Document:

EX-10.101

 Exhibit 10.101 

EXECUTION COPY 
 AMENDMENT
NUMBER FIVE 
 to the 
 MASTER
REPURCHASE AGREEMENT 
 Dated as of November 20, 2012, 

among 
 PENNYMAC CORP., 

MORGAN STANLEY BANK. N.A. 
 and 

MORGAN STANLEY MORTGAGE CAPITAL HOLDINGS LLC 

This AMENDMENT NUMBER FIVE (this “Amendment Number Five”) is made this
18th day of December, 2014, among PENNYMAC CORP., a Delaware corporation, as seller (“Seller”), MORGAN STANLEY BANK, N.A., a national banking association, as buyer
(“Buyer”) and MORGAN STANLEY MORTGAGE CAPITAL HOLDINGS LLC, a New York limited liability company, as agent for Buyer (“Agent”), to the Master Repurchase Agreement, dated as of November 20, 2012, between Seller
and Buyer, as such agreement may be amended from time to time (the “Agreement”). 
 RECITALS 

WHEREAS, Seller, Buyer and Agent have agreed to amend the Agreement to extend the Termination Date thereunder for a period of 364 days and, in
connection with such extension, make certain additional modifications thereto, each as more specifically set forth herein; and 
 WHEREAS,
as of the date hereof, Seller represents to Buyer and Agent that Seller is 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 December 18, 2014 (the “Amendment Effective Date”), 
 (a) the
defined term “Termination Date in Section 1.01 of the Agreement is hereby amended to read in its entirety as follows: 

“Termination Date” shall mean December 17, 2015 or such earlier date on which this Repurchase Agreement
shall terminate in accordance with the provisions hereof or by operation of law. 
 (b) Section 8 of the Agreement is
hereby amended by adding the following new sentence to the end of such Section: 
 With respect to the Events of Default specified in
Sections 8(c), (d), (f), (g), (h), (r), (t), (u), (v), (x), (y), (aa) or (bb), above, solely to the exent that the event giving rise to the Event of Default relates solely to the Servicer, and not the Seller (the “Triggering Event”), such
Event of Default relating to the Servicer shall be deemed to have occurred only if Seller does not transfer the servicing of the Purchased Mortgage Loans to a third party Servicer approved by Buyer within thirty (30) days of the date of such
Triggering Event. 

 SECTION 2. Defined Terms. Any terms capitalized but not otherwise defined herein
shall have the respective meanings set forth in the Agreement. 
 SECTION 3. Effectiveness. This Amendment Number Five shall
become effective as of the date that the Agent shall have received: 
 (a) counterparts hereof duly executed by each of the
parties hereto, and 
 (b) counterparts of that certain Amendment Number Five to the Pricing Side Letter, dated as of the
date hereof, duly executed by each of the parties thereto. 
 SECTION 4. Fees and Expenses. Seller agrees to pay to Buyer and
Agent all reasonable out of pocket costs and expenses incurred by Buyer or Agent in connection with this Amendment Number Five (including all reasonable fees and out of pocket costs and expenses of Buyer’s or Agent’s legal counsel) in
accordance with Section 13.04 and 13.06 of the Agreement. 
 SECTION 5. Representations. Seller hereby represents to Buyer
and Agent that as of the date hereof and taking into account the terms of this Amendment Number Five, Seller is 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 FIVE SHALL BE BINDING AND INURE TO THE BENEFIT OF THE PARTIES HERETO AND THEIR RESPECTIVE SUCCESSORS AND PERMITTED ASSIGNS. THIS AMENDMENT NUMBER FIVE 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 7. Counterparts. This Amendment Number Five 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 Five 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, Seller, Buyer and Agent have caused this Amendment Number Five 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: Executive Vice President, Treasurer
	
	MORGAN STANLEY BANK, N.A.
	(Buyer)
		
	By:	 	 /s/ Zachary Phelps

	Name: Zachary Phelps
	Title: Authorized Signatory
	
	MORGAN STANLEY MORTGAGE CAPITAL HOLDINGS LLC
	(Agent)
		
