Document:

Ex. 10.3 - Am No. 4 to LSA

		

			Exhibit 10.3

		

		

			EXECUTION

		

		

			 

		

		
			AMENDMENT NUMBER FOUR
		

		
			to the
		

		
			LOAN AND SECURITY AGREEMENT
		

		
			dated as of December 4, 2015
		

		
			among
		

		
			BARCLAYS BANK PLC
		

		
			and
		

		
			PENNYMAC LOAN SERVICES, LLC 
		

		
			and
		

		
			PRIVATE NATIONAL MORTGAGE ACCEPTANCE COMPANY, LLC
		

		
			This AMENDMENT NUMBER FOUR (this “Amendment”) is made as of this 16th day of June, 2017, by and among Barclays Bank PLC (the “Lender”), Private National Mortgage Acceptance Company, LLC (the “Guarantor”) and PennyMac Loan Services, LLC (the “Borrower”), and amends that certain Loan and Security Agreement, dated as of December 4, 2015, as amended by Amendment Number One, dated as of February 26, 2016, Amendment Number Two, dated as of December 2, 2016 and Amendment Number Three, dated as of January 30, 2017 (as amended, restated, supplemented or otherwise modified from time to time, the “Loan Agreement”), by and among the Lender, the Guarantor and the Borrower.
		

		
			WHEREAS, the Lender, the Guarantor and the Borrower have agreed to amend the Loan Agreement as more particularly set forth herein.
		

		
			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 the date hereof:

		
			(a)Section 1.1 of Schedule I of the Loan Agreement is hereby amended by deleting the defined term “Available Facility Amount” in its entirety and replacing it with the following:
		

		
			“Available Facility Amount” means $130,000,000; provided however that at no time may the Outstanding Aggregate Loan Amount exceed:
		

		
			(A) the Borrowing Base; or
		

		
			(B) the amount that, when added to the aggregate principal amounts outstanding under the Repo Agreement, would equal the Maximum Aggregate Purchase Price (as such term is defined in the Repo Agreement).
		

		
			(b)Section 1.1 of Schedule I of the Loan Agreement is hereby amended by deleting the defined term “Optional Available Facility Amount Increase” in its entirety.
		

			
	
			
				 SECTION 2.
			Fees and Expenses.  Borrower agrees to pay to Lender all fees and out of pocket expenses incurred by Lender in connection with this Amendment, including all reasonable fees and out of pocket costs and expenses of the legal counsel to Lender incurred in connection with this Amendment, in accordance with Section 3.03 of the Loan Agreement.

		
			

		 

		

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				 SECTION 3.
			Defined Terms.  Any terms capitalized but not otherwise defined herein shall have the respective meanings set forth in the Loan Agreement.

			
	
			
				 SECTION 4.
			Limited Effect.  Except as amended hereby, the Loan Agreement shall continue in full force and effect in accordance with its terms.  Reference to this Amendment need not be made in the Loan 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 Loan Agreement, any reference in any of such items to the Loan Agreement being sufficient to refer to the Loan Agreement as amended hereby.

			
	
			
				 SECTION 5.
			Representations.  In order to induce Lender to execute and deliver this Amendment, each of the Guarantor and the Borrower hereby represents to Lender that as of the date hereof, (i) each of the Guarantor and the Borrower is in full compliance with all of the terms and conditions of the Facility Documents and remains bound by the terms thereof, and (ii) no default or event of default has occurred and is continuing under the Facility Documents.

			
	
			
				 SECTION 6.
			Governing Law.  This Amendment and the rights and obligations of the parties hereunder shall be construed in accordance with and governed by the laws of the State of New York, without regard to principles of conflicts of laws (other than Sections 5-1401 and 5-1402 of the New York General Obligations Law which shall be applicable).

			
	
			
				 SECTION 7.
			Counterparts.  For the purpose of facilitating the execution of this Amendment, and for other purposes, this Amendment may be executed simultaneously in any number of counterparts.  Each counterpart shall be deemed to be an original, and all such counterparts shall constitute one and the same instrument.  The parties intend that faxed signatures and electronically imaged signatures such as .pdf files shall constitute original signatures and are binding on all parties. The original documents shall be promptly delivered, if requested.

			
	
			
				 SECTION 8.
			Miscellaneous.

			
	
			
				 (a)
			This Amendment shall be binding upon the parties hereto and their respective successors and assigns.

			
	
			
				 (b)
			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 Loan Agreement or any provision hereof or thereof.

		
			 
		

		
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			IN WITNESS WHEREOF, the Lender, the Guarantor and the Borrower have each caused their names to be duly signed to this Amendment by their respective officers thereunto duly authorized, all as of the date first above written.
		

