Document:

pmt-ex1037_2279.htm

 

Exhibit 10.37

EXECUTION

AMENDMENT NUMBER TWENTY-FIVE

to the

MASTER REPURCHASE AGREEMENT

Dated as of December 9, 2010,

among

PENNYMAC CORP., PENNYMAC HOLDINGS, LLC and PENNYMAC LOAN SERVICES, LLC

and

CITIBANK, N.A.

This AMENDMENT NUMBER TWENTY-FIVE (this “Amendment Number Twenty-Five”) is made this 2nd day of February, 2017 among PENNYMAC CORP. and PENNYMAC HOLDINGS, LLC f/k/a PENNYMAC MORTGAGE INVESTMENT TRUST HOLDINGS I, LLC (each, a “Seller” and jointly and severally, the “Seller” or “Sellers”), PENNYMAC LOAN SERVICES, LLC (“Servicer”) and CITIBANK, N.A. (“Buyer”), to the Master Repurchase Agreement, dated as of December 9, 2010, among Sellers, 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, Sellers and Buyer have agreed to extend the term of the facility as more specifically set forth herein; and

WHEREAS, as of the date hereof, each Seller and Servicer 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.Amendments. Effective as of February 2, 2017 (the "Amendment Effective Date"), the Agreement is hereby amended as follows:

(a)Section 2 of the Agreement is hereby amended by adding the new definition of “February 2017 Extension Fee” in the appropriate alphabetical order to read as follows: 

“February 2017 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 as follows:

“Termination Date” shall mean March 3, 2017 or such earlier date on which this Agreement shall terminate in accordance with the provisions hereof or by operation of law.”

 

 

 

(c)Section 4(c) of the Agreement is hereby amended by adding the following language at the end of such section:

In connection with the extension of the Termination Date from February 2, 2017 to March 3, 2017, Sellers agree to pay to Buyer an additional commitment fee for the period beginning on February 2, 2017 through March 3, 2017, equal to the February 2017 Extension Fee (reduced by any amount of the February 2017 Extension Fee paid to Buyer under Amendment Eighteen to the PMAC Agency Agreement).  The February 2017 Extension Fee shall be payable on or before February 2, 2017, in immediately available funds, without deduction, set off or counterclaim.  The February 2017 Extension Fee is and shall be deemed to be fully earned and non-refundable as of February 2, 2017. 

Section 2.Fees and Expenses.  Sellers agree to pay to Buyer all reasonable out of pocket costs and expenses incurred by Buyer in connection with this Amendment Number Twenty-Five (including any 2017 1Q Extension Fee and 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.  Each Seller and Servicer 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 Twenty-Five shall be binding on and inure to the benefit of the parties hereto and their respective successors and permitted assigns.  THIS AMENDMENT NUMBER TWENTY-FIVE 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 Twenty-Five 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 Twenty-Five 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.

 

 

 

 

IN WITNESS WHEREOF, Sellers, Servicer and Buyer have caused this Amendment Number Twenty-Five to be executed and delivered by their duly authorized officers as of the Amendment Effective Date.

 

	
PENNYMAC CORP.

(Seller)

	
 
	
 
	
 

	
By:
	
 
	
/s/ Pamela Marsh

	
Name:
	
 
	
Pamela Marsh

	
Title:
	
 
	
Managing Director, Treasurer

	
 
	
 
	
 

	
PENNYMAC HOLDINGS, LLC 

(Seller)

	
 
	
 
	
 

	
By:
	
 
	
/s/ Pamela Marsh

	
Name:
	
 
	
Pamela Marsh

	
Title:
	
 
	
Managing Director, Treasurer

	
 
	
 
	
 

	
PENNYMAC LOAN SERVICES, LLC,

(Servicer)

	
 
	
 
	
 

	
By:
	
 
	
/s/ Pamela Marsh

	
Name:
	
 
	
Pamela Marsh

	
Title:
	
 
	
Managing Director, Treasurer

	
 
	
 
	
 

	
CITIBANK, N.A.

(Buyer and Agent, as applicable)

	
 
	
 
	
 

	
By:
	
 
	
/s/ Susan Mills

	
Name:
	
 
	
Susan Mills

	
Title:
	
 
	
Vice President

	
 
	
 
	
Citibank, N.A.