	By:	 	 /s/ Christopher Schmidt

	Name: Christopher Schmidt
	Title: Vice President

 Amendment Number Five to Master Repurchase AgreementEX-10.130

 Exhibit 10.130 

EXECUTION 
 AMENDMENT NO. 9

 TO MORTGAGE LOAN PARTICIPATION PURCHASE AND SALE AGREEMENT 

Amendment No. 9 to Mortgage Loan Participation Purchase And Sale Agreement, dated as of January 30, 2015 (this
“Amendment”), by and among Bank of America, N.A. (“Purchaser”), PennyMac Corp. (“Seller”), PennyMac Mortgage Investment Trust and PennyMac Operating Partnership, L.P. (individually and collectively,
the “Guarantor”). 
 RECITALS 

Purchaser, Guarantor and Seller are parties to that certain Mortgage Loan Participation Purchase And Sale Agreement, dated as of
December 23, 2011 (as amended, restated, supplemented or otherwise modified from time to time, the “Existing MLPSA”; and as further amended by this Amendment, the “MLPSA”). 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 December 23, 2011, made by Guarantor in favor of Purchaser. 

Purchaser, Seller and Guarantor have agreed, subject to the terms and conditions of this Amendment, that the Existing MLPSA be amended to
reflect certain agreed upon revisions to the terms of the Existing MLPSA. As a condition precedent to amending the Existing MLPSA, Purchaser has required Guarantor to ratify and affirm the Guaranty on the date hereof. 

Accordingly, Purchaser, Seller and Guarantor hereby agree, in consideration of the mutual promises and mutual obligations set forth herein,
that the Existing MLPSA is hereby amended as follows: 
 Section 1. Preliminary Statement. The Preliminary Statement Section of
the Existing MLPSA is hereby amended by deleting the fourth paragraph in its entirety and replacing it with the following: 

“The amount of the Purchase Price to be paid by Purchaser to Seller with respect to each Participation Certificate will be
calculated on the expectation of Purchaser, based upon the representations and warranties of Seller herein, that Purchaser will receive Delivery of the Security to be backed by the Related Mortgage Loans on the specified Anticipated Delivery Date,
and that failure to receive such Delivery will result in a material decrease in the market value of the Participation Certificate and the Related Mortgage Loans considered as a whole. During the period from the purchase of a Participation
Certificate to Delivery of the related Security, Purchaser expects to rely entirely upon Seller to subservice or cause the Servicer to subservice the Related Mortgage Loans for the benefit of Purchaser, it being acknowledged that the continued
effectiveness of Seller’s Approvals during such period constitutes an essential factor in the calculation by Purchaser of the Purchase Price paid to Seller for the Related Participation Certificate and that loss of such Approvals by Seller
would result in a material decrease in the market value of the Participation Certificate and the Related Mortgage Loans considered as a whole.” 

 Section 2. Definitions. Section 1 of the Existing MLPSA is hereby amended by:

 2.1 deleting the definitions of “Expiration Date”, “Freddie Mac”, “Program Documents”,
“Security Issuance Failure”, “Servicing Agreement” and “Takeout Commitment” in their entirety and replacing them with the following: 

“Expiration Date”: The earlier of (i) January 29, 2016, (ii) at Purchaser’s option, upon
the occurrence of an Event of Default, and (iii) the date on which this Agreement shall terminate in accordance with the provisions hereof or by operation of law. 

“Freddie Mac”: The Federal Home Loan Mortgage Corporation or any successor thereto. 

“Program Documents”: This Agreement, the Pricing Side Letter, the Custodial Agreement, the Control Agreement,
the Electronic Tracking Agreement, the Participation Certificates, any Servicing Agreement together with the related Servicer Notice and all other agreements, documents and instruments entered into by Seller and Purchaser, in connection herewith or
therewith with respect to the transactions contemplated hereunder. 
 “Security Issuance Failure”: Failure
(a) of the Security to be issued for any reason including but not limited to Seller’s failure to perform any of its obligations under this Agreement or any other Program Document or failure to perform in Strict Compliance with the related
Agency Program or (b) to cause Delivery of the Security to Purchaser or its designee (and designee has been properly notified it is holding for Purchaser). 

“Servicing Agreement”: If the Related Mortgage Loans become serviced by any servicer that is not Purchaser, an
Affiliate of Purchaser, or Seller, in each case, the agreement with the third party servicer, in form and substance acceptable to Purchaser. 

