Document:

pmt-ex1038_737.htm

 

		
	
PENNYMAC ROLL-UP FACILITY 
	
EXECUTION

	
 
	
Exhibit 10.38

 

AMENDMENT NO. 1

TO AMENDED AND RESTATED MASTER REPURCHASE AGREEMENT

Amendment No. 1 to Amended and Restated Master Repurchase Agreement, dated as of August 4, 2016 (this “Amendment”), among Credit Suisse First Boston Mortgage Capital LLC (the “Administrative Agent”), Credit Suisse AG, a company incorporated under the laws of Switzerland, acting through its Cayman Islands Branch (the “Buyer”), PennyMac Holdings, LLC (“PennyMac Holdings”), PennyMac Corp. (“PMC”), PennyMac Operating Partnership, L.P., in their capacity as sellers (“POP”, together with PennyMac Holdings and PMC, each a “Seller” and, collectively, the “Sellers”), PMC REO Financing Trust, an asset subsidiary (the “REO Subsidiary” and together with the Sellers, the “Seller Parties”) and PennyMac Mortgage Investment Trust (“PMIT”) and PennyMac Operating Partnership, L.P., in their capacity as guarantors (each, a “Guarantor” and collectively, the “Guarantors”).

RECITALS

The Administrative Agent, the Seller Parties and the Guarantors are parties to that certain Amended and Restated Master Repurchase Agreement, dated as of March 31, 2016 (the “Existing Repurchase Agreement”, as is assigned to Buyer, and as amended by this Amendment, the “Repurchase Agreement”).  The Guarantors are parties to that certain Amended and Restated Guaranty (as amended, restated, supplemented or otherwise modified from time to time, the “Guaranty”), dated as of March 31, 2016, by the Guarantors in favor of Administrative Agent. Capitalized terms used but not otherwise defined herein shall have the meanings given to them in the Existing Repurchase Agreement and Guaranty, as applicable. 

The Administrative Agent, the Buyer, the Seller Parties and the Guarantors have agreed, subject to the terms and conditions of this Amendment, that the Existing Repurchase Agreement be amended to reflect certain agreed upon revisions to the terms of the Existing Repurchase Agreement.  As a condition precedent to amending the Existing Repurchase Agreement, the Administrative Agent has required the Guarantors to ratify and affirm the Guaranty on the date hereof.

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

SECTION 1.Definitions.  Section 2 of the Existing Repurchase Agreement is hereby amended by deleting the definitions of “State Specific Foreclosure Aging Timeline”, “State Specific REO Disposition Timeline” and “State Specific REO Recording Timeline” in their entirety and all references thereto. 

SECTION 2.State Specific Foreclosure Aging Timeline.  Exhibit M of the Existing Repurchase Agreement is hereby amended by deleting such exhibit in its entirety and all references thereto.

SECTION 3.State Specific REO Disposition Timeline.  Exhibit N of the Existing Repurchase Agreement is hereby amended by deleting such exhibit in its entirety and all references thereto.

SECTION 4.State Specific REO Recording Timeline.  Exhibit O of the Existing Repurchase Agreement is hereby amended by deleting such exhibit in its entirety and all references thereto.

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

5.1Delivered Documents.  On the Amendment Effective Date, the Administrative Agent on behalf of Buyer shall have received the following documents, each of which shall be satisfactory to the Administrative Agent in form and substance:

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LEGAL02/36558854v3

 

(a)this Amendment, executed and delivered by duly authorized officers of the Administrative Agent, the Seller Parties and the Guarantors; 

(b)Amendment No. 1 to the Consolidated, Amended and Restated Pricing Side Letter, dated as of the date hereof, executed and delivered by duly authorized officers of the Administrative Agent, the Seller Parties and the Guarantors; and

(c)such other documents as the Administrative Agent or counsel to the Administrative Agent may reasonably request.

SECTION 6.Representations and Warranties.  Each Seller Party hereby represents and warrants to the Administrative Agent and Buyer that it is in compliance with all the terms and provisions set forth in the Repurchase Agreement on its part to be observed or performed, and that no Event of Default has occurred or is continuing, and hereby confirms and reaffirms the representations and warranties contained in Section 13 of Repurchase Agreement.

SECTION 7.Limited Effect.  Except as expressly amended and modified by this Amendment, the Existing Repurchase Agreement shall continue to be, and shall remain, in full force and effect in accordance with its terms.

SECTION 8.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 Format (PDF) or by facsimile shall be effective as delivery of a manually executed original counterpart of this Amendment.

SECTION 9.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 10.GOVERNING LAW.  THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REFERENCE TO THE CHOICE OF LAW PROVISIONS THEREOF.

SECTION 11.Reaffirmation of Guaranty.  The Guarantors hereby ratify and affirm all of the terms, covenants, conditions and obligations of the Guaranty. Each Guarantor acknowledges and agrees that the term “Obligations” as used in the Guaranty shall apply to all of the Obligations of the Seller Parties to Administrative Agent and Buyer under the Repurchase Agreement and related Program Agreements, as amended hereby.

