Document:

EX-10.85

 Exhibit 10.85 
 AMENDMENT NO. 1 
 TO MORTGAGE BANKING AND 

WAREHOUSE SERVICES AGREEMENT 
 Amendment No. 1 to Mortgage Banking and Warehouse Services Agreement, dated as of March 1, 2013 (the “Amendment”), by and between PennyMac Loan Services, LLC, a Delaware limited
liability company (the “Service Provider”), and PennyMac Corp., Delaware corporation (the “Company”). 
 RECITALS 
 WHEREAS, the Service Provider and the Company are parties to
that certain Mortgage Banking and Warehouse Services Agreement, dated as of February 1, 2013 (the “Existing MBWS Agreement” and, as amended by this Amendment, the “MBWS Agreement”). Capitalized terms used but
not otherwise defined herein shall have the meanings given to them in the Existing MBWS Agreement. 
 WHEREAS, the Service
Provider and the Company have agreed, subject to the terms and conditions of this Amendment, that the Existing MBWS Agreement be amended to reflect certain agreed upon revisions to the terms of the Existing MBWS Agreement. 

NOW, THEREFORE, in consideration of the mutual premises and mutual obligations set forth herein, the Service Provider and the Company
hereby agree that the Existing MBWS Agreement is hereby amended as follows: 
 SECTION 1. Exhibits. Exhibit A of the
Existing MBWS Agreement is hereby amended by deleting it in its entirety and replacing it with the form attached hereto as Exhibit A. 
 SECTION 2. Conditions Precedent. This Amendment shall become effective as of the date first set forth above (the “Amendment Effective Date”), subject to the satisfaction of the
following conditions precedent: 
 2.1 Delivered Documents. On the Amendment Effective Date, each party shall have
received the following documents, each of which shall be satisfactory to such party in form and substance: 
 (a)
this Amendment, executed and delivered by duly authorized officers of the Service Provider and the Company; and 

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

SECTION 3. Representations and Warranties. Each party represents that it is in compliance in all material respects with all the
terms and provisions set forth in the Existing MBWS Agreement on its part to be observed or performed. 

  
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 SECTION 4. Limited Effect. Except as expressly amended and modified by this
Amendment, the Existing MBWS Agreement shall continue to be, and shall remain, in full force and effect in accordance with its terms. 
 SECTION 5. GOVERNING LAW. THIS AMENDMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL
BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.  
 SECTION 6. Counterparts. This Amendment may be executed in one or
more counterparts and by different parties hereto on separate counterparts, each of which, when so executed, shall constitute one and the same agreement. 
 SECTION 7. Conflicts. The parties hereto agree that in the event there is any conflict between the terms of this Amendment, and the terms of the Existing MBWS Agreement, the provisions of this
Amendment shall control. 
 [SIGNATURE PAGE FOLLOWS] 

  
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 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. 
  

							
	The Service Provider:	 		 	PENNYMAC LOAN SERVICES, LLC
				
		 		 	By:	 	 /s/ Anne D. McCallion

		 		 		 	Name: Anne D. McCallion
		 		 		 	Title:   Vice President, Finance
			
	The Company:	 		 	PENNYMAC CORP.
				
		 		 	By:	 	 /s/ Stanford L. Kurland

		 		 		 	Name: Stanford L. Kurland
		 		 		 	Title:   Chief Executive Officer

  
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 EXHIBIT A 
 (Compensation) 
 Fulfillment Fees 

