FORBEARANCE BY BANK. A. In consideration of, among other things, Borrower’s compliance with each and every term of this Agreement, Bank hereby agrees to forbear from exercising its rights and remedies against the Borrower as a result of the Existing Defaults until the earlier to occur of (i) a Default or an Event of Default under the Loan Agreement (with the sole exception of the Existing Defaults), (ii) the failure of Borrower to promptly, punctually, or faithfully perform or comply with any term or condition of this Agreement as and when required, it being expressly acknowledged and agreed that TIME IS OF THE ESSENCE, or (iii) 3:00 pm (Denver, Colorado time) on August 31, 2009 (the period commencing as of the date hereof and ending on the earlier of (i), (ii) or (iii) above shall be referred to as the “Forbearance Period”).
FORBEARANCE BY BANK. A. In consideration of, among other things, Borrower’s compliance with each and every term of this Forbearance Agreement, Bank hereby agrees to forbear from exercising its rights and remedies as a result of the Stated Defaults until the earlier of (i) a Default or an Event of Default occurs under the Loan Agreement (with the sole exception of the Stated Defaults), (ii) the failure of Borrower to promptly, punctually, or faithfully perform or comply with any term or condition of this Forbearance Agreement as and when required, it being expressly acknowledged and agreed that TIME IS OF THE ESSENCE, or (iii) 3:00 p.m. Pacific time on April 21, 2017 (the period commencing as of the date of the effectiveness of this Forbearance Agreement and ending on the earlier of (i), (ii) or (iii) above shall be referred to as the “Forbearance Period”).
FORBEARANCE BY BANK. Borrower acknowledges that it is currently in default under the Loan Agreement by its failure to comply with (i) the financial covenant set forth in subsection (a) of Section 5 of the Schedule to the Loan Agreement (relative to Borrower's Adjusted Quick Ratio) as of the months ended July 31, 2006, August 31, 2006 and September 30, 2006, and (ii) the financial covenant set forth in subsection (b) of Section 5 of the Schedule to the Loan Agreement (relative to Borrower's EBITDAS) as of the quarter ended September 30, 2006 (the "Defaults"). Bank, however, hereby agrees to forbear from exercising its rights and remedies with respect to the Defaults until the earlier to occur of (i) an Event of Default under the Loan Agreement (other than the failure of the Borrower to comply with the above covenants) or (ii)
FORBEARANCE BY BANK. The provisions of Section 4 of the Original Agreement are hereby amended by deleting the date April 18, 1997 appearing in clause (i) and substituting the date June 30, 1997 in its stead.
FORBEARANCE BY BANK not a Waiver. Any forbearance by Bank in exercising any right or remedy hereunder, or otherwise afforded by applicable law, shall not be a waiver of or preclude the exercise of any other right or remedy. The acceptance by Bank of payment of any sum secured by this Instrument after the due date of such payment shall not be a waiver of Bank's right to either require prompt payment when due of all other sums so secured or to declare a default for failure to make prompt payment. The procurement of insurance or the payment of taxes or other liens or charges by Bank shall not be a waiver of Bank's right to accelerate the maturity of the Indebtedness secured by this Instrument, nor shall Bank's receipt of any awards, proceeds or damages under Sections 5 and 11 hereof operate to cure or waive Borrower's default in payment of sums secured by this Instrument.
FORBEARANCE BY BANK. Bank agrees to forbear from exercising its rights and remedies pursuant to the Financing Documents upon the execution of this Forbearance Agreement and to fund requests for additional advances under the Bridge Loan Agreement in an amount not to exceed $250,000 in the aggregate (the "Initial Forbearance Funding Amount"); provided, however, that the foregoing forbearance and agreement shall, in Bank's discretion, terminate at any time after (a) the occurrence of any default under or "Event of Default" as defined in any of the Financing Documents subsequent to the date of this Forbearance Agreement (other than the continuation of an Event of Default disclosed to or otherwise actually known by Bank which exists on the date hereof), or (b) the breach by FBC of or default by FBC under any of the terms of this Forbearance Agreement.
FORBEARANCE BY BANK. In consideration of, among other things, Borrower's compliance with each and every term of this Agreement, Bank hereby agrees to forbear from exercising its rights and remedies as a result of the Existing Default until the earlier to occur of (i) a Default or an Event of Default under the Loan Agreement (with the sole exception of the Existing Default), (ii) the failure of Borrower to promptly, punctually, or faithfully perform or comply with any term or condition of this Agreement as and when required, it being expressly acknowledged and agreed that TIME IS OF THE ESSENCE, or (iii) 3:00 p.m. (Boston, Massachusetts time) on November 19, 2010 (the period commencing as of the date of the effectiveness of this Agreement and ending on the earlier of (i), (ii) or (iii) above shall be referred to as the "Forbearance Period"). Borrower hereby acknowledges and agrees that nothing contained in this section or in any other section of this Agreement shall be deemed or otherwise construed as a waiver by Bank of the Existing Default or any other Default or Event of Default (whether now existing or hereafter arising) or of any of its rights and remedies pursuant to the Existing Loan Documents, applicable law or otherwise. This Agreement shall only constitute an agreement by Bank to forbear from enforcing its rights and remedies based upon the Existing Default upon the terms and conditions set forth herein. Upon the expiration of the Forbearance Period, the agreement of Bank to forbear as set forth in this Agreement shall automatically terminate and Bank may immediately commence enforcing its rights and remedies pursuant to the Existing Loan Documents, applicable law or otherwise, in such order and manner as Bank may determine appropriate.
FORBEARANCE BY BANK. 6 SECTION 2.3 Cooperation..................................................7 SECTION 2.4 Conduct of SBI's Business Prior to the Effective Time........7
FORBEARANCE BY BANK. During the period from the date of ------------------- this Agreement to the Effective Time, Bank shall not, without the prior written consent of SBI:
FORBEARANCE BY BANK. Section 5.a of the Forbearance Agreement entitled Forbearance Period is hereby deleted in its entirety and replaced with the following:
