Document:

pfsi_EX_1010

		
			Exhibit 10.10
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			DEUTSCHE BANK AG, CAYMAN ISLANDS BRANCH, as buyer (“Buyer”),
		

		
			and
		

		
			PENNYMAC LOAN SERVICES, LLC, as seller (“Seller”),
		

		
			 
		

		

		
			AMENDMENT NO. 1
		

		
			dated as of April 17, 2018
		

		
			to the
		

		
			MASTER REPURCHASE AGREEMENT
		

		
			dated as of August 21, 2017
		

		
			 
		

		
			 
		

		
			 
		

		
			

		 

 

		

		
			AMENDMENT NO. 1 TO MASTER REPURCHASE AGREEMENT
		

		
			This Amendment No. 1 to Master Repurchase Agreement, dated as of April 17, 2018 (this “Amendment”), is entered into by and among Deutsche Bank AG, Cayman Islands Branch (“Buyer”) and PennyMac Loan Services, LLC (“Seller”).  Any capitalized terms not defined herein shall have the meaning assigned to such term in the Master Repurchase Agreement (as defined below).
		

		
			WHEREAS, the parties hereto entered into that certain Master Repurchase Agreement, dated as of August 21, 2017 (as amended, restated, supplemented or otherwise modified from time to time, the “Master Repurchase Agreement”);
		

		
			WHEREAS, the parties hereto desire to modify the Master Repurchase Agreement as described below;
		

		
			NOW, THEREFORE, in consideration of the premises and covenants contained herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound hereby, agree as follows:
		

		
			Section 1.        Amendment.
		

		
			(a)        Section 1 of the Master Repurchase Agreement is hereby amended by deleting the definitions of “Calculation Period” and “Payment Date” in their entirety and replacing them with the following:
		

		
			“Calculation Period” shall mean, with respect to any Transaction, (a) initially, the period commencing on the related Purchase Date up to but not including the first day of the following calendar month, and (b) thereafter, the period commencing on the first day of each calendar month up to but not including the first day of the following calendar month.
		

		
			“Payment Date” shall mean, with respect to each Transaction, the fifth (5th) Business Day of each calendar month with respect to the immediately preceding Calculation Period.
		

		
			Section 2.        Conditions to Effectiveness of this Amendment.
		

		
			(a)        This Amendment shall become effective upon the execution and delivery of this Amendment by all parties hereto (the “Amendment Effective Date”).
		

		
			(b)        Effect of Amendment.  Except as expressly amended and modified by this Amendment, all provisions of the Master Repurchase Agreement shall remain in full force and effect and all such provisions shall apply equally to the terms and conditions set forth herein.  This Amendment shall be effective as of the Amendment Effective Date upon the satisfaction of the conditions precedent set forth in this Section 2 and shall not be effective for any period prior to the Amendment Effective Date. After this Amendment becomes effective, all references in the Master Repurchase Agreement to “this Master Repurchase Agreement,” “hereof,” “herein” or words of similar effect referring to Master Repurchase Agreement shall be deemed to be references to the Master Repurchase Agreement, as amended by this Amendment.  This Amendment shall not be
		

		
			
		

		
			

		 

 

		

		
			deemed to expressly or impliedly waive, amend or supplement any provision of the Master Repurchase Agreement other than as set forth herein.
		

		
			Section 3.        Expenses. Seller hereby agrees that in addition to any costs otherwise required to be paid pursuant to the Master Repurchase Agreement, Seller shall be responsible for the payments of the reasonable and documented legal fees and out-of-pocket expenses of legal counsel to Buyer incurred in connection with the consummation of this Amendment and all other documents executed or delivered in connection therewith.
		

		
			Section 4.        Representations; Ratifications Covenants.
		

		
			(a)        In order to induce Buyer to execute and deliver this Amendment, Seller hereby represents and warrants to Buyer that as of the date hereof, Seller is in compliance in all material respects with all of the terms and conditions of the Master Repurchase Agreement, as to which compliance is required as of the date hereof, and no Default or Event of Default has occurred and is continuing under the Master Repurchase Agreement.
		

		
			(b)        The parties hereto ratify all terms of the existing Master Repurchase Agreement other than those amended hereby, and ratify those provisions as amended hereby.
		

		
			Section 5.        Entire Agreement. The Master Repurchase Agreement, as amended by this Amendment, constitutes the entire agreement among the parties hereto with respect to the subject matter hereof, and fully supersedes any prior or contemporaneous agreements relating to such subject matter.
		

		
			Section 6.        Successors and Assigns.  This Amendment shall be binding upon the parties hereto and their respective successors and assigns.
		

		
			Section 7.         Section Headings.  The various headings and sub-headings of this Amendment are inserted for convenience only and shall not affect the meaning or interpretation of this Amendment or the Master Repurchase Agreement or any provision hereof or thereof.
		

		
			Section 8.      GOVERNING LAW.  THIS AMENDMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK (INCLUDING 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 SUCH LAWS WITHOUT REGARD TO CONFLICT OF LAWS DOCTRINE APPLIED IN SUCH STATE (OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW WHICH SHALL GOVERN).
		

		
			Section 9.        Counterparts.  This Amendment may be executed in one or more counterparts and by the different parties hereto on separate counterparts, including without limitation counterparts transmitted by facsimile or e-mail transmission (e.g. “pdf” or “tif”), each of which, when so executed, shall be deemed to be an original and such counterparts, together, shall constitute one and the same agreement.
		