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IN WITNESS WHEREOF, the parties have caused this Amendment to be duly executed as of the date first above written.

 

	
Credit Suisse First Boston Mortgage Capital LLC, 
as Administrative Agent under the Repurchase Agreement

	
 
	
 
	
 

	
By:
	
 
	
/s/ Elie Chau 

	
Name:
	
 
	
Elie Chau

	
Title:
	
 
	
Vice President

 

	
Credit Suisse AG, Cayman Islands Branch, as the Buyer

	
 
	
 
	
 

	
By:
	
 
	
/s/ Oliver Nisenson 

	
Name:
	
 
	
Oliver Nisenson

	
Title:
	
 
	
Authorized Signatory 

 

	
By:
	
 
	
/s/ Patrick J. Hart 

	
Name:
	
 
	
Patrick J. Hart 

	
Title:
	
 
	
Authorized Signatory 

 

	
PennyMac Corp.,

as a Seller

	
 
	
 
	
 

	
By:
	
 
	
/s/ Pamela Marsh

	
Name:
	
 
	
Pamela Marsh

	
Title:
	
 
	
Managing Director, Treasurer

 

	
PennyMac Holdings, LLC,

as a Seller

	
 
	
 
	
 

	
By:
	
 
	
/s/ Pamela Marsh

	
Name:
	
 
	
Pamela Marsh

	
Title:
	
 
	
Managing Director, Treasurer

 

	
PMC REO Financing Trust, 
as the REO Subsidiary 

	
 
	
 
	
 

	
By:
	
 
	
PennyMac Corp., as Administrator 

	
 
	
 
	
 

	
By:
	
 
	
/s/ Pamela Marsh

	
Name:
	
 
	
Pamela Marsh

	
Title:  
	
 
	
Managing Director, Treasurer

Signature Page to Amendment No. 1 to A&R MRA

 

 

	
PennyMac Mortgage Investment Trust, as a Guarantor

	
 
	
 
	
 

	
By:
	
 
	
/s/ Pamela Marsh

	
Name:
	
 
	
Pamela Marsh

	
Title:  
	
 
	
Managing Director, Treasurer

 

	
PennyMac Operating Partnership, L.P., as a Seller and as a Guarantor 

	
 
	
 
	
 

	
By:
	
 
	
PennyMac GP OP, Inc., its General Partner

	
 
	
 
	
 

	
By:
	
 
	
/s/ Pamela Marsh

	
Name:
	
 
	
Pamela Marsh

	
Title:  
	
 
	
Managing Director, Treasurer

 

Signature Page to Amendment No. 1 to A&R MRApmt-ex1057_734.htm

 

EXECUTION

Exhibit 10.57

AMENDMENT NUMBER SIXTEEN

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 SIXTEEN (this “Amendment Number Sixteen”) is made this 20th day of October, 2016, 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.Amendments.  Effective as of October 20, 2016 (the “Amendment Effective Date”), the Agreement is hereby amended as follows:

(a)Section 2 of the Agreement is hereby amended by adding the new definition of “2016 4Q Extension Fee” in the appropriate alphabetical order to read as follows:

“2016 4Q 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 December 2, 2016 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 Sixteen (including 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 Sixteen, if not otherwise paid pursuant to Sections 2 and 3 of Amendment Number Twenty to the NPL Repurchase Agreement, Buyer shall have received from Seller an amount equal to the 2016 4Q 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 Twelve shall be binding on and inure to the benefit of the parties hereto and their respective successors and permitted assigns.  THIS AMENDMENT NUMBER SIXTEEN 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 Sixteen 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 Sixteen 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.

 

 

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84346378\V-1

 

IN WITNESS WHEREOF, Seller, Servicer and Buyer have caused this Amendment Number Sixteen to be executed and delivered by their duly authorized officers as of the Amendment Effective Date.

 

 

	
PENNYMAC CORP.

	
(Seller)

	
 
	
 
	
 

	
By:
	
 
	
/s/ Pamela Marsh

	
Name:
	
 
	
Pamela Marsh

	
Title:
	
 
	
Managing Director, Treasurer

 

	
PENNYMAC LOAN SERVICES, LLC,

	
(Servicer)

	
 
	
 
	
 

	
By:
	
 
	
/s/ Pamela Marsh

	
Name:
	
 
	
Pamela Marsh

	
Title:
	
 
	
Managing Director, Treasurer

 

	
CITIBANK, N.A.

	
(Buyer)

	
 
	
 
	
 

	
By:
	
 
	
/s/ Susan Mills

	
Name:
	
 
	
Susan Mills 

	
Title:
	
 
	
Vice President

Citibank, N.A.

Amendment Number Sixteen to Master Repurchase Agreement (PMAC Agency)

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