[Information indicated with brackets has been excluded from this exhibit because it is not material and would be competitively harmful if publicly disclosed]
JOINT AMENDMENT NO. 4 TO LOAN AND SECURITY AGREEMENT (FREDDIE MAC MSRS) AND AMENDMENT NO. 3 TO LOAN AND SECURITY AGREEMENT AMENDED AND RESTATED PRICING SIDE LETTER
This Joint Amendment No. 4 to Loan and Security Agreement and Amendment No. 3 to Pricing Side Letter (this “Amendment”) is made as of this 21th day of October, 2020, by and among CREDIT SUISSE FIRST BOSTON MORTGAGE CAPITAL LLC (the “Administrative Agent”), CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH (the “Lender”), PRIVATE NATIONAL MORTGAGE ACCEPTANCE COMPANY, LLC (the “Guarantor”) and PENNYMAC LOAN SERVICES, LLC (the “ Borrower” and the “Servicer”), and amends that certain Loan and Security Agreement, dated as of February 1, 2018, as amended by Amendment No. 1, dated as of January 29, 2020, Amendment No. 2, dated as of April 1, 2020, and Amendment No. 3, dated as of April 24, 2020 (as may be further amended, restated, supplemented or otherwise modified from time to time, the “Loan Agreement”), by and among the Lender, the Guarantor and the Borrower, and that certain Loan and Security Agreement Amended and Restated Pricing Side Letter, dated as of September 11, 2019, as amended by Amendment No. 1, dated as of April 1, 2020, and Amendment No. 2, dated as of April 24, 2020 (as may be further amended, restated, supplemented or otherwise modified from time to time, the “Pricing Side Letter” and Pricing Side Letter, together with the Loan Agreement, the “Agreements”), by and among the Borrower, the Guarantor and the Lender.
WHEREAS, the Administrative Agent, the Lender, the Guarantor and the Borrower have agreed to amend the Loan Agreement and the Pricing Side Letter as more particularly set forth herein.
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 to the Loan Agreement. Effective as of the date hereof:
(a) Section 1.1 of Schedule I of the Loan Agreement is hereby amended by deleting the defined terms “Default Rate” and “Maturity Date” in their entirety and replacing such terms with the following:
“Default Rate” means, with respect to any Loan for any Interest Period, and any late payment of fees or other amounts due hereunder, the Base Rate for the related Interest Period (or for all successive Interest Periods during which such fees or other amounts were delinquent), plus [*****] per annum.
“Maturity Date” means April 23, 2021.
SECTION 2. Amendment to the Pricing Side Letter. Effective as of the date hereof:
(a) Section 1 of the Pricing Side Letter is hereby amended by deleting the defined term “Applicable Margin” in its entirety and replacing it with the following:
“Applicable Margin” means with respect to the Note, (i) prior to the occurrence of an Event of Default, [*****] per annum, and (ii) following the occurrence and during the continuance of an Event of Default [*****] per annum.