Document:

EX-10.88

 Exhibit 10.88 

EXECUTION 
 AMENDMENT NUMBER TEN

 to the 
 MASTER REPURCHASE
AGREEMENT 
 Dated as of May 24, 2012, 

among 
 PENNYMAC CORP., 

PENNYMAC LOAN SERVICES, LLC 
 and

 CITIBANK, N.A. 
 This
AMENDMENT NUMBER TEN (this “Amendment Number Ten”) is made this 8th day of September, 2014 (the “Effective Date”), among PENNYMAC CORP.
(“Seller”), PENNYMAC LOAN SERVICES, LLC (“Servicer”) and CITIBANK, N.A. (“Buyer”), to the Master Repurchase Agreement, dated as of May 24, 2012, among Seller, Servicer 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 renew the term of the facility and to make certain additional modifications thereunder, 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 the Effective Date, the
Agreement is hereby amended as follows: 
 (a) The reference to Exhibit J in the Table of Contents is hereby deleted in its entirety and
replaced with the following: 
 “EXHIBIT J Form of Power of Attorney” 

(b) Section 2 of the Agreement is hereby amended by deleting the definitions of “2013 Additional Commitment Fee”, “2013
First Extension Commitment Fee” and “2014 First Extension Fee. 
 (c) Section 2 of the Agreement is hereby amended by adding
the new definitions of “Ability to Repay Rule”, Basel III”, “Dodd-Frank Act”, “Jumbo Cash-Out Refinanced Loan”, “Official Body”, “QM Rule”, “Qualified Mortgage”, “Refi Mortgage
Loan”, “Safe Harbor Qualified Mortgage”, as follows in the appropriate alphabetical order: 
 “Ability
to Repay Rule” shall mean 12 CFR 1026.43(c), including all applicable official staff commentary. 

 “Basel III” means “A Global Regulatory Framework for More
Resilient Banks and Banking Systems” developed by the Basel Committee on Banking Supervision (or any successor or similar authority), initially published in December 2010. 

“Dodd-Frank Act” means the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, Pub. L.
No. 111-203 and any successor statute. 
 “Jumbo Cash-Out Refinanced Loan” A Jumbo Loan, the proceeds
of which were in excess of the principal balance of any existing first and/or subordinate mortgages on the related Mortgaged Property and related closing costs, and were used to pay any such existing first and/or subordinate mortgages and the
related closing costs on the related Mortgaged Property. 
 “Official Body” means any central bank or any
accounting board or authority (whether or not part of a government) which is responsible for the establishment or interpretation of national or international accounting principles, in each case whether foreign or domestic. 

“QM Rule” shall mean 12 CFR 1026.43(e), including all applicable official staff commentary. 

“Qualified Mortgage” shall mean a Loan that satisfies the criteria for a “qualified mortgage” as set
forth in 12 CFR 1026.43(e)(4) as further limited by 12 CFR 1026.43(e)(1)(i). 
 “Refi Mortgage Loan” shall
mean a Loan as to which a “refinancing” has occurred, as defined in 12 CFR 1026.20(a). 
 “Safe Harbor
Qualified Mortgage” shall mean a Qualified Mortgage with an annual percentage rate that does not exceed the average prime offer rate for a comparable mortgage loan as of the date the interest rate is set by 1.5 or more percentage points for
a first-lien Loan or by 3.5 or more percentage points for a subordinate-lien Loan. 
 (d) 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 September 7, 2015 or such earlier date on which this Agreement shall terminate in accordance with the provisions hereof or by operation of law. 

(e) Section 3(i) of the Agreement is hereby amended by deleting the last paragraph therein in its entirety and replacing it with the
following: 
 “If Buyer shall have determined that either (i) the adoption of or any change in any Requirement of
Law (other than with respect to any amendment made to Buyer’s certificate of incorporation and by-laws or other organizational or governing documents) regarding capital adequacy or in the interpretation or application thereof or compliance by
Buyer or any corporation controlling Buyer with any request or directive regarding capital adequacy (whether or not having the force of law) from any Governmental Authority or Official Body made subsequent to the date hereof; or (ii) compliance
by Buyer or any corporation controlling Buyer with: (x) any directive or request from any Governing Authority or Official Body imposed after the date hereof or (y) the requirements of, whether such compliance is commenced prior to or after
the date hereof, 

  
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any of (a) Basel III or (b) the Dodd-Frank Act, or any existing rules, regulations, guidance, interpretations or directives from the United States bank regulatory agencies relating to
Basel III or the Dodd-Frank Act; shall have the effect of reducing the rate of return on Buyer’s or such corporation’s capital (taking into consideration Buyer’s or such corporation’s policies with respect to capital adequacy) by
an amount deemed by Buyer to be material and to the extent Buyer determines such reduced rate of return to be attributable to the existence of the obligations or agreements of Buyer hereunder, then from time to time, Seller shall promptly pay to
Buyer such additional amount or amounts as will thereafter compensate Buyer for such reduction.” 
 (f) Section 9(b) of the
Agreement is hereby amended by adding new clause (xvi) thereto as follows: 
 “(xvi) The Seller shall have
delivered a power of attorney with respect to the powers described in Section 8(d) substantially in the form attached hereto as Exhibit J.” 

(g) Section 12(b) of the Agreement is hereby amended by deleting and replacing each reference to “2011” therein with
“2013”. 
 (h) Section 13(a)(vi) of the Agreement is hereby amended by deleting the clause in its entirety and replacing it
with the following: 
 “From time to time (1) such other information regarding the financial condition, operations,
well being or business of any Seller Party as Buyer may reasonably request, within two (2) Business Days of such request and (2) if such Loan was consummated on or after January 10, 2014, copies of all documentation in connection with
the underwriting and origination of any Purchased Loan that evidences compliance with the Ability to Repay Rule and the QM Rule, as Buyer may reasonably request, as soon as possible but in any event no later than three (3) Business Days
following such request;” 
 (i) Section 13(q)(iii) of the Agreement is hereby amended by deleting the clause in its entirety and
replacing it with the following: 
 “(iii) Financial Covenants of Guarantor. (A) Guarantor’s Adjusted
Tangible Net Worth is greater than or equal to $750,000,000; (B) the combined amount of unrestricted cash of Guarantor and its Subsidiaries is greater than or equal to $40,000,000; (C) the ratio of Guarantor’s Total Indebtedness to
Adjusted Tangible Net Worth is not greater than 5:1; and (D) Guarantor’s consolidated net income has been equal to or greater than $1.00 for at least one (1) of the previous two (2) consecutive fiscal quarters, as of the end of
the last fiscal quarter.” 
 (j) Section 18(q) is hereby amended by deleting the section in its entirety and replacing it with the
following: 
 “(q) Any Seller Party or any Affiliate of a Seller Party shall default under, or fail to perform as
required under, or shall otherwise breach the terms of any repurchase agreement, loan and security agreement, MSFTA/derivatives agreement, or similar credit facility or agreement for borrowed funds between any Seller Party or such other entity, on
the one hand, and Buyer or any of Buyer’s Affiliates on the other; or a Seller Party shall default under, or fail to perform as 

  
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required under, the terms of any repurchase agreement, loan and security agreement or similar credit facility or agreement for borrowed funds with outstanding amount at least $10,000,000 entered
into by such Seller Party, which default or failure entitles any party to cause acceleration or require prepayment of any indebtedness thereunder; or” 

(k) Schedule 1 of the Agreement is hereby amended by deleting clause (aaa) in its entirety and replacing it with the following: 

(aaa) FHA Loans. With respect to each FHA Loan, the Seller has provided the Buyer with all loan-level details available
to Seller, including without limitation the related FHA case number and Mortgage Insurance Certificate number for such Loan and evidence of the payment (where available) of all FHA insurance fees. To the extent requested by Buyer, the Seller has
provided the Buyer with a copy (in either physical or electronic format) of the related Mortgage Insurance Certificate, if such Mortgage Insurance Certificate is available. 

(l) Schedule 1 of the Agreement is hereby amended by adding new clauses (xxx) and (yyy) as follows: 

“(xxx) Qualified Mortgage. If the Loan is consummated on or after January 10, 2014 (including a Refi Mortgage
Loan), such Loan satisfies the following criteria: 
 (i) Such Loan is a Qualified Mortgage; 

(ii) Each Jumbo Loan is a Safe Harbor Qualified Mortgage and such Loan is accurately identified as a Safe Harbor Qualified
Mortgage on the Loan Schedule; 
 (iii) Prior to the origination of such Loan, the related originator made a reasonable and
good faith determination that the related Mortgagor would have a reasonable ability to repay such Loan according to its terms, in accordance with, at a minimum, the eight underwriting factors set forth in 12 CFR 1026.43(c)(2); and 

(iv) Such Loan is supported by documentation that evidences compliance with 12 CFR 1026.43 (e) and 12 CFR 1026.43 (c)(2).

 (yyy) Ability to Repay Rule; QM Rule. There are no actions, suits, arbitrations, investigations or proceedings
pending or, to its knowledge, threatened against Seller that questions or challenges the compliance of the Loan with the Ability to Repay Rule or the QM Rule.” 

(m) Exhibit J of the Agreement is hereby amended by deleting the exhibit in its entirety and replacing it with Exhibit A
attached hereto. 
 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 any Commitment Fee due an 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, Seller is in full
compliance with all of the terms and conditions of the Agreement and each other 

  
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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 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. 
 [Signature
Page Follows] 

  
 5 

 IN WITNESS WHEREOF, Seller, Servicer and Buyer have caused this Amendment Number Ten to be
executed and delivered by their duly authorized officers as of the day and year first above written. 
  

					
	
	PENNYMAC CORP.
	(Seller)
			
	By:	 	/s/	 	Pamela Marsh
	Name:	 	Pamela Marsh
	Title:	 	Executive Vice President, Treasurer
	
	PENNYMAC LOAN SERVICES, LLC,
	(Servicer)
			
	By:	 	/s/	 	Pamela Marsh
	Name:	 	Pamela Marsh
	Title:	 	Executive Vice President, Treasurer
	
	CITIBANK, N.A.
	(Buyer)
			
	By:	 	/s/	 	Susan Mills
	Name:	 	Susan Mills
	Title:	 	Vice President
		 	Citibank, N.A.

  
 Amendment Number Ten to
Master Repurchase Agreement (PMAC Agency) 

 EXHIBIT A TO AMENDMENT NUMBER TEN 

EXHIBIT J 
 FORM OF POWER
OF ATTORNEY 
 KNOW ALL MEN BY THESE PRESENTS: 

WHEREAS, CITIBANK, N.A. (the “Buyer”) and PENNYMAC CORP. (“Seller”) have entered into the Master Repurchase Agreement dated
as of May 24, 2012 (as amended, restated, supplemented or otherwise modified, the “Repurchase Agreement”) pursuant to which Buyer has agreed to provide financing from time to time with respect to certain mortgage loans (the
“Assets”) subject to the terms therein; and 
 WHEREAS, Seller has agreed to give to Buyer a power of attorney on the terms and
conditions contained herein in order for Buyer to take any action that Buyer may deem necessary or advisable to accomplish the purposes of the Repurchase Agreement. 

NOW THEREFORE, Seller hereby irrevocably constitutes and appoints Buyer and any officer or agent thereof, with full power of substitution, as
its true and lawful attorney-in-fact with full irrevocable power and authority in the place and stead of Seller and in the name of Seller or in its own name, from time
to time in Buyer’s discretion: 
  

	 	(i)	in the name of Seller, or in its own name, or otherwise, to take possession of and endorse and collect any checks, drafts, notes, acceptances or other instruments for the payment of moneys due with respect to any Assets
and to file any claim or to take any other action or proceeding in any court of law or equity or otherwise deemed appropriate by Buyer for the purpose of collecting any and all such moneys due with respect to any Assets whenever payable;

  

	 	(ii)	to pay or discharge taxes and liens levied or placed on or threatened against the Assets; 

  

	 	(iii)	 (A) to direct any party liable for any payment under any Assets to make payment of any and all moneys due or to become due thereunder directly to
Buyer or as Buyer shall direct, including, without limitation, to send “goodbye” letters and Section 404 Notices on behalf of Seller and any applicable Servicer; (B) to ask or demand for, collect, receive payment of and receipt
for, any and all moneys, claims and other amounts due or to become due at any time in respect of or arising out of any Assets; (C) to sign and endorse any invoices, assignments, verifications, notices and other documents in connection with any
Assets; (D) to commence and prosecute any suits, actions or proceedings at law or in equity in any court of competent jurisdiction to collect the Purchased Items or any proceeds thereof and to enforce any other right in respect of any Assets;
(E) to defend any suit, action or proceeding brought against Seller with respect to any Assets; (F) to settle, compromise or adjust any suit, action or proceeding described in clause (E) above and, in connection therewith, to give

  
 Amendment Number Ten to
Master Repurchase Agreement (PMAC Agency) 

	 	
such discharges or releases as Buyer may deem appropriate; and (G) generally, to sell, transfer, pledge and make any agreement with respect to or otherwise deal with any Assets as fully and
completely as though Buyer were the absolute owner thereof for all purposes, and to do, at Buyer’s option and Seller’s expense, at any time, and from time to time, all acts and things which Buyer deems necessary to protect, preserve or
realize upon the Assets and Buyer’s Liens thereon and to effect the intent of the Repurchase Agreement, all as fully and effectively as Seller might do; 

