Document:

pfsi_EX_1069

		

			EXECUTION

		

		

			 

		

		
			 
		

		
			 
		

		
			AMENDMENT NUMBER TEN
		

		
			to the
		

		
			MASTER REPURCHASE AGREEMENT
		

		
			Dated as of June 26, 2012,
		

		
			by and between
		

		
			PENNYMAC LOAN SERVICES, LLC
		

		
			and
		

		
			CITIBANK, N.A.
		

		
			 
		

		
			This AMENDMENT NUMBER TEN (this “Amendment Number Ten”) is made this 6th day of July, 2015, by and between PENNYMAC LOAN SERVICES, LLC (“Seller”) and CITIBANK, N.A. (“Buyer”), to the Master Repurchase Agreement, dated as of June 26, 2012, 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 has requested that Buyer agree 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.
			Amendment.  Effective as of July 6, 2015 (the "Amendment Effective Date"):

			
	
			
				 (a)
			Section 12(h) of the Agreement is hereby amended by deleting it in its entirety and replacing it with the following: 

		
			Investment Company Act.  No Seller Party is an “investment company” or a company controlled by an “investment company” within the meaning of the Investment Company Act of 1940, as amended.  Each Seller Party (i) has been structured so as not to constitute, and is not, a “covered fund” for purposes of Section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Volcker Rule”), and (ii) is relying upon an exception or exemption from the registration requirements of the Investment Company Act other than those set forth in Sections 3(c)(1) and 3(c)(7) of the Investment Company Act.
		

			
	
			
				 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 Ten (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 Ten shall be binding on and inure to the benefit of the parties hereto and their respective successors and permitted assigns.  THIS AMENDMENT NUMBER TEN 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 5.
			Counterparts.  This Amendment Number Ten 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 Ten 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.

		
			 
		

		

		

		 

		

			 

		

		

			 

		

			84347843\V-4

		

		

			 

		

		

 

		

			

		

		IN WITNESS WHEREOF, Seller and Buyer have caused this Amendment Number Ten 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
		

		
			 
		

		
			CITIBANK, N.A.
		

		
			(Buyer and Agent, as applicable)
		

		
			 
		

		
			 
		

		
			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:  Executive Vice President, Treasurer
		

		
			 
		

		
			 
		

		 

		

			 

		

		

			 

		

			84347843\V-4pfsi_EX_1078

		

			EXHIBIT 10.78

		

		

			EXECUTION

		

		
			AMENDMENT NO. 1
TO THIRD AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT
		

		
			Amendment No. 1 to Third Amended and Restated Loan and Security Agreement, dated as of June 5, 2015 (this “Amendment”), among CREDIT SUISSE FIRST BOSTON MORTGAGE CAPITAL LLC (the “Lender”),  PENNYMAC LOAN SERVICES, LLC (“Borrower”), and PRIVATE NATIONAL MORTGAGE ACCEPTANCE COMPANY, LLC (“PNMAC”).
		

		
			RECITALS
		

		
			The Borrower, Lender and PNMAC are parties to that certain Third Amended and Restated Loan and Security Agreement, dated as of March 27, 2015 (the “Existing Loan Agreement”; and as further amended by this Amendment, the “Loan and Security Agreement”) and the related Second Amended and Restated Pricing Side Letter, dated as of March 27, 2015 (as the same may be amended from time to time, the “Pricing Side Letter”).  PNMAC is a party to that certain Second Amended and Restated Guaranty (as the same may be amended from time to time, the “PNMAC Guaranty”), dated as of March 27, 2015, by PNMAC in favor of Lender.  Capitalized terms used but not otherwise defined herein shall have the meanings given to them in the Existing Loan Agreement and the PNMAC Guaranty, as applicable.
		

		
			The Borrower, the Lender and PNMAC have agreed, subject to the terms and conditions of this Amendment, that the Existing Loan Agreement be amended to reflect certain agreed upon revisions to the terms of the Existing Loan Agreement.  As a condition precedent to amending the Existing Loan Agreement, the Lender has required PNMAC to ratify and affirm the PNMAC Guaranty on the date hereof.
		

		
			Accordingly, the Borrower, the Lender and PNMAC hereby agree, in consideration of the mutual promises and mutual obligations set forth herein, that the Existing Loan Agreement is hereby amended as follows:
		

		
			SECTION 1.Application of Payments.  Section 2.07 of the Existing Loan Agreement is hereby amended by adding the following section (f) at the end thereof:  
		

		
			(f)Sections 2.07(a) through 2.07(d) shall be applicable commencing on the earlier of (i) the first Facility Payment Date following the thirtieth (30th) day after written notice thereof is delivered by Lender to Borrower (the “Application Notice Date”) or (ii) an Event of Default.  Until the Application Notice Date, provided no Event of Default has occurred, Borrower shall be entitled to withdraw amounts on deposit in the Dedicated Accounts as and in a manner as Borrower deems appropriate.    
		

		
			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 Lender shall have received the following documents, each of which shall be satisfactory to the Lender in form and substance:
		

		
			(a)this Amendment, executed and delivered by the duly authorized officers of the Lender, Borrower and PNMAC;  and
		

		
			(b)such other documents as the Lender or counsel to the Lender may reasonably request.
		

		
			SECTION 3.Representations and Warranties.  The Borrower hereby represents and warrants to the Lender that it is in compliance with all the terms and provisions set forth in the Existing Loan Agreement on its part to be observed or performed, and that no Event of Default has occurred and is continuing, and hereby confirms and reaffirms the representations and warranties contained in the Loan and Security Agreement.
		

		
			SECTION 4.Limited Effect.   Except as expressly amended and modified by this Amendment, the Existing Loan Agreement shall continue to be, and shall remain, in full force and effect in accordance with its terms. 
		

		
			SECTION 5.Severability.  Any provision of this Amendment which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.
		

		
			SECTION 6.Counterparts.  This Amendment may be executed by each of the parties hereto on any number of separate counterparts (including by facsimile or .pdf), each of which shall be an original and all of which taken together shall constitute one and the same instrument.
		

		
			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.    PNMAC hereby ratifies and affirms all of the terms, covenants, conditions and obligations of the PNMAC Guaranty.
		

		
			 
		

		

		

		 

		

			-2-

		

 

		

			 

		

		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 Lender
		

		
			By:    /s/ Adam Loskove
Name:  Adam Loskove
Title:    Vice President
		

		
			PennyMac Loan Services, LLC, as Borrower
		

		
			By:    /s/  Pamela Marsh
Name:  Pamela Marsh
Title:    Executive Vice President, Treasurer
		

		
			Private National Mortgage Acceptance Company, LLC, as a  Guarantor
		

		
			By:  /s/  Pamela Marsh
Name:  Pamela Marsh
Title:    Executive Vice President, Treasurer

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00248-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00248-of-00352.parquet"}]]