EX-10.64



 Exhibit 10.64 

EXECUTION VERSION 
 AMENDMENT
NO. 5
 TO MASTER REPURCHASE AGREEMENT 

Amendment No. 5 to Master Repurchase Agreement, dated as of March 27, 2014 (this “Amendment”), by and among Bank of
America, N.A. (“Buyer”), PennyMac Corp. (“Seller”), PennyMac Mortgage Investment Trust and PennyMac Operating Partnership, L.P. (individually and collectively, the “Guarantor”). 

RECITALS 
 Buyer,
Guarantor and Seller are parties to that certain Master Repurchase Agreement, dated as of November 7, 2011 (as amended from time to time, the “Existing Master Repurchase Agreement”; and as further amended by this Amendment, the
“Master Repurchase Agreement”). The Guarantor is a party to that certain Guaranty (as amended from time to time, the “Guaranty”), dated as of November 7, 2011, made by Guarantor in favor of Buyer. 

Buyer, Seller and Guarantor have agreed, subject to the terms and conditions of this Amendment, that the Existing Master Repurchase Agreement
be amended to reflect certain agreed upon revisions to the terms of the Existing Master Repurchase Agreement. As a condition precedent to amending the Existing Master Repurchase Agreement, Buyer has required Guarantor to ratify and affirm the
Guaranty on the date hereof. 
 Accordingly, Buyer, Seller and Guarantor hereby agree, in consideration of the mutual premises and mutual
obligations set forth herein, that the Existing Master Repurchase Agreement is hereby amended as follows: 
 SECTION 1.
Covenants. Section 14 of the Existing Master Repurchase Agreement is hereby amended by deleting subsection (a)(4) in its entirety and replacing it with the following: 

(4) Profitability. (A) PMIT shall maintain profitability of at least $1.00 in Net Income for the Test Period; and (B) PMOP
shall maintain profitability of at least $1.00 in Net Income for the Test Period less any mark-to-market adjustments with respect to the derivative related to the issuance of PennyMac Corp. 5.375% Exchangeable Senior Notes due 2020. 

SECTION 2. Fees. Section 34 of the Existing Master Repurchase Agreement is hereby amended by deleting subsection (c) in
its entirety and replacing it with the following (modified text underlined for review purposes): 
 c. The Facility Fee (as such term is
defined in the Transaction Terms Letter) shall be deemed earned in full on the Effective Date and if this Agreement is renewed, thereafter on or before the anniversary of the Effective Date. The Facility Fee shall be payable in monthly
installments, which shall be paid on March 27, 2014 and on the Price Differential Payment Date every month thereafter. Such payment shall be made in Dollars, in immediately available funds, without deduction, set-off or
counterclaim, to Buyer at such account designated by Buyer. In the event Seller terminates this Agreement prior to the Termination Date, the unpaid portion of the Facility Fee shall be paid in full. In the event that this Agreement is assigned by
Seller (with the 







 
prior written consent of Buyer) or this Agreement is terminated and replaced with a New Facility, Seller shall be permitted to credit any paid and unused allocable portion of the Facility Fee
toward any facility fee required under any such New Facility. 
 SECTION 3. Fees and Expenses. Seller hereby agrees to pay to
Buyer, on demand, any and all reasonable fees, costs and expenses (including reasonable fees and expenses of counsel) incurred by Buyer in connection with the development, preparation and execution of this Amendment, irrespective of whether any
transactions hereunder are executed. 
 SECTION 4. Conditions Precedent. This Amendment shall become effective as of the date
hereof upon Buyer’s receipt of this Amendment, executed and delivered by a duly authorized officer of Buyer, Seller and Guarantor. 

SECTION 5. Limited Effect. Except as expressly amended and modified by this Amendment, the Existing Master Repurchase Agreement
shall continue to be, and shall remain, in full force and effect in accordance with its terms. 
 SECTION 6. Counterparts. This
Amendment may be executed by each of the parties hereto on any number of separate counterparts, each of which shall be an original and all of which taken together shall constitute one and the same instrument. 

SECTION 7. Severability. Each provision and agreement herein shall be treated as separate and independent from any other provision
or agreement herein and shall be enforceable notwithstanding the unenforceability of any such other provision or agreement. 

SECTION 8. GOVERNING LAW. THE AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE CONSTRUED IN
ACCORDANCE WITH, AND GOVERNED BY, THE LAW OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO THE CONFLICT OF LAWS PRINCIPLES THEREOF. 

SECTION 9. Reaffirmation of Guaranty. The Guarantor hereby (i) agrees that the liability of Guarantor or rights of Buyer
under the Guaranty shall not be affected as a result of this Amendment, (ii) ratifies and affirms all of the terms, covenants, conditions and obligations of the Guaranty and (iii) acknowledges and agrees that such Guaranty is and shall
continue to be in full force and effect. 
 [SIGNATURE PAGE FOLLOWS] 

  
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 IN WITNESS WHEREOF, the parties have caused their names to be signed hereto by their respective
officers thereunto duly authorized as of the day and year first above written. 
  

			
	 BANK OF AMERICA, N.A., as Buyer

		
	By:	 	 /s/ Adam Robitshek

		 	Name: Adam Robitshek
		 	Title: Vice President
	
	PENNYMAC CORP., as Seller
		
	By:	 	 /s/ Pamela Marsh

		 	Name: Pamela Marsh
		 	Title: Executive Vice President, Treasurer
	
	PENNYMAC MORTGAGE INVESTMENT TRUST, as Guarantor
		
	By:	 	 /s/ Pamela Marsh

		 	Name: Pamela Marsh
		 	Title: Executive Vice President, Treasurer
	
	PENNYMAC OPERATING PARTNERSHIP, L.P., as Guarantor
	
	By: PennyMac GP OP, Inc., its General Partner
		
	By:	 	 /s/ Pamela Marsh

		 	Name: Pamela Marsh
		 	Title: Executive Vice President, Treasurer


 Signature Page to Amendment No. 5 to Master Repurchase Agreement