Document:

ex_167028.htm

Exhibit 10.4

 

 

TRADEMARK SECURITY AGREEMENT

 

 

This Trademark Security Agreement (the “Agreement”), dated as of December 10, 2019 is made by K. HOV IP, II, INC., a California corporation (the “Grantor”) in favor of Wilmington Trust, National Association, in its capacity as the joint 1.75 pari passu collateral agent (in such capacity, the “1.75 Pari Passu Lien Collateral Agent”) for the benefit of itself and the other Secured Parties.

 

WHEREAS, the Issuer, Hovnanian and each of the other guarantors party thereto are, concurrently herewith, entering into the Indenture dated as of December 10, 2019 (as amended, supplemented, amended and restated or otherwise modified from time to time, the “Indenture”) with Wilmington Trust, National Association, as trustee (in such capacity, the “Trustee”) and as collateral agent (in such capacity, the “1.75 Lien Notes Collateral Agent”), pursuant to which the Issuer is issuing the 10.000% Senior Secured 1.75 Lien Notes due 2025 (including any additional notes from time to time issued under the Indenture, the “Secured Notes”), upon the terms and subject to the conditions set forth therein;

 

WHEREAS, the Issuer, Hovnanian and each of the other guarantors partythereto are, concurrently herewith, entering into the Credit Agreement dated as of the date hereof (as amended, supplemented, amended and restated or otherwise modified from time to time, the “Term Loan Credit Agreement”) with Wilmington Trust, National Association, in its capacity as administrative agent (in such capacities, the “Term Loan Agent”) and the lenders from time to time party thereto;

 

WHEREAS, the Issuer is a member of an affiliated group of companies that includes Hovnanian, the Issuer’s parent company, and each other Grantor;

 

WHEREAS, the Issuer and the other Grantors are engaged in related businesses, and each Grantor will derive substantial direct and indirect benefit from the Secured Notes and Loans;

 

WHEREAS, pursuant to the Security Agreement (as defined below), the Issuer, Hovnanian, the 1.75 Lien Notes Collateral Agent and the Term Loan Agent have appointed the 1.75 Pari Passu Lien Collateral Agent to act as joint collateral agent under the 1.75 Lien Collateral Documents for the benefit of the Secured Parties and the Credit Agreement Secured Parties, with the rights and powers set forth in the Security Agreement; and

 

WHEREAS, pursuant to and under the Indenture, the Term Loan Credit Agreement and the 1.75 Lien Security Agreement dated as of the date hereof (as amended, amended and restated, supplemented or otherwise modified from time to time, the “Security Agreement”) among the Grantors party thereto (together with any other entity that may become a party thereto), the 1.75 Lien Notes Collateral Agent, the Term Loan Agent and the 1.75 Pari Passu Lien Collateral Agent, the Grantor has agreed to enter into this Agreement in order to grant a security interest to the 1.75 Pari Passu Lien Collateral Agent in certain Intellectual Property as security for such loans and other obligations as more fully described herein.

 

 

 

 

NOW, THEREFORE, intending to be legally bound hereby, in consideration of the premises each Grantor hereby agrees with the 1.75 Pari Passu Lien Collateral Agent, for the ratable benefit of the Secured Parties, as follows:

 

1.     Defined Terms. Except as otherwise expressly provided herein, (i) capitalized terms used in this Agreement shall have the respective meanings assigned to them in the Security Agreement and (ii) the rules of construction set forth in Section 1.02 of the Security Agreement and the comparable provisions of any other applicable Documents shall apply to this Agreement. Where applicable and except as otherwise expressly provided herein, terms used herein (whether or not capitalized) shall have the respective meanings assigned to them in the Uniform Commercial Code as enacted in New York as amended from time to time (the “Code”).

