Item 1.01. Entry into a Material Definitive Agreement.
On
The Notes are governed by a Senior Debt Securities Indenture (the "Indenture"),
dated as of
Optional Redemption
The Company may, at its option, generally redeem all or a portion of the Notes
at any time. If the Company redeems the Notes prior to
Change of Control
Upon the occurrence of certain events resulting in both a change in control of the Company and a ratings downgrade with respect to the Notes, subject to certain exceptions, the Company will be required to make an offer to each holder of the Notes to purchase all or any part of such holder's Notes at 101% of the aggregate principal amount thereof, plus accrued and unpaid interest to the date of purchase.
Events of Default
The Indenture includes customary events of default, including payment defaults, failure to pay certain other indebtedness and certain events of bankruptcy, insolvency or reorganization.
Ranking
The Notes are general unsecured obligations of the Company and rank senior in right of payment to any future indebtedness of the Company that is, by its terms, expressly subordinated in right of payment to the Notes and equal in right of payment with all existing and future unsecured indebtedness of the Company that is not so subordinated. The guarantees will be general unsecured obligations of the Guarantors and will rank senior in right of payment to any future indebtedness of the Guarantors that is, by its terms, expressly subordinated in right of payment to the guarantees and will rank equal in right of payment with all existing and future unsecured indebtedness of the Guarantors that is not so subordinated.
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The above description of the Notes and the Second Supplemental Indenture is qualified in its entirety by reference to the full text of the Second Supplemental Indenture (including the form of Note included therein), a copy of which is filed as Exhibits 4.1 hereto and incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits 4.1 Second Supplemental Indenture, dated as ofMay 5, 2020 , amongD.R. Horton, Inc. , the guarantors named therein andBranch Banking and Trust Company , as trustee, relating to the 2.600% Senior Notes Due 2025 ofD.R. Horton, Inc. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document).
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