		
			 
		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						 

				
	
					
						 

					
					
						BARCLAYS BANK PLC,

				
	
					
						 

					
					
						as Lender

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Joseph O’Doherty

				
	
					
						 

					
					
						Name:

					
					
						Joseph O’Doherty

				
	
					
						 

					
					
						Title:

					
					
						Managing Director

				

		
			 
		

		
			 
		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						 

				
	
					
						 

					
					
						PENNYMAC LOAN SERVICES, LLC,

				
	
					
						 

					
					
						as Borrower

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Pamela Marsh

				
	
					
						 

					
					
						Name:

					
					
						Pamela Marsh

				
	
					
						 

					
					
						Title:

					
					
						Managing Director, Treasurer

				

		
			 
		

		
			 
		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						 

				
	
					
						 

					
					
						PRIVATE NATIONAL MORTGAGE

				
	
					
						 

					
					
						ACCEPTANCE COMPANY, LLC,

				
	
					
						 

					
					
						as Guarantor

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Pamela Marsh

				
	
					
						 

					
					
						Name:

					
					
						Pamela Marsh

				
	
					
						 

					
					
						Title:

					
					
						Managing Director, Treasurer

				

		
			 
		

		
			 
		

		 

		

			Amendment Number Four to Loan and Security AgreementEx. 10.4 - Am No. 1 to A and R MRA

		

			Exhibit 10.4

		

		

			EXECUTION

		

		
			AMENDMENT NUMBER ONE
		

		
			to the
		

		
			AMENDED AND RESTATED MASTER REPURCHASE AGREEMENT
		

		
			Dated as of March 3, 2017,
		

		
			by and between
		

		
			PENNYMAC LOAN SERVICES, LLC
		

		
			and
		

		
			CITIBANK, N.A.
		

		
			 
		

		
			This AMENDMENT NUMBER ONE (this “Amendment Number One”) is made this 19th day of June, 2017, by and between PENNYMAC LOAN SERVICES, LLC (“Seller”) and CITIBANK, N.A. (“Buyer”), to the Amended and Restated Master Repurchase Agreement, dated as of March 3, 2017, by and 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 and Buyer have agreed to amend the Agreement 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 June 19, 2017 (the “Amendment Effective Date”), the Agreement is hereby amended as follows:

			
	
			
				 (a)
			Section 2 of the Agreement is hereby amended by deleting the definitions of “Commitment Fee”, “Committed Amount” and “Uncommitted Amount “ in their entirety and replacing them as follows:

		
			“Commitment Fee” shall have the meaning assigned to it in the Pricing Side Letter.  For the avoidance of doubt, all references to the Commitment Fee in this Agreement shall also include the Additional Commitment Fee.   
		

		
			“Committed Amount” shall mean $275,000,000.  
		

		
			“Uncommitted Amount” shall mean $425,000,000.
		

			
	
			
				 (b)
			Section 2 of the Agreement is hereby amended by adding the new definition of “Additional Commitment Fee” in the appropriate alphabetical order to read as follows:

		
			“Additional Commitment Fee” shall have the meaning assigned to it in the Pricing Side Letter.
		

		
			 
		

		
			

		 

 

		

			 

		

		

			
	
			
				 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 One (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.
			Representations.  Seller hereby represents to Buyer that as of the date hereof, 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.

			
	
			
				 Section 4.
			Binding Effect; Governing Law.  This Amendment Number One shall be binding and inure to the benefit of the parties hereto and their respective successors and permitted assigns.  THIS AMENDMENT NUMBER SEVENTEEN 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 5.
			Counterparts.  This Amendment Number One 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 6.
			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 One 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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			IN WITNESS WHEREOF, Seller and Buyer have caused this Amendment Number One 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:

					
					
						Managing Director, Treasurer

				

		
			 
		

		
			 
		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						 

				
	
					
						 

					
					
						CITIBANK, N.A.

				
	
					
						 

					
					
						(Seller)

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Susan Mills

				
	
					
						 

					
					
						Name:

					
					
						Susan Mills

				
	
					
						 

					
					
						Title:

					
					
						Vice President

				
	
					
						 

					
					
						 

					
					
						Citibank, N.A.

				

		
			 
		

		
			 
		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						Acknowledged:

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						PRIVATE NATIONAL MORTGAGE ACCEPTANCE COMPANY, LLC

				
	
					
						 

					
					
						 

				
	
					
						By:

					
					
						/s/ Pamela Marsh

					
					
						 

				
	
					
						Name:

					
					
						Pamela Marsh

					
					
						 

				
	
					
						Title:

					
					
						Managing Director, Treasurer

					
					
						 

				

		
			 
		

		
			 
		

		
			 
		

		 

		

			Amendment Number One to Amended and Restated Master Repurchase Agreement PLS-Agency

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