 

2.     To secure the full payment and performance of all Secured Obligations, the Grantor hereby grants to the 1.75 Pari Passu Lien Collateral Agent a security interest in the entire right, title and interest of such Grantor in and to all of its Trademark, including those set forth on Schedule A; provided, however, that notwithstanding any of the other provisions set forth in this Section 2 (and notwithstanding any recording of the 1.75 Pari Passu Lien Collateral Agent’s lien made in the U.S. Patent and Trademark Office, U.S. Copyright Office, or other registry office in any other jurisdiction), this Agreement shall not constitute a grant of a security interest in any property to the extent that such grant of a security interest is prohibited by any applicable Law of an Official Body, requires a consent not obtained of any Official Body pursuant to such Law or is prohibited by, or constitutes a breach or default under or results in the termination of or gives rise to any right of acceleration, modification or cancellation or requires any consent not obtained under, any contract, license, agreement, instrument or other document evidencing or giving rise to such property, except to the extent that such Law or the term in such contract, license, agreement, instrument or other document or similar agreement providing for such prohibition, breach, default or termination or requiring such consent is ineffective under applicable Law including Sections 9-406, 9-407, 9-408 or 9-409 of the New York UCC (or any successor provision or provisions); provided, further, that no security interest shall be granted in any United States “intent-to-use” trademark or service mark applications unless and until acceptable evidence of use of the trademark or service mark has been filed with and accepted by the U.S. Patent and Trademark Office pursuant to Section 1(c) or Section 1(d) of the Lanham Act (U.S.C. 1051, et seq.), and to the extent that, and solely during the period in which, the grant of a security interest therein would impair the validity or enforceability of such “intent-to-use” trademark or service mark applications under applicable federal Law. After such period and after such evidence of use has been filed and accepted, the Grantor acknowledges that such interest in such trademark or service mark applications will become part of the Collateral. The 1.75 Pari Passu Lien Collateral Agent agrees that, at the Grantor’s reasonable request and expense, it will provide such Grantor confirmation that the assets described in this paragraph are in fact excluded from the Collateral during such limited period only upon receipt of an Officer’s Certificate or an Opinion of Counsel to that effect.

 

 

 

 

3.     The Grantor covenants and warrants that:

 

(a)     To the knowledge of the Grantor, on the date hereof, all material Intellectual Property owned by the Grantor is valid, subsisting and unexpired, has not been abandoned and does not, to the knowledge of the Grantor, infringe the intellectual property rights of any other Person;

 

(b)     The Grantor is the owner of each item of Intellectual Property listed on Schedule A, free and clear of any and all Liens or claims of others except for the Permitted Liens. No financing statement or other public notice with respect to all or any part of the Collateral is on file or of record in any public office, except as permitted pursuant to this Agreement or as permitted by the Indenture, the Term Loan Credit Agreement and any other applicable Documents;

 

4.     The Grantor agrees that, until all of the Secured Obligations shall have been indefeasibly satisfied in full, it will not enter into any agreement (for example, a license agreement) which is inconsistent with the Grantor’s obligations under this Agreement, without the 1.75 Pari Passu Lien Collateral Agent’s prior written consent which shall not be unreasonably withheld except that the Grantor may license technology in the ordinary course of business without the 1.75 Pari Passu Lien Collateral Agent’s consent to suppliers and customers to facilitate the manufacture and use of the Grantor’s products.

 

