SEC Contract Filing

Filing Date: 2016-12-21

Document Content:
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<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>d469888dex101.htm
<DESCRIPTION>EX-10.1
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<TITLE>EX-10.1</TITLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.1 </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>EXECUTION VERSION </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SECOND
AMENDED AND RESTATED MASTER SPREAD ACQUISITION AND MSR </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SERVICING AGREEMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>PREAMBLE</U> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">This
Second Amended and Restated Master Spread Acquisition and MSR Servicing Agreement (the &#147;<U>Agreement</U>&#148;) is entered into by and between PennyMac Loan Services, LLC, a Delaware limited liability company (the &#147;<U>Seller</U>&#148;), on
the one hand, and PennyMac Holdings, LLC, a Delaware limited liability company (&#147;<U>PMH</U>&#148; or the &#147;<U>Purchaser</U>&#148;), as of December&nbsp;19, 2016. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>RECITALS</U> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">WHEREAS,
the Seller and the Purchaser previously entered into the Amended and Restated Master Spread Acquisition and MSR Servicing Agreement, dated as of April&nbsp;20, 2015, as amended by the Amendment No.&nbsp;1 to Amended and Restated Master Spread
Acquisition and MSR Servicing Agreement, dated as of August&nbsp;26, 2015 and the Amendment No.&nbsp;2 to Amended and Restated Master Spread Acquisition and MSR Servicing Agreement, dated as of November&nbsp;10, 2015 (the &#147;<U>Existing
Agreement</U>&#148;); </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">WHEREAS, the Seller may from time to time originate, or acquire from third parties, mortgage servicing rights; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">WHEREAS, the Purchaser may from time to time desire to acquire the right to excess servicing spread arising from such mortgage servicing
rights; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">WHEREAS, the Seller and the Purchaser desire that the Seller service the mortgage loans to which such servicing rights relate and
provide additional administrative services; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">WHEREAS, the Seller desires to retain the right to refinance the residential mortgage loans
in the pool and the Seller will obtain a competitive benefit from serving as the servicer of such mortgage loans and the Purchaser consents to such right, as long as the Servicing Rights and a portion of the servicing spread with respect to the
newly-originated residential mortgage loans and/or similar residential mortgage loans are retained by the Seller and the excess servicing spread with respect to such mortgage loans is assigned by the Seller to the Purchaser as described herein; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">WHEREAS, the Seller desires to create a Participation Certificate (as defined herein) to evidence the Purchased MSR Excess Spread; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">WHEREAS, the Purchaser desires to finance the Participation Certificate with the Seller pursuant to the Master Repurchase Agreement, dated as
of the date hereof, by and between the Purchaser, as seller thereunder, and Seller, as buyer thereunder (as amended, modified or supplemented from time to time hereafter, the &#147;<U>PMH Repurchase Agreement</U>&#148;), and the Seller has required
certain changes in order to facilitate the same; </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">WHEREAS, the Seller desires to acquire financing to fund its advances under the PMH Repurchase
Agreement pursuant to the Master Repurchase Agreement, dated as of the date hereof, between the Seller, as seller thereunder, and the Issuer, as buyer thereunder (as amended, modified or supplemented from time to time hereafter, the &#147;<U>PC
Repurchase Agreement</U>&#148;); </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">WHEREAS, the Purchaser has agreed to return each Participation Certificate issued under the Existing
Agreement to the Seller for cancellation, in exchange for the Participation Certificate to be issued on the date hereof and any cash necessary to reflect any difference in the aggregate value of each Participation Certificate issued under the
Existing Agreement and the value of the Participation Certificate issued on the date hereof; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">WHEREAS, the parties hereto have
requested that the Existing Agreement be amended and restated, in its entirety, on the terms and subject to the conditions set forth herein. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">NOW, THEREFORE, in consideration of