Document:

Exhibit 10.30

 

EXECUTION

 

AMENDMENT NUMBER THREE

to the

MASTER REPURCHASE AGREEMENT

Dated as of December 9, 2010,

among

PENNYMAC CORP., PENNYMAC MORTGAGE INVESTMENT TRUST HOLDINGS I, LLC and

PENNYMAC LOAN SERVICES, LLC

and

CITIBANK, N.A.

 

This AMENDMENT NUMBER THREE (this “Amendment Number Three”) is made this 24th day of February, 2012 among PENNYMAC CORP. and 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 Termination Date under the Agreement and to provide for the payment of a pro-rated commitment fee for such period, as more specifically set forth herein; and

 

WHEREAS, as of the date hereof, Sellers represent to Buyer that Sellers 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 24, 2012 (the “Amendment Effective Date”), the Agreement is hereby amended as follows:

 

(a)                                  Section 2 of the Agreement is hereby amended by adding new definitions of “2012 Extension Commitment Fee” and “2012 Extension Commitment Fee Installment Amount” before the definition of “Accepted Servicing Practices” to read as follows:

 

“2012 Extension Commitment Fee” shall have the meaning assigned to it in the Pricing Side Letter.

 

“2012 Extension Commitment Fee Installment Amount” 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 with the following:

 

“Termination Date” shall mean April 13, 2012 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:

 

The Buyer and Seller acknowledge and agree that the Commitment Fee was paid in full, and no portion of such Commitment Fee is refundable by Buyer to Seller. In connection with the extension of the Termination Date from March 7, 2012 to April 13, 2012, Seller agrees to pay to Buyer an additional commitment fee for the period beginning on March 7, 2012 through April 13, 2012, equal to the 2012 Extension Commitment Fee, such payment to be made in Dollars, in immediately available funds, without deduction, set off or counterclaim, to Buyer in two (2) equal payments which shall each be equal to the 2012 Extension Commitment Fee Installment Amount.  The first installment of the 2012 Extension Commitment Fee shall be due and payable on or prior to March 1, 2012, and the second installment shall be due and payable on April 2, 2012.  Buyer may, in its sole discretion, net any installment of the 2012 Extension Commitment Fee then due and payable from the proceeds of any Purchase Price paid to 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 2012 Extension Commitment Fee, the balance of the 2012 Extension Commitment Fee shall be payable on the Termination Date. Each installment of the 2012 Extension Commitment Fee is and shall be deemed to be fully earned as of the date hereof and non-refundable when paid.

 

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 Three (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.  Sellers hereby represent to Buyer that as of the date hereof, Sellers 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 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 WHICH SHALL GOVERN).

 

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.

 

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]

 

 

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

 

 

	
 
    	
 
    	
PENNYMAC   CORP.
    
	
 
    	
 
    	
(Seller)
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:   
    	
/s/Anne   D. McCallion
    
	
 
    	
 
    	
Name:
    	
Anne   D. McCallion
    
	
 
    	
 
    	
Title:
    	
Chief   Financial Officer and Treasurer
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
PENNYMAC   MORTGAGE INVESTMENT TRUST HOLDINGS I, LLC
    
	
 
    	
 
    	
(Seller)
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/Anne   D. McCallion
    
	
 
    	
 
    	
Name:
    	
Anne   D. McCallion
    
	
 
    	
 
    	
Title:
    	
Chief   Financial Officer and Treasurer
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
PENNYMAC   LOAN SERVICES, LLC,
    
	
 
    	
 
    	
(Servicer)
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/Anne   D. McCallion
    
	
 
    	
 
    	
Name:
    	
Anne   D. McCallion
    
	
 
    	
 
    	
Title:
    	
Vice   President, Finance
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
CITIBANK,   N.A.
    
	
 
    	
 
    	
(Buyer)
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/Susan   Mills
    
	
 
    	
 
    	
Name:
    	
Susan   Mills
    
	
 
    	
 
    	
Title:
    	
Vice   President
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Acknowledged:
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
PENNYMAC   MORTGAGE INVESTMENT TRUST
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
By:
    	
/s/Anne   D. McCallion
    	
 
    	
 
    	
 
    
	
Name:
    	
Anne   D. McCallion
    	
 
    	
 
    	
 
    
	
Title:
    	
Chief   Financial Officer
    	
 
    	
 
    	
 
    

 

Amendment Number Three to Master Repurchase AgreementExhibit 10.40

 

CONFIDENTIAL MATERIAL APPEARING IN THIS DOCUMENT HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION IN ACCORDANCE WITH THE SECURITIES ACT OF 1933, AS AMENDED, AND RULE 24B-2 PROMULGATED THEREUNDER. OMITTED INFORMATION HAS BEEN REPLACED WITH ASTERISKS

 

AMENDMENT NUMBER ONE

Letter Agreement

dated as of July 12, 2011

by and between

PENNYMAC CORP.

and

CITIGROUP GLOBAL MARKETS REALTY CORP.

 

This AMENDMENT NUMBER ONE is made this 6th day of January, 2012, by and among PENNYMAC CORP., as purchaser (the “Purchaser”), and CITIGROUP GLOBAL MARKETS REALTY CORP. (the “Seller”), to the Letter Agreement, dated as of July 12, 2011 (the “Agreement”), by and between the Seller and the Purchaser.