“Takeout Commitment”: A trade confirmation provided: (i) through the Mortgage-Backed Securities Clearing
Corporation system with respect to Approved Investors that are members of the Mortgage-Backed Securities Clearing System or (ii) in electronic format from the Approved Investor to Seller, in each case, confirming the details of a forward trade
between the Approved Investor and Seller with respect to one or more Securities relating to a Participation Certificate, which trade confirmation shall be enforceable and in full force and effect, and shall be validly and effectively assigned to
Purchaser pursuant to a Trade Assignment, and relate to pools of Mortgage Loans that satisfy the “good delivery standards” as more particularly set forth in Section 3 hereof. 

2.2 deleting the definitions of “ERISA”, “ERISA Affiliate”, “Event of Termination”,
“PBGC” and “Plan” in their entirety and all references thereto. 

  
 2 

 2.3 adding the following definition in its proper alphabetical order: 

“Servicer Notice”: The notice acknowledged by the Servicer which is substantially in the form of Exhibit
K hereto. 
 Section 3. Facility Fee. Section 2 of the Existing MLPSA is hereby amended by deleting clause (g) in
its entirety and replacing it with the following: 
 (g) Seller shall pay to Purchaser in immediately available funds, a
non-refundable Facility Fee. The Facility Fee shall be deemed earned in full on the Effective Date and if the Agreement is renewed, thereafter on or before the anniversary of the Effective Date. The Facility Fee shall be payable in quarterly
installments, with the first (1st) installment to be paid on the Effective Date, and the remaining quarterly installments to be paid on the fifth (5th) Business Day of the month immediately following the quarterly anniversary of the Effective Date; provided that if any such day is not a Business Day, the next succeeding Business Day. Such
payment shall be made in Dollars, in immediately available funds, without deduction, set-off or counterclaim, to Purchaser at such account designated by Purchaser. Upon the early termination of this Agreement, all unpaid installments of the entire
Facility Fee will be due and owing and no portion of the Facility Fee shall be refunded; provided, however, that in the event Purchaser notifies Seller in writing that it shall no longer purchase Participation Certificates from Seller
in accordance with the Agreement other than due to (i) the occurrence of a Potential Default or Event of Default or (ii) Seller’s failure to satisfy the conditions precedent for Purchaser to purchase Participation Certificates from
Seller in accordance with the Agreement, Purchaser shall refund to Seller a pro-rated portion of the Facility Fee. Furthermore, the Facility Fee will be prorated in the event of an increase of the Aggregate Transaction Limit. The Facility Fee shall
be withdrawn from the Seller’s Over/Under Account. 
 Section 4. Issuance of Securities. Section 5(a) of the Existing
MLPSA is hereby amended by deleting subsection (ii) in its entirety and replacing it with the following: 
 (ii) Seller
shall notify Purchaser, not later than 12:00 noon, Eastern Time, on the second (2nd) Business Day prior to the applicable Settlement Date (a) of the amount of any change in the principal amount of the Mortgage Loans backing each Security
to be delivered on such Settlement Date and (b) with respect to Freddie Mac Securities, the Freddie Mac mortgage loan pool number applicable to each Security to be delivered on such Settlement Date. Upon Delivery of such Security to Purchaser
or its designee, Purchaser shall cease to have any interest under the Related Participation Certificate and in exchange shall have a 100% ownership interest in the related Security. It is understood and agreed that for so long as Seller is
subservicing, or is causing any third party Servicer to subservice, Related Mortgage Loans, Seller shall retain only bare legal title (and not an equitable interest) in all such Mortgage Loans (other than MERS Mortgage Loans) for the sole purpose of
servicing such Mortgage Loans on a servicing released basis. 

