SEC Contract Filing

Filing Date: 2016-08-05

Document Content:
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<TYPE>EX-10.127
<SEQUENCE>6
<FILENAME>pmt-ex10127_944.htm
<DESCRIPTION>EX-10.127
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pmt-ex10127_944.htm
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<p style="text-align:left;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;">&nbsp;</p>
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Exhibit 10.127</p>
<p style="margin-bottom:0pt;margin-top:12pt;text-align:center;text-indent:0%;font-size:10pt;font-weight:bold;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:underline;">AMENDED &amp; RESTATED </font></p>
<p style="margin-bottom:0pt;margin-top:12pt;text-align:center;text-indent:0%;font-size:10pt;font-weight:bold;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:underline;">FLOW COMMERCIAL MORTGAGE LOAN PURCHASE AGREEMENT</font></p>
<p style="margin-bottom:0pt;margin-top:12pt;text-align:justify;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">This Amended and Restated Flow Commercial Mortgage Loan Purchase Agreement (the &#8220;<font style="font-weight:bold;">Agreement</font>&#8221;) is made and entered into as of June 1, 2016 by and between PennyMac Loan Services, LLC (the &#8220;<font style="font-weight:bold;">Seller</font>&#8221;) and PennyMac Corp. (the &#8220;<font style="font-weight:bold;">Purchaser</font>&#8221;).</p>
<p style="margin-bottom:0pt;margin-top:12pt;text-align:justify;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">WHEREAS, the Purchaser and the Seller previously entered into a Flow Commercial Mortgage Loan Purchase Agreement, dated as of December 1, 2015 (the &#8220;<font style="text-decoration:underline;">Existing Purchase Agreement</font>&#8221;);</p>
<p style="margin-bottom:0pt;margin-top:12pt;text-align:justify;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">WHEREAS, the parties hereto have requested that the Existing Purchase Agreement be amended and restated, in its entirety, on the terms and subject to the conditions set forth herein;</p>
<p style="margin-bottom:0pt;margin-top:12pt;text-align:justify;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">WHEREAS, the Seller desires to sell, from time to time, to the Purchaser, and the Purchaser desires to purchase, from time to time, from the Seller, certain first-lien commercial mortgage loans (the &#8220;<font style="text-decoration:underline;">Mortgage Loans</font>&#8221;) on a servicing released basis as described herein, and which shall be delivered individually on various dates as provided herein (each, a &#8220;<font style="text-decoration:underline;">Closing Date</font>&#8221;);</p>
<p style="margin-bottom:0pt;margin-top:12pt;text-align:justify;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">WHEREAS, each Mortgage Loan is secured by a mortgage, deed of trust or other security instrument creating a first lien on a commercial property or conventional multifamily housing with five residential units or more, as applicable; and</p>
<p style="margin-bottom:0pt;margin-top:12pt;text-align:justify;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">WHEREAS, the Purchaser and the Seller wish to prescribe the manner of the conveyance, transfer of servicing and control of the Mortgage Loans.</p>
<p style="margin-bottom:0pt;margin-top:12pt;text-align:justify;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">NOW, THEREFORE, in consideration of the premises and mutual agreements set forth herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Purchaser and the Seller agree as follows:</p>
<p style="margin-bottom:0pt;margin-top:12pt;text-align:center;text-indent:0%;color:#000000;font-size:10pt;font-weight:bold;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">ARTICLE I</p>
<p style="margin-bottom:0pt;margin-top:12pt;text-align:center;text-indent:0%;font-size:10pt;font-weight:bold;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">DEFINITIONS</p>
<p style="margin-bottom:0pt;margin-top:12pt;text-align:justify;text-indent:4.54%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:none;">Section 1.01 </font><font style="text-decoration:underline;color:#000000;">Defined Terms.</font></p>
<p style="margin-bottom:0pt;margin-top:12pt;text-align:justify;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Whenever used in this Agreement, the following words and phrases shall have the following meaning specified in this Article:</p>
<p style="margin-bottom:0pt;margin-top:12pt;text-align:justify;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8220;<font style="font-weight:bold;">Advances</font>&#8221;:&nbsp;&nbsp;All recoverable Escrow