Document:

pmt-ex1020_808.htm

Exhibit 10.20

 

	
PENNYMAC ROLL-UP FACILITY 
	
 
	
EXECUTION

 

AMENDMENT NO. 1
TO SECOND AMENDED AND RESTATED MASTER REPURCHASE AGREEMENT

Amendment No. 1 to Second Amended and Restated Master Repurchase Agreement, dated as of June 1, 2017 (this “Amendment”), among Credit Suisse First Boston Mortgage Capital LLC (the “Administrative Agent”), Credit Suisse AG, a company incorporated in Switzerland, acting through its Cayman Islands Branch (a “Committed Buyer” and a “Buyer”), Alpine Securitization LTD (a “Buyer”), PennyMac Holdings, LLC (“PennyMac Holdings”), PennyMac Corp. (“PMC”), PennyMac Operating Partnership, L.P., in their capacity as sellers (“POP”, together with PennyMac Holdings and PMC, each a “Seller” and, collectively, the “Sellers”), PMC REO Financing Trust, an asset subsidiary (the “REO Subsidiary” and together with the Sellers, the “Seller Parties”) and PennyMac Mortgage Investment Trust (“PMIT”) and POP, in their capacity as guarantors (each, a “Guarantor” and collectively, the “Guarantors”).

 

RECITALS

 

The Administrative Agent, the Buyers, the Seller Parties and the Guarantors are parties to that certain Second Amended and Restated Master Repurchase Agreement, dated as of April 28, 2017 (as amended, the “Existing Repurchase Agreement”, and as amended by this Amendment, the “Repurchase Agreement”). The Guarantors are parties to that certain Second Amended and Restated Guaranty (as amended, restated, supplemented or otherwise modified from time to time, the “Guaranty”), dated as of April 28, 2017, by the Guarantors in favor of Administrative Agent. 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 Administrative Agent, the Buyers, the Seller Parties and the Guarantors 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 Administrative Agent has required the Guarantors to ratify and affirm the Guaranty on the date hereof.

 

Accordingly, the Administrative Agent, the Buyers, the Seller Parties and the Guarantors 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.Definitions. Section 2 of the Existing Repurchase Agreement is hereby amended by:

1.1deleting the definition of “Agency Mortgage Loan” and replacing it with the following:

“Agency Mortgage Loan” means a Conforming Mortgage Loan, a FHA Loan (including a FHA 203(k) Loan), a Streamlined Mortgage Loan, a USDA Loan and a VA Loan.

-1-

 

 

1.2deleting the definitions of “Freddie Mac Guide” and “Freddie Mac SBL Loan” in their entirety and all references thereto.

SECTION 2.Conditions Precedent.  This Amendment shall become effective as of May 31, 2017 (the “Amendment Effective Date”), subject to the satisfaction of the following conditions precedent:

 

2.1Delivered Documents.  On the Amendment Effective Date, the Administrative Agent on behalf of Buyers shall have received the following documents, each of which shall be satisfactory to the Administrative Agent in form and substance:

 

(a)this Amendment, executed and delivered by duly authorized officers of the Administrative Agent, the Buyers, the Seller Parties and the Guarantors; and

 

(b)such other documents as the Administrative Agent or counsel to the Administrative Agent may reasonably request.

 

SECTION 3.Representations and Warranties.  Each Seller Party hereby represents and warrants to the Administrative Agent and Buyers 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 or is continuing, and hereby confirms and reaffirms the representations and warranties contained in Section 13 of Repurchase Agreement.

 

SECTION 4.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 5.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. Delivery of an executed counterpart of a signature page of this Amendment in Portable Document Format (PDF) or by facsimile shall be effective as delivery of a manually executed original counterpart of this Amendment.

 

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.

 

‐2‐

 

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.  The Guarantors hereby ratify and affirm all of the terms, covenants, conditions and obligations of the Guaranty. Each Guarantor acknowledges and agrees that the term “Obligations” as used in the Guaranty shall apply to all of the Obligations of the Seller Parties to Administrative Agent and Buyers under the Repurchase Agreement and related Program Agreements, as amended hereby.