  
 3 

 Section 5. Servicing of the Mortgage Loans. Section 6 of the Existing MLPSA is
hereby amended by deleting
 subsections (a), (b) and (d)(iii) in their entirety and replacing them with the following: 

(a) Seller and Purchaser each agrees and acknowledges that upon payment of the Purchase Price (subject to Section 4), a
100% undivided beneficial ownership interest in the Related Mortgage Loans shall be sold to Purchaser, such that Purchaser shall own a 100% undivided beneficial interest in the Related Mortgage Loans, the servicing rights related thereto, all source
files, documents, agreements and papers related to the servicing of the Related Mortgage Loans and all derivative information created by Seller or other third party used or useful in servicing the Related Mortgage Loans. Seller and Purchaser each
agrees and acknowledges that a 100% undivided beneficial interest in Related Mortgage Loans shall be sold to Purchaser on a servicing released basis, subject to the termination rights provided in this Agreement, including, without limitation,
Section 6(g) of this Agreement, and that Purchaser is engaging, and Purchaser does hereby engage, Seller to provide, or cause a third party Servicer to provide, subservicing of each Related Mortgage Loan for the benefit of Purchaser (and
any other registered holder of the related Participation Certificate) on the Purchase Date for each transaction. Seller shall have no further servicing obligations or duties to Purchaser under the terms of this Agreement with respect to the Related
Mortgage Loans upon issuance of the Security. 
 For so long as a Participation Certificate is outstanding, Seller shall
neither assign, encumber or pledge its obligation to subservice the Related Mortgage Loans in whole or in part, nor delegate its rights or duties under this Agreement to any Person other than a Servicer, without the prior written consent of
Purchaser, the granting of which consent shall be in the sole discretion of Purchaser. Seller hereby acknowledges and agrees that (i) Purchaser is entering into this Agreement in reliance upon Seller’s representations as to the adequacy of
its financial standing, servicing facilities, personnel, records, procedures, reputation and integrity, and the continuance thereof; and (ii) Seller’s engagement hereunder to provide mortgage servicing for the benefit of Purchaser (and any
other registered holder of the Participation Certificate) is intended by the parties to be a “personal service contract” and Seller is hereunder intended by the parties to be an “independent contractor”. 

(b) Seller shall, and shall cause any third party Servicer to, subservice and administer the Related Mortgage Loans relating to
a Participation Certificate on behalf of Purchaser in accordance with Accepted Servicing Practices. Servicer shall subservice the Related Mortgage Loans on behalf of Purchaser for thirty (30) day intervals which will automatically terminate if
not renewed by Purchaser (such renewal as evidenced by Purchaser’s entry into a new Transaction). Neither Seller nor any Servicer shall modify or alter the terms of any Related Mortgage Loan or consent to the modification or alteration of the
terms of any Related Mortgage Loan except in Strict Compliance with the related Agency Program. Seller shall, and shall cause any third party Servicer to, at all times maintain accurate and complete records of its servicing of the Related Mortgage
Loans, and Purchaser may, at any time during Seller’s business hours on reasonable notice, examine and make copies of such Servicing Records. Seller agrees that Purchaser is the 100% beneficial owner of all Servicing Records relating to the
Related Mortgage Loans. Seller covenants to hold such Servicing Records for the benefit of Purchaser in Seller’s capacity as servicer and to safeguard such Servicing Records and to deliver copies of them promptly to Purchaser or its designee
(including the Custodian) at Purchaser’s request or otherwise as required by operation of this Section 6. In addition, if 

  
 4 

 
Delivery of a Security is not made to Purchaser on or before the Anticipated Delivery Date, Seller shall deliver to Purchaser monthly reports regarding the status of those Related Mortgage Loans
for which a Security has not yet been issued, which reports shall include, but shall not be limited to, a description of those Related Mortgage Loans in default for more than thirty (30) days, and such other circumstances with respect to any
Related Mortgage Loans (whether or not such Related Mortgage Loans are included in the foregoing list) that could materially adversely affect any of such Related Mortgage Loans, Purchaser’s beneficial interest in such Related Mortgage Loans or
the collateral securing any of such Related Mortgage Loans. Seller shall deliver such a report to Purchaser every thirty (30) days until (i) Delivery of the related Security to Purchaser or (ii) the exercise by Purchaser of any
remedial election pursuant to Section 5. In no event shall Seller delegate any of its subservicing duties hereunder to any other Person without first obtaining the prior written consent of Purchaser. 

(d)(iii) If a Security is not issued solely as a result of a Security Issuance Failure during the month in which the related
Settlement Date occurs, in any period thereafter during which Seller or a third party Servicer remains as subservicer, all amounts deposited in the Custodial Account shall be released only in accordance with Purchaser’s written instructions.

