Document:

pfsi_EX_1079

		

			 

		

		
			EXHIBIT 10.79
		

		
			AMENDMENT NO. 2
TO THIRD AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT
		

		
			Amendment No. 2 to Third Amended and Restated Loan and Security Agreement, dated as of July 27, 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, as amended by Amendment No. 1, dated June 5, 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.Additional Advances.  Notwithstanding the requirements set forth in Section 5.02(g)(iv) of the Loan and Security Agreement, the Lender hereby agrees to make available to the Borrower Loan Advances with respect to the Agency Servicing Rights that are related to Ginnie Mae (“Ginnie Mae Servicing Rights”);  provided that to the extent the related Acknowledgement Agreement is not executed by January 22, 2016 (the “Required Repayment Date”), the Borrower shall repay all such Loan Advances with respect to the Ginnie Mae Servicing Rights by no later than the Required Repayment Date, such that all outstanding Loan Advances related to Servicing Rights shall be reduced to $257,000,000.  Any failure to repay the Loan Advances with respect to the Ginnie Mae Servicing Rights in accordance with this section shall result in an immediate Event of Default.
		

		
			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/ Elie Chau
Name:  Elie Chau
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, Treasurerpfsi_EX_1098

		

			EXECUTION COPY

		

		
			AMENDMENT NUMBER FOUR
		

		
			to the
		

		
			MASTER REPURCHASE AGREEMENT
		

		
			Dated as of July 2, 2013,
		

		
			among
		

		
			PENNYMAC LOAN SERVICES, LLC, 
		

		
			MORGAN STANLEY BANK. N.A.
		

		
			and
		

		
			MORGAN STANLEY MORTGAGE CAPITAL HOLDINGS LLC
		

		
			 
		

		
			 
		

		
			This AMENDMENT NUMBER FOUR (this “Amendment Number Four”) is made this 29th day of June, 2015, among PENNYMAC LOAN SERVICES, LLC a Delaware limited liability company, as seller (“Seller”), MORGAN STANLEY BANK, N.A., a national banking association, as buyer (“Buyer”) and MORGAN STANLEY MORTGAGE CAPITAL HOLDINGS LLC, a New York limited liability company, as agent for Buyer (“Agent”), to the Master Repurchase Agreement, dated as of July 2, 2013, 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, Buyer and Agent have agreed to amend the Agreement to extend the Termination Date thereunder for a period of 30 days, as more specifically set forth herein; and
		

		
			WHEREAS, as of the date hereof, Seller represents to Buyer and Agent that Seller is 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 June 29, 2015 (the “Amendment Effective Date”), the defined term "Termination Date in Section 1.01 of the Agreement is hereby amended to read in its entirety as follows:

		
			 “Termination Date” shall mean July 29, 2015 or such earlier date on which this Repurchase Agreement shall terminate in accordance with the provisions hereof or by operation of law.  
		

			
	
			
				 Section 1.
			Defined Terms.  Any terms capitalized but not otherwise defined herein shall have the respective meanings set forth in the Agreement.

			
	
			
				 Section 2.
			Effectiveness.  This Amendment Number Four shall become effective as of the date that the Agent shall have received (a) counterparts hereof duly executed by each of the parties hereto and (b) a pro rated portion of the Commitment Fee for the period from June 29, 2015 to July 29, 2015, determined based on the Committed Amount and the Commitment Fee percentage specified in Section 2(a) of the Pricing Side Letter.

			
	
			
				 Section 3.
			Fees and Expenses.  Seller agrees to pay to Buyer and Agent all reasonable out of pocket costs and expenses incurred by Buyer or Agent in connection with this 
		

		 

 

			Amendment Number Four (including all reasonable fees and out of pocket costs and expenses of Buyer’s or Agent’s legal counsel) in accordance with Section 13.04 and 13.06 of the Agreement.

			
	
			
				 Section 4.
			Representations.  Seller hereby represents to Buyer and Agent that as of the date hereof and taking into account the terms of this Amendment Number Four, Seller is 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 5.
			Binding Effect; Governing Law.  This Amendment Number Four shall be binding and inure to the benefit of the parties hereto and their respective successors and permitted assigns.  THIS AMENDMENT NUMBER FOUR 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 6.
			Counterparts.  This Amendment Number Four 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 7.
			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 Four 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]
		

		

		

		 

		

			2

		

		

			 

		

		

			 

		

		

			 

		

 

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

		
			 
		

		
			 
		

		
			MORGAN STANLEY BANK, N.A. 
		

		
			(Buyer)
		

		
			 
		

		
			 
		

		
			By:  /s/ Geoffrey Kott
		

		
			Name: Geoffrey Kott
		

		
			Title: Authorized Signatory
		

		
			 
		

		
			 
		

		
			MORGAN STANLEY MORTGAGE CAPITAL HOLDINGS LLC 
		

		
			(Agent)
		

		
			 
		

		
			 
		

		
			By:  /s/ Christopher Schmidt
		

		
			Name: Christopher Schmidt
		

		
			Title: Vice President
		

		
			 
		

		
			 
		

		 

			

					

						Amendment Number Four to Master Repurchase Agreement

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"}]]