  

	 	(iv)	for the purpose of effecting the transfer of servicing with respect to the Assets from Seller and any applicable Servicer to a successor servicer appointed by Buyer in its sole discretion and to take any and all
appropriate action and to execute any and all documents and instruments which may be necessary or desirable to accomplish such transfer of servicing, and, without limiting the generality of the foregoing, Seller hereby gives Buyer the power and
right, on behalf of Seller, without assent by Seller, to, in the name of Seller or its own name, or otherwise, prepare and send or cause to be sent “good-bye” letters and Section 404 Notices on
behalf of Seller and any applicable Servicer in connection with such transfer of servicing; and 

  

	 	(v)	for the purpose of delivering any notices of sale to mortgagors or other third parties, including without limitation, those required by law. 

Seller hereby ratifies all that said attorneys shall lawfully do or cause to be done by virtue hereof. This power of attorney is a power
coupled with an interest and shall be irrevocable. 
 Seller also authorizes Buyer, from time to time, to execute, in connection with any
sale, any endorsements, assignments or other instruments of conveyance or transfer with respect to the Assets. 
 The powers conferred on
Buyer hereunder are solely to protect Buyer’s interests in the Assets and shall not impose any duty upon it to exercise any such powers. Buyer shall be accountable only for amounts that it actually receives as a result of the exercise of such
powers, and neither it nor any of its officers, directors, employees or agents shall be responsible to Seller for any act or failure to act hereunder, except for its or their own gross negligence or willful misconduct. 

IN ORDER TO INDUCE ANY THIRD PARTY TO ACT HEREUNDER, SELLER HEREBY AGREES THAT ANY THIRD PARTY RECEIVING A DULY EXECUTED COPY OR FACSIMILE OF
THIS INSTRUMENT MAY ACT HEREUNDER, AND THAT REVOCATION OR TERMINATION HEREOF SHALL BE INEFFECTIVE AS TO SUCH THIRD PARTY UNLESS AND UNTIL ACTUAL NOTICE OR KNOWLEDGE OF SUCH REVOCATION OR TERMINATION SHALL HAVE BEEN RECEIVED BY SUCH THIRD PARTY, AND
Seller ON ITS OWN BEHALF AND ON BEHALF OF SELLER’S ASSIGNS, HEREBY AGREES TO INDEMNIFY AND HOLD HARMLESS ANY SUCH THIRD PARTY FROM AND AGAINST ANY AND ALL CLAIMS THAT MAY ARISE AGAINST SUCH THIRD PARTY BY REASON OF SUCH THIRD PARTY HAVING
RELIED ON THE PROVISIONS OF THIS INSTRUMENT. 
 [REMAINDER OF PAGE INTENTIONALLY BLANK. SIGNATURES FOLLOW.] 

  
 Amendment Number Ten to
Master Repurchase Agreement (PMAC Agency) 

 IN WITNESS WHEREOF Seller has caused this Power of Attorney to be duly executed and Seller’s
seal to be affixed this      day of                     , 2014. 

 

					
	
	PENNYMAC CORP.
	as Seller
			
	By:	 	 	 	 
	Name:	 	
	Title:	 	

  

							
	STATE OF	 	 	  	)	  	
		 		  	)	  	ss.:
	COUNTY OF	 	 	  	)	  	

 On the      day of
                    , 20    , before me, the undersigned, a Notary Public in and for said state, personally
appeared                     
                    , personally known to me or proved to me on the basis of satisfactory evidence to be the person whose name is subscribed to
the foregoing instrument, and acknowledged to me that                      executed the same in
                     capacity as the Principal, that, by
                     signature on the foregoing instrument,
                     executed the same, and that
                     executed the same in the City of
                    , County of
                     and State of
                    . 
  

	
	   

	 Notary Public

	 (SEAL)

  
 Amendment Number Ten to
Master Repurchase Agreement (PMAC Agency)EX-10.97

 Exhibit 10.97 
  

			
	POP REWAREHOUSE TPO FACILITY	  	EXECUTION

 AMENDMENT NO. 4 

TO MASTER REPURCHASE AGREEMENT 

Amendment No. 4 to Master Repurchase Agreement, dated as of October 31, 2014 (this “Amendment”), among Credit
Suisse First Boston Mortgage Capital LLC (the “Buyer”), PennyMac Operating Partnership, L.P. (the “Seller”) and PennyMac Mortgage Investment Trust (the “Guarantor”). 