 Section 6. Event of Default. Section 6(g) of the Existing MLPSA is hereby amended by deleting subsection (ii) in
its entirety and replacing it with the following: 
 (ii) Cross Default. Seller, a Guarantor, or Affiliates thereof
shall be in default under (A) any Indebtedness of Seller, a Guarantor or any Affiliate with Purchaser or any of its Affiliates; (B) any Indebtedness, in the aggregate, in excess of $1 million of Seller, a Guarantor or any Affiliate
thereof, which default (x) involves the failure to pay a matured obligation, or (y) permits the acceleration of the maturity of obligations by any other party to or beneficiary with respect to such Indebtedness, or (C) any other
contract or contracts, in the aggregate in excess of $1 million to which Seller, a Guarantor or any Affiliate thereof is a party which default (x) involves the failure to pay a matured obligation, or (y) permits the acceleration of the
maturity of obligations by any other party to or beneficiary of such contract. 
 Section 7. Conditions Precedent.
Section 9(b) of the Existing MLPSA is hereby amended by adding the following subsection (xi) in its entirety to the end thereof: 

(xi) No PLS Default. Neither PennyMac Loan Services, LLC, Private National Mortgage Acceptance Company, LLC nor any of
their respective Affiliates is in default under any Indebtedness of PennyMac Loan Services, LLC, Private National Mortgage Acceptance Company, LLC nor any of their respective Affiliates with Purchaser or any of Purchaser’s Affiliates. 

  
 5 

 Section 8. Representations and Warranties. Section 10 of the Existing MLPSA is
hereby amended by deleting
 subsections (a)(xix), (a)(xxv) and (b)(xi) in their entirety and replacing them with the following: 

(a)(xix) Reserved. 

(a)(xxv) Reserved. 

(b)(xi) No servicing agreement (other than any Servicing Agreement) has been entered into with respect to the Mortgage Loan, or
any such servicing agreement has been terminated and there are no restrictions, contractual or governmental, which would impair the ability of Purchaser or Purchaser’s designees from servicing the Mortgage Loans; 

Section 9. Covenants. Section 11 of the Existing MLPSA is hereby amended by deleting subsection (aa) in its entirety and
replacing it with the following: 
 (aa) Reserved. 

Section 10. Reports. Section 12(a) of the Existing MLPSA is hereby amended by deleting subsection (viii) in its entirety
and replacing it with the following: 
 (viii) reserved. 

Section 11. Notice Information. Section 21 of the Existing MLPSA is hereby amended by deleting the notice information for
Purchaser in its entirety and replacing it with the following: 
 If to Purchaser: 

Bank of America, N.A. 
 4500
Park Granada 
 Mail Code: CA7-910-02-38 

Calabasas, California 91302 

Attention: Adam Gadsby, Managing Director 

Telephone: (818) 225-6541 

Facsimile: (213) 457-8707 

Email: Adam.Gadsby@baml.com  

With copies to: 
 Bank of
America, N.A. 
 One Bryant Park, 11th Floor 

Mail Code: NY1-100-11-01 
 New
York, New York 10036 
 Attention: Eileen Albus, Director, Mortgage Finance 

Telephone: (646) 855-0946 

Facsimile: (646) 855-5050 

Email: Eileen.Albus@baml.com 

Bank of America, N.A. 
 50
Rockefeller Plaza 
 Mail Code: NY1-050-12-01 

  
 6 

 New York, New York 10020 

Attention: Amie Davis, Assistant General Counsel 

Telephone: (646) 855-0183 

Fax: (704) 409-0337 

E-mail: Amie.Davis@bankofamerica.com 

Section 12. Exhibits. Exhibit K of the Existing MLPSA is hereby amended by deleting such exhibit in its entirety and replacing it
with the attached Annex A hereto. 
 Section 13. Fees and Expenses. Seller hereby agrees to pay to Purchaser, on demand, any and
all reasonable fees, costs and expenses (including reasonable fees and expenses of counsel) incurred by Purchaser in connection with the development, preparation and execution of this Amendment, irrespective of whether any transactions hereunder are
executed. 
 Section 14. Conditions Precedent. This Amendment shall become effective as of the date hereof upon Purchaser’s
receipt of this Amendment, executed and delivered by a duly authorized officer of Purchaser, Seller and Guarantor. 
 Section 15.
Limited Effect. Except as expressly amended and modified by this Amendment, the Existing MLPSA shall continue to be, and shall remain, in full force and effect in accordance with its terms. 

