Document:

pfsi_Ex10_12

		
			Exhibit 10.12
		

		
			 
		

		
			 
		

		
			 
		

		
			DEUTSCHE BANK AG, CAYMAN ISLANDS BRANCH, as buyer (“Buyer”),
		

		
			and
		

		
			PENNYMAC LOAN SERVICES, LLC, as seller (“Seller”),
		

		
			 
		

		
			__________
		

		
			AMENDMENT NO. 2
		

		
			dated as of September 27, 2018
		

		
			to the
		

		
			MASTER REPURCHASE AGREEMENT
		

		
			dated as of August 21, 2017
		

		
			__________
		

		
			 
		

		
			 
		

		
			 
		

		
			

		 

 

		

		
			AMENDMENT NO. 2 TO MASTER REPURCHASE AGREEMENT
		

		
			This Amendment No. 2 to Master Repurchase Agreement, dated as of September 27, 2018 (this “Amendment”), is entered into by and among Deutsche Bank AG, Cayman Islands Branch (“Buyer”) and PennyMac Loan Services, LLC (“Seller”).  Any capitalized terms not defined herein shall have the meaning assigned to such term in the Master Repurchase Agreement (as defined below).
		

		
			WHEREAS, the parties hereto entered into that certain Master Repurchase Agreement, dated as of August 21, 2017 (as amended, restated, supplemented or otherwise modified from time to time, the “Original Agreement”);
		

		
			WHEREAS, the parties hereto entered into that certain Amendment No. 1 to the Master Repurchase Agreement, dated as of April 17, 2018 (“Amendment No. 1,” and together with the Original Agreement, the “Master Repurchase Agreement”);
		

		
			WHEREAS, the parties hereto desire to modify the Master Repurchase Agreement as described below;
		

		
			NOW, THEREFORE, in consideration of the premises and covenants contained herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound hereby, agree as follows:
		

		
			Section 1.        Amendment.
		

		
			(a)        Schedule 1 of the Master Repurchase Agreement is hereby amended by deleting representation and warranty (o) in its entirety and replacing it with the following:
		

		
			(o) LTV.  No Mortgage Loan has an LTV greater than 100%, unless otherwise eligible for sale or securitization under the applicable Agency Guide.  Each Mortgage Loan which is required to be subject to a Primary Insurance Policy pursuant to the Agency Guide of the applicable Agency is and will be subject to such a Primary Insurance Policy, issued by a Qualified Insurer, which insures that portion of the Mortgage Loan in excess of the portion of the Appraised Value of the Mortgaged Property as required by such Agency.  All provisions of such Primary Insurance Policy have been and are being complied with, such policy is in full force and effect, and all premiums due thereunder have been paid.  Any Mortgage subject to any such Primary Insurance Policy obligates the Mortgagor thereunder to maintain such insurance and to pay all premiums and charges in connection therewith.  The Mortgage Interest Rate for the Mortgage Loan does not include any such insurance premium.
		

		
			(b)        Schedule 1 of the Master Repurchase Agreement is hereby amended by deleting the definition of “Qualified Insurer” in its entirety and replacing it with the following:
		

		
			“Qualified Insurer” means (a) an insurance company duly qualified as such under the laws of the states in which the Mortgaged Property is located, duly authorized and licensed in such states to transact the applicable insurance business and to write the insurance provided, and approved as an insurer by Fannie Mae, Freddie Mac, or FHA, as applicable, and whose claims paying ability is rated in the two highest rating categories by any of the rating agencies with respect
		

		
			
		

		
			

		 

 

		

		
			to primary mortgage insurance and in the two highest rating categories by Best’s with respect to hazard and flood insurance or (b) in the case of an enterprise paid mortgage insurance program, Fannie Mae.
		

		
			Section 2.        Conditions to Effectiveness of this Amendment.
		

		
			(a)        This Amendment shall become effective upon the execution and delivery of this Amendment by all parties hereto (the “Amendment Effective Date”).
		