5.     The 1.75 Pari Passu Lien Collateral Agent shall have, in addition to all other rights and remedies given it by this Agreement and those rights and remedies set forth in the Security Agreement, the Indenture, the Term Loan Credit Agreement and any other applicable Documents, those allowed by applicable Law and the rights and remedies of a secured party under the Uniform Commercial Code as enacted in any jurisdiction in which the Intellectual Property may be located and, without limiting the generality of the foregoing, solely if an Event of Default has occurred and is continuing, the 1.75 Pari Passu Lien Collateral Agent may immediately, without demand of performance and without other notice (except as set forth below) or demand whatsoever to the Grantor, all of which are hereby expressly waived, and without advertisement, sell at public or private sale or otherwise realize upon, in a city that the 1.75 Pari Passu Lien Collateral Agent shall designate by notice to the Grantor, the whole or from time to time any part of the Intellectual Property, or any interest which the Grantor may have therein and, after deducting from the proceeds of sale or other disposition of the Intellectual Property all expenses (including fees and expenses for brokers and attorneys), shall apply the remainder of such proceeds toward the payment of the Secured Obligations as set forth in the Security Agreement. Any remainder of the proceeds after payment in full of the Secured Obligations shall be paid over to the Grantor. Notice of any sale or other disposition of the Intellectual Property shall be given to the Grantor at least ten (10) days before the time of any intended public or private sale or other disposition of the Intellectual Property is to be made, which the Grantor hereby agrees shall be reasonable notice of such sale or other disposition. At any such sale or other disposition, the 1.75 Pari Passu Lien Collateral Agent may, to the extent permissible under applicable Law, purchase the whole or any part of the Intellectual Property sold, free from any right of redemption on the part of the Grantor, which right is hereby waived and released. The 1.75 Pari Passu Lien Collateral Agent shall endeavor to provide the Grantor with notice at or about the time of the exercise of remedies in the preceding sentence, provided that the failure to provide such notice shall not in any way compromise or adversely affect the exercise of such remedies or the 1.75 Pari Passu Lien Collateral Agent’s rights hereunder.

 

 

 

 

6.      All of 1.75 Pari Passu Lien Collateral Agent’s rights and remedies with respect to the Intellectual Property, whether established hereby, by the Security Agreement, by the Indenture, the Term Loan Credit Agreement or any other applicable Documents or by any other agreements or by Law, shall be cumulative and may be exercised singularly or concurrently. In the event of any irreconcilable inconsistency in the terms of this Agreement and the Security Agreement, the Security Agreement shall control.

 

7.      The provisions of this Agreement are severable, and if any clause or provision shall be held invalid and unenforceable in whole or in part in any jurisdiction, then such invalidity or unenforceability shall affect only such clause or provision, or part thereof, in such jurisdiction, and shall not in any manner affect such clause or provision in any other jurisdiction, or any clause or provision of this Agreement in any jurisdiction.

 

8.      The benefits and burdens of this Agreement shall inure to the benefit of and be binding upon the respective successors and permitted assigns of the parties, provided, however, that except as permitted by the Indenture, the Term Loan Credit Agreement and any other applicable Documents, the Grantor may not assign or transfer any of its rights or obligations hereunder or any interest herein and any such purported assignment or transfer shall be null and void.

 

9.      This Agreement and the rights and obligations of the parties under this agreement shall be governed by, and construed and interpreted in accordance with, the Law of the State of New York.

 

10.     The Grantor (i) hereby irrevocably submits to the nonexclusive general jurisdiction of the courts of the State of New York and the courts of the United States of America for the Southern District of New York, or any successor to said court (hereinafter referred to as the “New York Courts”) for purposes of any suit, action or other proceeding which relates to this Agreement or any other Noteholder Document, (ii) to the extent permitted by applicable Law, hereby waives and agrees not to assert by way of motion, as a defense or otherwise in any such suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of the New York Courts, that such suit, action or proceeding is brought in an inconvenient forum, that the venue of such suit, action or proceeding is improper, or that this Agreement or any Noteholder Document may not be enforced in or by the New York Courts, (iii) hereby agrees not to seek, and hereby waives, any collateral review by any other court, which may be called upon to enforce the judgment of any of the New York Courts, of the merits of any such suit, action or proceeding or the jurisdiction of the New York Courts, and (iv) waives personal service of any and all process upon it and consents that all such service of process be made by certified or registered mail addressed as provided in Section 13 hereof or at such other address of which the 1.75 Pari Passu Lien Collateral Agent shall have been notified pursuant thereto and service so made shall be deemed to be completed upon actual receipt thereof. Nothing herein shall limit any Secured Party’s right to bring any suit, action or other proceeding against the Grantor or any of any of the Grantor’s assets or to serve process on the Grantor by any means authorized by Law.

 

 

 

 

11.     This Agreement may be executed by one or more of the parties to this Agreement on any number of separate counterparts (including by telecopy), and all of said counterparts taken together shall be deemed to constitute one and the same instrument.

