Document:

EX-10.44

 Exhibit 10.44 

EXECUTION 
 AMENDMENT NUMBER
EIGHTEEN 
 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 EIGHTEEN (this “Amendment Number Eighteen”) is made this 8th day of September, 2014 (the “Effective Date”) 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 renew 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 the Effective Date, the
Agreement is hereby amended as follows: 
 (a) The reference to Exhibit J in the Table of Contents is hereby deleted in its entirety and
replaced with the following: 
 “EXHIBIT J Form of Power of Attorney” 

(b) Section 2 of the Agreement is hereby amended by adding the new definitions of “Basel III”, “Dodd-Frank Act” and
“Official Body” as follows in the appropriate alphabetical order: 
 “Basel III” means “A
Global Regulatory Framework for More Resilient Banks and Banking Systems” developed by the Basel Committee on Banking Supervision (or any successor or similar authority), initially published in December 2010. 

 “Dodd-Frank Act” means the Dodd-Frank Wall Street Reform and
Consumer Protection Act of 2010, Pub. L. No. 111-203 and any successor statute. 
 “Official Body”
means any central bank or any accounting board or authority (whether or not part of a government) which is responsible for the establishment or interpretation of national or international accounting principles, in each case whether foreign or
domestic. 
 (c) Section 2 of the Agreement is hereby amended by deleting the definitions of “2012-2013 Commitment Fee”,
“2012-2013 Commitment Fee Installment Amount”, “2012 Extension Commitment Fee”, “2012 Extension Commitment Fee Installment Amount”, “2013 Commitment Fee”, “2013 Commitment Fee Installment Amount”,
“2013 Additional Commitment Fee”, “2014 First Extension Fee”, “Extended Additional Commitment Fee” and “Installment Payment”. 

(d) 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 September 7, 2015 or such earlier date on which this
Agreement shall terminate in accordance with the provisions hereof or by operation of law.” 
 (e) Section 3(i) of the Agreement
is hereby amended by deleting the last paragraph therein in its entirety and replacing it with the following: 
 “If
Buyer shall have determined that either (i) the adoption of or any change in any Requirement of Law (other than with respect to any amendment made to Buyer’s certificate of incorporation and by-laws or other organizational or governing
documents) regarding capital adequacy or in the interpretation or application thereof or compliance by Buyer or any corporation controlling Buyer with any request or directive regarding capital adequacy (whether or not having the force of law) from
any Governmental Authority or Official Body made subsequent to the date hereof; or (ii) compliance by Buyer or any corporation controlling Buyer with: (x) any directive or request from any Governing Authority or Official Body imposed after
the date hereof or (y) the requirements of, whether such compliance is commenced prior to or after the date hereof, any of (a) Basel III or (b) the Dodd-Frank Act, or any existing rules, regulations, guidance, interpretations or
directives from the United States bank regulatory agencies relating to Basel III or the Dodd-Frank Act; shall have the effect of reducing the rate of return on Buyer’s or such corporation’s capital (taking into consideration Buyer’s
or such corporation’s policies with respect to capital adequacy) by an amount deemed by Buyer to be material and to the extent Buyer determines such reduced rate of return to be attributable to the existence of the obligations or agreements of
Buyer hereunder, then from time to time, Sellers shall promptly pay to Buyer such additional amount or amounts as will thereafter compensate Buyer for such reduction.” 

(f) Section 4(c) of the Agreement is hereby amended by deleting the section in its entirety and replacing it with the following: 

“(c) Commitment Fee. Sellers agree to pay to Buyer the Commitment Fee, such payment to be made in Dollars, in
immediately available funds, without deduction, set off or counterclaim, to Buyer to Buyer in twelve (12) equal installments, each of which shall be equal to the Commitment Fee Installment Amount. The Commitment Fee is and shall be deemed to be
fully earned and non-refundable when paid. The first installment of the Commitment Fee shall be payable on or prior to September 8, 2014 and each subsequent installment shall be payable on or prior to the 15th day of each succeeding month (or in each case if such date is not a Business Day, 

 
the preceding Business Day). Buyer may, in its sole discretion, net all or any portion of Commitment Fee from the proceeds of any Purchase Price paid to any Seller. In the event that the
Termination Date is accelerated to a date which is prior to the payment in full of all installments of the Commitment Fee, any unpaid installments of the Commitment Fee shall be payable on the Termination Date.” 

