Common use of Additional Bank Clause in Contracts

Additional Bank. A lender which is to become a party to this Agreement pursuant to Section 2.1.3 (Increase in Commitments After Closing Date] hereof or otherwise (each an "Additional Bank") shall execute and deliver to the Agent a Bank Joinder to this Agreement in substantially the form attached hereto as Exhibit 1.1(B). Upon execution and delivery of a Bank Joinder, such Additional Bank shall be a party hereto and a "Bank" under each of the Loan Documents for all purposes, except that such Additional Bank shall not participate in any Term Loans to which the LIBO-Rate Option applies which are outstanding on the effective date of such Bank Joinder. If Borrower should renew after the effective date of such Bank Joinder the LIBO-Rate Option with respect Term Loans existing on such date, Borrower shall be deemed to repay the applicable Term Loans on the renewal date and then reborrow a similar amount on such date so that the Additional Bank shall participate in such Term Loans after such renewal date. Schedule 1.1(A) shall be amended and restated on the date of such Bank Joinder to read as set forth on the attachment to such Bank Joinder. Simultaneously with the execution and delivery of such Bank Joinder, the Borrower shall execute, if requested, a Note and deliver it to such Additional Bank together with copies of such other documents described in Section 7.1 (Affirmative Covenants) hereof as such Additional Bank may reasonably require. 10.12

Appears in 1 contract

Sources: Term Loan Facility (Hovnanian Enterprises Inc)

Additional Bank. A lender which is to become a party to this Agreement pursuant to Section 2.1.3 ([Increase in Commitments After Closing Date] hereof or otherwise (each an "Additional Bank") shall execute and deliver to the Agent a Bank Joinder to this Agreement in substantially the form attached hereto as Exhibit 1.1(B1.1(B)(1). Upon execution and delivery of a Bank Joinder, such Additional Bank shall be a party hereto and a "Bank" under each of the Loan Documents for all purposes, except that such Additional Bank shall not participate in any Term Revolving Credit Loans to which the LIBO-Rate Option applies which are outstanding on the effective date of such Bank Joinder. If Borrower should renew after the effective date of such Bank Joinder the LIBO-Rate Option with respect Term to Revolving Credit Loans existing on such date, Borrower shall be deemed to repay the applicable Term Revolving Credit Loans on the renewal date and then reborrow a similar amount on such date so that the Additional Bank shall participate in such Term Revolving Credit Loans after such renewal date. Schedule 1.1(A1.1(B) shall be amended and restated on the date of such Bank Joinder to read as set forth on the attachment to such Bank Joinder. Simultaneously with the execution and delivery of such Bank Joinder, the Borrower shall execute, if requested, a Revolving Credit Note and deliver it to such Additional Bank together with copies of such other documents described in Section 7.1 (Affirmative Covenants) hereof as such Additional Bank may reasonably require. 10.12.

Appears in 1 contract

Sources: Revolving Credit Facility (Hovnanian Enterprises Inc)

Additional Bank. A lender which is to become a party to this Agreement pursuant to Section 2.1.3 (Increase in Commitments After Closing Date] ) hereof or otherwise (each an "Additional Bank") shall execute and deliver to the Agent a Bank Joinder to this Agreement in substantially the form attached hereto as Exhibit 1.1(B1.1(B)(1). Upon execution and delivery of a Bank Joinder, such Additional Bank shall be a party hereto and a "Bank" under each of the Loan Documents for all purposes, except that such Additional Bank shall not participate in any Term Revolving Credit Loans to which the LIBO-Rate Option applies which are outstanding on the effective date of such Bank Joinder. If Borrower should renew after the effective date of such Bank Joinder the LIBO-Rate Option with respect Term to Revolving Credit Loans existing on such date, Borrower shall be deemed to repay the applicable Term Revolving Credit Loans on the renewal date and then reborrow a similar amount on such date so that the Additional Bank shall participate in such Term Revolving Credit Loans after such renewal date. Schedule 1.1(A1.1(B) shall be amended and restated on the date of such Bank Joinder to read as set forth on the attachment to such Bank Joinder. Simultaneously with the execution and delivery of such Bank Joinder, the Borrower shall execute, if requested, a Revolving Credit Note and deliver it to such Additional Bank together with copies of such other documents described in Section 7.1 (Affirmative Covenants) hereof as such Additional Bank may reasonably require. 10.12.

Appears in 1 contract

Sources: Credit Agreement (Hovnanian Enterprises Inc)

Additional Bank. A lender which is to become a party to this Agreement pursuant to Section 2.1.3 (Increase in Commitments After Closing Date] ) hereof or otherwise (each an "Additional Bank") shall execute and deliver to the Agent a Bank Joinder to this Agreement in substantially the form attached hereto as Exhibit 1.1(B1.1(B)(1). Upon execution and delivery of a Bank Joinder, such Additional Bank shall be a party hereto and a "Bank" under each of the Loan Documents for all purposes, except that such Additional Bank shall not participate in any Term Revolving Credit Loans to which the LIBO-Rate Option applies which are outstanding on the effective date of such Bank Joinder. If Borrower should renew after the effective date of such Bank Joinder the LIBO-LIBO- Rate Option with respect Term to Revolving Credit Loans existing on such date, Borrower shall be deemed to repay the applicable Term Revolving Credit Loans on the renewal date and then reborrow a similar amount on such date so that the Additional Bank shall participate in such Term Revolving Credit Loans after such renewal date. Schedule 1.1(A1.1(B) shall be amended and restated on the date of such Bank Joinder to read as set forth on the attachment to such Bank Joinder. Simultaneously with the execution and delivery of such Bank Joinder, the Borrower shall execute, if requested, a Revolving Credit Note and deliver it to such Additional Bank together with copies of such other documents described in Section 7.1 (Affirmative Covenants) hereof as such Additional Bank may reasonably require. 10.12.

Appears in 1 contract

Sources: Revolving Credit Facility (Hovnanian Enterprises Inc)