Document:

EX-10.96

 Exhibit 10.96 
  

			
	POP REWAREHOUSE TPO FACILITY		EXECUTION

 AMENDMENT NO. 5 

TO MASTER REPURCHASE AGREEMENT 

Amendment No. 5 to Master Repurchase Agreement, dated as of April 14, 2015 (this “Amendment”), among Credit Suisse
First Boston Mortgage Capital LLC (the “Buyer”), PennyMac Operating Partnership, L.P. (the “Seller”) and PennyMac Mortgage Investment Trust (the “Guarantor”). 

RECITALS 
 The Buyer, the
Seller and the Guarantor are parties to that certain Master Repurchase Agreement, dated as of September 28, 2012 (as amended by Amendment No. 1, dated as of May 8, 2013, Amendment No. 2, dated as of December 31, 2013,
Amendment No. 3, dated as of January 10, 2014, and Amendment No. 4, dated as of October 31, 2014, the “Existing Repurchase Agreement”; and as further amended by this Amendment, the “Repurchase
Agreement”) and the related Pricing Side Letter, dated as of September 28, 2012 (as amended, restated, supplemented or otherwise modified from time to time, the “Pricing Side Letter”). 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 September 28, 2012, 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 Seller 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 Seller 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. Definitions. Section 2 of the
Existing Repurchase Agreement is hereby amended by: 
 1.1 deleting the definition of “Mortgage Loan” in its entirety and
replacing it with the following: 
 “Mortgage Loan” means any closed Agency Mortgage Loan or Non-Agency QM
Mortgage Loan, which is a fixed or floating-rate, one-to-four-family residential mortgage loan evidenced by a promissory note and secured by a first lien mortgage, which satisfies the requirements set forth in the Underwriting Guidelines and
Section 13(b) hereof. 
 1.2 deleting the definition of “Jumbo Mortgage Loan” in its entirety and replacing it with
the following definition of “Non-Agency QM Mortgage Loan”: 
 “Non-Agency QM Mortgage Loan”
means a Mortgage Loan that (a) does not meet the criteria for an Agency Mortgage Loan; (b) meets all applicable criteria as set forth in the Underwriting Guidelines and (c) is otherwise acceptable to Buyer in its sole discretion. 

  
 -1- 

 1.3 deleting all references to “Jumbo Mortgage Loan” in their entirety and
replacing them with “Non-Agency QM Mortgage Loan”. 
 1.4 deleting all references to “Aged Jumbo Loan” in
their entirety and replacing them with “Aged Non-Agency QM Mortgage Loan”. 
 1.5 adding the following definition in its
proper alphabetical order: 
 “Agency Mortgage Loan” has the meaning assigned to such term in the Pricing
Side Letter. 
 SECTION 2. 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: 
 2.1 Delivered Documents. On the
Amendment Effective Date, the Buyer shall have received the following documents, each of which shall be satisfactory to the Buyer in form and substance: 

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

(b) Amendment No. 8 to that certain Pricing Side Letter, executed and delivered by duly authorized officers of the Buyer,
the Seller and the Guarantor; and 
 (c) such other documents as the Buyer or counsel to the Buyer may reasonably request.

 SECTION 3. Representations and Warranties. 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. Any provision of this Amendment which is prohibited or unenforceable in any jurisdiction shall, as to such
jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable
such provision in any other jurisdiction. 

  
 -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 Guarantor hereby ratifies and affirms 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 Seller to Buyer under the Pricing Side Letter and the Repurchase Agreement, as amended hereby. 

[Remainder of page intentionally left blank] 

  
 -3- 

 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/ Elie Chau

							Name:  Elie Chau
							Title:    Vice President
			
					PennyMac Operating Partnership, L.P., as 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. 5 to Master Repurchase AgreementEX-10.114

 Exhibit 10.114 

AMENDMENT NO. 4 
 TO MASTER
SPREAD ACQUISITION AND 
 MSR SERVICING AGREEMENT 

Amendment No. 4 to Master Spread Acquisition and MSR Servicing Agreement, dated as of March 3, 2015 (the
“Amendment”), by and between PennyMac Loan Services, LLC, a Delaware limited liability company (the “Seller”), PennyMac Operating Partnership, L.P., a Delaware limited partnership (“POP”), and
PennyMac Holdings, LLC (“PMH”). POP and PMH are each referred to herein as the “Purchaser”. 
 RECITALS

 WHEREAS, the Seller and the Purchaser are parties to that certain Master Spread Acquisition and MSR Servicing Agreement, dated
as of February 1, 2013 (the “Existing Spread Agreement” and, as amended by this Amendment, the “Spread Agreement”). Capitalized terms used but not otherwise defined herein shall have the meanings given to them
in the Existing Spread Agreement. 
 WHEREAS, the Seller and the Purchaser have agreed, subject to the terms and conditions of this
Amendment, that the Existing Spread Agreement be amended to reflect certain agreed upon revisions to the terms of the Existing Spread Agreement. 

NOW, THEREFORE, in consideration of the mutual premises and mutual obligations set forth herein, the Seller and the Purchaser hereby agree
that the Existing Spread Agreement is hereby amended as follows: 
 SECTION 1. Amendment. Exhibit A of the Existing Spread 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 Seller and the Purchaser; 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 Spread Agreement on its part to be observed or performed. 