(g) Section 9(b) of the Agreement is hereby amended by deleting clauses (xvii) and (xviii) in their entirety and replacing them
with the following: 
 “(xvii) Buyer shall have received any amendment (duly executed and delivered by each party
thereto) to any other Program Document if requested by Buyer to reflect legal name change of PennyMac Mortgage Investment Trust Holdings I, LLC to PennyMac Holdings, LLC; 

(xviii) Each Seller shall have delivered a separate power of attorney with respect to the powers described in Section 8(d)
substantially in the form attached hereto as Exhibit J.” 
 (h) Section 12(b) of the Agreement is hereby amended by deleting and
replacing each reference to “2012” therein with “2013”. 
 (i) Section 13 of the Agreement is hereby amended by
adding new clause (rr) thereto as follows: 
 “(rr) Custodial Agreement Amendment. Sellers agree to cooperate
with Buyer in connection with executing an amendment to the Custodial Agreement, in order to give effect to reasonable modifications and updates regarding Buyer’s lending and custodial requirements.” 

(j) Section 13(p)(iv) of the Agreement is hereby amended by deleting the clause in its entirety and replacing it with the following: 

“(iv) Financial Covenants of Guarantor. (A) Guarantor’s Adjusted Tangible Net Worth is greater than or
equal to $750,000,000; (B) the combined amount of unrestricted cash of Guarantor and its Subsidiaries is greater than or equal to $40,000,000; (C) the ratio of Guarantor’s Total Indebtedness to Adjusted Tangible Net Worth is not
greater than 5:1; and (D) Guarantor’s consolidated net income has been equal to or greater than $1.00 for at least one (1) of the previous two (2) consecutive fiscal quarters, as of the end of the last fiscal quarter.” 

(k) Section 18(q) is hereby amended by deleting the section in its entirety and replacing it with the following: 

“(q) Any Seller Party or any Affiliate of a Seller Party shall default under, or fail to perform as required under, or
shall otherwise breach the terms of any repurchase agreement, loan and security agreement, MSFTA/derivatives agreement, or similar credit facility or agreement for borrowed funds between any Seller Party or such other entity, on the one hand, and
Buyer or any of Buyer’s Affiliates on the other; or a Seller Party shall default under, or fail to perform as required under, the terms of any repurchase agreement, loan and security agreement or similar credit facility or agreement for
borrowed funds with outstanding amount at least $10,000,000 entered into by such Seller Party, which default or failure entitles any party to cause acceleration or require prepayment of any indebtedness thereunder; or” 

 (l) Exhibit J of the Agreement is hereby amended by deleting the exhibit in its entirety and
replacing it with Exhibit A attached hereto. 
 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 Eighteen (including 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 Eighteen shall be binding and inure to the benefit of the parties
hereto and their respective successors and permitted assigns. THIS AMENDMENT NUMBER EIGHTEEN 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 Eighteen 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 Eighteen 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] 

 IN WITNESS WHEREOF, Sellers, Servicer and Buyer have caused this Amendment Number Eighteen to be
executed and delivered by their duly authorized officers as of the date hereof. 
  

