Extension of Forbearance. Except as expressly modified by this Agreement, the provisions of the 2/1/05 Forbearance Agreement are hereby incorporated into this Agreement. The Extended Forbearance Period, as that term is defined in the 2/1/05 Forbearance Agreement, shall be extended through April 29, 2005, by replacing the date March 18, 2005, which is set forth in the first paragraph of Paragraph C of the 2/1/05 Forbearance Agreement, with the date April 29, 2005.
Extension of Forbearance. Events of Default have occurred and are continuing under Section 8.1 (b) of the Credit Agreement as a result of the Borrower's non-compliance with the covenants contained in Sections 7.14, 7.15 and 7.16 of the Credit Agreement. Pursuant to the Forbearance Agreement, as an accommodation to Borrower while not waiving any such Events of Default, but subject to compliance by Borrower with the terms and conditions set forth in the Forbearance Agreement, Lender agreed to (i) forebear through January 25, 2001 from accelerating the Loans or exercising any rights and remedies to which it is entitled as a result of the occurrence thereof except as provided therein and (ii) continue to extend Loans to the Borrower on the terms and conditions set forth in the Credit Agreement.
Extension of Forbearance. Bank of America, N.A., as Agent and the other Lenders party to that certain Forbearance Agreement and Second Amendment, dated as of November 15, 2004 (the “Forbearance Agreement”) shall have agreed to an extension of the Forbearance Period (as defined in the Forbearance Agreement) to February 21, 2005.
Extension of Forbearance. Section 2(a)(i) of the Forbearance which prior to the Extension Effective Date read as follows (with quotes and italicized text added for convenience of reading only):
Extension of Forbearance. According to the terms of the forbearance provisions contained within Amendment No. 6, the Forbearance Period, as defined therein, shall terminate on or before March 23, 2007. Although the Borrower continues not to be in compliance with the financial covenants set forth in subsections (a) and (b) of Section 6.09 of the Credit Agreement for the fiscal quarter ending December 31, 2006 and based on the information received to date, does not contemplate being in compliance for the fiscal quarter ending March 31, 2007 (the “Additional Default”), Borrower has requested the Lenders to further extend the Forbearance Period under the Amendment No. 6. Lenders and Agent agree, upon satisfaction of the conditions set forth in Section 5 hereof, that:
Extension of Forbearance. If a Forbearance Termination Event has not occurred prior to 11:59 p.m. (Eastern Time) on May 10, 2020, the Forbearance Period shall initially extend without further Lender consent or documentation to the earlier of (i) 11:59 p.m. (Eastern Time) on July 1, 2020 and (ii) the occurrence of a Forbearance Termination Event. If a Forbearance Termination Event has not occurred prior to 11:59 p.m. (Eastern Time) on July 1, 2020, the Forbearance Period shall further extend without further Lender consent or documentation to the earlier of (i) 11:59 p.m. (Eastern Time) on August 15, 2020 and (ii) the occurrence of a Forbearance Termination Event.
Extension of Forbearance. So long as no Forbearance Default shall have occurred, if, on or before August 31, 2001, the Borrowers execute a term sheet for a Restructuring (as defined below) which is mutually acceptable to the Agents and the Lenders, the Forbearance Period shall be automatically extended to the earlier to occur of September 28, 2001 and the date of any Forbearance Default.
Extension of Forbearance. Upon the extension of the Forbearance Period (as such term is defined in the Bank Group Forbearance Agreement) from time to time pursuant to the terms of the Bank Group Forbearance Agreement, the Hedge Forbearance Period may be extended for equivalent periods of time with the prior written consent of FEMT. Except as expressly provided herein, Meridian and each Guarantor agrees that FEMT shall have no obligation to extend the Hedge Forbearance Period.
Extension of Forbearance. Section 2(a)(i) of the Forbearance which (after giving effect to the Eighth Forbearance Extension) read as follows (with quotes and italicized text added for convenience of reading only):
Extension of Forbearance. (a) Borrowers have previously notified the Administrative Agent that they anticipated that they would be in default of the Financial Covenants required by Section 6.10 and Annex G, clauses (c) and (d) of the Credit Agreement for the 12-month periods ending on January 31, 2006 and December 31, 2005 (the "Ongoing Events of Default") and have notified the Administrative Agent that they now anticipate that in addition to the Ongoing Events of Default, they will be in default of the Financial Covenants required by Section 6.10 and Annex G, clauses (b), (c) and (d) of the Credit Agreement as follows:
(i) actual EBITDA for the 12-month period ended on January 31, 2006 will be not less than $36,661,000;
(ii) actual EBITDA for the 12-month period ended on December 31, 2005 will be not less than $34,746,000;
(iii) the actual Leverage Ratio for the 12-month period ended on January 31, 2006 will be not greater than 5.29:1.0;
(iv) the actual Leverage Ratio for the 12-month period ended on December 31, 2005 will be not greater than 5.26:1.0;
(v) actual EBITDA for the 12-month period ended on February 28, 2006 will be not less than $36,332,000;
(vi) the actual Leverage Ratio for the 12-month period ended on February 28, 2006 will be not greater than 5.35:1.0;
(vii) the actual Fixed Charge Coverage Ratio for the 12-month period ended on December 31, 2005 will be not less than 0.59:1.0; and
(viii) the Events of Default set forth on Schedule A hereto (the "Specified Events of Default") will occur or will be continuing
(b) In that certain forbearance letter, dated as of March 9, 2006 (the "Forbearance Letter"), executed by the Agents and the Lenders and acknowledged by the Borrowers, the Administrative Agent and the Lenders agreed that (i) the Ongoing Events of Default would not constitute a Default or an Event of Default for purposes of Section 2.2 of the Credit Agreement and (ii) they would forbear from exercising their remedies under the Credit Agreement and the other Loan Documents (both (i) and (ii), the "Forbearance") until April 3, 2006.
(c) Borrowers acknowledge that as of the date hereof the Specified Events of Default have occurred and are continuing.
(d) Borrowers have requested that, and the Administrative Agent and the Lenders have agreed to, extend the Forbearance during the Forbearance Period (as defined below). The Administrative Agent and the Lenders will not charge interest on any Obligations at the default rate of interest under Section 1.5(d) of the Credi...
