Forbearance by Lender. 4.1 Subject to the satisfaction of the terms and conditions set forth herein, and further subject to the provisions of Section 4.2 below or any other limitation set forth in this Agreement, the Lender will not exercise or enforce its rights or remedies against Borrower to which Lender would be entitled under the terms of the Loan Documents by reason of the occurrence of the Designated Defaults; provided, that such forbearance shall not act as a waiver of Lender’s right to enforce any such right or remedy after the Forbearance Termination Date, it being agreed to and understood that on the Forbearance Termination Date, Lender’s agreement to forbear shall automatically and without further action terminate and be of no force and effect, and as a result thereof, Lender shall be permitted to immediately exercise any and all of its rights and remedies it may have as a result of the existence of the Designated Defaults in accordance with the Credit Agreement and other Loan Documents or applicable law. Furthermore, nothing contained herein shall be construed as requiring Lender to extend the Forbearance Termination Date. Lender specifically agrees that, prior to the Forbearance Termination Date (and provided that no Default or Event of Default (other than the Designated Defaults) under the Loan Documents exists and all other conditions to funding are satisfied) Lender shall continue to administer the lines of credit under the Credit Agreement (the “Credit Lines”) and permit advances (up to an aggregate amount not to exceed the lesser of the (i) Availability or (ii) the amount of disbursements set forth in the Cash Flow Forecast) and repayments in the same manner and in accordance with the same terms as governed by the Loan Documents. On the Forbearance Termination Date, all such indebtedness as is then outstanding pursuant to the Credit Lines shall be considered as part of the Obligations and shall thereupon be immediately due and payable in full. It is expressly acknowledged and agreed by the Borrower that Lender’s agreement herein to continue administering the Credit Lines as provided for hereby during the forbearance period shall not in any manner be deemed to prejudice Lender or act as a waiver of its otherwise applicable rights and remedies to collect and enforce the full amount of the Obligations as of the Forbearance Termination Date. The following Events of Default occurring after the date hereof (“Future Permitted Defaults”) will not constitute Events of ...
Forbearance by Lender. Notwithstanding the occurrence and continuance of the Existing Defaults, subject to the terms and conditions hereof, the Lender hereby agrees to forbear, during the Forbearance Period, from the exercise of any and all rights or remedies under the Financing Documents or applicable law solely in respect of the Existing Defaults. Notwithstanding the foregoing, nothing contained in this Agreement shall constitute a waiver by the Lender of any default or Event of Default, whether now existing or hereafter arising (including, without limitation, the Existing Defaults). This Agreement shall only constitute an agreement by the Lender to forbear from enforcing its rights and remedies upon the terms and conditions set forth herein.
Forbearance by Lender. The Borrower acknowledges and agrees that the Acknowledged Events of Default have occurred and are continuing under the Loan Documents and that as a result thereof the Lender hereby declares all Obligations to be immediately due and payable in full, and this Agreement hereby further confirms that the Termination Date has occurred. The Lender expressly reserves all rights and remedies under the Credit Agreement and the other Loan Documents. In consideration of the Borrower’ performance in accordance with each and every term and condition of this Agreement and the Forbearance Documents, the Lender shall forbear from enforcing its rights and remedies against the Borrower and the Collateral until the earlier of (a) the occurrence of a Termination Event (as defined below), or (b) 5:00 P.M. (prevailing Eastern time) on the Forbearance Termination Date. Notwithstanding the foregoing, nothing contained in this Agreement or the other Forbearance Documents shall constitute a waiver by the Lender of any Default or Event of Default, whether now existing or hereafter arising (including, without limitation, the Acknowledged Events of Default). This Agreement shall only constitute an agreement by the Lender to forbear from enforcing its rights and remedies upon the terms and conditions set forth herein.
Forbearance by Lender. Notwithstanding written notice by the Lender of an election not to make any additional advances hereunder, the Lender hereby agrees to forebear exercising any rights under the Security Documents through and including the Maturity Date, so long as no Events of Default have occurred hereunder or thereunder, to allow the Borrower to perform its duties as Manager at the Project and to seek additional financing during that time. Notwithstanding such forbearance, however, Lender shall be entitled to declare the Loan immediately due and payable in accordance with the provisions of Section 8.1 and to exercise all rights it has to the full extent of the Security Documents in the event that (a) TSVLP shall undertake any action to enforce its rights under the TSVLP Security Agreement or other documents securing its existing Lien, or (b) any third party shall exercise any rights of foreclosure or other collection action against the Collateral.
