Forbearance Fee. In consideration of the Lender’s agreements set forth herein, Obligors agree to pay the Lender a non-refundable forbearance fee in the amount of $12,500.00 (the “Forbearance Amendment Fee”). The Forbearance Amendment Fee shall be: (i) fully earned by the Lender as of the Forbearance Amendment and Fifteenth Amendment Effective Date, (ii) retained by the Lender as a fee under all circumstances and shall not be applied in reduction of any other of the Obligations, and (iii) paid to the Lender in good and collected upon the execution of this Agreement.
Forbearance Fee. The Obligors hereby jointly and severally agree to pay to Lender the sum of $30,650 as a Forbearance Fee (the "Forbearance Fee"), such Forbearance Fee to be due and payable on May 13, 2002. The parties agree that the Forbearance Fee is fully earned on the date hereof.
Forbearance Fee. (a) In consideration of the forbearance by Lender under this Agreement and the waiver of the Existing Defaults and for other valuable consideration, the receipt and sufficiency of which are acknowledged, Borrower agrees to pay to Lender a Forbearance/Waiver Fee calculated as follows, and due on or before the earlier of the following (the “Deferral Date”): (i) the termination of the Forbearance Period, (ii) the cure of the Deficiency, or (iii) the refinance of the Revolving Note by another lender:
(i) Forbearance/Waiver Fee under the First Forbearance Agreement in the amount of $553,666.67; plus
(ii) Forbearance/Waiver Fee under the Second Forbearance Agreement in the amount of $723,666.33; plus
(iii) Forbearance/Waiver Fee under the Third Forbearance Agreement in the amount of $1,189,259.24; plus INFINITY ENERGY RESOURCES, INC. December 4, 2009 Page 9 of 18
(iv) A Forbearance/Waiver Fee shall be due for each month from June 1, 2009 through the end of the Forbearance Period, inclusive, calculated as one percent (1.0%) of the average daily outstanding principal balance on the Revolving Note for the month as of the last day of each of those months (or as of the Deferral Date if such occurs during any month). Except as set forth below, the Forbearance/Waiver Fees and all other fees are non-refundable and earned by Lender upon execution of this Agreement.
(b) If on or before January 31, 2010, the Revolving Note and all other fees and obligations under this Agreement and the Loan Agreement are paid in full, and all outstanding Letters of Credit, including the Nicaragua Letters of Credit, are terminated or cash secured to Lender’s satisfaction, then Lender hereby agrees to waive one-half of the Forbearance/Waiver Fees accrued, but unpaid, under Subsection (a) above.
(c) If any cash equity contribution to Borrower is deposited into the Lockbox Account for the purpose of paying the monthly interest payments due under this Forbearance Agreement, then Borrower shall receive a credit to the Forbearance/Waiver Fees accrued, but unpaid, under Subsection (a) above, equal to three hundred percent (300%) of the amount of the equity contribution used for the purpose of paying the monthly interest payments due under this Forbearance Agreement, up to the full amount of the Forbearance/Waiver Fees accrued, but unpaid, under Subsection (a) above.
(d) Borrower may make a written proposal to Lender regarding the payment of the Forbearance/Waiver Fees due under this Section by (i)...
Forbearance Fee. (i) Borrowers shall pay to the Agent, for the benefit of the Revolving Loan Lenders, the Forbearance Extension Fee (Revolving Lenders) on the earlier to occur of (A) the Termination Date and (B) the occurrence of a Termination Event.
(ii) Borrowers shall pay to the Agent, for the benefit of the Term Loan Lenders, the Forbearance Extension Fee (Term Lenders) in one installment, payable on the Maturity Date; provided that (A) subject to clause (B), the full amount of the Forbearance Extension Fee (Term Lenders) shall be added to the aggregate principal amount of the Term Loan outstanding on the Forbearance Extension Effective Date, (B) until December 31, 2008, interest on the Forbearance Extension Fee (Term Lenders) shall be paid-in-kind by being added to the then unpaid principal amount of the Term Loan (and not paid-in-cash on a current basis), and (C) (x) one-half of the Forbearance Extension Fee (Term Lenders) and (y) one-half of the interest accrued on the Forbearance Extension Fee (Term Lenders) shall be deemed forgiven and cancelled if Borrowers comply with Section 5(b) above.
