Document:

pmt-ex10113_2273.htm

 

Exhibit 10.113

EXECUTION

AMENDMENT NUMBER TWO

to the

AMENDED AND RESTATED Loan And Security AGREEMENT

Dated as of September 15, 2016,

between

PENNYMAC CORP.,

PENNYMAC HOLDINGS, LLC,

and

CITIBANK, N.A.

This AMENDMENT NUMBER TWO (this “Amendment Number Two”) is made this 2nd day of December 2016, between among PENNYMAC CORP., a Delaware corporation, (“PMAC” or a “Borrower”), PENNYMAC HOLDINGS, LLC (“Holdings” or a “Borrower”; together with PMAC, the “Borrowers”) and CITIBANK, N.A. (“Lender”), to the Amended and Restated Loan and Security Agreement, dated as of September 15, 2016, among Borrowers and Lender, 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, Borrowers and Lender have agreed to make certain modifications to the Agreement, as more specifically set forth herein; and

WHEREAS, as of the date hereof, each Borrower represents to Lender that such Borrower is in full compliance with all of the terms and conditions of the Agreement and each other Facility Document and no Default or Event of Default has occurred and is continuing under the Agreement or any other Facility 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 December 2, 2016 (the “Amendment Effective Date”), the Agreement is hereby amended as follows:

(a)Section 1.1 of Schedule I of the Agreement is hereby amended by adding the new definitions of “2017 1Q Extension Fee” and  “2017 1Q Installment Amount” in the appropriate alphabetical order to read as follows: 

“2017 1Q Extension Fee” shall have the meaning assigned to it in the Pricing Side Letter.

“2017 1Q Installment Amount” shall have the meaning assigned to it in the Pricing Side Letter.  

(b)Section 1.1 of Schedule I of the Agreement is hereby amended by deleting the definition of  “Loan Repayment Date” in its entirety and replacing it with the following:

“Loan Repayment Date” means, the earlier to occur of (i) February 2, 2017, or (ii) such earlier date as may be notified by Lender in accordance with Section 8.02(a).

1

 

 

 

(c)Section 2.10 of the Agreement is hereby amended by adding the following language at the end of such section:

In connection with the extension of the Loan Repayment Date from December 2, 2016 to February 2, 2017, Borrowers agree to pay to Lender an additional commitment fee for the period beginning on December 2, 2016 through February 2, 2017, equal to the 2017 1Q Extension Fee. The 2017 1Q Extension Fee shall be payable in two installments each equal to the 2017 1Q Installment Amount.  The first installment shall be due and payable on or prior to December 2, 2016, and the second installment shall be due and payable on or prior to January 3, 2017.  Each such payment to be made in Dollars, in immediately available funds, without deduction, set off or counterclaim.  Lender may, in its sole discretion, net all or any portion of the 2017 1Q Extension Fee then due and payable from the proceeds of any Loan made to Borrower.  The 2017 1Q Extension Fee is and shall be deemed to be fully earned and non-refundable as of December 2, 2016.  

Section 2.Fees and Expenses.  Borrowers agree to pay to Lender all reasonable out of pocket costs and expenses incurred by Lender in connection with this Amendment Number Two (including all reasonable fees and out of pocket costs and expenses of the Lender’s legal counsel) in accordance with Section 3.03 of the Agreement.

Section 3.Representations.  Each Borrower hereby represents to Lender that as of the date hereof, such Borrower is in full compliance with all of the terms and conditions of the Agreement and each other Facility Document and no Default or Event of Default has occurred and is continuing under the Agreement or any other Facility Document.

Section 4.Binding Effect; Governing Law.  This Amendment Number Two shall be binding and inure to the benefit of the parties hereto and their respective successors and permitted assigns.  THIS AMENDMENT NUMBER TWO 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 Two 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.  The parties agree that this Amendment Number Two, any documents to be delivered pursuant to this Amendment Number Two and any notices hereunder may be transmitted between them by email and/or by facsimile.  The parties intend that faxed signatures and electronically imaged signatures such as .pdf files shall constitute original signatures and are binding on all parties.

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 Two 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, Borrowers and Lender have caused this Amendment Number Two to be executed and delivered by their duly authorized officers as of the Amendment Effective Date.

 

	
 
	
 
	
PENNYMAC CORP.,

	
 
	
 
	
as a Borrower

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
By:
	
 
	
/s/ Pamela Marsh

	
 
	
 
	
Name:
	
 
	
Pamela Marsh

	
 
	
 
	
Title:
	
 
	
Managing Director, Treasurer

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
PENNYMAC HOLDINGS, LLC

	
 
	
 
	
as a Borrower

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
By:
	
 
	
/s/ Pamela Marsh

	
 
	
 
	
Name:
	
 
	
Pamela Marsh

	
 
	
 
	
Title:
	
 
	
Managing Director, Treasurer

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
CITIBANK, N.A., as Lender

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
By:
	
 
	
/s/ Susan Mills

	
 
	
 
	
Name:
	
 
	
Susan Mills

	
 
	
 
	
Title:
	
 
	
Vice President Citibank, N.A.