					
	
	PENNYMAC CORP.
	(Seller)
			
	By:	 	/s/	 	Pamela Marsh
	Name:	 	Pamela Marsh
	Title:	 	Executive Vice President, Treasurer
	
	PENNYMAC HOLDINGS, LLC
	(Seller)
			
	By:	 	/s/	 	Pamela Marsh
	Name:	 	Pamela Marsh
	Title:	 	Executive Vice President, Treasurer
	
	PENNYMAC LOAN SERVICES, LLC,
	(Servicer)
			
	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:
	
	PENNYMAC MORTGAGE INVESTMENT TRUST
			
	By:	 	/s/	 	Pamela Marsh
	Name:	 	Pamela Marsh
	Title:	 	Managing Director, Treasurer

  
 Amendment Number 18
to Master Repurchase Agreement REIT-NPL 

 EXHIBIT A TO AMENDMENT NUMBER EIGHTEEN 

EXHIBIT J 
 FORM OF POWER
OF ATTORNEY 
 KNOW ALL MEN BY THESE PRESENTS: 

WHEREAS, CITIBANK, N.A. (the “Buyer”) and [PENNYMAC CORP.] [PENNYMAC HOLDINGS, LLC] (“Seller”) have entered into the Master
Repurchase Agreement dated as of December 9, 2010 (as amended, restated, supplemented or otherwise modified, the “Repurchase Agreement”) pursuant to which Buyer has agreed to provide financing from time to time with respect to certain
mortgage loans (the “Assets”) subject to the terms therein; and 
 WHEREAS, Seller has agreed to give to Buyer a power of attorney
on the terms and conditions contained herein in order for Buyer to take any action that Buyer may deem necessary or advisable to accomplish the purposes of the Repurchase Agreement. 

NOW THEREFORE, Seller hereby irrevocably constitutes and appoints Buyer and any officer or agent thereof, with full power of substitution, as
its true and lawful attorney-in-fact with full irrevocable power and authority in the place and stead of Seller and in the name of Seller or in its own name, from time
to time in Buyer’s discretion: 
  

	 	(i)	in the name of Seller, or in its own name, or otherwise, to take possession of and endorse and collect any checks, drafts, notes, acceptances or other instruments for the payment of moneys due with respect to any Assets
and to file any claim or to take any other action or proceeding in any court of law or equity or otherwise deemed appropriate by Buyer for the purpose of collecting any and all such moneys due with respect to any Assets whenever payable;

  

	 	(ii)	to pay or discharge taxes and liens levied or placed on or threatened against the Assets; 

  

	 	(iii)	 (A) to direct any party liable for any payment under any Assets to make payment of any and all moneys due or to become due thereunder directly to
Buyer or as Buyer shall direct, including, without limitation, to send “goodbye” letters and Section 404 Notices on behalf of Seller and any applicable Servicer; (B) to ask or demand for, collect, receive payment of and receipt
for, any and all moneys, claims and other amounts due or to become due at any time in respect of or arising out of any Assets; (C) to sign and endorse any invoices, assignments, verifications, notices and other documents in connection with any
Assets; (D) to commence and prosecute any suits, actions or proceedings at law or in equity in any court of competent jurisdiction to collect the Purchased Items or any proceeds thereof and to enforce any other right in respect of any Assets;
(E) to defend any suit, action or proceeding brought against Seller with respect to any Assets; (F) to settle, compromise or adjust any suit, action or proceeding described in clause (E) above and, in connection therewith, to give
such discharges or releases as Buyer may deem appropriate; and (G) generally, to sell, transfer, pledge and make any agreement with respect to or otherwise deal with any Assets as fully and completely as though Buyer were the absolute owner
thereof 

  
 Amendment Number 18
to Master Repurchase Agreement REIT-NPL 

	 	
for all purposes, and to do, at Buyer’s option and Seller’s expense, at any time, and from time to time, all acts and things which Buyer deems necessary to protect, preserve or realize
upon the Assets and Buyer’s Liens thereon and to effect the intent of the Repurchase Agreement, all as fully and effectively as Seller might do; 

  

	 	(iv)	for the purpose of effecting the transfer of servicing with respect to the Assets from Seller and any applicable Servicer to a successor servicer appointed by Buyer in its sole discretion and to take any and all
appropriate action and to execute any and all documents and instruments which may be necessary or desirable to accomplish such transfer of servicing, and, without limiting the generality of the foregoing, Seller hereby gives Buyer the power and
right, on behalf of Seller, without assent by Seller, to, in the name of Seller or its own name, or otherwise, prepare and send or cause to be sent “good-bye” letters and Section 404 Notices on
behalf of Seller and any applicable Servicer in connection with such transfer of servicing; and 

  

	 	(v)	for the purpose of delivering any notices of sale to mortgagors or other third parties, including without limitation, those required by law. 