 

12.     THE GRANTOR HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES TRIAL BY A JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER DOCUMENT AND FOR ANY COUNTERCLAIM THEREIN.

 

13.     All notices, requests and demands to or upon the 1.75 Pari Passu Lien Collateral Agent or the Grantor shall be effected in the manner provided for in Section 9.02 of the Security Agreement and the related provisions of any other applicable Documents.

 

14.     In the performance of its obligations, powers and rights hereunder, the 1.75 Pari Passu Lien Collateral Agent and each of the 1.75 Lien Notes Collateral Agent and Term Loan Agent shall be entitled to the rights, benefits, privileges, powers and immunities afforded to it as 1.75 Pari Passu Lien Collateral Agent, 1.75 Lien Notes Collateral Agent and Term Loan Agent, as applicable, under the Security Agreement and the other applicable Documents. The 1.75 Pari Passu Lien Collateral Agent shall be entitled to refuse to take or refrain from taking any discretionary action or exercise, and the Applicable Agent shall be entitled to refuse to give or refrain from giving any direction to the 1.75 Pari Passu Lien Collateral Agent to take any discretionary action or exercise, any discretionary powers set forth in the Security Agreement unless it has received with respect thereto written direction of the Issuer, the Noteholders, the Lenders, the Term Loan Agent or the Trustee in accordance with the Indenture, the Term Loan Credit Agreement and the other applicable Documents. Notwithstanding anything to the contrary contained herein, the 1.75 Pari Passu Lien Collateral Agent shall have no responsibility for the creation, perfection, priority, sufficiency or protection of any liens securing Secured Obligations (including, but not limited to, no obligation to prepare, record, file, re-record or re-file any financing statement, continuation statement or other instrument in any public office). The permissive rights and authorizations of the 1.75 Pari Passu Lien Collateral Agent, 1.75 Lien Notes Collateral Agent or the Term Loan Agent hereunder shall not be construed as duties. The 1.75 Pari Passu Lien Collateral Agent shall be entitled to exercise its powers and duties hereunder through designees, specialists, experts or other appointees selected by it in good faith and shall not be liable for the negligence or misconduct of such appointees.

 

[SIGNATURES APPEAR ON FOLLOWING PAGE]

 

 

 

 

IN WITNESS WHEREOF, each of the undersigned has caused this Trademark Security Agreement to be duly executed and delivered as of the date first above written.

 

	
			 

				
			WILMINGTON TRUST,

			NATIONAL ASSOCIATION,

			as 1.75 Pari Passu Lien

			Collateral Agent

				
			 

			
	
			 

				
			 

				
			 

				
			 

			
	
			 

				
			 

				
			 

				
			 

			
	
			 

				
			By: 

				
			/s/ Quinton M. DePompolo

				
			 

			
	
			 

				
			 

				
			Name: Quinton M. DePompolo

				
			 

			
	
			 

				
			 

				
			Title: Banking Officer

				
			 

			
	 	 	 	 
	 	Grantor:	 
	 	 	 	 
	 	
			K. HOV IP, II, INC.

				 
	 	 	 	 
	 	 	 	 
	 	By:	/s/ David Bachstetter	 
	 	 	Name: David Bachstetter	 
	 	 	Title: Chief Executive Officer and Treasurer	 

 

 

 

 

Schedule A

 

United States Trademark Registrations and Applications

 

	
			Federal Trademarks

			 

			
	
			Owner

				
			Trademark

				
			Application No. / 

			Registration No.

