Document:

pfsi_EX_1037

		

			EXECUTION

		

		
			AMENDMENT NO. 1
TO AMENDED AND RESTATED MASTER SPREAD ACQUISITION AND MSR SERVICING AGREEMENT
		

		
			Amendment No. 1 to Amended and Restated Master Spread Acquisition and MSR Servicing Agreement, dated as of August 26, 2015 (this “Amendment”), among CREDIT SUISSE FIRST BOSTON MORTGAGE CAPITAL LLC (“CSFB”), PENNYMAC LOAN SERVICES, LLC (the “Seller”) and PENNYMAC HOLDINGS, LLC (the “Purchaser”).
		

		
			RECITALS
		

		
			The Seller and the Purchaser are parties to that certain Amended and Restated Master Spread Acquisition and MSR Servicing Agreement, dated as of April 30, 2015 (the “Existing Agreement”; as further amended by this Amendment, the “Agreement”). Capitalized terms used but not otherwise defined herein shall have the meanings given to them in the Existing Agreement.
		

		
			The Purchaser transferred the Participation Certificate to CSFB in accordance with the terms of the Existing Agreement in order to perfect CSFB’s interest in the Participation Interest.
		

		
			CSFB, the Seller and the Purchaser have agreed, subject to the terms and conditions of this Amendment, that the Existing Agreement be amended to reflect certain agreed upon revisions to the terms of the Existing Agreement.
		

		
			Accordingly, CSFB,  the Seller and the Purchaser hereby agree, in consideration of the mutual promises and mutual obligations set forth herein, that the Existing Agreement is hereby amended as follows: 
		

			
	
			
				 SECTION 1.
			Definitions.  The definition of “Servicing Agreement” in Section 1.01 of the Existing Agreement is hereby deleted in its entirety and replaced with the following:

		
			“Servicing Agreement” means, with respect to each Mortgage Loan, any servicing agreement, including, with respect to any Mortgage Loan serviced for an Agency, Seller’s “contract” with such Agency (as defined in the applicable Acknowledgment Agreement) and, without duplication, the applicable Agency Guide, as amended from time to time, and any waivers, consent letters, acknowledgments and other agreements under which such Mortgage Loan is serviced and administered. 
		

			
	
			
				 SECTION 2.
			Seller’s Duties With Respect to Servicing.  Section 7.01 of the Existing Agreement is hereby amended by deleting clause (a) in its entirety and replacing it with the following:

			
	
			
				 (a)
			Effective on the Transaction Settlement Date for each Primary Portfolio, the Seller agrees for the benefit of the Purchaser to service the related Primary Portfolio Mortgage Loans and any Secondary Portfolio Mortgage Loans at all times in strict accordance in all material respects with the applicable Servicing Agreement.  In connection with the Primary Portfolio Mortgage Loans and Secondary Portfolio 

		 

		

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	Mortgage Loans related to each Transaction, the Seller shall not, without the express written consent of Purchaser (which consent may be withheld in its absolute discretion), (a) terminate or amend any Servicing Rights, or (b) enter into any termination, modification, waiver or amendment of any applicable Servicing Agreement or its rights and duties thereunder.

			
	
			
				 SECTION 3.
			Effective Date; 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:

			
	
			
				 3.1
			Delivered Documents.  On the Amendment Effective Date, CSFB shall have received the following documents, each of which shall be satisfactory to CSFB in form and substance:

			
	
			
				 (a)
			this Amendment, executed and delivered by duly authorized officers of CSFB,  the Seller and the Purchaser; and

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

			
	
			
				 SECTION 4.
			Representations and Warranties.  Each of the Seller and the Purchaser hereby represents and warrants to CSFB that it is in compliance with all the terms and provisions set forth in the Agreement on its part to be observed or performed, and that no Event of Default has occurred or is continuing, and (x) with respect to the Seller hereby confirms and reaffirms the representations and warranties contained in Section 6 of the Agreement and (y) with respect to the Purchaser hereby confirms and reaffirms the representations and warranties contained in Section 5 of the Agreement.

			
	
			
				 SECTION 5.
			Limited Effect.  Except as expressly amended and modified by this Amendment, the Existing Agreement shall continue to be, and shall remain, in full force and effect in accordance with its terms.

			
	
			
				 SECTION 6.
			Severability.  Each provision and agreement herein shall be treated as separate and independent from any other provision or agreement herein and shall be enforceable notwithstanding the unenforceability of any such other provision or agreement.

			
	
			
				 SECTION 7.
			Counterparts.  This Amendment 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.    This Agreement may be executed by signature(s) transmitted by facsimile.

			
	
			
				 SECTION 8.
			GOVERNING LAW.   THIS AMENDMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS MADE AND TO BE PERFORMED ENTIRELY WITHIN SUCH STATE WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES (OTHER THAN SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW, WHICH SHALL GOVERN).

		 

		

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			LEGAL02/35796263v4

		

 

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.
		

			
					
						CSFB:

					
					
						CREDIT SUISSE FIRST BOSTON MORTGAGE CAPITAL LLC

				
	
					
						 

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

				
	
					
						Seller:

					
					
						PENNYMAC LOAN SERVICES, LLC

				
	
					
						 

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

				
	
					
						Purchaser:

					
					
						PENNYMAC HOLDINGS, LLC

				
	
					
						 

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

				

		
			 
		

		 

		

			Signature Page to Amendment No. 1 to 
Amended and Restated Master Spread Acquisition and MSR Servicing Agreementpfsi_EX_1072

		

			EXECUTION

		

		
			AMENDMENT NUMBER TWELVE
		

		
			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 TWELVE (this “Amendment Number Twelve”) is made this 7th day of September, 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 and Buyer have agreed to amend the Agreement to extend the term of the facility, 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 September 7, 2015 (the "Amendment Effective Date"):

			
	
			
				 (a)
			Section 2 of the Agreement is hereby amended by adding the new definition of “2015 Extension Fee” in the appropriate alphabetical order to read as follows: 

		
			“2015 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 October 22, 2015, 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 Twelve (including any 2015 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 Twelve shall be binding and inure to the benefit of the parties hereto and their respective successors and permitted assigns.  THIS AMENDMENT NUMBER TWELVE 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 Twelve 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 Twelve 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.

		
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			Amendment Number Twelve to Master Repurchase Agreement PLS-Agency

		

		

			

		

			 

		

		

			 

		

		

 

		

			

		

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

		
			 
		

		
			 
		

		 

		

			Amendment Number Twelve to Master Repurchase Agreement PLS-Agency

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