Common use of Forbearance Agreement Clause in Contracts

Forbearance Agreement. Until April 30, 2001, the Bank and Hancxxx xxxll not demand or accept any payment, principal or interest, or accelerate or take any enforcement action with respect to the Bank Loan and the Hancxxx Xxxes. For the purposes hereof "enforcement action" means any of the following: (a) to take from or for the account of the Company by set-off or in any other manner the whole or any part of any monies which may now or after be owing by the Company with respect to the Bank Loan or the Hancxxx Xxxes; (b) to sue xxx payment of, or initiate or participate in any other suit, action or proceeding against the Company (i) to enforce payment of or to collect the whole or any part of the Bank Loan or the Hancxxx Xxxes or (ii) to enforce any other rights, powers, privileges or remedies under the Bank Loan Documents or the Hancxxx Xxxe Agreement; or (c) to take any action under the provisions of any state or federal law to enforce, foreclose upon, take possession of or sell any property or assets of the Company. In addition, the Bank and Hancxxx xxxll agree to cooperate to the extent commercially reasonable with respect to any other forbearance matters which shall be required in order for the Company to receive a "clean" audit report in its financial statements without any qualifications or exceptions.

Forbearance Agreement. Until April 30, 2001, the Bank and Hancxxx xxxll Hancock ---------------------- shall not demand or accept any payment, principal or interest, or accelerate or take any enforcement action with respect to the Bank Loan and the Hancxxx XxxesHancock Notes. For the purposes hereof purposxx xxxxof "enforcement action" means any of the following: (a) to take from or for the account of the Company by set-off or in any other manner the whole or any part of any monies which may now or after be owing by the Company with respect to the Bank Loan or the Hancxxx XxxesHancock Notes; (b) to sue xxx payment for xxxxxxx of, or initiate or participate in any other suit, action or proceeding against the Company (i) to enforce payment of or to collect the whole or any part of the Bank Loan or the Hancxxx Xxxes Hancock Notes or (ii) to enforce any enforxx xxx other rights, powers, privileges or remedies under the Bank Loan Documents or the Hancxxx Xxxe Hancock Note Agreement; or (cx) to xx take any action under the provisions of any state or federal law to enforce, foreclose upon, take possession of or sell any property or assets of the Company. In addition, the Bank and Hancxxx xxxll Hancock shall agree to cooperate to cooperaxx xx the extent commercially reasonable with respect to any other forbearance matters which shall be required in order for the Company to receive a "clean" audit report in its financial statements without any qualifications or exceptions.