			
	
			K. HOV IP, II, INC.

				
			55 NEVER LOOKED SO GOOD

				
			4035326

			
	
			K. HOV IP, II, INC.

				
			FROM YOUR HOME TO OURS

				
			3682068

			
	
			K. HOV IP, II, INC.

				
			HOME DESIGN GALLERY

				
			3017498

			
	
			K. HOV IP, II, INC.

				
			HOVNANIAN ENTERPRISES

				
			3782845

			
	
			K. HOV IP, II, INC.

				
			HOVNANIAN ENTERPRISES, INC. and Design

				
			3786278

			
	
			K. HOV IP, II, INC.

				
			IF YOU'RE NOT 55, YOU'LL WISH YOU WERE

				
			3564614

			
	
			K. HOV IP, II, INC.

				
			K HOVNANIAN HOMES and Design

				
			3493815

			
	
			K. HOV IP, II, INC.

				
			K HOVNANIAN HOMES and Design

				
			5702299

			
	
			K. HOV IP, II, INC.

				
			K. HOVNANIAN

				
			3579682

			
	
			K. HOV IP, II, INC.

				
			KHOV

				
			2710008

			
	
			K. HOV IP, II, INC.

				
			KHOV.COM

				
			2544720

			
	
			K. HOV IP, II, INC.

				
			LET'S BUILD IT TOGETHER

				
			2965030

			
	
			K. HOV IP, II, INC.

				
			LIFE. STYLE. CHOICES.

				
			2725754

			
	
			K. HOV IP, II, INC.

				
			THE FIRST NAME IN LASTING VALUE

				
			1418620

			
	
			K. HOV IP, II, INC.

				
			THE NAME BEHIND THE DREAM

				
			3832465

			
	
			K. HOV IP, II, INC.

				
			WONDER HOMES

				
			2671912

			
	
			K. HOV IP, II, INC.

				
			TOWN & COUNTRY TREE Design

				
			2040802

			
	
			K. HOV IP, II, INC.

				
			BRIGHTON HOMES and Design

				
			2412033

			
	
			K. HOV IP, II, INC.

				
			BRIGHTON HOMES

				
			2395356

			
	
			K. HOV IP, II, INC.

				
			MISSION EXCELLENCE

				
			5179939ex_167029.htm

Exhibit 10.5

 

JOINDER 

(1.75 Lien Notes)

 

JOINDER NO. 1 dated as of December 10, 2019 (this “Joinder”) to (i) the FIRST LIEN INTERCREDITOR AGREEMENT dated as of October 31, 2019 (as amended, amended and restated, supplemented or otherwise modified from time to time, the “First Lien Intercreditor Agreement”) among HOVNANIAN ENTERPRISES, INC. (“Hovnanian”), K. HOVNANIAN ENTERPRISES, INC. (the “Company”), certain of their subsidiaries, WILMINGTON TRUST, NATIONAL ASSOCIATION, in its capacities as the First Lien Collateral Agents (as defined therein), the First Lien Representatives (as defined therein) and the Joint First Lien Collateral Agent (as defined therein) and (ii) the First Lien Collateral Agency Agreement dated as of October 31, 2019 (as amended, amended and restated, supplemented or otherwise modified from time to time, the “First Lien Collateral Agency Agreement” and, together with the First Lien Intercreditor Agreement, the “Joined Agreements”) among Hovnanian, the Company, certain of their subsidiaries, WILMINGTON TRUST, NATIONAL ASSOCIATION (“WTNA”), in its capacities as the First Lien Collateral Agents, the First Lien Representatives and the Joint First Lien Collateral Agent (as defined therein).

 

A.     Capitalized terms used herein but not otherwise defined herein shall have the meanings assigned to such terms in the First Lien Intercreditor Agreement and the First Lien Collateral Agency Agreement, as applicable.

 