RECITALS 
 The Buyer, the
Seller and the Guarantor are parties to that certain Master Repurchase Agreement, dated as of September 28, 2012 (as amended by Amendment No. 1, dated as of May 8, 2013, Amendment No. 2, dated as of December 31, 2013, and
Amendment No. 3, dated as of January 10, 2014, the “Existing Repurchase Agreement”; and as further amended by this Amendment, the “Repurchase Agreement”) and the related Pricing Side Letter, dated as of
September 28, 2012 (as amended, restated, supplemented or otherwise modified from time to time, the “Pricing Side Letter”). The Guarantor is a party to that certain Guaranty (as amended, restated, supplemented or otherwise
modified from time to time, the “Guaranty”), dated as of September 28, 2012, by the Guarantor in favor of Buyer. Capitalized terms used but not otherwise defined herein shall have the meanings given to them in the Existing
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. Applicability. Section 1 of the Existing Repurchase Agreement is hereby amended by deleting such section in its
entirety and replacing it with the following: 
  

	 	1.	Applicability 

 From time to time the parties hereto may enter into
transactions in which Seller agrees to transfer to Buyer Mortgage Loans (as hereinafter defined) on a servicing released basis against the transfer of funds by Buyer, with a simultaneous agreement by Buyer to transfer to Seller such Mortgage Loans
on a servicing released basis at a date certain or on demand, against the transfer of funds by Seller. This Agreement is a commitment by Buyer to engage in the Transactions as set forth herein up to the Maximum Committed Purchase Price; provided,
that Buyer shall have no commitment to enter into any Transaction requested that would result in the aggregate Purchase Price of then-outstanding Transactions exceeding the Maximum Committed Purchase Price, and in no event shall the aggregate
Purchase Price of outstanding Transactions exceed the Maximum Purchase Price at any time. Each such transaction shall be referred to herein 

  
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as a “Transaction” and, unless otherwise agreed in writing, shall be governed by this Agreement, including any supplemental terms or conditions contained in any annexes
identified herein, as applicable hereunder. 
 SECTION 2. Definitions. Section 2 of the Existing Repurchase Agreement is hereby
amended by: 
 2.1 deleting the definition of “Termination Date” in its entirety and replacing it with the following: 

“Termination Date” means the earliest of (a) October 30, 2015, and (b) the date of the
occurrence of an Event of Default. 
 2.2 adding the following definition in its proper alphabetical order: 

“Maximum Committed Purchase Price” has the meaning assigned to such term in the Pricing Side Letter. 

SECTION 3. Program; Initiation of Transactions. Section 3 of the Existing Repurchase Agreement is hereby amended by deleting
subsection (a) in its entirety and replacing it with the following: 
 a. From time to time, Buyer will purchase from
Seller certain Mortgage Loans that have been originated or acquired by Seller from an Underlying Repurchase Counterparty pursuant to an Underlying Repurchase Transaction. This Agreement is a commitment by Buyer to enter into Transactions with
Seller up to an aggregate amount equal to the Maximum Committed Purchase Price. This Agreement is not a commitment by Buyer to enter into Transactions with Seller for amounts exceeding the Maximum Committed Purchase Price, but rather, sets forth the
procedures to be used in connection with periodic requests for Buyer to enter into Transactions with Seller. Seller hereby acknowledges that, beyond the Maximum Committed Purchase Price, Buyer is under no obligation to agree to enter into, or to
enter into, any Transaction pursuant to this Agreement. All Purchased Mortgage Loans shall exceed or meet the Underwriting Guidelines, and shall be serviced by a Servicer. The aggregate Purchase Price of Purchased Mortgage Loans subject to
outstanding Transactions shall not exceed the Maximum Purchase Price. 
 SECTION 4. Representations and Warranties. Section 13
of the Existing Repurchase Agreement is hereby amended by deleting subsection (11) in its entirety and replacing it with the following: 

(11) Litigation. Except as set forth on Exhibit E, there is no action, proceeding or investigation pending with
respect to which either Seller or Guarantor has received service of process or, to the best of Seller’s or Guarantor’s knowledge threatened against it before any court, administrative agency or other tribunal (A) asserting the
invalidity of any Program Agreement, (B) seeking to prevent the consummation of any of the transactions contemplated any Program Agreement, (C) making a claim individually or in the aggregate in an amount greater than $10,000,000,
(D) which requires filing with the 