 

Acknowledged:

 

	
PENNYMAC MORTGAGE INVESTMENT TRUST

	
 
	
 
	
 

	
By:
	
 
	
/s/ Pamela Marsh

	
Name:
	
 
	
Pamela Marsh

	
Title:
	
 
	
Managing Director, Treasurerpmt-ex1041_2278.htm

 

Exhibit 10.41

 

		
	
ROLL-UP FACILITY
	
EXECUTION

 

AMENDMENT NO. 2 TO 

AMENDED AND RESTATED MASTER REPURCHASE AGREEMENT

Amendment No. 2 to Amended and Restated Master Repurchase Agreement, dated as of September 9, 2016 (this “Amendment”), among Credit Suisse First Boston Mortgage Capital LLC (the “Administrative Agent”), Credit Suisse AG, a company incorporated under the laws of Switzerland, acting through its Cayman Islands Branch (the “Buyer”), PennyMac Corp., PennyMac Holdings, LLC, PennyMac Operating Partnership, L.P. (each a “Seller” and collectively, the “Sellers”), PMC REO FINANCING TRUST (the “REO Subsidiary”) and PennyMac Investment Trust (“PMIT”) and PennyMac Operating Partnership, L.P., in their capacity as guarantors (each, a “Guarantor” and collectively, the “Guarantors”).

RECITALS

The Administrative Agent, the Sellers, the REO Subsidiary and the Guarantors are parties to that certain Amended and Restated Master Repurchase Agreement, dated as of March 31, 2016 (as amended by Amendment No. 1, dated as of August 4, 2016, the “Existing Repurchase Agreement”; as further amended by this Amendment, the “Repurchase Agreement”) and the related Consolidated Amended and Restated Pricing Side Letter, dated as of March 31, 2016 (as amended, restated, supplemented or otherwise modified from time to time, the “Pricing Side Letter”).  The Guarantors are parties to that certain Amended and Restated Guaranty (as amended, restated, supplemented or otherwise modified from time to time, the “Guaranty”), dated as of March 31, 2016, 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 Repurchase Agreement and Guaranty, as applicable. 

The Administrative Agent, Buyer, the Sellers, the REO Subsidiary 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 Buyer, the Sellers, the REO Subsidiary 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:

(a)deleting the definition of “Agency Mortgage Loan” in its entirety and replacing it with the following:

-1-

 

 

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

(b)adding the following definitions in their proper alphabetical order:

“Freddie Mac Guide” means any and all rules, regulations, requirements and guidelines of Freddie Mac applicable to Freddie Mac SBL Loans, as the same may be amended from time to time, including without limitation the Freddie Mac Multifamily Seller/Servicer Guide. 

“Freddie Mac SBL Loan” means a small balance Mortgage Loan providing financing for the acquisition or refinance of conventional multifamily housing with five residential units or more and eligible for delivery to Freddie Mac under the terms of the Freddie Mac Guide.

SECTION 2.Representations and Warranties.  Section 13 of the Existing Repurchase Agreement is hereby amended by deleting sublcause b. thereof and replacing it in its entirety with the following:

b.With respect to (i) every Purchased Asset and Contributed Asset other than a Freddie SBL Loan, each Seller represents and warrants to Buyer as of the applicable Purchase Date for any Transaction as of any Purchase Price Increase Date, as applicable, and each date thereafter that each representation and warranty set forth on Parts I, III, IV and V of Schedule 1, as applicable, is true and correct in all material respects; (ii) every Underlying Repurchase Transaction, Underlying Repurchase Document and Underlying Repurchase Counterparty, as applicable, each Seller represents and warrants to Buyer as of the applicable Purchase Date for any Transaction and each date thereafter that each representation and warranty set forth on Part II of  Schedule 1 is true and correct in all material respects and (iii) every Purchased Mortgage Loan that is a Freddie SBL Loan, each such Freddie SBL Loan complies with each requirement set forth in the Freddie Mac Guide.

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 Administrative Agent on behalf of the Buyer 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 Buyer, the Sellers, the REO Subsidiary and the Guarantors;

(b)an Amendment No. 1 to that certain Amended and Restated Custodial Agreement, dated as of the date hereof, executed and delivered by duly authorized officers of the Administrative Agent, the Sellers, the REO Subsidiary and the Custodian; and

‐2‐

 

 

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

SECTION 4.Representations and Warranties.  Sellers hereby represent and warrant to the Administrative Agent and the Buyer that they are 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 confirm and reaffirm the representations and warranties contained in Section 13 of the Repurchase Agreement.

SECTION 5.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 6.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 7.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 8.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 9.Reaffirmation of Guaranty.  The Guarantors hereby ratify and affirm all of the terms, covenants, conditions and obligations of the Guaranty and acknowledge and agree that the term “Obligations” as used in the Guaranty shall apply to all of the Obligations of Sellers to Administrative Agent under the Repurchase Agreement and related Program Agreements, as amended hereby.

[Remainder of page intentionally left blank]

 

‐3‐

 

 

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 Administrative Agent

	
 
	
 

	
By:
	
/s/ Elie Chau

	
Name:
	
Elie Chau

	
Title:
	
Vice President

	
 
	
 

	
CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH, as Buyer

	
 
	
 

	
By:
	
/s/ Chris Fera

	
Name:
	
Chris Fera

	
Title:
	
Authorized Signatory

	
 
	
 

	
By:
	
/s/ Patrick J. Hart

	
Name:
	
Patrick J. Hart

	
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 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, Treasurer

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