Document:

EX-10.25

 Exhibit 10.25 
  

			
	PENNYMAC CORP. FACILITY	 	EXECUTION

 AMENDMENT NO. 12 TO 

AMENDED AND RESTATED MASTER REPURCHASE AGREEMENT 

Amendment No. 12 to Amended and Restated Master Repurchase Agreement, dated as of October 30, 2015 (this “Amendment”),
among Credit Suisse First Boston Mortgage Capital LLC (the “Buyer”), PennyMac Corp. (the “Seller”) PennyMac Mortgage Investment Trust and PennyMac Operating Partnership, L.P. (each, a “Guarantor”
and collectively, the “Guarantors”). 
 RECITALS 

The Buyer, the Seller and the Guarantors are parties to that certain Amended and Restated Master Repurchase Agreement, dated as of June 1, 2013
(as amended by Amendment No. 1, dated as of August 29, 2013, Amendment No. 2, dated as of October 1, 2013, Amendment No. 3, dated as of December 27, 2013, Amendment No. 4, dated as of December 31, 2013, Amendment No. 5, dated as of January 10,
2014, Amendment No. 6, dated as of February 21, 2014, Amendment No. 7, dated as of May 22, 2014, Amendment No. 8, dated as of October 31, 2014, Amendment No. 9, dated as of December 23, 2014, Amendment No. 10, dated as of April 30, 2015, and
Amendment No. 11, dated as of July 27, 2015, the “Existing Repurchase Agreement”; as further amended by this Amendment, the “Repurchase Agreement”) and the related Pricing Side Letter, dated as of June 1, 2013 (as
amended, restated, supplemented or otherwise modified from time to time, the “Pricing Side Letter”). The Guarantors are parties to that certain Guaranty (as amended, restated, supplemented or otherwise modified from time to time,
the “Guaranty”), dated as of November 2, 2010, by the Guarantors in favor of Buyer. Capitalized terms used but not otherwise defined herein shall have the meanings given to them in the Existing Repurchase Agreement and Guaranty, as
applicable. 
 The Buyer, the Seller and the Guarantors have agreed, subject to the terms and conditions of this Amendment, that the
Existing Repurchase Agreement be amended to reflect certain agreed upon revisions to the terms of the Existing Repurchase Agreement. As a condition precedent to amending the Existing Repurchase Agreement, the Buyer has required the Guarantors to
ratify and affirm the Guaranty on the date hereof. 
 Accordingly, the Buyer, the Seller and the Guarantors hereby agree, in consideration of the mutual
promises and mutual obligations set forth herein, that the Existing Repurchase Agreement is hereby amended as follows: 
 SECTION 1.
Definitions. Section 2 of the Existing Repurchase Agreement is hereby amended by deleting the definition of “Termination Date” in its entirety and replacing it with the following: 

“Termination Date” means the earlier of (a) December 15, 2015, and (b) the date of the occurrence of an Event of Default.

 SECTION 2. 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: 

  
 -1- 

 2.1 Delivered Documents. On the Amendment Effective Date, the Buyer shall have received
the following documents, each of which shall be satisfactory to the Buyer in form and substance: 
 (a) this Amendment,
executed and delivered by duly authorized officers of the Buyer, the Seller and the Guarantors; and 
 (b) such other
documents as the Buyer or counsel to the Buyer may reasonably request. 
 SECTION 3. Representations and Warranties. Seller hereby
represents and warrants to the Buyer that it is in compliance with all the terms and provisions set forth in the Repurchase Agreement on its part to be observed or performed, and that no Event of Default has occurred or is continuing, and hereby
confirms and reaffirms the representations and warranties contained in Section 13 of the Repurchase Agreement. 
 SECTION 4. Limited
Effect. Except as expressly amended and modified by this Amendment, the Existing Repurchase Agreement shall continue to be, and shall remain, in full force and effect in accordance with its terms. 

SECTION 5. 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 6. 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 7. GOVERNING LAW. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE
OF NEW YORK WITHOUT REFERENCE TO THE CHOICE OF LAW PROVISIONS THEREOF. 
 SECTION 8. Reaffirmation of Guaranty. The
Guarantors hereby ratify and affirm all of the terms, covenants, conditions and obligations of the Guaranty and acknowledge and agree that the term “Obligations” as used in the Guaranty shall apply to all of the Obligations of Seller to
Buyer under the Repurchase Agreement, as amended hereby. 

