So it Financing and you can Coverage Agreement (due to the fact exact same concluded, modified, restated or supplemented occasionally, it

Agreement) is made as of ong PENNYMAC LOAN SERVICES, LLC, as lender (the Lender) and PENNYMAC HOLDINGS, LLC, as borrower (the Borrower).

WHEREAS, in order to finance Portfolio Excess Spread (as defined below) owned by Borrower from time to time, Borrower has requested and Lender has made and will make available to Borrower a revolving credit facility in an amount not to exceed the Maximum Loan Amount (the Business). Loan Improve and collectively, the Loan) will be used by Borrower to finance Portfolio Excess Spread (as defined below);

Today, Thus, into the thought of your own mutual agreements established herein, and other a great and rewarding thought, the fresh receipt and you may sufficiency of which are hereby approved, Financial and Debtor hereby agree the following.

Per get better made by Lender in order to Debtor pursuant compared to that Agreement (for every, a good

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Acknowledgement Arrangement means with respect to Agency Servicing Rights, an acknowledgement agreement in the form prescribed by Fannie Mae, Freddie Mac or Ginnie Mae, as applicable to be executed by Lender and such Agency as a condition to the Lender’s participating Fannie Mae, Freddie Mac or Ginnie Mae (as the case may be) Servicing Rights to the Borrower and otherwise acceptable to Lender in its sole discretion.

Member

Work regarding Insolvency means, with respect to any Person or its s, (i) the filing of a petition, commencing, or authorizing the commencement of any case or proceeding, or the voluntary joining of any case or proceeding under any bankruptcy, insolvency, reorganization, liquidation, dissolution or similar law relating to the protection of creditors, or suffering any such petition or proceeding to be commenced by another which is consented to, not timely contested or results in entry of an order for relief; (ii) the seeking of the appointment of a receiver, trustee, custodian or similar official for such party or an or any substantial part of the property of either; (iii) the appointment of a receiver, conservator, or manager for such party or an by any governmental agency or authority having the jurisdiction to do so; (iv) the making or offering by such party or an of a composition with its creditors or a https://paydayloanalabama.com/pisgah/ general assignment for the benefit of creditors; (v) the admission by such party or an of such party of its inability to pay its debts or discharge its obligations as they become due or mature; or (vi) that any governmental authority or agency or any person, agency or entity acting or purporting to act under governmental authority shall have taken any action to condemn, seize or appropriate, or to assume custody or control of, all or any substantial part of the property of such party or of any of its s, or shall have taken any action to displace the management of such party or of any of its s or to curtail its authority in the conduct of the business of such party or of any of its s.

Advance Date means, subject to the satisfaction of the conditions precedent set forth in Article V hereof, the date on which a Loan Advance is made by Lender pursuant to Section 2.02.

means, with respect to any Person, any affiliate of such Person, as such term is defined in the Bankruptcy Code; given, although not, that in respect of Borrower the term shall include only Private National Mortgage Acceptance Company, LLC and its wholly owned subsidiaries and in respect of Lender the term shall include only PennyMac Mortgage Investment Trust and its wholly owned subsidiaries.