Document:

EX-10.86

 Exhibit 10.86 

EXECUTION VERSION 
 AMENDMENT
NUMBER EIGHT 
 to the 
 MASTER
REPURCHASE AGREEMENT 
 Dated as of May 24, 2012, 

among 
 PENNYMAC CORP., 

PENNYMAC LOAN SERVICES, LLC 
 and

 CITIBANK, N.A. 
 This
AMENDMENT NUMBER EIGHT (this “Amendment Number Eight”) is made this 24th day of July, 2014 (the “Effective Date”), among PENNYMAC CORP.
(“Seller”), PENNYMAC LOAN SERVICES, LLC (“Servicer”) and CITIBANK, N.A. (“Buyer”), to the Master Repurchase Agreement, dated as of May 24, 2012, among Seller, Servicer and Buyer, as such
agreement may be amended from time to time (the “Agreement”). Capitalized terms used but not otherwise defined herein shall have the meanings assigned to such terms in the Agreement. 

RECITALS 
 WHEREAS, Seller
and Buyer have agreed to extend the term of the Agreement, provide for an additional commitment fee, and to modify certain definitions, as more specifically set forth herein; and 

WHEREAS, as of the date hereof, Seller represents to Buyer that the Seller Parties are in full compliance with all of the terms and conditions
of the Agreement and each other Program Document and no Default or Event of Default has occurred and is continuing under the Agreement or any other Program Document. 

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. Amendment. Effective as the Effective Date, the
Agreement is hereby amended as follows: 
 (a) Section 2 of the Agreement is hereby amended by adding the new definition of “2014
First Extension Fee” in the appropriate alphabetical order to read as follows: 
 “2014 First Extension
Commitment Fee” shall have the meaning assigned to it in the Pricing Side Letter. 
 (b) Section 2 of the Agreement is hereby
amended by deleting the definition of “Termination Date” in its entirety and replacing it with the following: 

“Termination Date” shall mean August 7, 2014 or such earlier date on which this Agreement shall terminate in accordance
with the provisions hereof or by operation of law. 
 SECTION 2. Fees and Expenses. Seller agrees to pay to Buyer all reasonable
out of pocket costs and expenses incurred by Buyer in connection with this Amendment Number Eight (including any Commitment Fee due an payable, all reasonable fees and out of pocket costs and expenses of the Buyer’s legal counsel) in accordance
with Sections 23 and 25 of the Agreement. 

 SECTION 3. Condition Precedent. As a condition precedent to the effectiveness of this
Amendment Number Eight, if not otherwise paid pursuant to Sections 2 and 3 of Amendment Number Sixteen to the NPL Repurchase Agreement, Buyer shall have received from Seller an amount equal to the 2014 First Extension Fee in immediately available
funds, and without deduction, set-off or counterclaim in accordance with Buyer’s Wire Instructions. 
 SECTION 4.
Representations. Seller hereby represents to Buyer that as of the date hereof, Seller is in full compliance with all of the terms and conditions of the Agreement and each other Program Document and no Default or Event of Default has occurred
and is continuing under the Agreement or any other Program Document. 
 SECTION 5. Binding Effect; Governing Law. This Amendment
Number Eight shall be binding and inure to the benefit of the parties hereto and their respective successors and permitted assigns. THIS AMENDMENT NUMBER EIGHT SHALL BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY, THE LAWS OF THE STATE OF NEW
YORK, WITHOUT GIVING EFFECT TO THE CONFLICT OF LAWS PRINCIPLES THEREOF (EXCEPT FOR SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW). 

SECTION 6. Counterparts. This Amendment Number Eight 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. Limited Effect. Except as amended hereby, the Agreement shall continue in full force and effect in accordance with its
terms. Reference to this Amendment Number Eight need not be made in the Agreement or any other instrument or document executed in connection therewith, or in any certificate, letter or communication issued or made pursuant to, or with respect to,
the Agreement, any reference in any of such items to the Agreement being sufficient to refer to the Agreement as amended hereby. 

[Signature Page Follows] 

  
 2 

 IN WITNESS WHEREOF, Seller, Servicer and Buyer have caused this Amendment Number Eight to be
executed and delivered by their duly authorized officers as of the day and year first above written. 
  

					
	
	PENNYMAC CORP.
	(Seller)
			
	By:	 	/s/	 	Pamela Marsh
	Name:	 	Pamela Marsh
	Title:	 	Executive Vice President, Treasurer
	
	PENNYMAC LOAN SERVICES, LLC,
	(Servicer)
			
	By:	 	/s/	 	Pamela Marsh
	Name:	 	Pamela Marsh
	Title:	 	Executive Vice President, Treasurer
	
	CITIBANK, N.A.
	(Buyer)
			
	By:	 	/s/	 	Susan Mills
	Name:	 	Susan Mills
	Title:	 	Vice President
		 	Citibank, N.A.

