SECURITY AGREEMENTSecurity Agreement • March 11th, 2008 • Hovnanian Enterprises Inc • Operative builders • New York
THIS SECURITY AGREEMENT, dated as of March 7, 2008, made by each of the signatories hereto (together with any other entity that may become a party hereto as provided herein, the “Grantors”), in favor of PNC Bank, National Association, as Administrative Agent (in such capacity, the “Agent”) for the banks and other financial institutions or entities (the “Lenders”) from time to time parties to the Seventh Amended and Restated Credit Agreement, dated as of even date herewith (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), among K. Hovnanian Enterprises, Inc., a California corporation (the “Borrower”), Hovnanian Enterprises, Inc., a Delaware corporation (“Hovnanian” and a Guarantor (as defined below)), the Lenders and the Agent.
AMENDED AND RESTATED GUARANTY AND SURETYSHIP AGREEMENTGuaranty and Suretyship Agreement • March 11th, 2008 • Hovnanian Enterprises Inc • Operative builders
THIS AMENDED AND RESTATED GUARANTY AND SURETYSHIP AGREEMENT (the “Guarantee”) is made and entered into March 7, 2008, by each of the entities listed on the signature pages hereto (each a “Guarantor” and collectively, the “Guarantors”), in favor of PNC BANK, NATIONAL ASSOCIATION, including its successors and assigns, as administrative agent for the Lenders under the Credit Agreement described below (the “Agent”).
PLEDGE AGREEMENTPledge Agreement • March 11th, 2008 • Hovnanian Enterprises Inc • Operative builders • New York
THIS PLEDGE AGREEMENT, dated as of March 7, 2008 (as restated, amended, modified or supplemented from time to time, the “Agreement”), is given by EACH OF THE UNDERSIGNED PARTIES LISTED ON THE SIGNATURE PAGES HERETO AND EACH OF THE OTHER PERSONS AND ENTITIES THAT BECOME BOUND HEREBY FROM TIME TO TIME BY JOINDER, ASSUMPTION OR OTHERWISE (each a “Pledgor” and collectively the “Pledgors”), as a Pledgor of the equity interests in the Companies (as defined herein), as more fully set forth herein, to PNC BANK, NATIONAL ASSOCIATION, as Administrative Agent for itself and the Lenders (as defined below) under the Credit Agreement described below (the “Secured Party”).
EXHIBIT I REVOLVING CREDIT FACILITY SEVENTH AMENDED AND RESTATED CREDIT AGREEMENT by and among K. HOVNANIAN ENTERPRISES, INC. (as the Borrower) HOVNANIAN ENTERPRISES, INC. (as a Guarantor) and THE LENDERS PARTY HERETO and PNC BANK, NATIONAL...Credit Agreement • March 11th, 2008 • Hovnanian Enterprises Inc • Operative builders • New York
The Applicable Margin, Applicable Commitment Fee Rate, Applicable Letter of Credit Fee Rate, and other pricing relating to the Pricing Grid above shall be recomputed as of the end of each fiscal quarter, commencing with the fiscal quarter of Borrower ending January 31, 2008, based on the Adjusted Leverage Ratio as of such quarter end. Any increase or decrease in the Applicable Margin, the Applicable Commitment Fee Rate, the Applicable Letter of Credit Fee Rate or other pricing relating to the Pricing Grid above computed as of a quarter end shall be effective on the date on which the Compliance Certificate evidencing such computation is due to be delivered under Section 7.3.3.1(a) [Compliance Certificate]; provided, however, that until a Compliance Certificate with respect to the fiscal quarter ending January 31, 2008, has been delivered in accordance with Section 7.3.3.1(a), the Applicable Margin, Applicable Commitment Fee Rate, Applicable Letter of Credit Fee Rate, and other pricing r