Seller hereby ratifies all that said attorneys shall lawfully do or cause to be done by virtue hereof. This power of attorney is a power
coupled with an interest and shall be irrevocable. 
 Seller also authorizes Buyer, from time to time, to execute, in connection with any
sale, any endorsements, assignments or other instruments of conveyance or transfer with respect to the Assets. 
 The powers conferred on
Buyer hereunder are solely to protect Buyer’s interests in the Assets and shall not impose any duty upon it to exercise any such powers. Buyer shall be accountable only for amounts that it actually receives as a result of the exercise of such
powers, and neither it nor any of its officers, directors, employees or agents shall be responsible to Seller for any act or failure to act hereunder, except for its or their own gross negligence or willful misconduct. 

IN ORDER TO INDUCE ANY THIRD PARTY TO ACT HEREUNDER, SELLER HEREBY AGREES THAT ANY THIRD PARTY RECEIVING A DULY EXECUTED COPY OR FACSIMILE OF
THIS INSTRUMENT MAY ACT HEREUNDER, AND THAT REVOCATION OR TERMINATION HEREOF SHALL BE INEFFECTIVE AS TO SUCH THIRD PARTY UNLESS AND UNTIL ACTUAL NOTICE OR KNOWLEDGE OF SUCH REVOCATION OR TERMINATION SHALL HAVE BEEN RECEIVED BY SUCH THIRD PARTY, AND
Seller ON ITS OWN BEHALF AND ON BEHALF OF SELLER’S ASSIGNS, HEREBY AGREES TO INDEMNIFY AND HOLD HARMLESS ANY SUCH THIRD PARTY FROM AND AGAINST ANY AND ALL CLAIMS THAT MAY ARISE AGAINST SUCH THIRD PARTY BY REASON OF SUCH THIRD PARTY HAVING
RELIED ON THE PROVISIONS OF THIS INSTRUMENT. 
 [REMAINDER OF PAGE INTENTIONALLY BLANK. SIGNATURES FOLLOW.] 

  
 Amendment Number 18
to Master Repurchase Agreement REIT-NPL 

 IN WITNESS WHEREOF Seller has caused this Power of Attorney to be duly executed and Seller’s
seal to be affixed this      day of                     , 2014. 

 

					
	
	[PENNYMAC CORP.] [PENNYMAC HOLDINGS, LLC],
	as Seller
			
	By:	 	 	 	 
	Name:	 	
	Title:	 	

  

							
	STATE OF	 	 	  	)	  	
		 		  	)	  	ss.:
	COUNTY OF	 	 	  	)	  	

 On the      day of
                    , 20    , before me, the undersigned, a Notary Public in and for said state, personally
appeared                     
                    , personally known to me or proved to me on the basis of satisfactory evidence to be the person whose name is subscribed to
the foregoing instrument, and acknowledged to me that                      executed the same in
                     capacity as the Principal, that, by
                     signature on the foregoing instrument,
                     executed the same, and that
                     executed the same in the City of
                    , County of
                     and State of
                    . 
  

	
	   

	 Notary Public

	 (SEAL)

  
 Amendment Number 18
to Master Repurchase Agreement REIT-NPLEX-10.53

 Exhibit 10.53 

EXECUTION 
 AMENDMENT NO. 7

 TO AMENDED AND RESTATED MASTER REPURCHASE AGREEMENT 

Amendment No. 7, dated as of February 21, 2014 (this “Amendment”), among CREDIT SUISSE FIRST BOSTON MORTGAGE
CAPITAL LLC (the “Buyer”), PENNYMAC CORP. and PENNYMAC HOLDINGS, LLC (each a “Seller” and collectively, the “Sellers”) and PENNYMAC MORTGAGE INVESTMENT TRUST (the “Guarantor”). 

