Document:

pfsi_EX_103

		

			Exhibit 10.3

		

		

			EXECUTION VERSION

		

		

			 

		

		
			AMENDMENT NUMBER EIGHT
		

		
			to the
		

		
			AMENDED AND RESTATED MASTER REPURCHASE AGREEMENT
		

		
			Dated as of March 3, 2017,
		

		
			by and between
		

		
			PENNYMAC LOAN SERVICES, LLC
		

		
			and
		

		
			CITIBANK, N.A.
		

		
			This AMENDMENT NUMBER EIGHT (this “Amendment Number Eight”) is made this 7th day of June, 2019, by and between PENNYMAC LOAN SERVICES, LLC, as seller and servicer (“Seller”), and CITIBANK, N.A. (“Buyer”), to the Amended and Restated Master Repurchase Agreement, dated as of March 3, 2017, by and between Seller 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, Seller and Buyer have agreed to amend the Agreement as more specifically set forth herein; and
		

		
			WHEREAS, as of the date hereof, Seller 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.    Amendment. Effective as of June 7, 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 6, 2019, or such earlier date on which
		

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

		
			(a) counterparts hereof duly executed by each of the parties hereto; and
		

		
			(b) counterparts of that certain Amendment Number One 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.  Seller agrees to pay to Buyer all reasonable out of pocket costs and expenses incurred by Buyer in connection with this Amendment Number Eight 
		

		
			
		

		
			

		 

		

		
			(includingall 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 4.     Representations.  Seller 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 5.     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 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]
		

		
			 
		

		
			 
		

		
			

		 

		

		
			IN WITNESS WHEREOF, Seller 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 LOAN SERVICES, LLC,

				
	
					
						 

					
					
						(Seller and Servicer)

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Pamela Marsh

				
	
					
						 

					
					
						Name:

					
					
						Pamela Marsh

				
	
					
						 

					
					
						Title:

					
					
						Managing Director, Treasurer

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						CITIBANK, N.A.

				
	
					
						 

					
					
						(Buyer and Agent, as applicable)

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Susan Mills

				
	
					
						 

					
					
						Name:

					
					
						Susan Mills

				
	
					
						 

					
					
						Title:

					
					
						Vice President Citibank,  NA

				

		
			 
		

		
			 
		

		
			Acknowledged:
		

		
			 
		

		
			PRIVATE NATIONAL MORTGAGE ACCEPTANCE COMPANY, LLC
		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						By:

					
					
						/s/ Pamela Marsh

					
					
						 

				
	
					
						Name:

					
					
						Pamela Marsh

					
					
						 

				
	
					
						Title:

					
					
						Managing Director, Treasurer

					
					
						 

				

		
			 
		

		 

		

			Amendment Number Eight to Amended and Restated Master Repurchase Agreement PLS-Agencypfsi_EX_104

		
			Exhibit 10.4
		

		
			AMENDMENT NO. 1
		

		
			THIS AMENDMENT NO. 1 (this “Amendment”) is made as of June 13, 2019, by and between BANC OF AMERICA LEASING & CAPITAL, LLC (“Lessor”) and PRIVATE NATIONAL MORTGAGE ACCEPTANCE COMPANY, LLC (“Lessee”), with the acknowledgment and consent of PENNYMAC LOAN SERVICES LLC (“Guarantor”).  Lessee and Lessor have heretofore entered into that certain Master Lease Agreement No. 30350-90000 dated December 9, 2015  (as supplemented by that certain Addendum to Master Lease Agreement No. 30350-90000 dated December 9, 2015, the “Master Lease”).  Guarantor executed and delivered to Lessor a Guaranty dated December 9, 2015 guaranteeing the payment and performance of the obligations of Lessee to Lessor pursuant to the Lease and any Schedules entered into thereunder.  Capitalized terms used herein without definition shall have the meaning given them in the Master Lease.
		

		
			WHEREAS, Lessee and Lessor wish to amend the Master Lease, upon the terms and conditions set forth below.
		

