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PHH > SEC Filings for PHH > Form 8-K on 5-Aug-2013All Recent SEC Filings

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Form 8-K for PHH CORP


5-Aug-2013

Entry into a Material Definitive Agreement, Creation of a Direct Financial Obligation or


Item 1.01. Entry into a Material Definitive Agreement.

Amendment of Parent Guaranty under Canadian Credit Facility

On July 31, 2013, PHH Corporation ("PHH," the "Company," "we," "our" or "us") entered into a First Amendment To Parent Guaranty (the "First Amendment") to that certain Parent Guaranty, dated September 25, 2012 (the "Existing Parent Guaranty" and, as amended, the "Parent Guaranty"), made by us in favor of The Bank of Nova Scotia, in its capacity as administrative agent ("Administrative Agent") under the Credit Agreement, dated as of September 25, 2012, among PHH Vehicle Management Services Inc. ("PHH VMS Canada"), as borrower, the Administrative Agent, the subsidiaries of PHH VMS Canada, as subsidiary guarantors, and the lenders from time to time party thereto. The First Amendment became effective on July 31, 2013, and, pursuant to the terms of the First Amendment, the terms and conditions of the Existing Parent Guaranty were amended to provide us with additional flexibility to refinance or retire our existing debt and additional flexibility under the financial covenants contained in the Parent Guaranty.

The foregoing summary of the First Amendment is qualified in its entirety by reference to the full text of the First Amendment, a copy of which is filed with this Current Report on Form 8-K (this "Form 8-K") as Exhibit 10.1, and is incorporated herein by reference.



Item 2.03. Creation of a Direct Financial Obligation or an Obligation under
an Off-Balance Sheet Arrangement of a Registrant.

The information disclosed under Item 1.01 of this Form 8-K is incorporated by reference into this Item 2.03.



Item 9.01. Financial Statements and Exhibits

(d) Exhibits

Exhibit
Number                                  Description
  10.1     First Amendment to Parent Guaranty, dated July 31, 2013, to the
           Parent Guaranty, dated as of September 25, 2012, made by PHH
           Corporation in favor of The Bank of Nova Scotia, in its capacity as
           administrative agent.


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