NMI Holdings Inc

On April 29, 2024, 2024, NMIH entered into a new credit agreement with Royal Bank of Canada as administrative agent and the lenders party thereto that provides for a new five-year $250 million senior unsecured revolving credit facility (the 2024 Revolving Credit Facility) that is intended to replace our existing four-year $250 million senior secured revolving credit facility (the 2021 Revolving Credit Facility), which is scheduled to mature in November 2025. The availability of borrowings under the 2024 Revolving Credit Facility is subject to the satisfaction of certain closing conditions, including the (i) termination of commitments under the 2021 Revolving Credit Facility and (ii) redemption or satisfaction and discharge of our outstanding Notes (the date such closing conditions are satisfied, the Closing Date). The 2024 Revolving Credit Facility will mature on the fifth anniversary of the Closing Date.

Borrowings under the 2024 Revolving Credit Facility may be used for general corporate purposes, including to support growth, new business production and operations, and will accrue interest at a variable rate equal to, at our discretion, (i) a Base Rate (as defined in the 2024 Revolving Credit Facility) subject to a floor of 1.00% per annum plus a margin of 0.375% to 1.875% per annum, or (ii) the Adjusted Term Secured Overnight Financing Rate (as defined in the 2024 Revolving Credit Facility) plus a margin of 1.375% to 2.875% per annum, with the margin in each of (i) or (ii) based on our applicable corporate credit rating at the time. Upon close of the 2024 Revolving Credit Facility, we will be required to pay a quarterly commitment fee on the average daily undrawn amount of 0.175% to 0.525%, based on the applicable corporate credit rating at the time.

We will be subject to certain covenants under the 2024 Revolving Credit Facility, including a maximum debt-to-total capitalization ratio of 35%, compliance with the PMIERs financial requirements (subject to any GSE approved waivers), and a minimum consolidated net worth requirement (as defined therein).

The 2024 Revolving Credit Facility contains customary negative and affirmative covenants that will apply upon closing, including covenants that limit, among other things, our ability to (i) incur indebtedness, (ii) incur liens on property, (iii) make restricted payments, (iv) sell assets, (v) make certain loans or investments, (vi) merge or consolidate and (vii) enter into transactions with affiliates, in each case subject to certain exceptions. The 2024 Revolving Credit Facility contains customary events of default. The foregoing summary of the 2024 Revolving Credit Facility does not purport to be complete and is subject to, and qualified in its entirety by, the full text of the credit agreement, which is attached hereto as Exhibit 10.31 and incorporated herein by reference.