 

	
ACKNOWLEDGED AND AGREED
	
 
	
 

	
 
	
 
	
 

	
PENNYMAC MORTGAGE INVESTMENT TRUST

	
as Guarantor
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
By:
	
 
	
/s/ Pamela Marsh
	
 
	
 

	
Name:
	
 
	
Pamela Marsh
	
 
	
 

	
Title:
	
 
	
Managing Director, Treasurerpmt-ex10114_2272.htm

 

Exhibit 10.114

EXECUTION

AMENDMENT NUMBER THREE

to the

AMENDED AND RESTATED Loan And Security AGREEMENT

Dated as of September 15, 2016,

between

PENNYMAC CORP.,

PENNYMAC HOLDINGS, LLC,

and

CITIBANK, N.A.

 

This AMENDMENT NUMBER THREE (this “Amendment Number Three”) is made this 2nd day of February, 2017, between among PENNYMAC CORP., a Delaware corporation, (“PMAC” or a “Borrower”), PENNYMAC HOLDINGS, LLC (“Holdings” or a “Borrower”; together with PMAC, the “Borrowers”) and CITIBANK, N.A. (“Lender”), to the Amended and Restated Loan and Security Agreement, dated as of September 15, 2016, among Borrowers and Lender, 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, Borrowers and Lender have agreed to make certain modifications to the Agreement, as more specifically set forth herein; and

WHEREAS, as of the date hereof, each Borrower represents to Lender that such Borrower is in full compliance with all of the terms and conditions of the Agreement and each other Facility Document and no Default or Event of Default has occurred and is continuing under the Agreement or any other Facility 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 1.1 of Schedule I 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 1.1 of Schedule I of the Agreement is hereby amended by deleting the definition of  “Loan Repayment Date” in its entirety and replacing it with the following:

“Loan Repayment Date” means, the earlier to occur of (i) March 3, 2017, or (ii) such earlier date as may be notified by Lender in accordance with Section 8.02(a).

1

 

 

 

(c)Section 2.10 of the Agreement is hereby amended by adding the following language at the end of such section:

In connection with the extension of the Loan Repayment Date from February 2, 2017 to March 3, 2017, Borrowers agree to pay to Lender an additional commitment fee for the period beginning on February 2, 2017 through March 3, 2017, equal to the February 2017 Extension Fee. 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.  Borrowers agree to pay to Lender all reasonable out of pocket costs and expenses incurred by Lender in connection with this Amendment Number Three (including all reasonable fees and out of pocket costs and expenses of the Lender’s legal counsel) in accordance with Section 3.03 of the Agreement.

Section 3.Representations.  Each Borrower hereby represents to Lender that as of the date hereof, such Borrower is in full compliance with all of the terms and conditions of the Agreement and each other Facility Document and no Default or Event of Default has occurred and is continuing under the Agreement or any other Facility Document.

Section 4.Binding Effect; Governing Law.  This Amendment Number Three shall be binding and inure to the benefit of the parties hereto and their respective successors and permitted assigns.  THIS AMENDMENT NUMBER THREE 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 Three 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.  The parties agree that this Amendment Number Three, any documents to be delivered pursuant to this Amendment Number Three and any notices hereunder may be transmitted between them by email and/or by facsimile.  The parties intend that faxed signatures and electronically imaged signatures such as .pdf files shall constitute original signatures and are binding on all parties.

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 Three 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, Borrowers and Lender have caused this Amendment Number Three to be executed and delivered by their duly authorized officers as of the Amendment Effective Date.

 

	
 
	
 
	
PENNYMAC CORP.,

	
 
	
 
	
as a Borrower

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
By:
	
 
	
/s/ Pamela Marsh

	
 
	
 
	
Name:
	
 
	
Pamela Marsh

	
 
	
 
	
Title:
	
 
	
Managing Director, Treasurer

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
PENNYMAC HOLDINGS, LLC

	
 
	
 
	
as a Borrower

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
By:
	
 
	
/s/ Pamela Marsh

	
 
	
 
	
Name:
	
 
	
Pamela Marsh

	
 
	
 
	
Title:
	
 
	
Managing Director, Treasurer

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
CITIBANK, N.A., as Lender

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
By:
	
 
	
/s/ Susan Mills

	
 
	
 
	
Name:
	
 
	
Susan Mills

	
 
	
 
	
Title:
	
 
	
Vice President Citibank, N.A.

 

	
ACKNOWLEDGED AND AGREED
	
 
	
 

	
 
	
 
	
 

	
PENNYMAC MORTGAGE INVESTMENT TRUST

	
as Guarantor
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
By:
	
 
	
/s/ Pamela Marsh
	
 
	
 

	
Name:
	
 
	
Pamela Marsh
	
 
	
 

	
Title:
	
 
	
Managing Director, Treasurer

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