		
			(b)        Effect of Amendment.  Except as expressly amended and modified by this Amendment, all provisions of the Master Repurchase Agreement shall remain in full force and effect and all such provisions shall apply equally to the terms and conditions set forth herein.  This Amendment shall be effective as of the Amendment Effective Date upon the satisfaction of the conditions precedent set forth in this Section 2 and shall not be effective for any period prior to the Amendment Effective Date.  After this Amendment becomes effective, all references in the Master Repurchase Agreement to “this Master Repurchase Agreement,” “hereof,” “herein” or words of similar effect referring to the Master Repurchase Agreement shall be deemed to be references to the Master Repurchase Agreement, as amended by this Amendment.  This Amendment shall not be deemed to expressly or impliedly waive, amend or supplement any provision of the Master Repurchase Agreement other than as set forth herein.
		

		
			Section 3.        Expenses.  Seller hereby agrees that in addition to any costs otherwise required to be paid pursuant to the Master Repurchase Agreement, Seller shall be responsible for the payments of the reasonable and documented legal fees and out-of-pocket expenses of legal counsel to Buyer incurred in connection with the consummation of this Amendment and all other documents executed or delivered in connection therewith.
		

		
			Section 4.        Representations; Ratifications Covenants.
		

		
			(a)        In order to induce Buyer to execute and deliver this Amendment, Seller hereby represents and warrants to Buyer that as of the date hereof, Seller is in compliance in all material respects with all of the terms and conditions of the Master Repurchase Agreement, as to which compliance is required as of the date hereof, and no Default or Event of Default has occurred and is continuing under the Master Repurchase Agreement.
		

		
			(b)        The parties hereto ratify all terms of the existing Master Repurchase Agreement other than those amended hereby, and ratify those provisions as amended hereby.
		

		
			Section 5.        Entire Agreement.  The Master Repurchase Agreement, as amended by this Amendment, constitutes the entire agreement among the parties hereto with respect to the subject matter hereof, and fully supersedes any prior or contemporaneous agreements relating to such subject matter.
		

		
			Section 6.        Successors and Assigns.  This Amendment shall be binding upon the parties hereto and their respective successors and assigns.
		

		
			
		

		
			

		 

		

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			Section 7.         Section Headings.  The various headings and sub-headings of this Amendment are inserted for convenience only and shall not affect the meaning or interpretation of this Amendment or the Master Repurchase Agreement or any provision hereof or thereof.
		

		
			Section 8.      GOVERNING LAW.  THIS AMENDMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK (INCLUDING SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW) 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 OF THE NEW YORK GENERAL OBLIGATIONS LAW WHICH SHALL GOVERN).
		

		
			Section 9.        Counterparts.  This Amendment may be executed in one or more counterparts and by the different parties hereto on separate counterparts, including without limitation counterparts transmitted by facsimile or e-mail transmission (e.g. “pdf” or “tif”), each of which, when so executed, shall be deemed to be an original and such counterparts, together, shall constitute one and the same agreement.
		

		
			[signature pages follow]
		

		
			 
		

		
			 
		

		
			 
		

		
			

		 

		

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

			
					
						DEUTSCHE BANK AG, CAYMAN ISLANDS BRANCH,

				
	
					
						as Buyer

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						By:

					
					
						/s/ Genevieve Nestor

					
					
						 

				
	
					
						Name:

					
					
						     Genevieve Nestor

					
					
						 

				
	
					
						Title:

					
					
						     Managing Director

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						By:

					
					
						/s/ Timothy P.F. Crowley

					
					
						 

				
	
					
						Name:

					
					
						     Timothy P.F. Crowley

					
					
						 

				
	
					
						Title:

					
					
						     Director

					
					
						 

				

		
			 
		

		
			
		

		

		 

		

			Amendment No. 2 to PLS Master Repurchase Agreement

		

 

	
					
						

					
						PENNYMAC LOAN SERVICES, LLC,

				
	
					
						as Seller

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						By:

					
					
						/s/ Pamela Marsh

					
					
						 

				
	
					
						Name:

					
					
						     Pamela Marsh

					
					
						 

				
	
					
						Title:

					
					
						     Managing Director, Treasurer

					
					
						 

				

		
			 
		

		 

		

			Amendment No. 2 to PLS Master Repurchase Agreementpfsi_Ex10_2

		
			Exhibit 10.2
		

		
			EXECUTION
		

		
			AMENDMENT NO. 14
		

		
			TO MASTER REPURCHASE AGREEMENT
		

		
			Amendment No. 14 to Master Repurchase Agreement, dated as of July 25, 2018 (this “Amendment”), by and among Bank of America, N.A. (“Buyer”), PennyMac Loan Services, LLC (“Seller”) and Private National Mortgage Acceptance Company, LLC (the “Guarantor”).
		