 

[Remainder of page intentionally left blank]

 

 

 

‐3‐

 

IN WITNESS WHEREOF, the parties have caused this Amendment to be duly executed as of the date first above written.

 

	
CREDIT SUISSE FIRST BOSTON MORTGAGE CAPITAL LLC, as Administrative Agent 

	
 
	
 
	
 

	
By: 
	
/s/ Margaret Dellafera

	
 
	
Name:   
	
Margaret Dellafera

	
 
	
Title: 
	
Vice President

	
 
	
 
	
 

	
CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH, as a Committed Buyer and as a Buyer

	
 
	
 
	
 

	
By: 
	
/s/ Patrick J. Hart

	
 
	
Name: 
	
Patrick J. Hart

	
 
	
Title: 
	
Authorized Signatory

	
 
	
 
	
 

	
By:
	
/s/ Elie Chau

	
 
	
Name: 
	
Elie Chau

	
 
	
Title: 
	
Authorized Signatory

	
 
	
 
	
 

	
ALPINE SECURITIZATION LTD as a Buyer, by Credit Suisse AG, New York Branch as Attorney-in-Fact

	
 
	
 
	
 

	
By:
	
/s/ Patrick J. Hart

	
 
	
Name: 
	
Patrick J. Hart

	
 
	
Title: 
	
Authorized Signatory

	
 
	
 
	
 

	
By:
	
/s/ Elie Chau

	
 
	
Name: 
	
Elie Chau

	
 
	
Title: 
	
Authorized Signatory

 

 

 

 

	
PENNYMAC CORP., as a Seller 

	
 
	
 
	
 

	
By: 
	
/s/ Pamela Marsh

	
 
	
Name:   
	
Pamela Marsh

	
 
	
Title: 
	
Managing Director, Treasurer

	
 
	
 
	
 

	
PENNYMAC HOLDINGS, LLC, as a Seller

	
 
	
 
	
 

	
By:
	
/s/ Pamela Marsh

	
 
	
Name:   
	
Pamela Marsh

	
 
	
Title: 
	
Managing Director, Treasurer

	
 
	
 
	
 

	
PMC REO FINANCING TRUST, as the REO Subsidiary 

	
 
	
 
	
 

	
By: 
	
PennyMac Corp., as Administrator

	
 
	
 
	
 

	
By:
	
/s/ Pamela Marsh

	
 
	
Name:   
	
Pamela Marsh

	
 
	
Title: 
	
Managing Director, Treasurer

	
 
	
 
	
 

	
PENNYMAC MORTGAGE INVESTMENT TRUST, as a Guarantor 

	
 
	
 
	
 

	
By:
	
/s/ Pamela Marsh

	
 
	
Name:   
	
Pamela Marsh

	
 
	
Title: 
	
Managing Director, Treasurer

	
 
	
 
	
 

	
PENNYMAC OPERATING PARTNERSHIP, L.P., as a Seller and as a Guarantor 

	
 
	
 
	
 

	
By: 
	
PennyMac GP OP, Inc., its General Partner

	
 
	
 
	
 

	
By: 
	
/s/ Pamela Marsh

	
 
	
Name:   
	
Pamela Marsh

	
 
	
Title: 
	
Managing Director, Treasurerpmt-ex1054_807.htm

Exhibit 10.54

 

EXECUTION

AMENDMENT NO. 12
TO MORTGAGE LOAN PARTICIPATION PURCHASE AND SALE AGREEMENT

Amendment No. 12 to Mortgage Loan Participation Purchase and Sale Agreement, dated as of March 28, 2017 (this “Amendment”), by and among Bank of America, N.A. (“Purchaser”), PennyMac Corp. (“Seller”), PennyMac Mortgage Investment Trust and PennyMac Operating Partnership, L.P. (individually and collectively, the “Guarantor”).

