Meritage Homes Corporation entered into the Seventh Amendment to Amended and Restated Credit Agreement, which amends that certain Amended and Restated Credit Agreement, dated as of June 13, 2014, among the Company, the several banks and other financial institutions or entities from time to time parties thereto, and JPMorgan Chase Bank, N.A., as administrative agent (“Agent”). Among other things, the Seventh Amendment extends the maturity date of the facility from December 22, 2025 to December 22, 2026 and replaces LIBOR as the benchmark interest rate with the Secured Overnight Financing Rate ("SOFR"). Borrowings under the Credit Agreement will bear interest, payable quarterly, monthly or at the end of any interest period, at the Company's option, at either: term SOFR (based on 1, 3 or 6 month interest periods, as selected by the Company) plus a 10 basis point adjustment plus an applicable margin (ranging from 125 basis points to 175 basis points based on the Company's leverage ratio as determined in accordance with a pricing grid; the higher of the prime lending rate, an overnight bank rate plus 50 basis points and term SOFR (based on a 1 month interest period) plus a 10 basis point adjustment plus 1%, in each case plus a margin ranging from 25 basis points to 75 basis points based on the Company's leverage ratio in accordance with a pricing grid; or daily simple SOFR plus a 10 basis point adjustment plus the applicable margin.