AMENDMENT NO. 10
TO MASTER REPURCHASE AGREEMENT
Amendment No. 10 to Master Repurchase Agreement, dated as of August 3, 2020 (this Amendment), between UBS AG, by and through its branch office at 1285 Avenue of the Americas, New York, New York (the Buyer) and United Shore Financial Services, LLC (the Seller).
The Buyer and the Seller are parties to (a) that certain Master Repurchase Agreement, dated as of November 5, 2014 (as amended by Amendment No. 1, dated as of November 4, 2015, Amendment No. 2, dated as of August 16, 2016, Amendment No. 3, dated as of November 2, 2016, Amendment No. 4, dated as of January 12, 2018, Amendment No. 5, dated as of May 30, 2018, Amendment No. 6, dated as of January 14, 2019, Amendment No. 7, dated as of February 21, 2019, Amendment No. 8, dated as of January 13, 2020 and Amendment No. 9, dated as of April 15, 2020, the Existing Repurchase Agreement; and as further amended by this Amendment, the Repurchase Agreement) and (b) that certain Pricing Letter, dated as of November 5, 2014 (as amended, restated, supplemented or otherwise modified from time to time, the Pricing Letter). Capitalized terms used but not otherwise defined herein shall have the meanings given to them in the Existing Repurchase Agreement and Pricing Letter, as applicable.
The Buyer and the Seller 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.
Accordingly, the Buyer and the Seller 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. The definition of Asset Value in Section 2 of the Existing Repurchase Agreement is hereby amended by: (i) deleting or at the end of clause (a)(ix), (ii) deleting and at the end of clause (a)(x) and replacing it with or and (iii) adding the following new subsection at the end of subsection (a):
(xi) such Purchase Asset is a Conforming Mortgage Loan and (x) has been subject to a Transaction for more than thirty (30) calendar days and (y) Seller fails to deliver the documents required pursuant to Section 11(ii); and
SECTION 2. Covenants. Section 11 of the Existing Repurchase Agreement is hereby amended by adding the following new subsection at the end thereof:
(ii) Conforming Mortgage Loan Reporting. If a Conforming Mortgage Loan has been subject to a Transaction hereunder for thirty (30) calendar days or more, Seller Party shall provide copies of the documents listed in subsections (a)(iii), (a)(iv) and (a)(viii) of Exhibit A to the Custodial Agreement to Buyer within two (2) Business Days.