Forbearance by Lender. The Borrowers acknowledge and agree that by virtue of the Existing Noncompliance, the Lender has been and presently is entitled to declare an Event of Default under the Credit Agreement and exercise its rights and remedies thereunder and under the related Loan Documents that by virtue of the Notice of Default the Credit Agreement and all Loan Documents are and remain in default; and that the Lender has the immediate right to make demand, terminate all credit facilities and otherwise exercise its various remedies under the Credit Agreement and the Loan Documents. In consideration of the representations, warranties, promises and covenants of the Borrowers set forth in this Agreement, and the contemplated future performance by the Borrowers of the terms hereof and of the other Loan Documents, the Lender hereby agrees that during the Forbearance Period, Lender will not enforce or exercise any remedies available to it under the Loan Documents with respect to the Existing Noncompliance and the Notice of Default, and will not seek collection of the Loans from the Borrowers except as set forth herein.
Forbearance by Lender. Without waiving the Specified Events of Default or the Lender’s rights and remedies with respect thereto, and subject to the terms and conditions set forth herein, the Loan Documents, and the documents executed in connection with this Agreement, the Lender agrees to forbear in the exercise of its rights and remedies under the Loan Documents as a result of the Specified Events of Default until the earlier of (i) October 30, 2008 or (ii) the occurrence of an Event of Default under this Agreement (the “Forbearance Termination Date”). On the Forbearance Termination Date, all the Obligations will be deemed immediately due and payable, in full, with no further notice or opportunity to cure.
Forbearance by Lender. In consideration of the Obligors' performance in accordance with this Agreement, the Lender shall forbear from enforcing its rights and remedies under the Loan Documents and applicable law as a result of the Borrower's defaults, until the occurrence of an Event of Default, as defined in Paragraph 12, below. Notwithstanding the foregoing, nothing contained in this Agreement shall constitute a waiver by the Lender of any Event of Default under the Loan Documents, whether now existing or hereafter arising. This Agreement shall only constitute an agreement by the Lender to forbear from enforcing its rights and remedies upon the terms and conditions set forth herein. EVENTS OF DEFAULT -----------------
Forbearance by Lender. In consideration of the Obligors’ performance in accordance with this Agreement and the other Forbearance Documents, the Lender shall forbear from enforcing the Lender’s rights and remedies as a result of the Existing Defaults, including the Lender’s right to enforce the Utah Judgment (as defined in the Prior Forbearance Agreement), until the earlier of (a) the occurrence of a Termination Event, or (b) the Termination Date. Notwithstanding the foregoing, nothing contained in this Agreement or the other Forbearance Documents shall (i) constitute a waiver by the Lender of any default or Event of Default, whether now existing or hereafter arising (including, without limitation, the Existing Defaults), (ii) prevent the Lender from protecting, preserving, and enforcing its rights and remedies in connection with efforts by creditors of the Obligors to seize assets of the Obligors, including, without limitation, collection efforts by ABS, or (iii) prevent the Lender from protecting, preserving, and enforcing its rights against Katana and/or the assets set forth in Schedule 1 attached to the Prior Forbearance Agreement whether under the Financing Documents, the Utah Judgment, or otherwise. This Agreement shall only constitute an agreement by the Lender to forbear from enforcing its rights and remedies upon the terms and conditions set forth herein. The Obligors further acknowledge and agree that any statutes of limitation or repose or similar time limitations on the ability of the Lender to enforce its rights under the Financing Documents, the Utah Judgment, or otherwise, shall all be tolled during the term of this Agreement.
Forbearance by Lender. Not a Waiver. Any forbearance by Xxxxxx in exercising any right or remedy shall not be a waiver of or preclude the exercise of any right or remedy.
Forbearance by Lender. Subject to compliance with each and every closing condition set forth in Section 5, the Lender agrees to forbear from the exercise of its rights and remedies under the Credit Documents until the earlier to occur of (a) January 19, 2001 or (b) the execution of the settlement agreement described in Section 8(q).
