Common use of Forbearance Fee Clause in Contracts

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) delivery of stock in Borrower to Lender or its nominee, or (ii) assignment of an overriding royalty interest in the Nicaragua Concessions to Lender or its nominee. The proposal will be subject to Lender’s credit approval and must be upon terms and pricing acceptable to Lender, in its sole discretion. Lender does not yet have credit approval for payment of the Forbearance/Waiver Fees by delivery of stock or assignment of royalty.

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 $553,666.67of$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 RESOURCESUntil Borrower has received Governmental Approval, INC. December 4, 2009 Page 9 of 18 (iv) A a Forbearance/Waiver Fee shall be due for each month from June 1, 2009 2008 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). (iv) After Borrower has received Governmental Approval, a Forbearance/Waiver Fee shall be due for each month through the end of the Forbearance Period, calculated as three-quarters of one percent (0.75%) 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, 20102009, the Revolving Note Note, the Hedge Liabilities, 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 's satisfaction, then Lender hereby agrees to waive one-half all of the Forbearance/Waiver Fees accrued, but unpaid, under Subsection subsection (a) above. (c) . If any cash equity contribution to Borrower is deposited into on or before January 31, 2009, the Lockbox Account for outstanding principal balance owed on the purpose of paying the monthly interest payments due under this Forbearance AgreementRevolving Note has been paid down, then Borrower shall receive Lender hereby agrees to waive 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 pro-rata portion of the Forbearance/Waiver Fees accrued, but unpaid, under Subsection subsection (a) above, equal to the percentage of the current principal balance of $9,910,493.64 owed on the Revolving Note that has been paid as of that date. (dc) Borrower may make a written proposal to Lender regarding the payment of the Forbearance/Waiver Fees due under this Section by (i) delivery of unrestricted, marketable stock in Borrower to Lender or its nominee, or (ii) assignment of an overriding royalty interest in the Nicaragua Concessions to Lender or its nominee. The proposal will be subject to Lender’s 's credit approval and must be upon terms and pricing acceptable to Lender, in its sole discretion. Lender does not yet have credit approval for payment of the Forbearance/Waiver Fees by delivery of stock or assignment of royalty.

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 RESOURCESUntil Borrower has received Governmental Approval, INC. December 4, 2009 Page 9 of 18 (iv) A a Forbearance/Waiver Fee shall be due for each month from June 1, 2009 2008 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). (iv) After Borrower has received Governmental Approval, a Forbearance/Waiver Fee shall be due for each month through the end of the Forbearance Period, calculated as three-quarters of one percent (0.75%) 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, 20102009, the Revolving Note Note, the Hedge Liabilities, 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 all of the Forbearance/Waiver Fees accrued, but unpaid, under Subsection subsection (a) above. (c) . If any cash equity contribution to Borrower is deposited into on or before January 31, 2009, the Lockbox Account for outstanding principal balance owed on the purpose of paying the monthly interest payments due under this Forbearance AgreementRevolving Note has been paid down, then Borrower shall receive Lender hereby agrees to waive 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 pro-rata portion of the Forbearance/Waiver Fees accrued, but unpaid, under Subsection subsection (a) above, equal to the percentage of the current principal balance of $9,910,493.64 owed on the Revolving Note that has been paid as of that date. (dc) Borrower may make a written proposal to Lender regarding the payment of the Forbearance/Waiver Fees due under this Section by (i) delivery of unrestricted, marketable stock in Borrower to Lender or its nominee, or (ii) assignment of an overriding royalty interest in the Nicaragua Concessions to Lender or its nominee. The proposal will be subject to Lender’s credit approval and must be upon terms and pricing acceptable to Lender, in its sole discretion. Lender does not yet have credit approval for payment of the Forbearance/Waiver Fees by delivery of stock or assignment of royalty.. Infinity Energy Resources, Inc. October 16, 2008 Page 11 of 17