Document:

pfsi_EX_1012

		
			Exhibit 10.12
		

		
			SEVENTH AMENDMENT TO MASTER REPURCHASE AGREEMENT
		

		
			Dated as of October 11, 2019
		

		
			Between:
		

		
			PENNYMAC LOAN SERVICES, LLC, as Seller
		

		
			and
		

		
			JPMORGAN CHASE BANK, N.A., as Buyer
		

		
			The Parties have agreed to amend the Master Repurchase Agreement dated August 19, 2016 between them (the “Original MRA”, as amended by the First Amendment to Master Repurchase Agreement dated May 23, 2017, the Second Amendment to Master Repurchase Agreement dated September 27, 2017, the Third Amendment to Master Repurchase Agreement dated October 13, 2017, the Fourth Amendment to Master Repurchase Agreement dated October 13, 2017, the Fifth Amendment to Master Repurchase Agreement dated October 12, 2018 and the Sixth Amendment to Master Repurchase Agreement dated July 23, 2019 (the “Amended MRA”) and as amended hereby and as further supplemented, amended or restated from time to time (the “MRA”)), to extend the latest Termination Date, revise the net income financial covenant and modify the financial statements requirement, and they hereby amend the Amended MRA as follows.
		

		
			All capitalized terms used in the Amended MRA and used, but not defined differently, in this amendment have the same meanings here as there.
		

		
			1.         Definitions; Interpretation
		

		
			The following definition is amended to read as follows:
		

		
			“Termination Date” means the earliest of (i) the Business Day, if any, that Sellers designate as the Termination Date by written notice given to Buyer at least sixty (60) days (or, if Section 8(d) is applicable, thirty (30) days) before such date, (ii) if a Change in Executive Management has occurred, the Business Day, if any, that Buyer designates as the Termination Date by written notice given to Sellers at least ninety (90) days before such date, (iii) the date of declaration of the Termination Date pursuant to Section 12(b)(i), and (iv) October 9, 2020.
		

		
			11.       Seller’s Covenants
		

		
			Section 10(h)(vii) is amended to read as follows:
		

		
			(vii)     from time to time, with reasonable promptness, such further information regarding the Mortgage Assets, or the business, operations, properties or financial condition of Seller and any Guarantor as Buyer may reasonably request; provided that with respect to Guarantor’s financial condition, Buyer’s request for fiscal year-end financial statements of Guarantor shall be satisfied by delivery of statements of income, changes in stockholders’ equity and cash flows of PennyMac
		

		
			
		

		
			

		 

		

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			Financial Services, Inc. (“PFSI”) and its Subsidiaries on a consolidated basis for the preceding fiscal year, the related balance sheet as of the end of such year (setting forth in comparative form the corresponding figures for the preceding fiscal year), all in reasonable detail, prepared in accordance with GAAP applied on a consistent basis throughout the periods involved, and accompanied by an opinion in form and substance satisfactory to Buyer (without a “going concern” or like qualification, commentary or exception and without any qualification or exception as to the scope of such audit) and prepared by an accounting firm reasonably satisfactory to Buyer, or other independent certified public accountants of recognized standing selected by PFSI and acceptable to Buyer, each stating that said financial statements fairly present in all material respects the financial condition, cash flows and results of operations of PFSI and its Subsidiaries, on a consolidated basis as of the end of, and for, such year.
		

		
			(The remainder of this page is intentionally blank; counterpart signature pages follow)
		

		
			 
		

		
			 
		

		
			

		 

		

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			As amended hereby, the Amended MRA remains in full force and effect, and the Parties hereby ratify and confirm it.
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						JPMORGAN CHASE BANK, N.A.

