Document:

pmt-ex103_59.htm

Exhibit 10.3

 

AMENDMENT NUMBER EIGHT

to the

AMENDED AND RESTATED MASTER REPURCHASE AGREEMENT

Dated as of March 3, 2017,

by and among

PENNYMAC LOAN SERVICES, LLC,

PENNYMAC HOLDINGS, LLC,

PENNYMAC CORP.

and

CITIBANK, N.A.

 

This AMENDMENT NUMBER EIGHT (this “Amendment Number Eight”) is made this 6th day of August, 2019, by and among PENNYMAC CORP. (“PMAC”), PENNYMAC HOLDINGS, LLC (together with PMAC, each a “Seller” and collectively, the “Sellers”), PENNYMAC LOAN SERVICES, LLC (“Servicer”) and CITIBANK, N.A. (“Buyer”), to the Amended and Restated Master Repurchase Agreement, dated as of March 3, 2017, by and 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, Servicer and Buyer have agreed to amend the Agreement as more specifically set forth herein; and

WHEREAS, as of the date hereof, Sellers and Servicer represent to Buyer that the Seller Parties and Servicer 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 August 6, 2019 (the “Amendment Effective Date”), the Agreement is hereby amended as follows:

(a)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 August 4, 2020, or such earlier date on which this Agreement shall terminate in accordance with the provisions hereof or by operation of law.

(b)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 August 6, 2019 to August 4, 2020, Sellers agree to pay to Buyer an additional commitment fee for the period beginning on August 6, 2019 through August 4, 2020, equal to the 2019 Commitment Renewal Fee.  The 2019 Commitment Renewal Fee shall be made in Dollars, in immediately available funds, without deduction, set off or counterclaim.  The  2019 Commitment Renewal Fee shall be paid in twelve installments, each equal to the 2019 Commitment Renewal Fee Installment Amount. The first 2019 Commitment Renewal Fee Installment Amount shall be paid on or prior to August 6, 2019 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 the 2019 Commitment Renewal Fee then due and payable from the proceeds of any Purchase Price paid to Seller.  The 2019 Commitment Renewal Fee is and shall be deemed to be fully earned as of August 6, 2019 and non-refundable when paid. 

 

 

 

Section 2.Effectiveness.  This Amendment Number Eight shall become effective as of the date that the Buyer shall have received:

(a)counterparts of this Amendment Number Eight duly executed by each of the parties hereto; and

(b)counterparts of that certain Amendment Number Five to the Second Amended and Restated Pricing Side Letter, dated as of the date hereof, duly executed by each of the parties thereto.

Section 3.

Section 4.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 Eight (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 5.Representations.  Sellers and Servicer hereby represent to Buyer that as of the date hereof, the Seller Parties and Servicer 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 6.Binding Effect; Governing Law.  This Amendment Number Eight shall be binding and inure to the benefit of the parties hereto and their respective successors and permitted assigns.  THIS AMENDMENT NUMBER EIGHT 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 SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW WHICH SHALL GOVERN).

Section 7.Counterparts.  This Amendment Number Eight 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 8.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 Eight 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 Eight 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:
	
 
	
Senior Managing Director and Treasurer

	
 
	
 
	
 

	
PENNYMAC HOLDINGS, LLC,

	
(Seller)

	
 
	
 
	
 

	
By:
	
 
	
/s/ Pamela Marsh

	
Name:
	
 
	
Pamela Marsh 

	
Title:
	
 
	
Senior Managing Director and Treasurer

	
 
	
 
	
 

	
PENNYMAC LOAN SERVICES, LLC,

	
(Servicer)

	
 
	
 
	
 

	
By:
	
 
	
/s/ Pamela Marsh

	
Name:
	
 
	
Pamela Marsh

	
Title:
	
 
	
Senior Managing Director and Treasurer

	
 

	
CITIBANK, N.A.

	
(Buyer and Agent, as applicable)

	
 
	
 
	
 

	
By:
	
 
	
/s/ Susan Mills

	
Name:
	
 
	
Susan Mills

	
Title:
	
 
	
Vice President

Citibank, NApmt-ex104_58.htm

Exhibit 10.4

 

AMENDMENT NUMBER EIGHT

to the

AMENDED AND RESTATED MASTER REPURCHASE AGREEMENT

Dated as of March 3, 2017,

by and among

CITIBANK, N.A.