RECITALS 
 The Buyer, the
Sellers and the Guarantor are parties to that certain Amended and Restated Master Repurchase Agreement, dated as of August 25, 2011 (as amended by Amendment No. 1, dated as of June 6, 2012, Amendment No. 2, dated as of
March 28, 2013, Amendment No. 3, dated as of May 8, 2013, Amendment No. 4, dated as of October 1, 2013, Amendment No. 5, dated as of December 27, 2013, and Amendment No. 6, dated as of December 31, 2013,
the “Existing Repurchase Agreement”; and as further amended by this Amendment, the “Repurchase Agreement”). The Guarantor is party to that certain Guaranty (the “Guaranty”), dated as of June 8,
2011, as the same may be amended from time to time, by the Guarantor in favor of Buyer. 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 Buyer, the Sellers and the Guarantor 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 Buyer has required the Guarantor to ratify and affirm the
Guaranty on the date hereof. 
 Accordingly, the Buyer, the Sellers and the Guarantor 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. Commitment
Fee. Section 34 of the Existing Repurchase Agreement is hereby amended by deleting such section in its entirety and replacing it with the following: 
  

	 	34.	Commitment Fee 

 Sellers shall pay to Buyer in immediately available funds a
non-refundable Commitment Fee. The Commitment Fee shall be paid as set forth in the Pricing Side Letter. All such payments shall be made in Dollars, in immediately available funds, without deduction, set-off or counterclaim, to Buyer at such account
designated by Buyer. 
 SECTION 2. Conditions Precedent. This Amendment shall become effective as of January 1, 2014 (the
“Amendment Effective Date”), subject to the satisfaction of the following conditions precedent: 
 2.1 Delivered
Documents. On the date hereof, the Buyer shall have received the following documents, each of which shall be satisfactory to the Buyer in form and substance: 

  
 -1- 

 (a) this Amendment, executed and delivered by duly authorized officers of the
Buyer, the Sellers and the Guarantor; 
 (b) Amendment No. 6 to that certain Amended and Restated Pricing Side Letter,
dated as of the date hereof, executed and delivered by duly authorized officers of the Buyer, the Sellers and the Guarantor; and 

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

SECTION 3. Representations and Warranties. Each Seller hereby represents and warrants to the Buyer 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 and is continuing, and hereby confirms and reaffirms the representations and warranties contained in
Section 13 of the 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 (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 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. 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 Guarantor hereby ratifies and affirms all of the terms, covenants, conditions and
obligations of the Guaranty and acknowledges and agrees that the term “Obligations” as used in the Guaranty shall apply to all of the Obligations of Sellers to Buyer under the Repurchase Agreement and Pricing Side Letter, as amended
hereby. 
 [Remainder of page intentionally left blank] 

  
 -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. 
  

			
	Credit Suisse First Boston Mortgage Capital LLC, as Buyer
		
	By:	 	 /s/ Adam Loskove

		 	Name: Adam Loskove
		 	Title:   Vice President
	
	PennyMac Corp., as a Seller
		
	By:	 	 /s/ Pamela Marsh

		 	Name: Pamela Marsh
		 	Title:   Executive Vice President, Treasurer
	
	PennyMac Holdings, LLC, as a Seller
		
	By:	 	 /s/ Pamela Marsh

		 	Name: Pamela Marsh
		 	Title:   Executive Vice President, Treasurer
	
	PennyMac Mortgage Investment Trust, as Guarantor
		
	By:	 	 /s/ Pamela Marsh

		 	Name: Pamela Marsh
		 	Title:   Executive Vice President, Treasurer

 Signature Page to Amendment No. 7 to Amended and Restated Master Repurchase Agreement

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