Amended And Restated Guaranty Agreement

In order to induce lenders to lend to K. Hovnanian Enterprises, Inc., a California corporation (the “Borrower”), pursuant to this fifth amended and adjusted even-date credit agreement (as it may subsequently be amended, adapted, amended or supplemented in the future), the “credit agreement” of and between the borrower, Hovnanian Enterprises, Inc. This Assignment and Takeover Agreement (the “Assignment”) is dated from the effective date set forth below and is entered into between [insert name of assignee] (the “assignor”) and [insert name of the assignee] (the “assignee”). The terms majeescrits that are used here, but are not defined, have the meaning given to them in the credit agreement indicated below (in the modified version, the “credit agreement”) whose receipt is confirmed by the buyer. The general terms and conditions of sale set out in Annex 1 have been agreed and added by reference and form part of such assignment, as if they were part of this Agreement. 28. All insurance and guarantees of guarantors contained therein (directly or indirectly) or associated with it survive the granting of credit and the issuance of accrediting persons and are not voided by the performance and provision of the credit agreement by another party, including the agent and the lenders. any investigation conducted by the agent or lenders, the granting of loans, the issuance of credit or the full payment of loans. . . .

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