The Fulfillment Fee for each Mortgage Loan purchased from an approved Correspondent shall equal the product of (a) in the case of a
HARP Mortgage Loan with an LTV of 105% or less, the product of (i) .80%, and (ii) the aggregate unpaid principal balance of such HARP Mortgage Loan, (b) in the case of a HARP Mortgage Loan with an LTV of greater than 105%, the product
of (i) 1.20%, and (ii) the aggregate unpaid principal balance of such HARP Mortgage Loan, (c) in the case of a Fannie Mae Mortgage Loan or a Freddie Mac Mortgage Loan, (i) the product of .50% and (ii) the aggregate unpaid
principal balance of such Fannie Mae Mortgage Loan or Freddie Mac Mortgage Loan, (d) in the case of a Ginnie Mae Mortgage Loan, (i) the product of .88% and (ii) the aggregate unpaid principal balance of such Ginnie Mae Mortgage Loan,
and (e) in the case of any other Mortgage Loan not otherwise contemplated in (a)-(d) above, the product of (i) .50%, and (ii) the aggregate unpaid principal balance of such Mortgage Loan. The Fulfillment Fee with respect to each
such Mortgage Loan shall be due and payable by the Company upon the funding of such Mortgage Loan by the Company. 
 In the
event the Company purchases Mortgage Loans with an aggregate unpaid principal balance in any month of greater than $2.5 billion and less than or equal to $5.0 billion, the Service Provider shall reimburse the Company an amount equal to the product
of (i) .025%, (ii) the amount of unpaid principal balance in excess of $2.5 billion, and (iii) the percentage of the aggregate unpaid principal balance relating to Mortgage Loans for which the Service Provider collected Fulfillment
Fees for such month. In the event the Company purchases Mortgage Loans with an aggregate unpaid principal balance in any month of greater than $5.0 billion, the Service Provider shall reimburse the Company an amount equal to the product of
(i) .05%, (ii) the amount of unpaid principal balance in excess of $5.0 billion, and (iii) the percentage of the aggregate unpaid principal balance relating to Mortgage Loans for which the Service Provider collected Fulfillment Fees
in such month. Any such reimbursement due from the Service Provider to the Company as provided herein shall be paid within five (5) Business Days of such determination. 
 Early Purchase Program Fees 
 With respect to each
Early Purchase Program, the Service Provider shall be entitled to fees that accrue (a) at a rate equal to $25,000 per annum, and (b) in the amount of $50 with respect to each Mortgage Loan purchased by the Company thereunder. The fee
described in clause (a) shall accrue and be payable monthly not later than the last Business Day of each month from and after the execution of the Early Purchase Program documentation. The fee described in clause (b) shall accrue and be
payable monthly not later than the fifth
(5th) Business Day following the month during which
the related Mortgage Loan first becomes subject to a Transaction. 

  
 A-1

 Notwithstanding anything in the Agreement to the contrary, the Service Provider shall not be
entitled to collect the Early Purchase Program Fees described in clause (b) above with respect to any Mortgage Loans purchased by the Company under an Early Purchase Program to the extent the Service Provider already collected Warehouse Fees
with respect to such Mortgage Loan under a Facility. In such instances, the Service Provider shall be entitled to collect only the Warehouse Fees as described in clause (b) below under the heading Warehouse Fees. 

Warehouse Fees 
 With respect to each Facility, the Service Provider shall be entitled to fees that accrue (a) at a rate equal to $25,000 per annum, and (b) in the amount of $50 with respect to each Mortgage
Loan that is subject to a Transaction thereunder. The fee described in clause (a) shall accrue and be payable monthly not later than the last Business Day of each month from and after the execution of the related Facility Documents. The fee
described in clause (b) shall accrue and be payable monthly not later than the fifth (5th) Business Day following the month during which the related Mortgage Loan first becomes subject to a Transaction. 
 Notwithstanding anything in the Agreement to the contrary, the Service Provider shall not be entitled to collect the Warehouse Fees described in clause (a) above with respect to any Facility during
any month in which the Transaction Counterparty thereunder is also a Correspondent under an Early Purchase Program. In such instances, the Service Provider shall be entitled to collect only the Early Purchase Program Fees as described in clause
(a) above under the heading Early Purchase Program Fees. 

  
 A-2EX-10.89

 Exhibit 10.89 
 Execution Version 
  
 

 
 Amended and Restated Confidentiality Agreement 

March 1, 2013 
 Private
National Mortgage Acceptance Company, LLC 
 6101 Condor Drive 
 Moorpark, California 92021 
 Attention: Chief Executive Officer 

Re: Confidentiality Agreement 
 Ladies and Gentlemen: 
 This Amended and Restated Confidentiality Agreement
amends, supersedes and restates in its entirety that certain Confidentiality Agreement, dated February 6, 2013, by and between Private National Mortgage Acceptance Company, LLC and PennyMac Mortgage Investment Trust. 