		
			NOW, THEREFORE, in consideration of the mutual covenants and promises as hereinafter set forth, the parties agree as follows:
		

		
			1.            Clause (7) of Section 12(a) of the Master Lease is hereby amended and restated in its entirety as follows:   “(7) without notice to Lessee or Guarantor, apply or set-off against any Obligations all security deposits, advance payments, proceeds of letters of credit, certificates of deposit (whether or not matured), securities or other additional collateral held by Lessor or any Affiliate of Lessor or otherwise credited by or due from Lessor or any Affiliate of Lessor to Lessee or Guarantor; or”
		

		
			2.            The following new Section 12(c) is hereby added to the Master Lease:
		

		
			“Guarantor, as seller, and Lessee, as guarantor, are parties to a certain Amended and Restated Master Repurchase Agreement dated October 29, 2018, with Bank of America, N.A. as administrative agent and certain other parties, and certain other agreements in connection therewith, pursuant to which Guarantor and Lessee have certain obligations to Lessor’s affiliate, Bank of America, N.A. (the “Bank”) (the "Affiliated Obligations").  If Lessee or Guarantor defaults under, cancels, terminates, or does not at maturity renew the Affiliated Obligations, then Lessee shall pay, at Lessor’s option and immediately upon notice from Lessor, all or any part of Lessee's Obligations owing to Lessor in connection with this Agreement, including but not limited to Lessee's payment of Stipulated Loss Value for all or any Leases, as set forth in such notice from Lessor.  If Lessee does not immediately make such payment upon Lessor’s demand therefor, Lessor shall have all the rights of setoff set forth above in Section 12(a)(7) hereof.”
		

		
			3.            Definition of Affiliate of Section 15 of the Master Lease is hereby amended and restated in its entirety as follows: "Affiliate" means any entity controlling, controlled by or under common control with the referent entity; provided, however, that in respect of Lessee and Guarantor, the term “Affiliate” shall only refer to wholly-owned subsidiaries of Guarantor or Lessee; "control" includes (i) the ownership of 25% or more of the voting stock or other ownership interest of any entity and (ii) the status of a general partner of a partnership or managing member of a limited liability company.
		

		
			4.            Except as expressly amended hereby, the terms and conditions of the Master Lease remain unmodified and in full force and effect and are hereby ratified and affirmed.  This Amendment shall apply to all Lease Schedules now existing (except any Lease Schedules which Lessor has assigned to a third party or which are entered into by a third party unless such third party approves and consents to this Amendment in writing) or hereafter entered into under the Master Lease.
		

		
			IN WITNESS WHEREOF, the parties, each by its duly authorized officer, have duly executed and delivered this Amendment, which is intended to take effect as a sealed instrument, as of the day and year first above written.
		

		
			
		

		
			

		 

		

			Page 1 of 2

		

		

		
			 
		

			
					
						PRIVATE NATIONAL MORTGAGE

					
					
						 

					
					
						BANC OF AMERICA LEASING & CAPITAL, LLC

				
	
					
						ACCEPTANCE COMPANY, LLC

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						By:

					
					
						/s/ Pamela Marsh

					
					
						 

					
					
						By:

					
					
						/s/ Terri J. Preston

				
	
					
						Name:

					
					
						Pamela Marsh

					
					
						 

					
					
						Name:

					
					
						Terri J. Preston

				
	
					
						Title:

					
					
						Managing Director, Treasurer

					
					
						 

					
					
						Title:

					
					
						Senior Vice President

				

		
			 
		

		
			Acknowledged and consented to:
		

		
			 
		

			
					
						PENNYMAC LOAN SERVICES LLC

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						By:

					
					
						/s/ Pamela Marsh

					
					
						 

				
	
					
						Name:

					
					
						Pamela Marsh

					
					
						 

				
	
					
						Title:

					
					
						Managing Director, Treasurer

					
					
						 

				

		
			 
		

		 

		

			Page 2 of 2

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