01—Abstract
Summary
Summary of the 8-K filed August 15, 2024. Cited figures are marked; the original filing is the authoritative source.
On August 14, 2024, Pulte Mortgage LLC, a wholly-owned subsidiary of PulteGroup, Inc., entered into a Second Omnibus Amendment and Joinder to Transaction Documents with JPMorgan Chase, as Agent, amending its Master Repurchase Agreement dated as of August 16, 2023.
The repurchase facility finances the origination of mortgage loans by Pulte Mortgage. The amendment extends the agreement to the earlier of August 13, 2025, or the date commitments are terminated under the agreement, by governmental order, or by operation of law. The amended facility provides a maximum aggregate commitment of $675 milliona, subject to certain sublimits, with an accordion feature that could increase it to $725 million if existing Buyers provide increased committed sums.
The maximum commitment decreases to $650 millionb on January 14, 2025, and remains at that level until expiration. The filing also reports the entry into this material definitive agreement and the related creation of a direct financial obligation under Items 1.01 and 2.03. The full amendment is filed as Exhibit 10.1, and the summary above is qualified by reference to that exhibit.
02—Key points
Key Highlights
- Pulte Mortgage LLC, a wholly-owned PulteGroup subsidiary, amended its Master Repurchase Agreement with JPMorgan Chase, as Agent, on August 14, 2024.
- The facility funds mortgage loan originations by Pulte Mortgage.
- The amendment extends the repurchase agreement to the earlier of August 13, 2025, or earlier termination under the agreement, governmental order, or operation of law.
- Initial maximum aggregate commitment is $675 million, subject to certain sublimits.
- An accordion feature could increase the maximum aggregate commitment to $725 million with existing Buyers' increased commitments.
- The maximum aggregate commitment steps down to $650 million on January 14, 2025, continuing until expiration.
- The filing is reported under Items 1.01 (Material Definitive Agreement) and 2.03 (Direct Financial Obligation), with the amendment attached as Exhibit 10.1.
03—Questions
Frequently Asked Questions
What is the purpose of the agreement amended by PulteGroup's subsidiary?
The Master Repurchase Agreement is used to finance the origination of mortgage loans by Pulte Mortgage LLC, a wholly-owned subsidiary of PulteGroup, Inc.
How much capacity does the amended facility provide?
The amendment sets an initial maximum aggregate commitment of $675 million, subject to certain sublimits. It can be increased to $725 million through the accordion feature if existing Buyers provide increased committed sums, and it decreases to $650 million on January 14, 2025.
When does the amended repurchase agreement expire?
It extends to the earlier of August 13, 2025, or the date when the Agents' commitments are terminated under the Repurchase Agreement, by order of any governmental authority, or by operation of law.
Who are the parties to the amended agreement?
The agreement is between Pulte Mortgage LLC and JPMorgan Chase, acting as Agent and as a Buyer, together with the other Buyers listed in the agreement.
Where can investors find the full terms of the amendment?
The complete Second Omnibus Amendment and Joinder to Transaction Documents, dated August 14, 2024, is filed as Exhibit 10.1 to this Form 8-K, and the summary in the filing is qualified in its entirety by that exhibit.
04—Continue