  
 -2- 

 
Securities and Exchange Commission in accordance with the 1934 Act or any rules thereunder or (E) which might materially and adversely affect the validity of the Mortgage Loans or the
performance by it of its obligations under, or the validity or enforceability of any Program Agreement. 
 SECTION 5. Covenants.
Section 14 of the Existing Repurchase Agreement is hereby amended by deleting subsection (a) in its entirety and replacing it with the following: 

a. Litigation. Seller and Guarantor, as applicable, will promptly, and in any event within ten (10) days after
service of process on any of the following, give to Buyer notice of all litigation, actions, suits, arbitrations, investigations (including, without limitation, any of the foregoing which are threatened or pending) or other legal or arbitrable
proceedings affecting Seller, Guarantor or any of their Subsidiaries or affecting any of the Property of any of them before any Governmental Authority that (i) questions or challenges the validity or enforceability of any of the Program
Agreements or any action to be taken in connection with the transactions contemplated hereby, (ii) makes a claim individually or in the aggregate in an amount greater than $10,000,000, or (iii) which, individually or in the aggregate, if
adversely determined, could be reasonably likely to have a Material Adverse Effect with respect to Seller or Guarantor. Seller and Guarantor, as applicable, will promptly provide notice of any judgment, which with the passage of time, could cause an
Event of Default hereunder. 
 SECTION 6. Events of Default. Section 15 of the Existing Repurchase Agreement is hereby amended
by deleting subsection (k) in its entirety and replacing it with the following: 
 k. Judgment. A final judgment
or judgments for the payment of money in excess of $10,000,000 in the aggregate shall be rendered against the Seller or any of its Affiliates by one or more courts, administrative tribunals or other bodies having jurisdiction and the same shall not
be satisfied, discharged (or provision shall not be made for such discharge) or bonded, or a stay of execution thereof shall not be procured, within 30 days from the date of entry thereof. 

SECTION 7. Represenations and Warranties. Part 2 of Schedule 1 of the Existing Repurchase Agreement is hereby amended by deleting
paragraph (ff) in its entirety and replacing it with the following: 
 (ff) Litigation. There is no action, proceeding
or investigation pending with respect to which the Underlying Repurchase Counterparty has received service of process or, to the best of such Underlying Repurchase Counterparty’s knowledge threatened against it before any court, administrative
agency or other tribunal (A) asserting the invalidity of any Underlying Repurchase Document, (B) seeking to prevent the consummation of any of the transactions contemplated any Underlying Repurchase Document, (C) making a claim
individually or in the aggregate in an amount greater than $10,000,000, (D) which requires filing with the Securities and Exchange Commission in accordance with the 1934 Act or any rules thereunder or (E) which might materially and
adversely affect the validity of the Mortgage Loans or the performance by it of its 

  
 -3- 

 
obligations under, or the validity or enforceability of any Underlying Repurchase Document. 

SECTION 8. 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: 
 8.1 Delivered 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) Amendment No. 7 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; and 
 (c) such other documents as the Buyer or counsel to
the Buyer may reasonably request. 
 SECTION 9. 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 and is continuing, and hereby confirms and reaffirms the
representations and warranties contained in Section 13 of the Repurchase Agreement. 
 SECTION 10. 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 11. 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 12. 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 13. 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 14.
Reaffirmation of Guaranty. The Guarantor hereby ratifies and affirms all of the terms, covenants, conditions and obligations of the Guaranty and acknowledge and agree 

  
 -4- 

 
that the term “Obligations” as used in the Guaranty shall apply to all of the Obligations of Seller to Buyer under the Pricing Side Letter and the Repurchase Agreement, as amended
hereby. 
 [Remainder of page intentionally left blank] 

  
 -5- 

 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. 
  

			
	Credit Suisse First Boston Mortgage Capital LLC, as Buyer
		
	By:	 	   /s/ Adam Loskove

		 	Name: Adam Loskove
		 	Title:   Vice President
	
	PennyMac Operating Partnership, L.P., as Seller
		
	By:	 	   /s/ Pamela Marsh

		 	Name: Pamela Marsh
		 	Title:   Executive Vice President, Treasurer
	
	PennyMac Mortgage Investment Trust, as Guarantor
		
	By:	 	   /s/ Pamela Marsh

		 	Name: Pamela Marsh
		 	Title:   Executive Vice President, Treasurer

 Signature Page to Amendment No. 4 to Master Repurchase Agreement

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00237-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00237-of-00352.parquet"}]]