B.     As a condition to the ability of the Company, Hovnanian and their subsidiaries to incur Additional First Lien Indebtedness and to secure such Additional First Lien Indebtedness with the liens and security interests created by the documents governing such Additional First Lien Indebtedness, the Additional First Lien Representative in respect thereof is required to become a First Lien Representative and the Additional First Lien Collateral Agent in respect thereof is required to become a First Lien Collateral Agent and is required to become subject to and bound by, the First Lien Intercreditor Agreement and First Lien Collateral Agency Agreement. Section 8.2(b) of the First Lien Intercreditor Agreement and Section 4.05(b) of the First Lien Collateral Agency Agreement each provides that such Additional First Lien Representative may become a First Lien Representative and such Additional First Lien Collateral Agent may become a First Lien Collateral Agent pursuant to the execution and delivery by the Additional First Lien Representative and the Additional First Lien Collateral Agent of this Joinder to each of the Joined Agreements in the form attached to each thereto as Exhibit 1 and the satisfaction of the other conditions set forth in Section 8.2(b) of the First Lien Intercreditor Agreement and Section 4.05(b) of the First Lien Collateral Agency Agreement. WTNA, in its capacity as collateral agent (in such capacity, the “Notes Collateral Agent”) under the Indenture, dated as of the date hereof (as amended, amended and restated, supplemented or otherwise modified from time to time, the “Indenture”), among Hovnanian, the Company, the subsidiaries of Hovnanian from time to time party thereto, and WTNA, in its capacities as trustee (in such capacity, the “Notes Trustee”) and as Notes Collateral Agent, pursuant to which the Notes Collateral Agent is authorized to appoint sub-agents to performs its duties under the Indenture and the Security Documents (as defined in the Indenture) and the Notes Collateral Agent has, pursuant to the Security Agreement, appointed the New Collateral Agent as joint collateral agent to the extent set forth in the Security Agreement. The Notes Trustee, in its capacity as Additional First Lien Representative (the “New Representative”), the 1.75 Pari Passu Lien Collateral Agent, in its capacity as Additional First Lien Collateral Agent (the “New Collateral Agent”) and the Notes Collateral Agent are executing this Joinder in accordance with the requirements of the First Lien Intercreditor Agreement and First Lien Collateral Agency Agreement to, among other things, add the Obligations (as defined in the Indenture) in respect of the Notes (as defined in the Indenture) and the Indenture (the “1.75 Lien Notes Obligations”) as Additional First Lien Indebtedness under the First Lien Intercreditor Agreement and the First Lien Collateral Agency Agreement.

 

 

 

 

Accordingly, the New Representative and the New Collateral Agent agree as follows:

 

SECTION 1.     In accordance with Section 8.2(b) of the First Lien Intercreditor Agreement and Section 4.05(b) of the First Lien Collateral Agency Agreement, the New Representative and the New Collateral Agent by their signatures below (i) shall become a First Lien Representative and a First Lien Collateral Agent, respectively, under, and the related Additional First Lien Indebtedness and Additional First Lien Claimholders become subject to and bound by, the Joined Agreements with the same force and effect as if the New Representative and New Collateral Agent had originally been named therein as a First Lien Representative or a First Lien Collateral Agent, respectively, and (ii) hereby agree to all the terms and provisions of the Joined Agreements applicable to them as First Lien Representative and First Lien Collateral Agent, respectively, become subject to and bound by, the Joined Agreements with the same force and effect as if the New Representative and New Collateral Agent had originally been named therein as a First Lien Representative or a First Lien Collateral Agent, respectively.

 

SECTION 2     Each of the New Representative and New Collateral Agent represent and warrant to each other First Lien Collateral Agent, each other First Lien Representative, the Joint First Lien Collateral Agent and the other First Lien Claimholders, individually, that (i) it has full power and authority to enter into this Joinder, in its capacity as trustee and collateral agent, as applicable, (ii) this Joinder has been duly authorized, executed and delivered by it and constitutes its legal, valid and binding obligation, enforceable against it in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency or similar laws affecting the enforcement of creditors’ rights generally or by equitable principles relating to enforceability, and (iii) the First Lien Documents relating to such Additional First Lien Indebtedness provide that, upon the New Representative’s and the New Collateral Agent’s entry into this Joinder, the Additional First Lien Claimholders represented by them will be subject to and bound by the provisions of the Joined Agreements.