(iii) It is understood and agreed that (A) the Forbearance Fee has been bargained for by the Lenders in exchange for the agreement to forbear set forth in Section 2, (B) the Borrowers have knowingly, voluntarily and intelligently, with the advice of counsel, irrevocably and unconditionally agreed to pay the Forbearance Fee, (C) the Forbearance Fee has been fully earned as of the date of this Agreement, notwithstanding any failure by any Borrower to comply with any other term or condition of this Agreement, (D) the Forbearance Fee is in addition to all other fees, interest, costs and expenses payable in connection with the Credit Agreement and the other Loan Documents, and (E) the Forbearance Fee will be payable in any and all circumstances, including, without limitation, (I) acceleration of the Obligations as a result of the occurrence of an Event of Default, (II) foreclosure and sale of, or collection of, the Collateral, (III) sale of the Collateral in any Insolvency Proceeding, or (IV) the restructure, reorganization, or compromise of the Obligations by the confirmation of a plan of reorganization or any other plan of compromise, restructure, or arrangement in any Insolvency Proceeding. All references in this paragraph to “Forbearance Fee” mean the Forbearance Fee other than the Initial Forbearance Fee.
(iv) The Agent and the Lenders confirm that the Borrowers complied with Se...
Forbearance Fee. Upon execution and delivery by Borrower to GECC of this Amendment, an amount equal to Twenty-Five Thousand And No Hundredths Dollars ($25,000.00) as a forbearance fee and in partial consideration for GECC’s agreement to enter into this Agreement (the “Forbearance Fee”) shall be fully earned by GECC. The Forbearance Fee shall be due and payable by Borrower in two installments as follows: (i) Fifteen Thousand And No Hundredths Dollars ($15,000.00) upon execution and delivery of this Agreement by Borrower to GECC, and (ii) Ten Thousand And No Hundredths Dollars ($10,000.00) on October 31, 2005, provided however, that in the event GECC receives indefeasible payment in full of all of the CF Obligations and the EF Obligations prior to October 31, 2005, and has no further obligation to fund or otherwise extend credit to Borrower, then: (A) the amount of the Forbearance Fee shall be reduced to $15,000.00, and (B) Borrower shall not be required to pay the second installment of $10,000.00. Borrower hereby authorizes and instructs GECC to make advances under the Loan Agreement to pay the Forbearance Fee when due, and each such advance shall constitute a Revolving Credit Loan (as that term is defined in the Loan Agreement). Borrower hereby acknowledges and agrees that: (i) the Forbearance Fee shall constitute a portion of the CF Obligations owing from Borrower to GECC under the provisions of the Loan Agreement and the other Loan Documents secured by the Collateral.
Forbearance Fee. As a material inducement and partial consideration for Lender’s agreement to enter into this Agreement, and in exchange for the Forbearance, Xxxxxx’s fees incurred in preparing this Agreement, and Xxxxxx’s other accommodations set forth herein, Borrower agrees to pay to Lender a forbearance fee equal to ten percent (10%) of the Outstanding Balance (the “Forbearance Fee”). The Forbearance Fee will be added to the Outstanding Balance upon Xxxxxxxx’s execution of this Agreement.
Forbearance Fee. In consideration of the agreement of the Agent and the Lenders to enter into this Agreement and hereby conditionally forbear from exercising their available Default Rights and Remedies throughout the Forbearance Period, the Borrower shall pay to the Agent, for the ratable benefit of the Lenders, a one-time forbearance fee in the amount of $25,000 (the “Forbearance Fee”). The Forbearance Fee shall be fully-earned, non-refundable and due and payable in one lump sum on the date of this Agreement. The Borrower and the Parent Guarantor acknowledge and agree that the Agent shall effect payment of the Forbearance Fee when due by charging the full amount thereof to the Borrower’s Revolving Loans account.
Forbearance Fee. In consideration for NBD agreeing to forbear from exercising its rights and remedies under the Loan Documents with respect to the Existing Defaults as provided herein, Borrowers shall pay to NBD a forbearance fee in the amount of $75,000 simultaneously with the execution of this Agreement, plus $25,000 the first day of each month until all Obligations are paid in full, collectively, the "Forbearance Fee."
Forbearance Fee. The Obligors hereby renew and affirm their obligation --------------- to pay a forbearance fee in an amount equal to Four Hundred Fifty Thousand Dollars ($450,000), which fee was fully earned and non-refundable upon execution and delivery of the Forbearance Agreement, is included as part of the Indebtedness of Obligors to Lender under the Credit Agreement and shall be charged as a Revolving Advance under the Credit Agreement upon the earlier of (a) the occurrence of a Termination Event or (b) payment of the Indebtedness.
Forbearance Fee. Borrower shall have paid pro rata to the Lenders a forbearance fee in the aggregate amount of $50,000 (the "Forbearance Fee"), $25,000 of which shall be credited to accrued but unpaid interest (provided that Lessee provides, on or before November 30, 2001, the Commitment Letter).