		
			[signature pages follow]
		

		
			 
		

		
			 
		

		
			

		 

		

			2

		

 

		

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

		
			DEUTSCHE BANK AG, CAYMAN ISLANDS BRANCH,
as Buyer
		

			
					
						By:

					
					
						/s/ Genevieve Nestor

					
					
						 

				
	
					
						Name:

					
					
						     Genevieve Nestor

					
					
						 

				
	
					
						Title:

					
					
						     Managing Director

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						By:

					
					
						/s/ Timothy P. F. Crowley

					
					
						 

				
	
					
						Name:

					
					
						     Timothy P. F. Crowley

					
					
						 

				
	
					
						Title:

					
					
						     Director

					
					
						 

				

		
			 
		

		
			 
		

		

		 

		

			Amendment No. 1 to PLS Master Repurchase Agreement

		

 

	
					
						

					
						PENNYMAC LOAN SERVICES, LLC,

					
					
						 

				
	
					
						as Seller

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						By:

					
					
						/s/ Pamela Marsh

					
					
						 

				
	
					
						Name:

					
					
						     Pamela Marsh

					
					
						 

				
	
					
						Title:

					
					
						     Managing Director, Treasurer

					
					
						 

				

		
			 
		

		 

		

			Amendment No. 1 to PLS Master Repurchase Agreementpfsi_EX_1011

		
			Exhibit 10.11
		

		
			EXECUTION
		

		
			AMENDMENT NO. 7
		

		
			TO MORTGAGE LOAN PARTICIPATION PURCHASE AND SALE AGREEMENT
		

		
			Amendment No. 7 to Mortgage Loan Participation Purchase and Sale Agreement, dated as of April 20, 2018 (this “Amendment”), by and among Bank of America, N.A. (“Purchaser”), PennyMac Loan Services, LLC (“Seller”) and Private National Mortgage Acceptance Company, LLC (“Guarantor”).
		

		
			RECITALS
		

		
			Purchaser, Guarantor and Seller are parties to that certain Mortgage Loan Participation Purchase And Sale Agreement, dated as of August 13, 2014 (as amended, restated, supplemented or otherwise modified from time to time, the “Existing MLPSA”; and as further amended by this Amendment, the “MLPSA”). The Guarantor is a party to that certain Amended and Restated Guaranty (as amended, restated, supplemented or otherwise modified from time to time, the “Guaranty”), dated as of August 13, 2014, made by Guarantor in favor of Purchaser.
		

		
			Purchaser, Seller and Guarantor have agreed, subject to the terms and conditions of this Amendment, that the Existing MLPSA be amended to reflect certain agreed upon revisions to the terms of the Existing MLPSA. As a condition precedent to amending the Existing MLPSA, Purchaser has required Guarantor to ratify and affirm the Guaranty on the date hereof.
		

		
			Accordingly, Purchaser, Seller and Guarantor hereby agree, in consideration of the mutual promises and mutual obligations set forth herein, that the Existing MLPSA is hereby amended as follows:
		

		
			Section 1.        Definitions. Section 1 of the Existing MLPSA is hereby amended by deleting the definition of “Expiration Date” in its entirety and replacing it with the following:
		

		
			“Expiration Date”: The earlier of (i) July 2, 2018, (ii) at Purchaser’s option, upon the occurrence of an Event of Default, and (iii) the date on which this Agreement shall terminate in accordance with the provisions hereof or by operation of law.
		

		
			Section 2.        Fees and Expenses. Seller hereby agrees to pay to Purchaser, on demand, any and all reasonable fees, costs and expenses (including reasonable fees and expenses of counsel) incurred by Purchaser in connection with the development, preparation and execution of this Amendment, irrespective of whether any transactions hereunder are executed.
		

		
			Section 3.        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:
		

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

		
			
		

		
			

		 

 

		

		
			3.2       Facility Fee. Seller shall have paid to Purchaser in immediately available funds that portion of the Facility Fee due and payable on the Amendment Effective Date.
		

		
			Section 4.         Limited Effect. Except as expressly amended and modified by this Amendment, the Existing MLPSA 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 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 8.        Reaffirmation of Guaranty. The Guarantor hereby (i) agrees that the liability of Guarantor or rights of Purchaser 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]
		

		
			 
		

		
			 
		

		
			

		 

 

		

		
			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 Purchaser

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Adam Robitshek

				
	
					
						 

					
					
						Name:

					
					
						           Adam Robitshek

				
	
					
						 

					
					
						Title:

					
					
						           Vice President

				

		
			 
		

		
			
		

		

		 

		

			Signature Page to Amendment No. 7 to Mortgage Loan Participation Purchase and Sale Agreement

		

 

	
					
						

					
						 

					
					
						PENNYMAC LOAN SERVICES, LLC, as
Seller

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Pamela Marsh

				
	
					
						 

					
					
						Name:

					
					
						       Pamela Marsh

				
	
					
						 

					
					
						Title:

					
					
						       Managing Director, Treasurer

				

		
			 
		

		
			
		

		

		 

		

			Signature Page to Amendment No. 7 to Mortgage Loan Participation Purchase and Sale Agreement

		

 

	
					
						

					
						 

					
					
						PRIVATE NATIONAL MORTGAGE ACCEPTANCE COMPANY, LLC, as Guarantor

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Pamela Marsh

				
	
					
						 

					
					
						Name:

					
					
						        Pamela Marsh

				
	
					
						 

					
					
						Title:

					
					
						        Managing Director, Treasurer

				

		
			 
		

		 

		

			Signature Page to Amendment No. 7 to Mortgage Loan Participation Purchase and Sale Agreement

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