In connection with your provision of services pursuant to (i) the Amended and Restated Management Agreement, effective as of
February 1, 2013, by and among PNMAC Capital Management, LLC, PennyMac Mortgage Investment Trust and PennyMac Operating Partnership, L.P., (ii) the Second Amended and Restated Flow Servicing Agreement, dated as of March 1, 2013, by
and between PennyMac Operating Partnership, L.P. and PennyMac Loan Services, LLC, (iii) the Master Spread Acquisition and MSR Servicing Agreement, effective as of February 1, 2013, by and between PennyMac Loan Services, LLC and PennyMac
Operating Partnership, L.P., (iv) the Mortgage Banking and Warehouse Services Agreement, effective as of February 1, 2013, by and between PennyMac Loan Services, LLC and PennyMac Corp., and (v) the MSR Recapture Agreement, effective
as of February 1, 2013, by and between PennyMac Loan Services, LLC and PennyMac Corp. (as each may be amended from time to time and, collectively, the “Management Agreements”), PennyMac Mortgage Investment Trust and/or its
subsidiaries, Affiliates (as hereinafter defined) or divisions (collectively, with such subsidiaries, Affiliates and divisions, the “Company”), has made and is prepared to continue to make available to you and your Representatives
(as hereinafter defined) certain information concerning the business, financial condition, operations, assets and liabilities of the Company. As a condition to such information being furnished to you and your Representatives, you agree that you
will, and will cause your Representatives to, treat the Confidential Material (as hereinafter defined) in accordance with the provisions of this letter agreement and take or abstain from taking certain other actions as set forth herein. 

 March 1, 2013 
  

The terms “you,” “your” and “yourself” shall refer to Private National Mortgage Acceptance Company, LLC and
its Affiliates, and Private National Mortgage Acceptance Company, LLC agrees to cause its Affiliates to be bound by the terms of this letter agreement. 
 The term “Affiliate” shall mean (i) any person or entity directly or indirectly controlled by Private National Mortgage Acceptance Company, LLC or the Company, as applicable,
(ii) any executive officer or general partner of such entity and (iii) any legal entity for which such person or entity acts as an executive officer or general partner. 

The term “Representatives” (i) with respect to you, shall only include your officers, managers, directors, general
partners, employees, outside counsel, accountants and consultants and, subject to (a) receipt of prior consent of the Company and (b) compliance with Section 2 below, shall also include your financial advisors, potential sources of
equity or debt financing (and their respective counsel), and (ii) with respect to the Company, shall include its members, directors, shareholders, officers, employees, agents, Affiliates, partners and advisors and those of its subsidiaries,
Affiliates and/or divisions (including, without limitation, attorneys, accountants, consultants and financial advisors). 
 1.
Confidential Material. The term “Confidential Material” shall mean all information relating, directly or indirectly, to the Company or the business, products, markets, condition (financial or other), operations, assets,
liabilities, results of operations, cash flows or prospects of the Company (whether prepared by the Company, its advisors or otherwise) which is delivered, disclosed or furnished by or on behalf of the Company to you or to your Representatives,
before, on or after the date hereof, regardless of the manner in which it is delivered, disclosed or furnished, or which you or your Representatives otherwise learn or obtain, through observation or through analysis of such information, data or
knowledge, and shall also be deemed to include all notes, analyses, compilations, studies, forecasts, interpretations or other documents prepared by you or your Representatives that contain, reflect or are based upon, in whole or in part, the
information delivered, disclosed or furnished to you or your Representatives pursuant hereto. Notwithstanding any other provision hereof, the term Confidential Material shall not include information which (i) is or becomes generally available
to the public other than as a result of a disclosure by you or your Representatives, (ii) was within your possession and developed by you prior to it being furnished to you by or on behalf of the Company, provided that the source of such
information was not known by you to be or you had no reasonable basis (after due inquiry) for concluding that the source of such information was bound by a confidentiality agreement with, or other contractual, legal or fiduciary obligation of
confidentiality to, the Company or any other party with respect to such information or (iii) becomes available to you on a non-confidential basis from a source other than the Company or any of its Representatives, provided that such
source is not known by you to be or you do not know or have reason to believe (after due inquiry) that the source is bound by a confidentiality agreement with, or other contractual, legal or fiduciary obligation of confidentiality to, the Company or
any other party with respect to such information. 

