Document:

pfsi_EX_10.91

		

			Exhibit 10.91

		

		

			 

		

		

			EXECUTION COPY

		

		

			 

		

		
			AMENDMENT NUMBER SEVEN
		

		
			to the
		

		
			MASTER REPURCHASE AGREEMENT
		

		
			Dated as of July 2, 2013,
		

		
			among
		

		
			PENNYMAC LOAN SERVICES, LLC, 
		

		
			MORGAN STANLEY BANK. N.A.
		

		
			and
		

		
			MORGAN STANLEY MORTGAGE CAPITAL HOLDINGS LLC
		

		
			 
		

		
			 
		

		
			This AMENDMENT NUMBER SEVEN (this “Amendment Number Seven”) is made this 26th day of July, 2016, among PENNYMAC LOAN SERVICES, LLC a Delaware limited liability company, 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 July 2, 2013, 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, Buyer and Agent have agreed to amend the Agreement to extend the Termination Date thereunder, 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.    Amendment.  Effective as of July 26, 2016 (the “Amendment Effective Date”), 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 August 26, 2016 or such earlier date on which this Repurchase Agreement shall terminate in accordance with the provisions hereof or by operation of law.
		

		
			 
		

		
			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 Seven 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 Six 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 Seven (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 Seven, 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 Seven shall be binding and inure to the benefit of the parties hereto and their respective successors and permitted assigns.  THIS AMENDMENT NUMBER SEVEN 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 Seven 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 Seven 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 Seven to be executed and delivered by their duly authorized officers as of the Amendment Effective Date.
		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						PENNYMAC LOAN SERVICES, LLC

				
	
					
						 

					
					
						(Seller)

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Pamela Marsh

				
	
					
						 

					
					
						Name:

					
					
						Pamela Marsh

				
	
					
						 

					
					
						Title:

					
					
						Managing Director, Treasurer

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						MORGAN STANLEY BANK, N.A.

				
	
					
						 

					
					
						(Buyer)

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Christopher Schmidt

				
	
					
						 

					
					
						Name:

					
					
						Christopher Schmidt

				
	
					
						 

					
					
						Title:

					
					
						Authorized Signatory

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						MORGAN STANLEY MORTGAGE CAPITAL HOLDINGS LLC 

				
	
					
						 

					
					
						(Agent)

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Todor Glogov

				
	
					
						 

					
					
						Name:

					
					
						Todor Glogov

				
	
					
						 

					
					
						Title:

					
					
						Vice President

				

		
			 
		

		 

		

			Amendment Number Seven to Master Repurchase Agreementpfsi_EX_10.96

		
			Exhibit 10.96
		

		
			 
		

		
			EXECUTION
		

		
			 
		

		
			AMENDMENT NO. 3
TO MORTGAGE LOAN PARTICIPATION PURCHASE AND SALE AGREEMENT
		

		
			 
		

		
			Amendment No. 3 to Mortgage Loan Participation Purchase and Sale Agreement, dated as of March 29, 2016 (this “Amendment”), by and among Bank of America, N.A. (“Purchaser”), PennyMac Loan Services, LLC (“Seller”) and Private National Mortgage Acceptance Company, LLC (“Guarantor”).
		

		
			 
		

		
			RECITALS
		

		
			 
		

		
			Purchaser, Guarantor and Seller are parties to that certain Mortgage Loan Participation Purchase And Sale Agreement, dated as of August 13, 2014 (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 Amended and Restated Guaranty (as amended, restated, supplemented or otherwise modified from time to time, the “Guaranty”), dated as of August 13, 2014, 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.      Definitions. Section 1 of the Existing MLPSA is hereby amended by:
		

		
			 
		

		
			1.1 deleting the definitions of “Discount Rate”, “Effective Date”, “Expiration Date”, and “Security Issuance Failure” in their entirety and replacing them with the following:
		

		
			 
		

		
			“Discount Rate”:  With respect to each Participation Certificate, a discount rate determined as of the related Purchase Date equal to (a) the greater of (i) One-Month LIBOR, and (ii) the LIBOR Floor, plus (b) the Applicable Percentage.  Notwithstanding the foregoing, under no circumstances shall the Discount Rate be less than zero.
		