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						By:

					
					
						/s/ Lindsay R. Schelstrate

					
					
						 

				
	
					
						 

					
					
						     Lindsay R.Schelstrate

					
					
						 

				
	
					
						 

					
					
						     Authorized Officer

					
					
						 

				

		
			 
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						PENNYMAC LOAN SERVICES, LLC

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						By:

					
					
						/s/ Pamela Marsh

					
					
						 

				
	
					
						 

					
					
						     Pamela Marsh

					
					
						 

				
	
					
						 

					
					
						     Senior Managing Director and Treasurerpfsi_EX_1013

		
			Exhibit 10.13
		

		
			FIRST AMENDMENT TO GUARANTY
		

		
			THIS FIRST AMENDMENT TO GUARANTY dated October 11, 2019 (this “First Amendment to Guaranty”) amending (for the first time) the Guaranty dated August 19, 2016 (the “Original Guaranty” and, as amended hereby, the “Guaranty”) made by PRIVATE NATIONAL MORTGAGE ACCEPTANCE COMPANY, LLC (the “Guarantor”) in favor of JPMorgan Chase Bank, N.A. (“Chase”), recites and provides as follows:
		

		
			Recitals
		

		
			Guarantor and Chase have agreed to amend the Original Guaranty to revise the Net Income covenant, and hereby do so.  The sole Section of this First Amendment to Guaranty is numbered to correspond to the number of the only Section of the Original Guaranty amended hereby.
		

		
			Amendment
		

		
			4.Covenants of Guarantor.
		

		
			(g)  Financial Statements and Other Reports.
		

		
			Section 4(g)(ii) of the Original Guaranty is hereby amended to read as follows:
		

		
			(ii)As soon as available and in any event not later than ninety (90) days after the end of each fiscal year of Guarantor, statements of income, changes in stockholders’ equity and cash flows of PennyMac Financial Services, Inc. (“PFSI”) and its Subsidiaries on a consolidated basis for the preceding fiscal year, the related balance sheet as of the end of such year (setting forth in comparative form the corresponding figures for the preceding fiscal year), all in reasonable detail, prepared in accordance with GAAP applied on a consistent basis throughout the periods involved, and accompanied by an opinion in form and substance satisfactory to Chase (without a “going concern” or like qualification, commentary or exception and without any qualification or exception as to the scope of such audit) and prepared by an accounting firm reasonably satisfactory to Chase, or other independent certified public accountants of recognized standing selected by PFSI and acceptable to Chase, each stating that said financial statements fairly present in all material respects the financial condition, cash flows and results of operations of PFSI and its Subsidiaries, on a consolidated basis as of the end of, and for, such year;
		

		
			(The remainder of this page is intentionally blank; counterpart signature pages follow)
		

		
			 
		

		
			 
		

		
			

		 

		

		
			As amended hereby, Guarantor hereby ratifies, confirms and reaffirms the Guaranty as being in full force and effect.
		

		
			Executed as the date first above written.
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						PRIVATE NATIONAL MORTGAGE ACCEPTANCE COMPANY, LLC

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						By:

					
					
						/s/ Pamela Marsh

					
					
						 

				
	
					
						 

					
					
						    Pamela Marsh

					
					
						 

				
	
					
						 

					
					
						    Senior Managing Director and Treasurer

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						Accepted and agreed to:

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						JPMORGAN CHASE BANK, N.A.

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						By:

					
					
						/s/ Lindsay Schelstrate

					
					
						 

				
	
					
						 

					
					
						    Lindsay Schelstrate

					
					
						 

				
	
					
						 

					
					
						    Authorized Officer

					
					
						 

				

		
			 
		

		 

		

			Counterpart signature page to First Amendment to Guarantypfsi_EX_1014

		
			Exhibit 10.14
		

		
			 
		

		
			EXECUTION
		

		
			AMENDMENT NO. 2
TO MASTER REPURCHASE AGREEMENT
		

		
			Amendment No. 2 to Master Repurchase Agreement, dated as of October 28, 2019 (this “Amendment”), by and among BANK OF AMERICA, N.A. (“Administrative Agent”, and together with Capital One, National Association and The Bank of New York Mellon, the “Buyers”), PENNYMAC LOAN SERVICES, LLC (the “Seller”) and PRIVATE NATIONAL MORTGAGE ACCEPTANCE COMPANY, LLC (the “Guarantor”).
		