  
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2. Use and Disclosure of Confidential Material. You recognize and acknowledge the competitive value and confidential nature of the
Confidential Material and the damage that could result to the Company if any information contained therein is disclosed to a third party. You hereby agree that you and your Representatives shall use the Confidential Material solely for the purpose
of providing services pursuant to the Management Agreements and for no other purpose, that the Confidential Material will not be used in any way detrimental to the Company, that the Confidential Material will be kept confidential and that you and
your Representatives will not disclose any of the Confidential Material in any manner whatsoever; provided, however, that (i) you may make any disclosure of the Confidential Material to which the Company gives its prior written
consent and (ii) any of the Confidential Material may be disclosed to your Representatives who need to know such information for the purpose of providing services pursuant to the Management Agreements, who are provided with a copy of this
letter agreement and who agree in a writing signed and delivered to us to be bound by the terms hereof. You shall maintain a list of those Representatives to whom Confidential Material has been disclosed (which list shall be presented to the Company
upon request). In any event, you agree to undertake reasonable precautions to safeguard and protect the confidentiality of the Confidential Material, to accept responsibility for any breach of this letter agreement by you or any of your
Representatives, and, at your sole expense, to take all reasonable measures (including, but not limited to, court proceedings) to restrain yourself and your Representatives from prohibited or unauthorized disclosure or uses of the Confidential
Material. 
 In the event that you or any of your Representatives are requested or required (by oral questions, interrogatories,
requests for information or documents in legal proceedings, subpoena, civil investigative demand or other similar legal process) to disclose any of the Confidential Material, you shall provide the Company with prompt written notice of any such
request or requirement so that the Company may in its sole discretion seek a protective order or other appropriate remedy and/or waive compliance with the provisions of this letter agreement. If, in the absence of a protective order or other remedy
or the receipt of a waiver by the Company, you or any of your Representatives are nonetheless, in the written opinion of outside legal counsel, legally compelled to disclose Confidential Material to any tribunal or else stand liable for contempt or
suffer other censure or penalty, you or your Representatives may, without liability hereunder, disclose to such tribunal only that portion of the Confidential Material which such counsel advises you is legally required to be disclosed,
provided that you use your reasonable best efforts to preserve the confidentiality of the Confidential Material, including, without limitation, by cooperating with the Company to obtain an appropriate protective order or other reliable
assurance that confidential treatment will be accorded the Confidential Material by such tribunal; and provided further that you shall promptly notify the Company of (i) your determination to make such disclosure and (ii) the
nature, scope and contents of such disclosure. 
 3. Return and Destruction of Confidential Material. At any time upon
the reasonable request of the Company (taking into account your duties under the Management Agreements), you will as directed by the Company promptly deliver, at your expense, to the Company or destroy Confidential Material (and any copies thereof)
furnished to you or your Representatives by or on behalf of the Company pursuant hereto. In the event of such a decision or request, the Confidential Material prepared by you or on your behalf shall be returned or

  
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destroyed and no copy thereof shall be retained, and, upon the Company’s request, you shall provide the Company with prompt written confirmation of your compliance with this paragraph. It is
understood that information in an intangible or electronic format containing Confidential Material cannot be removed, erased or otherwise deleted from archival systems (also known as computer or system back-ups) but that such information will
continue to be protected under the confidentiality requirements contained in this letter agreement and you and your Representatives shall continue to be bound by the obligations of confidentiality hereunder. Notwithstanding the foregoing, you and
your Representatives may retain one copy of any work product prepared by you or them that contains Confidential Material to the extent necessary or advisable pursuant to applicable legal or regulatory requirements; provided that you and your
Representatives shall continue to be bound by the obligations of confidentiality hereunder. Notwithstanding the return or destruction of the Confidential Material, you and your Representatives shall continue to be bound by your obligations of
confidentiality and other obligations and agreements hereunder. 
 4. No Representations or Warranties. You understand,
acknowledge and agree that neither the Company nor any of its Representatives makes any representation or warranty, express or implied, as to the accuracy or completeness of the Confidential Material. You agree that neither the Company nor any of
its Representatives shall have any liability to you or to any of your Representatives relating to or resulting from the use of the Confidential Material or any errors therein or omissions therefrom, except as expressly provided in the Management
Agreements. 
 5. Material Non-Public Information. You acknowledge and agree that you are aware (and that your
Representatives are aware or, upon receipt of any Confidential Material, will be advised by you) that (i) the Confidential Material being furnished to you or your Representatives contains material, non-public information regarding the Company
and (ii) the United States securities laws prohibit any persons who have material, nonpublic information from purchasing or selling securities of a company or from communicating such information to any person under circumstances in which it is
reasonably foreseeable that such person is likely to purchase or sell such securities in reliance upon such information. 
 6.
Manager Standstill. You agree that, for a period of three years from the date of this letter agreement, unless approved in writing by a majority of the independent trustees of the Company, neither you nor any of your subsidiaries or
Representatives acting on your behalf or on behalf of other persons acting in concert with you will in any manner, directly or indirectly: (a) publicly offer or propose, or effect or seek to effect, or announce any intention to effect or cause
or participate in or in any way assist, facilitate or encourage any other person to effect or seek, offer or propose (whether publicly or otherwise) to effect or participate in, (i) any acquisition of any securities (or beneficial ownership
thereof), or rights or options to acquire any securities (or beneficial ownership thereof), or any indebtedness or businesses of the Company or any of its subsidiaries or Affiliates, (ii) any tender or exchange offer, merger or other business
combination involving the Company, any of the subsidiaries or Affiliates or assets of the Company or the subsidiaries or Affiliates constituting a significant portion of the consolidated assets of the Company and its subsidiaries or Affiliates,
(iii) any recapitalization, restructuring, liquidation, dissolution or other extraordinary transaction with respect to the Company or any of 

