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). Mortgage Get better and collectively, the Loan) will be used by Borrower to finance Portfolio Excess Spread (as defined below);

Now, Hence, inside attention of shared plans set forth here, and other an effective and you may valuable idea, the fresh acknowledgment and you will sufficiency of which are hereby accepted, Financial and you will Borrower hereby consent below.

For each and every get better made by Bank so you can Borrower pursuant compared to that Contract (for every, a

Acknowledgement Agreement 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 loans in Daphne Mae (as the case may be) Servicing Rights to the Borrower and otherwise acceptable to Lender in its sole discretion.

Associate

Operate from 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 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. Read more