Item 8.01.
Other Events
.
Renewal of Wells Fargo
Mortgage Financing Facilities
On December 7, 2012, PHH Mortgage Corporation, a wholly owned subsidiary of the Company (PHH Mortgage), entered into an Amended and Restated Master Repurchase Agreement with Wells Fargo Bank, N.A. (Wells Fargo) to, among other things, extend the term of PHH Mortgages committed mortgage warehouse financing facility with Wells Fargo for an additional 364 days. As a result, PHH Mortgages mortgage warehouse facility with Wells Fargo is scheduled to terminate on December 6, 2013, unless terminated earlier in accordance with its terms.
On December 7, 2012, PHH Home Loans, LLC, an indirect majority owned subsidiary of PHH Mortgage (together with its subsidiaries, PHH Home Loans), entered into an Amended and Restated Master Repurchase Agreement with Wells Fargo to, among other things, extend the term of PHH Home Loans committed mortgage warehouse financing facility with Wells Fargo for an additional 364 days. As a result, PHH Home Loans mortgage warehouse facility with Wells Fargo is scheduled to terminate on December 6, 2013, unless terminated earlier in accordance with its terms.
The amended and restated PHH Mortgage and PHH Home Loans facilities with Wells Fargo provide aggregate committed mortgage warehouse financing capacity of $450 million. Each such facility contains various customary representations, warranties, covenants, conditions precedent and indemnification provisions.
Renewal of Barclays Bank PLC Mortgage Financing Facilities
On December 11, 2012, PHH Mortgage entered into certain amendments to its committed mortgage warehouse and gestation financing facilities with Barclays Bank plc to, among other things, extend the term of such facilities for an additional 364 days. As a result, PHH Mortgages mortgage warehouse and gestation facilities with Barclays Bank plc are scheduled to terminate on December 10, 2013, unless terminated earlier in accordance with their respective terms.
On December 11, 2012, PHH Home Loans entered into certain amendments to its committed mortgage warehouse financing facility with Barclays Bank plc to, among other things, extend the term of such facility for an additional 364 days. As a result, PHH Home Loans mortgage warehouse facility with Barclays Bank plc is scheduled to terminate on December 10, 2013, unless terminated earlier in accordance with its terms.
The aggregate amount of committed revolving financing capacity under the amended PHH Mortgage and PHH Home Loans mortgage financing facilities with Barclays Bank plc was reduced to $350 million; provided, however, that no more than $250 million of such committed revolving financing capacity may be utilized under the PHH Home Loans facility at any given time. Prior to the amendments, the maximum
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