Document:

EX-10110

		
			Exhibit 10.110
		

		
			 
		

			
					
						PLS REPO FACILITY 

					
					
						EXECUTION

				

		
			 
		

		
			AMENDMENT NO. 12 TO 
		

		
			AMENDED AND RESTATED MASTER REPURCHASE AGREEMENT
		

		
			 
		

		
			Amendment No. 12 to Amended and Restated Master Repurchase Agreement, dated as of January 28, 2016 (this “Amendment”), among Credit Suisse First Boston Mortgage Capital LLC (the “Buyer”), PennyMac Loan Services, LLC (the “Seller”) and Private National Mortgage Acceptance Company, LLC  (the  “Guarantor”).
		

		
			 
		

		
			RECITALS
		

		
			 
		

		
			The Buyer, the Seller and the Guarantor are parties to that certain Amended and Restated Master Repurchase Agreement, dated as of May 3, 2013 (as amended by Amendment No. 1, dated as of September 5, 2013, Amendment No. 2, dated as of January 10, 2014,  Amendment No. 3, dated as of March 13, 2014, Amendment No. 4, dated as of April 30, 2014,  Amendment No. 5, dated as of May 22, 2014, Amendment No. 6, dated as of June 3, 2014, Amendment No. 7, dated as of October 31, 2014,  Amendment No. 8, dated as of December 23, 2014, Amendment No. 9, dated as of October 30, 2015, Amendment No. 10, dated as of November 10, 2015, and Amendment No. 11, dated as of December 15, 2015, the “Existing Repurchase Agreement”; as further amended by this Amendment, the “Repurchase Agreement”) and the related Pricing Side Letter, dated as of May 3, 2013 (as amended, restated, supplemented or otherwise modified from time to time, the “Pricing Side Letter”).  The Guarantor is party to that certain Guaranty (as amended, restated, supplemented or otherwise modified from time to time, the “Guaranty”), dated as of August 14, 2009,  by the Guarantor in favor of Buyer.  Capitalized terms used but not otherwise defined herein shall have the meanings given to them in the Repurchase Agreement and Guaranty, as applicable. 
		

		
			The Buyer, the Seller and the Guarantor 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 Buyer has required the Guarantor to ratify and affirm the Guaranty on the date hereof.
		

		
			 
		

		
			Accordingly, the Buyer, the Seller and the Guarantor 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 as follows:
		

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

		
			“Termination Date” means the earlier of (a) March 31, 2016, and (b) the date of the occurrence of an Event of Default.
		

		
			 
		

		
			
		

		 

		

			-1-

		

 

		
			SECTION 2.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:
		

		
			 
		

		
			2.1Delivered Documents.  On the Amendment Effective Date, the Buyer shall have received the following documents, each of which shall be satisfactory to the Buyer in form and substance:
		

		
			 
		

		
			(a)this Amendment, executed and delivered by duly authorized officers of the Buyer, the Seller and the Guarantor;  
		

		
			(b)and Amendment No. 9 to that certain Pricing Side Letter, dated as of the date hereof, executed and delivered by duly authorized officers of the Buyer, the Seller and the Guarantor;
		

		
			 
		

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

		
			 
		

		
			SECTION 3.Representations and Warranties.  Seller hereby represents and warrants to the 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 the Repurchase Agreement.
		

		
			 
		

		
			SECTION 4.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 5.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 6.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 7.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 8.Reaffirmation of Guaranty.  The Guarantor hereby ratifies and affirms all of the terms, covenants, conditions and obligations of the Guaranty and acknowledges and agrees that the term “Obligations” as used in the Guaranty shall apply to all of the 
		

		
			
		

		 

		

			-2-

		

 

		
			Obligations of Seller to Buyer under the Repurchase Agreement and related Program Agreements, as amended hereby.
		

		
			 
		

		
			[Remainder of page intentionally left blank]
		

		
			 
		

		
			 
		

		
			

		 

		

			-3-

		

 

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

		
			 
		

		
			 
		

			
					
						 

					
					
						 

					
					
						CREDIT SUISSE FIRST BOSTON MORTGAGE CAPITAL LLC, as Buyer

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:

					
					
						/s/ Elie Chau

				
	
					
						 

					
					
						 

					
					
						 

					
					
						Name: Elie Chau

				
	
					
						 

					
					
						 

					
					
						 

					
					
						Title:   Vice President

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						PENNYMAC LOAN SERVICES, LLC, as Seller

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:

					
					
						/s/ Pamela Marsh

				
	
					
						 

					
					
						 

					
					
						 

					
					
						Name: Pamela Marsh

				
	
					
						 

					
					
						 

					
					
						 

					
					