		
			RECITALS
		

		
			Administrative Agent, Buyers, Seller and Guarantor are parties to that certain Amended and Restated Master Repurchase Agreement, dated as of October 29, 2018  (as amended, restated, supplemented or otherwise modified 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, dated as of October 29, 2018 (as amended, restated, supplemented or otherwise modified from time to time, the “Guaranty”), made by Guarantor in favor of Administrative Agent on behalf of Buyers.
		

		
			Administrative Agent, Buyers, 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,  Administrative Agent has required Guarantor to ratify and affirm the Guaranty on the date hereof.
		

		
			Accordingly, Administrative Agent, Buyers, Seller and Guarantor hereby agree, in consideration of the mutual promises and mutual obligations set forth herein, that the Existing Master Repurchase Agreement is hereby amended as follows:
		

		
			SECTION 1.  Glossary of Defined Terms.  Exhibit A to the Existing Master Repurchase Agreement is hereby amended by:
		

		
			1.1       deleting the definition of “Termination Date” in its entirety and replacing it with the following:
		

		
			Termination Date: January 27, 2020.
		

		
			1.2       adding the following definition in its proper alphabetical order.
		

		
			PFSI: As defined in Section 9.21(3) of this Agreement.
		

		
			SECTION 2.   Notices.  Section  9.21(3) of the Existing Master Repurchase Agreement is hereby amended by deleting such section in its entirety and replacing it with the following:
		

		
			(3) as soon as available and in any event within ninety (90) days after the end of each fiscal year of PennyMac Financial Services, Inc. (“PFSI”), the consolidated and consolidating balance sheets of PFSI, which is the parent entity of the Guarantor, and its consolidated 
		

		
			
		

		
			

		 

		

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			Subsidiaries and the balance sheet of Seller and Guarantor, each as at the end of such fiscal year and the related consolidated and consolidating statements of income and the related consolidated statements of retained earnings and of cash flows for PFSI and its consolidated Subsidiaries, Guarantor and Seller for such year, setting forth in each case in comparative form the figures for the previous year, accompanied by an unqualified opinion thereon of independent certified public accountants of recognized national standing, which opinion and the scope of audit shall be acceptable to Administrative Agent in its sole and exclusive discretion, shall have no “going concern” qualification and shall state that said consolidated and consolidating financial statements or financial statements, as applicable, fairly present the consolidated and consolidating financial condition or financial condition, as applicable, and results of operations of PFSI and its respective consolidated Subsidiaries, Guarantor or Seller, as applicable, as at the end of, and for, such fiscal year in accordance with GAAP;
		

		
			SECTION 3.   Events of Default. Section 11.1(n) of the Existing Master Repurchase Agreement is hereby amended by deleting such section in its entirety and replacing it with the following:
		

		
			(n) Financial Statements.  PFSI’s audited annual financial statements or the notes thereto or other opinions or conclusions stated therein shall be qualified or limited by reference to the status of PFSI as a “going concern” or a reference of similar import;
		

		
			SECTION 4.   Fees and Expenses.  Seller hereby agrees to pay to Administrative Agent, on demand, any and all reasonable out-of-pocket fees, costs and expenses (including reasonable fees and expenses of counsel) incurred by Administrative Agent in connection with the development, preparation and execution of this Amendment, irrespective of whether any transactions hereunder are executed.
		

		
			SECTION 5.    Condition Precedent.  This Amendment shall become effective as of the date hereof (the “Amendment Effective Date”), subject to the satisfaction of the following conditions precedent:
		

		
			5.1       Delivered Documents.  On the Amendment Effective Date, the Administrative Agent shall have received this Amendment, executed and delivered by a duly authorized officer of Administrative Agent, Buyers, Seller and Guarantor.
		