  
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its subsidiaries or Affiliates, or (iv) any “solicitation” of “proxies” (as such terms are used in the proxy rules of the Securities and Exchange Commission) or consents
to vote any voting securities of the Company or any of its Affiliates; (b) form, join or in any way participate in a “group” (as defined under the Securities Exchange Act of 1934, as amended) with respect to the Company or otherwise
act in concert with any person in respect of any such securities; (c) otherwise act, alone or in concert with others, to remove any independent trustee of the Company or expand the size of the Board of Trustees of the Company; (d) take any
action which would or would reasonably be expected to force the Company to make a public announcement regarding any of the types of matters set forth in (a) above; or (e) enter into any arrangements with any third party with respect to any
of the foregoing. You further agree that, if at any time during such period, you or any of your subsidiaries or Representatives acting on your behalf are approached by any third party concerning your or their participation in a transaction involving
any assets, indebtedness or business of, or securities issued by, the Company or any of its subsidiaries, you will promptly inform the Company of the nature of such transaction and the parties involved. Notwithstanding the foregoing, nothing herein
shall limit the ability of (A) Private National Mortgage Acceptance Company, LLC or its Affiliates from acquiring securities of the Company in connection with (I) incentive fees earned under the Management Agreements, or (II) ordinary
course compensation from the Company, or (B) any individual who is an Affiliate of Private National Mortgage Acceptance Company, LLC or its Affiliates from purchasing securities for his or her own account. 

7. REIT Standstill. The Company agrees that, for a period of three years from the date of this letter agreement, unless approved
in writing by you, the Company shall not, directly or indirectly: (a) publicly offer or propose, or effect or seek to effect, or announce any intention to effect or cause or participate in or in any way assist, facilitate or encourage any other
person to effect or seek, offer or propose (whether publicly or otherwise) to effect or participate in, (i) any acquisition of any of your securities (or beneficial ownership thereof), or rights or options to acquire any of your securities (or
beneficial ownership thereof), or any of your indebtedness or businesses, (ii) any tender or exchange offer, merger or other business combination involving you or your assets constituting a significant portion of your consolidated assets,
(iii) any recapitalization, restructuring, liquidation, dissolution or other extraordinary transaction with respect to you, or (iv) any “solicitation” of “proxies” (as such terms are used in the proxy rules of the
Securities and Exchange Commission) or consents to vote any of your voting securities; (b) form, join or in any way participate in a “group” (as defined under the Securities Exchange Act of 1934, as amended) with respect to you or
otherwise act in concert with any person in respect of any such securities; (c) otherwise act, alone or in concert with others, to remove any of your board members or expand the size of your board of directors; (d) take any action which
would or would reasonably be expected to force you to make a public announcement regarding any of the types of matters set forth in (a) above; or (e) enter into any arrangements with any third party with respect to any of the foregoing.
The Company further agrees that, if at any time during such period, the Company is approached by any third party concerning its participation in a transaction involving any of your assets, indebtedness or business, or securities issued by you, the
Company will promptly inform you of the nature of such transaction and the parties involved. Notwithstanding the foregoing, nothing herein shall limit the ability of any individual from purchasing securities for his or her own account. 

  
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8. No Waiver of Rights. It is understood and agreed that no failure or delay by the Company in exercising any right, power or
privilege hereunder shall operate as a waiver thereof, nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege hereunder. 