		
			RECITALS
		

		
			Buyer, Seller and Guarantor are parties to that certain Master Repurchase Agreement, dated as of March 17, 2011 (as amended, restated, supplemented or otherwise modified from time to time, the “Existing Master Repurchase Agreement”; and as further amended by this Amendment, the “Master Repurchase Agreement”).  The Guarantor is a party to that certain Amended and Restated Guaranty, dated as of August 13, 2014 (as amended, restated, supplemented or otherwise modified from time to time, the “Guaranty”), made by Guarantor in favor of Buyer.
		

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

		
			Accordingly, Buyer, Seller and Guarantor hereby agree, in consideration of the mutual promises and mutual obligations set forth herein, that the Existing Master Repurchase Agreement is hereby amended as follows:
		

		
			SECTION 1.   Definitions. Section 2 of the Existing Master Repurchase Agreement is hereby amended by deleting the definition of “Expiration Date in its entirety and replacing it with the following:
		

		
			“Expiration Date”  means October 1, 2018.
		

		
			SECTION 2.   Fees and Expenses.  Seller hereby agrees to pay to Buyer, on demand, any and all reasonable out-of-pocket fees, costs and expenses (including reasonable fees and expenses of counsel) incurred by Buyer in connection with the development, preparation and execution of this Amendment, irrespective of whether any transactions hereunder are executed.
		

		
			SECTION 3.   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:
		

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

		
			
		

		
			

		 

 

		

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

		
			6.3 Commitment Fee. Seller shall have paid to Buyer in immediately available funds that portion of the Commitment Fee due and payable on the Amendment Effective Date.
		

		
			SECTION 4.   Limited Effect.  Except as expressly amended and modified by this Amendment, the Existing Master 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.  Delivery of an executed counterpart of a signature page of this Amendment in Portable Document Form (PDF) or by facsimile shall be effective as delivery of a manually executed original counterpart of this Amendment.
		

		
			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 CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT GIVING EFFECT TO THE CONFLICTS OF LAW PRINCIPLES THEREOF (EXCEPT FOR SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW) AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, EXCEPT TO THE EXTENT PREEMPTED BY FEDERAL LAW.
		

		
			SECTION 8.   Reaffirmation of Guaranty. The Guarantor hereby (i) agrees that the liability of Guarantor or rights of Buyer 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]
		

		
			 
		

		
			 
		

		
			

		 

		

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			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 Buyer

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Adam Robitshek

				
	
					
						 

					
					
						 

					
					
						Name:  Adam Robitshek

				
	
					
						 

					
					
						 

					
					
						Title:    Vice President

				

		
			 
		

		
			
		

		

		 

		

			Signature Page to Amendment No. 14 to Master Repurchase Agreement

		

 

	
					
						

					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						PENNYMAC LOAN SERVICES, LLC,

				
	
					
						 

					
					
						 

					
					
						as Seller

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Pamela Marsh

				
	
					
						 

					
					
						 

					
					
						Name:  Pamela Marsh

				
	
					
						 

					
					
						 

					
					
						Title:    Managing Director, Treasurer

				

		
			 
		

		
			
		

		

		 

		

			Signature Page to Amendment No. 14 to Master Repurchase Agreement

		

 

	
					
						

					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						PRIVATE NATIONAL MORTGAGE

				
	
					
						 

					
					
						 

					
					
						ACCEPTANCE COMPANY, LLC,

				
	
					
						 

					
					
						 

					
					
						as Guarantor

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Pamela Marsh

				
	
					
						 

					
					
						 

					
					
						Name:  Pamela Marsh

				
	
					
						 

					
					
						 

					
					
						Title:    Managing Director, Treasurer

				

		
			 
		

		 

		

			Signature Page to Amendment No. 14 to Master Repurchase Agreement

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