Document:

Ex 101 - Amend 16

		

			Exhibit 10.1

		

		

			EXECUTION

		

		
			AMENDMENT NUMBER SIXTEEN
		

		
			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 SIXTEEN (this “Amendment Number Sixteen”) is made this 14th day of October, 2016, 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 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 October 14, 2016 (the "Amendment Effective Date"):

		
			Section 2 of the Agreement is hereby amended by deleting the definition of “Uncommitted Amount” in its entirety and replacing it with the following: 
		

		
			“Uncommitted Amount” shall mean (i) on or prior to December 2, 2016, $250,000,000, and (ii) at all other times, $50,000,000. 
		

			
	
			
				 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 any Commitment Fee or extension fee due and payable, 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 Sixteen shall be binding 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 WHICH SHALL GOVERN).

			
	
			
				 Section 5.
			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 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 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.

		
			[Signature Page Follows]
		

		
			 
		

		
			

		 

		

			 

		

		

			

		

			 

		

			 

		

 

		

			

		

		

		
			IN WITNESS WHEREOF, Seller 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 LOAN SERVICES, LLC,

					
						(Seller)

					
						 

					
						By: /s/ Pamela Marsh______________________

					
						Name:   Pamela Marsh

					
						Title:   Managing Director, Treasurer

					
						 

					
						CITIBANK, N.A.

					
						(Buyer and Agent, as applicable)

					
						 

					
						 

					
						By:  /s/ Peter Steinmetz______________________

					
						Name:  Peter Steinmetz

					
						Title:   Vice President 

					
						 

				

		
			 
		

		
			 
		

			
					
						 

				
	
					
						Acknowledged:

					
						 

					
						PRIVATE NATIONAL MORTGAGE ACCEPTANCE COMPANY, LLC 

					
						 

					
						By: /s/ Pamela Marsh______________________

					
						Name:   Pamela Marsh 

					
						Title:   Managing Director, Treasurer

					
						 

				
	
					
						 

				

		
			 
		

		
			 
		

		 

		

			Amendment Number Sixteen to Master Repurchase Agreement PLS-AgencyEx 102 - Amend 17

		

			Exhibit 10.2

		

		

			EXECUTION

		

		
			AMENDMENT NUMBER SEVENTEEN
		

		
			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 SEVENTEEN (this “Amendment Number Seventeen”) is made this 20th day of October, 2016, 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 to extend the term of the Agreement and 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.
			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 Commitment 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 Seventeen (including any Commitment Fee or extension fee due and payable, 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 Seventeen 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 Seventeen 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 Seventeen 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]
		

		
			
		

		
			

		 

		

			Amendment Number Seventeen to Master Repurchase Agreement PLS-Agency

		

		

			

		

			 

		

			 

		

 

		

			 

		

		

		
			 
		

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

					
						(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:   Managing Director, Treasurer

					
						 

				

		
			 
		

		 

		

			Amendment Number Seventeen to Master Repurchase Agreement PLS-Agency

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