AMENDMENT NUMBER EIGHT to the AMENDED AND RESTATED MASTER REPURCHASE AGREEMENT Dated as of March 3, 2017, by and among CITIBANK, N.A. PENNYMAC CORP.; PENNYMAC OPERATING PARTNERSHIP, L.P. and PENNYMAC LOAN SERVICES, LLC,
Exhibit 10.4
AMENDMENT NUMBER EIGHT
to the
AMENDED AND RESTATED MASTER REPURCHASE AGREEMENT
by and among
CITIBANK, N.A.
PENNYMAC CORP.;
PENNYMAC OPERATING PARTNERSHIP, L.P.
and
PENNYMAC LOAN SERVICES, LLC,
This AMENDMENT NUMBER EIGHT (this “Amendment Number Eight”) is made this 6th day of August, 2019, by and among CITIBANK, N.A. as buyer and agent (“Buyer” and “Agent,” as the case may be), PENNYMAC CORP., a Delaware corporation, as seller, PennyMac Operating Partnership, L.P., a Delaware limited partnership (“POP” and together with PennyMac Corp., a “Seller” and jointly and severally, the “Sellers”), and PENNYMAC LOAN SERVICES, LLC (“Servicer”) to the Amended and Restated Master Repurchase Agreement, dated as of March 3, 2017, by and among Buyer, PennyMac Corp. and Servicer, 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 amend the Agreement as more specifically set forth herein; and
WHEREAS, as of the date hereof, Sellers and Servicer represent to Buyer that Seller Parties and Servicer 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.Amendments. Effective as of August 6, 2019 (the “Amendment Effective Date”), the Agreement is hereby amended as follows:
(a)Section 2 of the Agreement is hereby amended by deleting the definition of “Termination Date” in its entirety and replacing it with the following:
“Termination Date” shall mean August 4, 2020, or such earlier date on which this Agreement shall terminate in accordance with the provisions hereof or by operation of law.
Section 2.Effectiveness. This Amendment Number Eight shall become effective as of the date that the Buyer shall have received:
(a)counterparts of this Amendment Number Eight duly executed by each of the parties hereto; and
(b)counterparts of that certain Amendment Number Two to the Second Amended and Restated Pricing Side Letter, dated as of the date hereof, duly executed by each of the parties thereto
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Section 3.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 Eight (including all reasonable fees and out of pocket costs and expenses of Buyer’s legal counsel) in accordance with Sections 23 and 25 of the Agreement.
Section 4.Representations. Sellers and Servicer hereby represent to Buyer and Agent that as of the date hereof, Seller Parties and Servicer 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 5.Binding Effect; Governing Law. This Amendment Number Eight shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns. THIS AMENDMENT NUMBER EIGHT 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 SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW WHICH SHALL GOVERN).
Section 6.Counterparts. This Amendment Number Eight 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.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 Eight 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]
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IN WITNESS WHEREOF, Sellers, Servicer and Buyer have caused this Amendment Number Eight to be executed and delivered by their duly authorized officers as of the Amendment Effective Date.
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CITIBANK, N.A. |
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(Buyer and Agent, as applicable) |
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By: |
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/s/ Xxxxx Xxxxx |
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Name: |
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Xxxxx Xxxxx |
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Title: |
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Vice President |
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Citibank, NA |
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PENNYMAC CORP., |
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(Seller) |
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By: |
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/s/ Xxxxxx Xxxxx |
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Name: |
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Xxxxxx Xxxxx |
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Title: |
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Senior Managing Director and Treasurer |
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PENNYMAC OPERATING PARTNERSHIP, L.P. (Seller) |
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By: |
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PennyMac GP OP, Inc., its General Partner |
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By: |
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/s/ Xxxxxx Xxxxx |
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Name: |
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Xxxxxx Xxxxx |
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Title: |
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Senior Managing Director and Treasurer |
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Address for Notices: |
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0000 Xxxxxxxxx Xxxx |
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Xxxxxxxx Xxxxxxx, Xxxxxxxxxx 00000 |
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Attention: Xxxxxx Xxxxx/Xxxxxxx Xxxxxx |
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Phone Number: (000) 000-0000/(000) 000-0000 |
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E-mail: xxxxxx.xxxxx@xxxxx.xxx; |
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xxxxxxx.xxxxxx@xxxxx.xxx |
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PENNYMAC LOAN SERVICES, LLC, |
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(Servicer) |
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By: |
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/s/ Xxxxxx Xxxxx |
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Name: |
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Xxxxxx Xxxxx |
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Title: |
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Senior Managing Director and Treasurer |