PENNYMAC CORP.;

PENNYMAC OPERATING PARTNERSHIP, L.P.

and

PENNYMAC LOAN SERVICES, LLC,

 

This AMENDMENT NUMBER EIGHT (this “Amendment Number Eight”) is made this 6th day of August, 2019, by and among CITIBANK, N.A. as buyer and agent (“Buyer” and “Agent,” as the case may be), PENNYMAC CORP., a Delaware corporation, as seller, PennyMac Operating Partnership, L.P., a Delaware limited partnership (“POP” and together with PennyMac Corp., a “Seller” and jointly and severally, the “Sellers”), and PENNYMAC LOAN SERVICES, LLC (“Servicer”) to the Amended and Restated Master Repurchase Agreement, dated as of March 3, 2017, by and among Buyer, PennyMac Corp. and Servicer, 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 amend the Agreement as more specifically set forth herein; and

WHEREAS, as of the date hereof, Sellers and Servicer represent to Buyer that Seller Parties and Servicer 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 August 6, 2019 (the “Amendment Effective Date”), the Agreement is hereby amended as follows:

(a)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 August 4, 2020, or such earlier date on which this Agreement shall terminate in accordance with the provisions hereof or by operation of law.

Section 2.Effectiveness.  This Amendment Number Eight shall become effective as of the date that the Buyer shall have received:

(a)counterparts of this Amendment Number Eight duly executed by each of the parties hereto; and

 

(b)counterparts of that certain Amendment Number Two to the Second Amended and Restated Pricing Side Letter, dated as of the date hereof, duly executed by each of the parties thereto

.

 

 

Section 3.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 Eight (including all reasonable fees and out of pocket costs and expenses of Buyer’s legal counsel) in accordance with Sections 23 and 25 of the Agreement.

Section 4.Representations.  Sellers and Servicer hereby represent to Buyer and Agent that as of the date hereof, Seller Parties and Servicer 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 5.Binding Effect; Governing Law.  This Amendment Number Eight shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns.  THIS AMENDMENT NUMBER EIGHT 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 SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW WHICH SHALL GOVERN).

Section 6.Counterparts.  This Amendment Number Eight 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 7.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 Eight 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]

 

 

2

 

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

 

	
CITIBANK, N.A.

	
(Buyer and Agent, as applicable)

	
 
	
 
	
 

	
 
	
 
	
 

	
By:
	
  
	
/s/ Susan Mills

	
Name:
	
 
	
Susan Mills

	
Title:
	
 
	
Vice President

	
 
	
 
	
Citibank, NA

	
 
	
 
	
 

	
PENNYMAC CORP.,

	
(Seller)

	
 
	
 
	
 

	
 
	
 
	
 

	
By:
	
 
	
/s/ Pamela Marsh

	
Name:
	
 
	
Pamela Marsh

	
Title:
	
 
	
Senior Managing Director and Treasurer

	
 
	
 
	
 

	
 
	
 
	
 

	
PENNYMAC OPERATING PARTNERSHIP, L.P. (Seller)

	
 
	
 
	
 

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

	
 
	
 
	
 

	
 
	
 
	
 

	
By:
	
 
	
/s/ Pamela Marsh

	
Name:
	
 
	
Pamela Marsh

	
Title:
	
 
	
Senior Managing Director and Treasurer

	
 
	
 
	
 

	
Address for Notices:

	
 
	
 
	
 

	
3043 Townsgate Road

	
Westlake Village, California 91361

	
Attention: Pamela Marsh/Richard Hetzel

	
Phone Number: (805) 330-6059/(805) 254-6088

	
E-mail: pamela.marsh@pnmac.com;

	
richard.hetzel@pnmac.com

	
 
	
 
	
 

	
PENNYMAC LOAN SERVICES, LLC,

	
(Servicer)

	
 
	
 
	
 

	
By:
	
 
	
/s/ Pamela Marsh

	
Name:
	
 
	
Pamela Marsh

	
Title:
	
 
	
Senior Managing Director and Treasurer

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