 

SECTION 3.     The Class of Additional First Lien Indebtedness shall be 1.75 lien Indebtedness (“1.75 Lien Indebtedness”), which shall constitute (x) Junior Lien Claims to the 1.5 Lien Claims, 1.25 Lien Claims, 1.125 Lien Claims and the Senior Credit Agreement Claims, (y) Senior Lien Claims to any Additional First Lien Indebtedness secured by Liens on the Common Collateral that rank junior to the Liens on the Common Collateral securing the 1.75 Lien Indebtedness and (z) pari passu claims with any other 1.75 Lien Indebtedness permitted under the Joined Agreements, including without limitation, the Indebtedness being incurred on the date hereof pursuant to the Credit Agreement, dated as of the date hereof, among Hovnanian, the Company, the subsidiaries of Hovnanian from time to time party thereto, the lenders from time to time party thereto, and WTNA, as administrative agent and collateral agent.

 

SECTION 4.     This Joinder may be executed in counterparts, each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Joinder shall become effective when the Joint First Lien Collateral Agent, each First Lien Collateral Agent and First Lien Representative shall have received a counterpart of this Joinder that bears the signatures of the New Representative and the New Collateral Agent. Delivery of an executed signature page to this Joinder by facsimile transmission or other electronic means shall be effective as delivery of a manually signed counterpart of this Joinder.

 

SECTION 5.     Except as expressly supplemented hereby, each of the First Lien Intercreditor Agreement and the First Lien Collateral Agency Agreement shall remain in full force and effect.

 

 

 

 

SECTION 6.     THIS JOINDER, AND ANY DISPUTE, CLAIM OR CONTROVERSY ARISING OUT OF OR RELATING TO THIS JOINDER (WHETHER ARISING IN CONTRACT, TORT OR OTHERWISE) SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICTS OF LAW RULES THAT WOULD RESULT IN THE APPLICATION OF A DIFFERENT GOVERNING LAW (OTHER THAN ANY MANDATORY PROVISIONS OF THE UCC RELATING TO THE LAW GOVERNING PERFECTION AND THE EFFECT OF PERFECTION OR PRIORITY OF THE SECURITY INTERESTS).

 

SECTION 7.     Any provision of this Joinder that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof and in the Joined Agreements, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. The parties hereto shall endeavor in good-faith negotiations to replace any invalid, illegal or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to those of the invalid, illegal or unenforceable provisions.

 

SECTION 8.     All communications and notices hereunder shall be in writing and given as provided in Section 8.7 of the First Lien Intercreditor Agreement. All communications and notices hereunder to the New Representative and the New Collateral Agent shall be given to them at their respective addresses set forth below their signatures hereto.

 

SECTION 9.     Sections 8.8 and 8.18 of the First Lien Intercreditor Agreement are hereby incorporated herein by reference as if fully set forth herein.

 

[Remainder of this page intentionally left blank]

 

 

 

 

IN WITNESS WHEREOF, the New Representative and New Collateral Agent have duly executed this Joinder to the First Lien Intercreditor Agreement and the First Lien Collateral Agency Agreement as of the day and year first above written.

 

	
			 

				
			WILMINGTON TRUST, NATIONAL ASSOCIATION,

			in its capacity as Notes Trustee for the holders of the

			1.75 Lien Notes Obligations, as New Representative,

				
			 

			
	
			 

				
			 

				
			 

				
			 

			
	
			 

				
			 

				
			 

				
			 

			
	
			 

				
			By: 

				
			/s/ Quinton M. DePompolo

				
			 

			
	
			 

				
			 

				
			Name: Quinton M. DePompolo

				
			 

			
	
			 

				
			 

				
			Title: Banking Officer

				
			 

			
	 	 	 	 
	 	 	 	 
	 	Address for notices:	 
	 	 	 
	 	246 Goose Lane, Suite 105	 
	 	Guilford, CT 06437	 
	 	attention of: K. Hovnanian Administrator	 
	 	Telecopy: 302-636-4149	 
	 	 	 
	 	 	 
	 	
			WILMINGTON TRUST, NATIONAL ASSOCIATION,

			in its capacity as 1.75 Pari Passu Lien Collateral

			Agent for the holders of the 1.75 Lien Notes

			Obligations, as New Collateral Agent

				 
	 	 	 	 