 

RECITALS

 

WHEREAS, the Seller and the Purchaser desire to amend the Agreement, subject to the terms hereof, to modify the Agreement as specified herein; and

 

WHEREAS, the Seller and the Purchaser each have agreed to execute and deliver this Amendment Number One on the terms and conditions set forth herein.

 

NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and of the mutual covenants herein contained, the parties hereto hereby agree as follows:

 

SECTION 1.                            Amendments.  Effective as of January 6, 2012, the Agreement is hereby amended as follows:

 

(a)                                 Section 1 (Closing Date) of the Agreement is hereby amended by deleting such paragraph in its entirety and replacing it with the following:

 

The Purchaser may purchase any Asset on any date following the date hereof, which date shall be deemed a “Closing Date.”  Any such Assets purchased on any Closing Date shall be mutually agreed upon in writing by the parties hereto.  Any such Closing Date shall be agreed upon between the parties hereto in writing, but in no event shall any Closing Date be later than June 22, 2012 (the “End Date”).  For the purposes of this letter agreement, the term “Proceeds” shall mean any principal or interest collections on any Asset.

 

(b)                                 Section 4 (Purchase Price Percentage) of the Agreement is hereby amended by deleting such paragraph in its entirety and replacing it with the following:

 

For each Asset, the Base Purchase Price Percentage plus a percentage equal to (i) in the event the related Closing Date shall occur within *** (***) days from the

 

 

date hereof, *** %, (ii) in the event the related Closing Date shall occur within a period of *** (***) to *** (***) days from the date hereof, ***, (iii) in the event the related Closing Date shall occur within a period of *** (***) to ***  (***) days from the date hereof, *** %, (iv) in the event the related Closing Date shall occur within a period of *** (***) to *** (***) days from the date hereof, ***%, or (v) in the event the related Closing Date shall occur within a period of ***  (***) to *** (***) days from the date hereof, *** %.

 

For purposes of this letter agreement, the “Base Purchase Price Percentage” shall mean, with respect to each Asset, the purchase price percentage set forth on Schedule 1.

 

(c)                                  Section 7 (Cost of Carry) of the Agreement is hereby amended by deleting such paragraph in its entirety and replacing it with the following:

 

An amount equal to the “cost of carry” imputed to Citigroup in connection with any Asset purchased under the Purchase Agreement and held by Seller equal to the product of (x) the sum of (a) the Original Purchase Price for such Asset as reduced monthly by remittances of principal on the Asset received by Citigroup and (b) any and all Reimbursement Amounts incurred by Citigroup (other than the Cost of Carry) with respect to such Asset and (y) LIBOR plus *** (***) basis points per annum.

 

For the purposes hereunder, “LIBOR” shall mean the rate determined daily by Citigroup on the basis of the offered rate for one-month U.S. dollar deposits, as such rate appears on Reuters Screen LIBOR01 Page as of 11:00 a.m. (London time) on such date (rounded up to the nearest whole multiple of 1/16%); provided that if such rate does not appear on Reuters Screen LIBOR01 Page, the rate for such date will be the rate determined by reference to such other comparable publicly available service publishing such rates as may be selected by Citigroup in its sole discretion and communicated to PMC.

 

SECTION 2.                            Defined Terms.  Any terms capitalized but not otherwise defined herein shall have the respective meanings set forth in the Agreement.

 

SECTION 3.                            Limited Effect. Except as amended hereby, the Agreement shall continue in full force and effect in accordance with its terms. Reference to this Amendment 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.  This Amendment Number One shall apply to all Assets subject to the Agreement notwithstanding that any such Assets were sold to the Purchaser prior to the date of this Amendment Number One.

 

SECTION 4.                            Governing Law. This Amendment Number One 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 without regard to conflict of laws doctrine applied in such state (other than Section 5-1401 or 5-1402 of the New York General Obligations Law which shall govern).

 

SECTION 5.                            Counterparts. This Amendment Number One 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 One and signature pages may be transmitted between them by facsimile or by electronic mail and that faxed and PDF signatures may constitute original signatures and that a faxed or PDF signature page containing the signature (faxed, PDF or original) is binding upon the parties.

 

[Signature Page Follows]

 

 

CONFIDENTIAL MATERIAL APPEARING IN THIS DOCUMENT HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION IN ACCORDANCE WITH THE SECURITIES ACT OF 1933, AS AMENDED, AND RULE 24B-2 PROMULGATED THEREUNDER. OMITTED INFORMATION HAS BEEN REPLACED WITH ASTERISKS

 

IN WITNESS WHEREOF, the Purchaser and the Seller have caused this Amendment Number One to be executed and delivered by their duly authorized officers as of the day and year first above written.

 

 

	
 
    	
CITIGROUP   GLOBAL MARKETS REALTY CORP.
    
	
 
    	
(Seller)
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Shameer Hussein
    
	
 
    	
Name:
    	
Shameer   Hussein
    
	
 
    	
Title:
    	
Authorized   Agent, Citigroup Global Markets Realty Corp.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
PENNYMAC   CORP.
    
	
 
    	
(Purchaser)
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/Vandad   Fartaj
    
	
 
    	
Name:
    	
Vandad   Fartaj
    
	
 
    	
Title:
    	
Chief   Investment Officer
    

 

Amendment Number One (January 2012)

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