  
 Amendment Number Eight to Master
Repurchase Agreement (PMAC Agency)EX-10.87

 Exhibit 10.87 

EXECUTION VERSION 
 AMENDMENT
NUMBER NINE 
 to the 
 MASTER
REPURCHASE AGREEMENT 
 Dated as of May 24, 2012, 

among 
 PENNYMAC CORP., 

PENNYMAC LOAN SERVICES, LLC 
 and

 CITIBANK, N.A. 
 This
AMENDMENT NUMBER NINE (this “Amendment Number Nine”) is made this 7th day of August, 2014 (the “Effective Date”), among PENNYMAC CORP.
(“Seller”), PENNYMAC LOAN SERVICES, LLC (“Servicer”) and CITIBANK, N.A. (“Buyer”), to the Master Repurchase Agreement, dated as of May 24, 2012, among Seller, Servicer and Buyer, as such
agreement may be amended from time to time (the “Agreement”). Capitalized terms used but not otherwise defined herein shall have the meanings assigned to such terms in the Agreement. 

RECITALS 
 WHEREAS, Seller
and Buyer have agreed to extend the term of the facility, as more specifically set forth herein; and 
 WHEREAS, as of the date hereof,
Seller represents to Buyer that the Seller Parties are in full compliance with all of the terms and conditions of the Agreement and each other Program Document and no Default or Event of Default has occurred and is continuing under the Agreement or
any other Program Document. 
 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. Amendment.
Effective as the Effective Date, the Agreement is hereby amended as follows: 
 (a) Section 2 of the Agreement is hereby amended by
adding the new definition of “2014 Second Extension Fee” in the appropriate alphabetical order to read as follows: 

“2014 Second Extension Fee” shall have the meaning assigned to it in the Pricing Side Letter. 

(b) Section 2 of the Agreement is hereby amended by deleting the definition of “Termination Date” in its entirety and replacing
it with the following: 
 “Termination Date” shall mean September 8, 2014 or such earlier date on which this Agreement
shall terminate in accordance with the provisions hereof or by operation of law. 
 SECTION 2. Fees and Expenses. Seller agrees
to pay to Buyer all reasonable out of pocket costs and expenses incurred by Buyer in connection with this Amendment Number Nine (including any Commitment Fee or extension fee due and payable, all reasonable fees and out of pocket costs and expenses
of the Buyer’s legal counsel) in accordance with Sections 23 and 25 of the Agreement. 

 SECTION 3. Condition Precedent. As a condition precedent to the effectiveness of this
Amendment Number Nine, if not otherwise paid pursuant to Sections 2 and 3 of Amendment Number Seventeen to the NPL Repurchase Agreement, Buyer shall have received from Seller an amount equal to the 2014 Second Extension Fee in immediately available
funds, and without deduction, set-off or counterclaim in accordance with Buyer’s Wire Instructions. 
 SECTION 4.
Representations. Seller hereby represents to Buyer that as of the date hereof, Seller is in full compliance with all of the terms and conditions of the Agreement and each other Program Document and no Default or Event of Default has occurred
and is continuing under the Agreement or any other Program Document. 
 SECTION 5. Binding Effect; Governing Law. This Amendment
Number Nine shall be binding and inure to the benefit of the parties hereto and their respective successors and permitted assigns. THIS AMENDMENT NUMBER NINE SHALL BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY, THE LAWS OF THE STATE OF NEW YORK,
WITHOUT GIVING EFFECT TO THE CONFLICT OF LAWS PRINCIPLES THEREOF (EXCEPT FOR SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW). 

SECTION 6. Counterparts. This Amendment Number Nine 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. Limited Effect. Except as amended hereby, the Agreement shall continue in full force and effect in accordance with its
terms. Reference to this Amendment Number Nine need not be made in the Agreement or any other instrument or document executed in connection therewith, or in any certificate, letter or communication issued or made pursuant to, or with respect to, the
Agreement, any reference in any of such items to the Agreement being sufficient to refer to the Agreement as amended hereby. 
 [Signature
Page Follows] 

  
 2 

 IN WITNESS WHEREOF, Seller, Servicer and Buyer have caused this Amendment Number Nine to be
executed and delivered by their duly authorized officers as of the day and year first above written. 
  

					
	
	PENNYMAC CORP.
	(Seller)
			
	By:	 	/s/	 	Pamela Marsh
	Name:	 	Pamela Marsh
	Title:	 	Executive Vice President, Treasurer
	
	PENNYMAC LOAN SERVICES, LLC,
	(Servicer)
			
	By:	 	/s/	 	Pamela Marsh
	Name:	 	Pamela Marsh
	Title:	 	Executive Vice President, Treasurer
	
	CITIBANK, N.A.
	(Buyer)
			
	By:	 	/s/	 	Peter D. Steinmetz
	Name:	 	Peter D. Steinmetz
	Title:	 	Vice President
		 	Citibank, N.A.

  
 Amendment Number Nine to Master
Repurchase Agreement (PMAC Agency)

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