RECITALS

Purchaser, Guarantor and Seller are parties to that certain Mortgage Loan Participation Purchase And Sale Agreement, dated as of December 23, 2011 (as amended, restated, supplemented or otherwise modified from time to time, the “Existing MLPSA”; and as further amended by this Amendment, the “MLPSA”).  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 December 23, 2011, made by Guarantor in favor of Purchaser.

Purchaser, Seller and Guarantor have agreed, subject to the terms and conditions of this Amendment, that the Existing MLPSA be amended to reflect certain agreed upon revisions to the terms of the Existing MLPSA.  As a condition precedent to amending the Existing MLPSA, Purchaser has required Guarantor to ratify and affirm the Guaranty on the date hereof.

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

Section 1.Definitions. Section 1 of the Existing MLPSA is hereby amended by deleting the definition of “Expiration Date” in its entirety and replacing it with the following:

“Expiration Date”: The earlier of (i) May 26, 2017, (ii) at Purchaser’s option, upon the occurrence of an Event of Default, and (iii) the date on which this Agreement shall terminate in accordance with the provisions hereof or by operation of law. 

Section 2.Fees and Expenses.  Seller hereby agrees to pay to Purchaser, on demand, any and all reasonable fees, costs and expenses (including reasonable fees and expenses of counsel) incurred by Purchaser in connection with the development, preparation and execution of this Amendment, irrespective of whether any transactions hereunder are executed.

Section 3.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:

3.1Delivered Documents.  On the Amendment Effective Date, the Purchaser shall have received this Amendment, executed and delivered by a duly authorized officer of Purchaser, Seller and Guarantor.

 

 

3.2Facility Fee. Seller shall have paid to Purchaser in immediately available funds that portion of the Facility Fee due and payable on the Amendment Effective Date.

Section 4.Limited Effect.  Except as expressly amended and modified by this Amendment, the Existing MLPSA shall continue to be, and shall remain, in full force and effect in accordance with its terms. 

Section 5.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. Delivery of an executed counterpart of a signature page of this Amendment in Portable Document Format (PDF) or by facsimile shall be effective as delivery of a manually executed original counterpart of this Amendment.

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.GOVERNING LAW.  THE AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY, THE LAW OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO THE CONFLICT OF LAWS PRINCIPLES THEREOF.

Section 8.Reaffirmation of Guaranty. The Guarantor hereby (i) agrees that the liability of Guarantor or rights of Purchaser under the Guaranty shall not be affected as a result of this Amendment, (ii) ratifies and affirms all of the terms, covenants, conditions and obligations of the Guaranty and (iii) acknowledges and agrees that such Guaranty is and shall continue to be in full force and effect.

[SIGNATURE PAGE FOLLOWS]

 

2

 

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.

 

	
Bank of America, N.A., as Purchaser

	
 
	
 

	
By: 
	
/s/ Adam Robitshek

	
 
	
Name: 
	
Adam Robitshek

	
 
	
Title: 
	
Vice President

	
 
	
 
	
 

	
PENNYMAC CORP., as Seller

	
 
	
 
	
 

	
By: 
	
/s/ Pamela Marsh

	
 
	
Name: 
	
Pamela Marsh

	
 
	
Title: 
	
Managing Director, Treasurer

	
 
	
 
	
 

	
PENNYMAC MORTGAGE INVESTMENT TRUST, as Guarantor

	
 
	
 
	
 

	
By: 
	
/s/ Pamela Marsh

	
 
	
Name: 
	
Pamela Marsh

	
 
	
Title: 
	
Managing Director, Treasurer

	
 
	
 
	
 

	
PENNYMAC OPERATING PARTNERSHIP, L.P., as Guarantor

	
 
	
 
	
 

	
By: 
	
PennyMac GP OP, Inc., its General Partner

	
 
	
 
	
 

	
By: 
	
/s/ Pamela Marsh

	
 
	
Name: 
	
Pamela Marsh

	
 
	
Title: 
	
Managing Director, Treasurer

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