Section 16. Counterparts. This Amendment 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 17.
Severability. Each provision and agreement herein shall be treated as separate and independent from any other provision or agreement herein and shall be enforceable notwithstanding the unenforceability of any such other provision or
agreement. 
 SECTION 18. GOVERNING LAW. THE AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE
CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY, THE LAW OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO THE CONFLICT OF LAWS PRINCIPLES THEREOF. 

Section 19. Reaffirmation of Guaranty. The Guarantor hereby (i) agrees that the liability of Guarantor or rights of Purchaser
under the Guaranty shall not be affected as a result of this Amendment, (ii) ratifies and affirms all of the terms, covenants, conditions and obligations of the Guaranty and (iii) acknowledges and agrees that such Guaranty is and shall
continue to be in full force and effect. 
 [SIGNATURE PAGE FOLLOWS] 

  
 7 

 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. 
  

			
	BANK OF AMERICA, N.A., as Purchaser
		
	By:	 	 /s/ Adam Robitshek

Name: Adam Robitshek
 Title: Vice President

	
	PENNYMAC CORP., 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

	
	PENNYMAC OPERATING PARTNERSHIP, L.P., as Guarantor
		
	By:	 	PennyMac GP OP, Inc., its General Partner
		
	By:	 	 /s/ Pamela Marsh

Name: Pamela Marsh

		 	Title: Executive Vice President, Treasurer

 Signature Page to Amendment No. 9 to MLPSA 

 ANNEX A TO AMENDMENT 

EXHIBIT K 
 FORM OF SERVICER NOTICE
AND ACKNOWLEDGEMENT 
 [Date] 

[                    ], as Servicer 

[ADDRESS] 
 Attention:
                     
  

	Re:	Mortgage Loan Participation Purchase and Sale Agreement, dated as of December 23, 2011 (as amended from time to time, the “Purchase Agreement”), by and among Bank of America, N.A.
(“Purchaser”), PennyMac Corp. (“Seller”), PennyMac Mortgage Investment Trust and PennyMac Operating Partnership, L.P. (individually and collectively, the “Guarantor”). 

Ladies and Gentlemen: 

[                    ]
(“Servicer”) is servicing certain mortgage loans for Seller pursuant to that certain [Subservicing Agreement], dated as of
[                    ] (the “Servicing Agreement”) between Servicer and Seller. Pursuant to the Purchase Agreement among Purchaser,
Seller and Guarantor, Servicer is hereby notified that Seller may from time to time sell to Purchaser participation certificates evidencing a beneficial interest in certain mortgage loans which are currently being serviced by Servicer pursuant to
the terms of the Servicing Agreement. 
 Section 1. Direction Notice. (a) Upon receipt of notice from Purchaser (a
“Direction Notice”) in which Purchaser shall identify the mortgage loans the beneficial interest of which is evidenced by participation certificates sold to Purchaser under the Purchase Agreement (the “Mortgage
Loans”), Servicer shall segregate all amounts collected on account of such Mortgage Loans, hold them in trust for the sole and exclusive benefit of Purchaser, and remit such collections in accordance with Purchaser’s written
instructions. Further, Servicer shall follow the instructions of Purchaser with respect to the Mortgage Loans, and shall deliver to Purchaser any information with respect to the Mortgage Loans as reasonably requested by Purchaser. 

(b) Notwithstanding any contrary information which may be delivered to the Servicer by Seller, Servicer may conclusively rely on any
information delivered by Purchaser, and Seller shall indemnify and hold the Servicer harmless for any and all claims asserted against it for any actions taken in good faith by the Servicer in connection with the delivery of such information. 