  
 1 

 SECTION 4. Limited Effect. Except as expressly amended and modified by this Amendment, the
Existing Spread 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 Spread Agreement, the provisions of this Amendment shall control. 

[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. 
  

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

							Name:  Anne D. McCallion
							Title:    Chief Financial Officer
			
	The Purchaser:				PENNYMAC OPERATING PARTNERSHIP, L.P.
				
					By:		 PennyMac GP OP, Inc.,

  its General Partner

				
					By:		 /s/ Andrew S. Chang

							Name:  Andrew S. Chang
							Title:    Chief Business Development Officer
			
	The Purchaser:				PENNYMAC HOLDINGS, LLC
				
					By:		 /s/ Andrew S. Chang

							Name:  Andrew S. Chang
							Title:    Chief Business Development Officer

 EXHIBIT A 

(Form of Confirmation) 

CONFIRMATION 
 OF
SPREAD ACQUISITION TRANSACTION UNDER 
 MASTER SPREAD ACQUISITION AND MSR SERVICING AGREEMENT 

 

			
	PARTIES:		PennyMac Loan Services, LLC (Seller)
		
			[PennyMac Operating Partnership, L.P.][PennyMac Holdings, LLC] (Purchaser)
		
	DATE:		                ,     
		
	RE:		Spread Acquisition – Pool No. [    ]

  
  

The purpose of this letter agreement is to confirm the terms and conditions of the Transaction entered into between PennyMac Loan Services,
LLC and [PennyMac Operating Partnership, L.P.][PennyMac Holdings, LLC] on the Transaction Settlement Date specified below. This letter agreement is a “Confirmation” as described in the Master Spread Acquisition and MSR Servicing Agreement
specified in paragraph 1 below. 
 The definitions and provisions contained in the Master Agreement are incorporated into this Confirmation.
In the event of any inconsistency between the Master Agreement and this Confirmation, this Confirmation will govern. Capitalized terms used herein and not otherwise defined have the meanings set forth in the Master Agreement. 

This Confirmation supplements, forms part of and is subject to the Master Spread Acquisition and MSR Servicing Agreement dated as of
February 1, 2013, between PennyMac Loan Services, LLC, as seller, and [PennyMac Operating Partnership, L.P.][PennyMac Holdings, LLC], as purchaser, as amended and supplemented from time to time (the “Master Agreement”). All provisions
contained in the Master Agreement govern this Confirmation except as expressly modified below. 

 The terms of the Transaction to which this Confirmation relates are as follows: 

 

			
		
	 Primary Portfolio:
		 As set forth in Schedule I hereto.

		
	 Transaction Settlement Date:
		                 ,
20    .

		
	 Transaction Base Servicing Fee Rate:
		 [        ] basis points (per annum)

		
	 Transaction Remittance Date:
		 [    ]th day of each month

		
	 Transaction Purchase Price Percentage:
		             %

		
	 Transaction Excess Spread Percentage:
		             %

		
	 Transaction Asset Purchase Agreement:
		
		
	 Transaction Threshold Percentage:
		 [            %]

		
	 Allowed Retention Percentage:
		 As set forth opposite the applicable Excess Refinancing Percentage in the table set forth below.

		
	 Cut-off Date
		                 ,
20    .

		
	 Other:
		 In the event Seller, (i) whether voluntarily or involuntarily, transfers the Servicing Rights related to the Mortgage Loans in any
Primary Portfolio or Secondary Portfolio and receives any termination fee or other compensation or proceeds in connection with such transfer (the “Transfer Proceeds”), or (ii) recovers under any purchase agreement governing the
acquisition of the Servicing Rights any indemnity or reimbursement proceeds or other amounts relating to the purchase price of such Servicing Rights, including, without limitation, any amounts recovered with respect to early payoffs or early payment
defaults (the “Recovery Proceeds” and, together with the Transfer Proceeds, the “Servicing Rights Proceeds”), Seller shall remit to Purchaser an amount equal to the product of (a) such Servicing Rights Proceeds,
multiplied by (b) a fraction, the numerator of which is the Transaction Purchase Price allocable to the Primary Portfolio Excess Spread relating to such Servicing Rights and the denominator of which is the actual purchase price paid by the Seller
for such Servicing Rights.

 Table of Allowed Retention Percentage 

 

			
	 Range of Excess Refinancing

Percentages
	  	 Allowed

Retention

Percentage

 Accepted and confirmed as of the date first written above: 

 

							
					PENNYMAC LOAN SERVICES, LLC
				
					By:		  

							Name:
							Title:
			
					[PENNYMAC OPERATING PARTNERSHIP, L.P.][PENNYMAC HOLDINGS, LLC]
				
					By:		  

							Name:
							Title:

 SCHEDULE I 

TO CONFIRMATION DATED                 ,
20     
 UNDER THE MASTER SPREAD ACQUISITION AND 

MSR SERVICING AGREEMENT DATED AS OF FEBRUARY 1, 2013

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00244-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00244-of-00352.parquet"}]]