		
			5.2       Representations and Warranties.  Seller hereby represents and warrants to the Administrative Agent and Buyers that it is in compliance with all the terms and provisions set forth in the Principal Agreements on its part to be observed or performed, and that no Potential Default or Event of Default has occurred or is continuing, and hereby confirms and reaffirms the representations and warranties contained in Article 8 of the Existing Master Repurchase Agreement.
		

		
			5.3       Commitment Fee. Seller shall have paid to Administrative Agent on behalf of Buyers in immediately available funds that prorated portion of the Commitment Fee due and payable on the Amendment Effective Date for the period commencing on the date hereof and ending on the Termination Date.
		

		
			
		

		
			

		 

		

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			SECTION 6.   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 7.   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. Delivery of an executed counterpart of a signature page of this Amendment in Portable Document Form (PDF) or by facsimile shall be effective as delivery of a manually executed original counterpart of this Amendment.
		

		
			SECTION 8.   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 9.   GOVERNING LAW.  THIS AMENDMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT GIVING EFFECT TO THE CONFLICTS OF LAW PRINCIPLES THEREOF (EXCEPT FOR SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW) AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, EXCEPT TO THE EXTENT PREEMPTED BY FEDERAL LAW.
		

		
			SECTION 10. Reaffirmation of Guaranty.  The Guarantor hereby (i) agrees that the liability of Guarantor or rights of Administrative Agent and Buyers 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 PAGES FOLLOW]
		

		
			 
		

		
			 
		

		
			

		 

		

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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 Administrative Agent

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						    /s/ Adam Robitshek

				
	
					
						 

					
					
						 

					
					
						Name:  Adam Robitshek

				
	
					
						 

					
					
						 

					
					
						Title:    Vice President

				

		
			 
		

		
			
		

		

		 

		

			Signature Page to Amendment No. 2 to Master Repurchase Agreement (PLS Syndicated)

		

	
					
						

					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						PENNYMAC LOAN SERVICES, LLC, as Seller

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						    /s/ Pamela Marsh

				
	
					
						 

					
					
						 

					
					
						Name: Pamela Marsh

				
	
					
						 

					
					
						 

					
					
						Title: Senior Managing Director and Treasurer

				

		
			 
		

		
			
		

		

		 

		

			Signature Page to Amendment No. 2 to Master Repurchase Agreement (PLS Syndicated)

		

	
					
						

					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						PRIVATE NATIONAL MORTGAGE 
ACCEPTANCE COMPANY, LLC, as Guarantor

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						    /s/ Pamela Marsh

				
	
					
						 

					
					
						 

					
					
						Name: Pamela Marsh

				
	
					
						 

					
					
						 

					
					
						Title: Senior Managing Director and Treasurer

				

		
			 
		

		
			
		

		

		 

		

			Signature Page to Amendment No. 2 to Master Repurchase Agreement (PLS Syndicated)

		

	
					
						

					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						CAPITAL ONE, NATIONAL ASSOCIATION,  
as a Buyer

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Paul Spiridigliozzi

				
	
					
						 

					
					
						Name:

					
					
						    Paul Spiridigliozzi

				
	
					
						 

					
					
						Title:

					
					
						    Managing Director

				

		
			 
		

		
			
		

		

		 

		

			Signature Page to Amendment No. 2 to Master Repurchase Agreement (PLS Syndicated)

		

	
					
						

					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						THE BANK OF NEW YORK MELLON, as a 
Buyer

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Paul Connolly

				
	
					
						 

					
					
						Name:

					
					
						   Paul Connolly

				
	
					
						 

					
					
						Title:

					
					
						   Director

				

		
			 
		

		 

		

			Signature Page to Amendment No. 2 to Master Repurchase Agreement (PLS Syndicated)

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