		
			 
		

		
			“Effective Date”: March 29, 2016.
		

		
			 
		

		
			“Expiration Date”: The earlier of (i) March 28, 2017, (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.
		

		
			 
		

		
			“Security Issuance Failure”:  The Failure of the Security (a) to be issued for any reason within the reasonable control of the Seller (as determined by Purchaser in its sole good faith discretion), 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, (b) to be issued for any reason outside of the reasonable control of the Seller (as determined by Purchaser in its sole good faith discretion), including, but not limited to, third party systems failures, or (c) to be Delivered to Purchaser or its designee (such designee being properly notified it is holding such Security for Purchaser); provided, that solely with respect to clauses (b) and (c) a Security Issuance Failure shall not have occurred to the extent (i) Seller has performed its obligations under this Agreement and each other Program Document; (ii) Seller has performed in Strict Compliance with the related Agency Program; (iii) such failure to be issued or Delivered arises solely from the acts or omissions of a party other than the Seller (as determined by Purchaser in its sole good faith discretion) and (iv) such failure is cured within one (1) Business Day of Seller’s notice or knowledge of such failure.
		

		
			 
		

		
			1.2 adding the following definition in its proper alphabetical order:
		

		
			 
		

		
			“LIBOR Floor”: 0%.
		

		
			 
		

		
			Section 2.      Events of Default.  Section 6(e) of the Existing MLPSA is hereby amended by deleting the “.” at the end of subclause (xii) and adding the following:
		

		
			 
		

		
			(xiii) Seller’s or Guarantor’s audited financial statements or notes thereto or other opinions or conclusions stated therein shall be qualified or limited by reference to the status of Seller or Guarantor, as applicable, as a “going concern” or reference of similar import;
		

		
			 
		

		
			(xiv) Seller has, without the express written consent of Purchaser, entered into any settlement with, or consented to the issuance of a consent order by, any Governmental Authority in which the fines, penalties, settlement amounts or any other amounts owed by Seller thereunder exceeds $5,000,000 in the aggregate.
		

		
			 
		

		
			An Event of Default shall be deemed to be continuing unless expressly waived by Purchaser in writing.
		

		
			 
		

		
			Section 3.      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 4.      Conditions Precedent.  This Amendment shall become effective as of the date hereof (the “Amendment Effective Date”), subject to the satisfaction of the following conditions precedent:
		

		
			 
		

		
			4.1 Delivered Documents.  On the Amendment Effective Date, the Purchaser shall have received this Amendment, executed and delivered by a duly authorized officer of Purchaser, Seller and Guarantor.
		

		
			
		

		 

		

			2

		

 

		
			 
		

		
			4.2 Facility Fee. Seller shall have paid to Purchaser in immediately available funds that portion of the Facility Fee due and payable on the Amendment Effective Date.
		

		
			 
		

		
			Section 5.      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 6.      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 7.      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 8.  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 9.       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]
		

		
			 
		

		
			 
		

		
			

		 

		

			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:

					
					
						/s/ Adam Robitshek

				
	
					
						 

					
					
						 

					
					
						Name: Adam Robitshek

				
	
					
						 

					
					
						 

					
					
						Title: Vice President

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						PENNYMAC LOAN SERVICES, LLC, as Seller

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Pamela Marsh

				
	
					
						 

					
					
						 

					
					
						Name: Pamela Marsh

				
	
					
						 

					
					
						 

					
					
						Title:   Managing Director, Treasurer

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						PRIVATE NATIONAL MORTGAGE ACCEPTANCE 
COMPANY, LLC, as Guarantor

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Pamela Marsh

				
	
					
						 

					
					
						 

					
					
						Name: Pamela Marsh

				
	
					
						 

					
					
						 

					
					
						Title:   Managing Director, Treasurer

				

		
			 
		

		 

		

			Signature Page to Amendment No. 3 to Mortgage Loan Participation Purchase and Sale Agreement

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00261-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00261-of-00352.parquet"}]]