						Title:   Executive Vice President, Treasurer

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						PRIVATE NATIONAL MORTGAGE ACCEPTANCE COMPANY, LLC, as Guarantor

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:

					
					
						/s/ Pamela Marsh

				
	
					
						 

					
					
						 

					
					
						 

					
					
						Name: Pamela Marsh

				
	
					
						 

					
					
						 

					
					
						 

					
					
						Title:   Executive Vice President, Treasurer

				

		
			 
		

		 

		

			Signature Page to Amendment No. 12 to Amended and Restated Master Repurchase AgreementEX-10118

		
			Exhibit 10.118
		

		
			 
		

		
			EXECUTION COPY
		

		
			 
		

		
			AMENDMENT NUMBER SIX
		

		
			to the
		

		
			MASTER REPURCHASE AGREEMENT
		

		
			Dated as of July 2, 2013,
		

		
			among
		

		
			PENNYMAC LOAN SERVICES, LLC, 
		

		
			MORGAN STANLEY BANK. N.A.
		

		
			and
		

		
			MORGAN STANLEY MORTGAGE CAPITAL HOLDINGS LLC
		

		
			 
		

		
			 
		

		
			This AMENDMENT NUMBER SIX (this “Amendment Number Six”) is made this 9th day of November, 2015, among PENNYMAC LOAN SERVICES, LLC a Delaware limited liability company, as seller (“Seller”), MORGAN STANLEY BANK, N.A., a national banking association, as buyer (“Buyer”) and MORGAN STANLEY MORTGAGE CAPITAL HOLDINGS LLC, a New York limited liability company, as agent for Buyer (“Agent”), to the Master Repurchase Agreement, dated as of July 2, 2013, between Seller 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, Buyer and Agent have agreed to amend the Agreement to delete Section 6.20 thereof, as more specifically set forth herein, and Seller, Buyer and Agent acknowledge that such Section 6.20 was not intended to be included in the Agreement at the time the Agreement was entered into; and
		

		
			WHEREAS, as of the date hereof, Seller represents to Buyer and Agent that 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.
		

		
			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 of November 9, 2015 (the “Amendment Effective Date”), Section 6.20 of the Agreement is hereby deleted and replaced with the following:
		

		
			6.20[Reserved].  
		

		
			 
		

		
			Section 2.Defined Terms.  Any terms capitalized but not otherwise defined herein shall have the respective meanings set forth in the Agreement.
		

		
			Section 3.Effectiveness.  This Amendment Number Six shall become effective as of the date that the Agent shall have received counterparts hereof duly executed by each of the parties hereto.
		

		
			Section 4.Fees and Expenses.  Seller agrees to pay to Buyer and Agent all reasonable out of pocket costs and expenses incurred by Buyer or Agent in connection with this Amendment Number Six (including all reasonable fees and out of pocket costs and expenses of Buyer’s or Agent’s legal counsel) in accordance with Section 13.04 and 13.06 of the Agreement.
		

		
			
		

		 

 

		
			Section 5.Representations.  Seller hereby represents to Buyer and Agent that as of the date hereof and taking into account the terms of this Amendment Number Six, 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 6.Binding Effect; Governing Law.  This Amendment Number Six shall be binding and inure to the benefit of the parties hereto and their respective successors and permitted assigns.  THIS AMENDMENT NUMBER SIX 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 WHICH SHALL GOVERN).
		

		
			Section 7.Counterparts.  This Amendment Number Six 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 8.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 Six 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, Buyer and Agent have caused this Amendment Number Six to be executed and delivered by their duly authorized officers as of the Amendment Effective Date.
		

		
			 
		

			
					
						 

					
					
						 

					
					
						PENNYMAC LOAN SERVICES, LLC

					
						(Seller)

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:

					
					
						/s/ Pamela Marsh

				
	
					
						 

					
					
						 

					
					
						Name:

					
					
						Pamela Marsh

				
	
					
						 

					
					
						 

					
					
						Title:

					
					
						Executive Vice President, Treasurer

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						MORGAN STANLEY BANK, N.A.

					
						(Buyer)

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:

					
					
						/s/ Geoffrey Kott

				
	
					
						 

					
					
						 

					
					
						Name:

					
					
						Geoffrey Kott

				
	
					
						 

					
					
						 

					
					
						Title:

					
					
						Authorized Signatory

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						MORGAN STANLEY MORTGAGE CAPITAL HOLDINGS LLC

					
						(Agent)

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:

					
					
						/s/ Christopher Schmidt

				
	
					
						 

					
					
						 

					
					
						Name:

					
					
						Christopher Schmidt

				
	
					
						 

					
					
						 

					
					
						Title:

					
					
						Vice President

				

		
			 
		

		 

		

			Amendment Number Six to Master Repurchase Agreement

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