Section 2. No Modification of the Servicing Agreement. Without the prior written consent of Purchaser exercised in
Purchaser’s sole discretion, Servicer shall not agree to (a) any material modification, amendment or waiver of the Servicing Agreement; (b) any termination of the Servicing Agreement or (c) the assignment, transfer, or material
delegation of any of its rights or obligations under the Servicing Agreement. 
 Section 3. Right of Termination.
Purchaser shall have the right to terminate the Servicer’s rights and obligations to service the Mortgage Loans under the Servicing Agreement in accordance with the terms thereof. Any fees due to the Servicer (a) in connection with any
termination shall be paid by Seller and (b) incurred following receipt of a Direction Notice shall be paid by Purchaser to the extent that 

  
 Exhibit K-1 

 
such fees relate to the Mortgage Loans that are subject to the Servicing Agreement. Seller and the Servicer shall cooperate in transferring the servicing with respect to such Mortgage Loans to a
successor servicer appointed by Purchaser in its sole discretion. 
 Section 4. Notices. All notices, demands, consents,
requests and other communications required or permitted to be given or made hereunder in writing shall be mailed (first class, return receipt requested and postage prepaid) or delivered in person or by overnight delivery service or by facsimile,
addressed to the respective parties hereto at their respective addresses set forth below or, as to any such party, at such other address as may be designated by it in a notice to the other: 

Any notices to Purchaser should be delivered to the following addresses: 

Bank of America, N.A. 
 One
Bryant Park – 11th floor 
 Mail Code: NY1-100-11-01 

New York, New York 10036 

Attention: Eileen Albus, Director – Mortgage Finance 

Telephone: (646) 855-0946 

Facsimile: (646) 855-5050 

Email: Eileen.Albus@baml.com 

and 
 Bank of America, N.A.

 4500 Park Granada 
 Mail
Code: CA7-910-02-38 
 Calabasas, California 91302 

Attention: Adam Gadsby, Managing Director 

Telephone: (818) 225-6541 

Facsimile: (213) 457-8707 

Email: Adam.Gadsby@baml.com 

Any notices to Servicer should be delivered to the following addresses: 

[                    ] 

Any notices to Seller should be delivered to the following addresses: 

PennyMac Loan Corp. 
 6101
Condor Drive 
 Moorpark, CA 93021 

Attention: Pamela Marsh/Kevin Chamberlain 

Phone Number: (805) 330-6059/(818) 746-2877 

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

             kevin.chamberlain@pnmac.com 

Section 5. Counterparts. This agreement may be executed in one or more counterparts, each of which shall be deemed to be an
original, and all such counterparts shall together constitute one and the same instrument. 

  
 Exhibit K-2 

 Section 6. Entire Agreement; Severability. This agreement shall supersede any
existing agreements between the parties containing general terms and conditions for the servicing of the Mortgage Loans. Each provision and agreement herein shall be treated as separate and independent from any other provision or agreement herein
and shall be enforceable notwithstanding the unenforceability of any such other provision or agreement. 
 Section 7. Governing
Law; Jurisdiction; Waiver of Jury Trial. (a) This agreement and the rights and obligations of the parties hereunder shall be construed in accordance with and governed by the laws of the State of New York, without regard to principles of
conflicts of laws (other than Section 5-1401 of the New York General Obligations Law). 
 (b) All legal actions between or among the
parties regarding this agreement, including, without limitation, legal actions to enforce this agreement or because of a dispute, breach or default of this agreement, shall be brought in the federal or state courts located in New York County, New
York, which courts shall have sole and exclusive in personam, subject matter and other jurisdiction in connection with such legal actions. The parties hereto irrevocably consent and agree that venue in such courts shall be convenient and appropriate
for all purposes and, to the extent permitted by law, waives any objection that it may now or hereafter have to the venue of any such action or proceeding in any such court or that such action or proceeding was brought in an inconvenient court and
agrees not to plead or claim the same. The parties hereto further irrevocably consent and agree that service of process in any such action or proceeding may be effected by mailing a copy thereof by registered or certified mail (or any substantially
similar form of mail), postage prepaid, to its address set forth in Section 4, and that nothing herein shall affect the right to effect service of process in any other manner permitted by law or shall limit the right to sue in any other
jurisdiction. 
 (c) The parties hereto hereby irrevocably waive, to the fullest extent permitted by applicable law, any and all right to
trial by jury in any legal proceeding arising out of or relating to this agreement or the transactions contemplated hereby or thereby. 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

  
 Exhibit K-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. 
  

			
	BANK OF AMERICA, N.A., as Purchaser
		
	By:	 	              

Name:
 Title:

	
	PENNYMAC CORP., as Seller
		
	By:	 	              

Name:
 Title:

	
	[                    ], as Servicer
		
	By:	 	              

Name:
 Title:

  
 Exhibit K-4

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