9. Remedies. It is understood and agreed that money damages would not be an adequate remedy for any breach of this letter
agreement by you or any of your Representatives and that the Company shall be entitled to equitable relief, including, without limitation, injunction and specific performance, as a remedy for any such breach. Such remedies shall not be deemed to be
the exclusive remedies for a breach by you of this letter agreement but shall be in addition to all other remedies available at law or equity to the Company. You further agree not to raise as a defense or objection to the request or granting of such
relief that any breach of this letter agreement is or would be compensable by an award of money damages, and you agree to waive any requirements for the securing or posting of any bond in connection with such remedy. You also agree to reimburse the
Company for all costs incurred by the Company in connection with the enforcement of this letter agreement (including, without limitation, reasonable legal fees in connection with any litigation, including any appeal therefrom). 

10. Governing Law. This letter agreement is for the benefit of the Company (and its subsidiaries and Affiliates) and its
Representatives, and shall be governed by and construed in accordance with the laws of the State of California, without regard to the conflict of law provisions thereof that would result in the application of the laws of any other jurisdiction. You
hereby irrevocably and unconditionally consent to submit to the exclusive jurisdiction of the courts of the State of California and of the United States District Court for any district within such state for the purpose of any actions, suits or
proceedings arising out of or relating to this letter agreement and the transactions contemplated hereby (and you agree not to commence any action, suit or proceeding relating thereto except in such courts, and further agree that service of any
process, summons, notice or document by U.S. registered mail to your address set forth above shall be effective service of process for any action, suit or proceeding brought against you in any such court). You hereby irrevocably and unconditionally
waive any objection which you may now or hereafter have to the laying of venue of any action, suit or proceeding arising out of this letter agreement or the transactions contemplated hereby in the courts of the State of California or the United
States District Court for any district within such state, and hereby further irrevocably and unconditionally waive and agree not to plead or claim in any such court that any such action, suit or proceeding brought in any such court has been brought
in an inconvenient forum. 
 11. Entire Agreement. This letter agreement contains the entire agreement between you and
the Company regarding its subject matter and supersedes all prior agreements, understandings, arrangements and discussions between you and the Company regarding such subject matter. During the term of this letter agreement, should any inconsistency
be identified between this letter agreement and any of the provisions of any of the Management Agreements relating to the confidentiality of the Confidential Material, the terms of this letter agreement shall govern. 

  
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12. No Modification. No provision in this letter agreement can be waived, modified or amended except by written consent of you and
the Company, which consent shall specifically refer to the provision to be waived, modified or amended and shall explicitly make such waiver, modification or amendment. 
 13. Counterparts. This letter agreement may be signed by facsimile and in one or more counterparts, each of which shall be deemed an original but all of which shall be deemed to constitute a single
instrument. 
 14. Severability. If any provision of this letter agreement is found to violate any statute, regulation,
rule, order or decree of any governmental authority, court, agency or exchange, such invalidity shall not be deemed to affect any other provision hereof or the validity of the remainder of this letter agreement, and such invalid provision shall be
deemed deleted herefrom to the minimum extent necessary to cure such violation. 
 15. Successors. This letter agreement
shall inure to the benefit of, and be enforceable by, the Company and its successors and assigns. 
 16. Third Party
Beneficiaries. You agree and acknowledge that this letter agreement is being entered into by and on behalf of the Company and its Affiliates, subsidiaries and divisions and that they shall be third party beneficiaries hereof, having all rights
to enforce this letter agreement. You further agree that, except for such parties, nothing herein expressed or implied is intended to confer upon or give any rights or remedies to any other person under or by reason of this letter agreement.

 17. Term. This letter agreement will terminate three years from the date hereof. 

[Signature Page Follows] 

  
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Please confirm your agreement with the foregoing by having a duly authorized officer of your organization sign and return one copy of this
letter to the undersigned, whereupon this letter agreement shall become a binding agreement among you and the Company. 
  

							
	Very truly yours,
		
		 	PENNYMAC MORTGAGE INVESTMENT TRUST
			
		 	By:	 	/s/ Anne D. McCallion
		 		 	Name:	 	Anne D. McCallion
		 		 	Title:	 	Chief Financial Officer

 CONFIRMED AND AGREED 
 as of the date written above: 
  

					
	PRIVATE NATIONAL MORTGAGE ACCEPTANCE COMPANY, LLC
		
	By:	 	/s/ Anne D. McCallion
		 	Name:	 	Anne D. McCallion
		 	Title:	 	Chief Financial Officer

  
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