QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
−Removed: A primary market risk facing us is interest rate risk on our long term debt, including debt instruments at variable interest rates.
+Added: Substantially all of our long term-debt requires fixed interest payments and we have limited exposure to variable rates.
In connection with our mortgage operations, mortgage loans held for sale and the associated mortgage warehouse lines of credit under our Master Repurchase Agreements are subject to interest rate risk;
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In addition, we hedge the interest rate risk on mortgage loans by obtaining forward commitments from private investors.
−Removed: Accordingly, the interest rate risk from mortgage loans is not material.
+Added: Accordingly, the interest rate risk from mortgage loans is not significant.
We do not use financial instruments to hedge interest rate risk except with respect to mortgage loans.
−Removed: We are also subject to foreign currency risk but we do not believe this risk is material.
−Removed: The following tables set forth as of October 31, 2021 and 2020, our long-term debt obligations, principal cash flows by scheduled maturity, weighted-average interest rates and estimated fair value (“FV”).
−Removed: Long-Term Debt Tables
−Removed: Long-Term Debt as of October 31, 2021 by Fiscal Year of Debt Maturity
−Removed: (Dollars in thousands)
−Removed: Long term debt(1)(2):
−Removed: Weighted-average interest rate
−Removed: (1) Does not include the mortgage warehouse lines of credit made under our Master Repurchase Agreements.
−Removed: Also does not include our $125.0 million Secured Credit Facility under which there were no borrowings outstanding as of October 31, 2021.
−Removed: (2) Does not include $125.1 million of nonrecourse mortgages secured by inventory.
−Removed: These mortgages have various maturities spread over the next two to three years and are paid off as homes are delivered.
+Added: The following table sets forth as of October 31, 2022, our long-term debt obligations, principal cash flows by scheduled maturity, weighted-average interest rates and estimated fair value (“FV”).
Long-Term Debt as of October 31, 2022 by Fiscal Year of Debt Maturity
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Weighted-average interest rate
−Removed: (1) Does not include the mortgage warehouse lines of credit made under our Master Repurchase Agreements.
−Removed: Also does not include our $125.0 million Secured Credit Facility under which there were no borrowings outstanding as of October 31, 2020.
−Removed: (2) Does not include $135.1 million of nonrecourse mortgages secured by inventory.
+Added: (1) Does not include the mortgage warehouse lines of credit made under our  
+Added: Master Repurchase Agreements.
+Added: (2) Does not include $144.8 million of nonrecourse mortgages secured by inventory.
These mortgages have various maturities spread over the next two to three years and are paid off as homes are delivered.
+Added: Does not include our $125.0 million Secured Credit Facility under which there were no borrowings outstanding as of October 31, 2022.
+Added: In the fourth quarter of fiscal 2022, we amended our Secured Credit Facility, which amendments became effective in the first quarter of fiscal 2023.
+Added: As amended, the revolving loans thereunder have a maturity of June 30, 2024 and borrowings bear interest, at K.
+Added: Hovnanian ’
+Added: s option, at either (i) a term secured overnight financing rate (subject to a floor of 1.00%) plus an applicable margin of 4.50% or (ii) an alternate base rate plus an applicable margin of 3.50%.
+Added: In addition, K.
+Added: Hovnanian will pay an unused commitment fee on the undrawn revolving commitments at a rate of 1.00% per annum.
FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.