Borrower Addition Agreements Sample Clauses
A Borrower Addition Agreement clause establishes the process and requirements for adding new borrowers to an existing loan agreement. Typically, this clause outlines the documentation and approvals needed for an additional party to become jointly liable for the loan, such as executing a joinder agreement and obtaining lender consent. Its core practical function is to ensure that any new borrower is formally bound by the terms of the original loan, thereby protecting the lender’s interests and maintaining clarity regarding all parties’ obligations.
Borrower Addition Agreements. With respect to each Designated EDS Affiliate, if any, existing on the Availability Date, a Borrower Addition Agreement substantially in the form of Exhibit A hereto, executed by each such Designated EDS Affiliate, pursuant to which such Designated EDS Affiliate agrees to be bound by the terms hereof.