provisions of Section 12.2 of the Base Indenture may, without the consent of the Series Required Noteholders, supplement, amend or revise any term or provision of this Indenture Supplement.
		

		
			(c)        For the avoidance of doubt, the Issuer and the Administrator hereby covenant that the Issuer shall not issue any future Series of Notes without designating an entity to act as “Administrative Agent” under the related Indenture Supplement with respect to such Series of Notes.
		

		
			(d)        Any amendment of this Indenture Supplement which affects the rights, duties, immunities, obligations or liabilities of the Owner Trustee in its capacity as owner trustee under the Trust Agreement shall require the written consent of the Owner Trustee.
		

		
			Section 11.      Counterparts.
		

		
			This Indenture Supplement may be executed in any number of counterparts, by manual or facsimile signature, 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 to this Indenture Supplement by facsimile or other electronic means shall be effective as delivery of a manually executed counterpart of this Indenture Supplement.
		

		
			
		

		
			

		 

		

			9

		

		

			 

		

		

		
			 
		

		
			Section 12.      Entire Agreement.
		

		
			This Indenture Supplement, together with the Base Indenture incorporated herein by reference and the related Transaction Documents, constitutes the entire agreement among the parties hereto with respect to the subject matter hereof, and fully supersedes any prior or contemporaneous agreements relating to such subject matter.
		

		
			Section 13.      Limited Recourse.
		

		
			Notwithstanding any other terms of this Indenture Supplement, the Series 2020-SPIADVF1 Notes, any other Transaction Documents or otherwise, the obligations of the Issuer under the Series 2020-SPIADVF1 Notes, this Indenture Supplement and each other Transaction Document to which it is a party are limited recourse obligations of the Issuer, payable solely from the Trust Estate, and following realization of the Trust Estate and application of the proceeds thereof in accordance with the terms of this Indenture Supplement, none of the Noteholders of Series 2020-SPIADVF1 Notes, the Indenture Trustee or any of the other parties to the Transaction Documents shall be entitled to take any further steps to recover any sums due but still unpaid hereunder or thereunder, all claims in respect of which shall be extinguished and shall not thereafter revive.  No recourse shall be had for the payment of any amount owing in respect of the Series 2020-SPIADVF1 Notes or this Indenture Supplement or for any action or inaction of the Issuer against any officer, director, employee, shareholder, stockholder or incorporator of the Issuer or any of their successors or assigns for any amounts payable under the Series 2020-SPIADVF1 Notes or this Indenture Supplement.  It is understood that the foregoing provisions of this Section 13 shall not (a) prevent recourse to the Trust Estate for the sums due or to become due under any security, instrument or agreement which is part of the Trust Estate, including, without limitation, the PC Guaranty and the PMT Guaranty or (b) save as specifically provided therein, constitute a waiver, release or discharge of any indebtedness or obligation evidenced by the Series 2020-SPIADVF1 Notes or secured by this Indenture Supplement.  It is further understood that the foregoing provisions of this Section 13 shall not limit the right of any Person to name the Issuer as a party defendant in any proceeding or in the exercise of any other remedy under the Series 2020-SPIADVF1 Notes or this Indenture Supplement, so long as no judgment in the nature of a deficiency judgment or seeking personal liability shall be asked for or (if obtained) enforced against any such Person or entity.
		

		
			Section 14.      Owner Trustee Limitation of Liability.
		

		
			It is expressly understood and agreed by the parties hereto that (a) this Agreement is executed and delivered by Wilmington Savings Fund Society, FSB (“WSFS”), 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 WSFS 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 WSFS, 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) WSFS has made no investigation as to the accuracy or completeness of any representations or warranties made by the Issuer in this Agreement and (e)
		

		
			
		

		
			

		 

		

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			under no circumstances shall WSFS 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 Agreement or any other related documents.
		

		
			 
		

		
			 
		

		
			

		 

		

			11

		

		

		
			 
		

		
			IN WITNESS WHEREOF, the undersigned have caused this Indenture Supplement to be duly executed by their respective signatories thereunto all as of the day and year first above written.
		

			
					
						 

					
					
						PNMAC GMSR ISSUER TRUST, as Issuer

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:  Wilmington Savings Fund Society, FSB, not in its individual capacity but solely as Owner Trustee

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Shaheen Mohajer

				
	
					
						 

					
					
						 

					
					
						Name:

					
					
						Shaheen Mohajer

				
	
					
						 

					
					
						 

					
					
						Title:

					
					
						Vice President

				

		
			 
		

		
			
		

		
			

		 

		

			[Signature Page to PNMAC GMSR ISSUER TRUST

		

		

			Series 2020-SPIADVF1 Indenture Supplement]

		

		

			 

		

		

		
			 
		

			
					
						 

					
					
						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

				

		
			 
		

		
			
		

		
			

		 

		

			[Signature Page to PNMAC GMSR ISSUER TRUST

		

		

			Series 2020-SPIADVF1 Indenture Supplement]

		

		

			 

		

		

		
			 
		

			
					
						 

					
					
						PENNYMAC LOAN SERVICES, LLC, as Administrator and as Servicer

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Pamela Marsh

				
	
					
						 

					
					
						 

					
					
						Name:

					
					
						Pamela Marsh

				
	
					
						 

					
					
						 

					
					
						Title:

					
					
						Senior Managing Director and Treasurer

				

		
			 
		

		
			
		

		
			

		 

		

			[Signature Page to PNMAC GMSR ISSUER TRUST

		

		

			Series 2020-SPIADVF1 Indenture Supplement]

		

		

			 

		

		

		
			 
		

			
					
						 

					
					
						CREDIT SUISSE FIRST BOSTON MORTGAGE CAPITAL, LLC, as Administrative Agent

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Dominic Obaditch

				
	
					
						 

					
					
						 

					
					
						Name:

					
					
						Dominic Obaditch

				
	
					
						 

					
					
						 

					
					
						Title:

					
					
						Vice President

				

		
			 
		

		
			 
		

		
			 
		

		
			

		 

		

			[Signature Page to PNMAC GMSR ISSUER TRUST

		

		

			Series 2020-SPIADVF1 Indenture Supplement]

		

		

		
			 
		

		
			SCHEDULE 1
		

		
			 
		

		
			Advance Rates
		

		
			 
		

		
			 
		

		
			 
		

		
			

		 

		

			Sch. 1 - 1

		

		

		
			 
		

		
			SCHEDULE 2
		

		
			 
		

		
			Eligible Advance Reimbursement Amounts Criteria
		

		
			 
		

		
			 
		

		
			 
		

		
			

		 

		

			Sch. 2  - 1

		

		

		
			 
		

		
			SCHEDULE 3
		

		
			 
		

		
			Ineligible Advance Designations
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			

		 

		

			Sch. 3  - 1

		

		

		
			 
		

		
			SCHEDULE 4
		

		
			 
		

		
			SPIA VFN Advance Rate Reduction Events
		

		
			 
		

		
			 
		

		 

		

			Sch. 4 - 1

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