	 	 	 	 
	 	By: 	/s/ Quinton M. DePompolo	 
	 	 	Name: Quinton M. DePompolo	 
	 	 	Title: Banking Officer	 
	 	 	 	 
	 	 	 	 
	 	Address for notices:	 
	 	 	 
	 	246 Goose Lane, Suite 105	 
	 	Guilford, CT 06437	 
	 	attention of: K. Hovnanian Administrator	 
	 	Telecopy: 302-636-4149	 
	 	 	 
	 	Acknowledged:	 
	 	 	 
	 	
			WILMINGTON TRUST, NATIONAL ASSOCIATION,

			as Notes Collateral Agent

				 
	 	 	 	 
	 	 	 	 
	 	By: 	/s/ Quinton M. DePompolo	 
	 	 	Name: Quinton M. DePompolo	 
	 	 	Title: Banking Officer	 

 

 

 

 

Receipt acknowledged by:

	
			 

			Senior Credit Agreement Collateral Agent

			 

			WILMINGTON TRUST, NATIONAL

			ASSOCIATION

			not in its individual capacity but solely in its capacity as

			Senior Credit Agreement Collateral Agent and Senior

			Credit Agreement Administrative Agent

			 

			 

			By:   /s/ Jeffery Rose                                          

			Name: Jeffery Rose

			Title: Vice President

			
	 
	
			1.125 Lien Trustee

			 

			WILMINGTON TRUST, NATIONAL

			ASSOCIATION

			not in its individual capacity but solely in its capacity

			as 1.125 Lien Trustee

			 

			 

			By:   /s/ Quinton M. DePompolo                       

			Name: Quinton M. DePompolo

			Title: Banking Officer

			
	 

 

 

 

	
			1.125 Lien Collateral Agent

			 

			WILMINGTON TRUST, NATIONAL

			ASSOCIATION

			not in its individual capacity but solely in its capacity

			as 1.125 Lien Collateral Agent

			 

			 

			By:   /s/ Quinton M. DePompolo                       

			Name: Quinton M. DePompolo

			Title: Banking Officer

			
	
			 

			 

			1.25 Lien Trustee

			 

			WILMINGTON TRUST, NATIONAL

			ASSOCIATION

			not in its individual capacity but solely in its capacity

			as 1.25 Lien Trustee

			 

			 

			By:   /s/ Quinton M. DePompolo                       

			Name: Quinton M. DePompolo

			Title: Banking Officer

			
	 
	
			 

			1.25 Lien Collateral Agent

			 

			WILMINGTON TRUST, NATIONAL

			ASSOCIATION

			not in its individual capacity but solely in its capacity

			as 1.25 Lien Collateral Agent

			 

			 

			By:   /s/ Quinton M. DePompolo                       

			Name: Quinton M. DePompolo

			Title: Banking Officer

			

 

 

 

 

	
			1.5 Lien Trustee

			 

			WILMINGTON TRUST, NATIONAL

			ASSOCIATION

			not in its individual capacity but solely in its capacity

			as 1.5 Lien Trustee

			 

			 

			By:   /s/ Quinton M. DePompolo                       

			Name: Quinton M. DePompolo

			Title: Banking Officer

			
	 
	
			 

			1.5 Lien Collateral Agent

			 

			WILMINGTON TRUST, NATIONAL

			ASSOCIATION

			not in its individual capacity but solely in its capacity

			as 1.5 Lien Collateral Agent

			 

			 

			By:   /s/ Quinton M. DePompolo                       

			Name: Quinton M. DePompolo

			Title: Banking Officer

			

 

	
			 

			 

			Joint First Lien Collateral Agent

			 

			WILMINGTON TRUST, NATIONAL

			ASSOCIATION

			not in its individual capacity but solely in its capacity

			as Joint First Lien Collateral Agent

			 

			 

			By:   /s/ Quinton M. DePompolo                       

			Name: Quinton M. DePompolo

			Title: Banking Officer

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00302-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00302-of-00352.parquet"}]]