  
 -2- 

 IN WITNESS WHEREOF, the undersigned have caused this Amendment to be duly executed as of the date
first above written. 
  

					
	 CREDITSUISSE FIRST BOSTON MORTGAGE CAPITAL LLC, as Buyer

		
	By:	 	/s/ Margaret Dellafera
		 	Name:	 	Margaret Dellafera
		 	Title:	 	Vice President
	
	PENNYMAC CORP., as Seller
		
	By:	 	/s/ Pamela Marsh
		 	Name:	 	Pamela Marsh
		 	Title:	 	Executive Vice President, Treasurer
	
	 PENNYMACMORTGAGE INVESTMENT TRUST, as a Guarantor

		
	By:	 	/s/ Pamela Marsh
		 	Name:	 	Pamela Marsh
		 	Title:	 	Executive Vice President, Treasurer
	
	 PENNYMACOPERATING PARTNERSHIP, L.P., as a 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. 12 to Amended and Restated Master Repurchase AgreementEX-10.47

 Exhibit 10.47 

EXECUTION 
 AMENDMENT NUMBER TWENTY

 to the 
 MASTER REPURCHASE
AGREEMENT 
 Dated as of December 9, 2010, 

among 
 PENNYMAC CORP., PENNYMAC
HOLDINGS, LLC and PENNYMAC LOAN SERVICES, LLC 
 and 

CITIBANK, N.A. 
 This AMENDMENT
NUMBER TWENTY (this “Amendment Number Twenty”) is made this 7th day of September, 2015 among PENNYMAC CORP. and PENNYMAC HOLDINGS, LLC f/k/a 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 term of the facility as more specifically set forth herein; and 

WHEREAS, as of the date hereof, each Seller and Servicer 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 September 7, 2015
(the “Amendment Effective Date”): 
 (a) Section 2 of the Agreement is hereby amended by adding the new definition of
“2015 Extension Fee” in the appropriate alphabetical order to read as follows: 
 “2015 Extension
Fee” 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 as follows: 
 “Termination
Date” shall mean October 22, 2015 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: 

 “In connection with the extension of the Termination Date from
September 7, 2015 to October 22, 2015, Sellers agree to pay to Buyer an additional commitment fee for the period beginning on September 7, 2015 through October 22, 2015, equal to the 2015 Extension Fee (reduced by any amount of
the 2015 Extension Fee paid to Buyer under Amendment Twelve to the PMAC Agency Agreement), such payment to be made in Dollars, in immediately available funds, without deduction, set off or counterclaim, to Buyer on or prior to September 7,
2015. Buyer may, in its sole discretion, net all or any portion of the 2015 Extension Fee then due and payable from the proceeds of any Purchase Price paid to any Seller. The 2015 Extension Fee is and shall be deemed to be fully earned and
non-refundable as of September 7, 2015.” 
 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 Twenty (including any 2015 Extension Fee and 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. Each Seller and Servicer 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 4. Binding Effect; Governing Law. This Amendment Number Twenty shall be binding on and inure to the
benefit of the parties hereto and their respective successors and permitted assigns. THIS AMENDMENT NUMBER TWENTY 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 Twenty 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 Twenty 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. 

 IN WITNESS WHEREOF, Sellers, Servicer and Buyer have caused this Amendment Number Twenty 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
	
	PENNYMAC HOLDINGS, LLC
	(Seller)
		
	By:	 	/s/ Pamela Marsh
	Name:	 	Pamela Marsh
	Title:	 	Executive Vice President, Treasurer
	
	PENNYMAC LOAN SERVICES, LLC,
	(Servicer)
		
	By:	 	/s/ Pamela Marsh
	Name:	 	Pamela Marsh
	Title:	 	Executive Vice President, Treasurer
	
	CITIBANK, N.A.
	(Buyer and Agent, as applicable)
		
	By:	 	/s/ Susan Mills
	Name:	 	Susan Mills
	Title:	 	Vice President Citibank, N.A.

  

					
	Acknowledged:
	
	PENNYMAC MORTGAGE INVESTMENT TRUST
		
	By:	 	/s/ Pamela Marsh
	Name:	 	Pamela Marsh
	Title:	 	Executive Vice President, Treasurer

  
 Amendment Number
Twenty to Master Repurchase Agreement REIT-NPL

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