Forbearance Obligations Sample Clauses
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Forbearance Obligations. Subject to the conditions set forth in ss.5 hereof, the Banks agree to forbear from enforcing any of their rights and remedies under the Loan Documents (except with respect to the Anicom, Inc. stock, which the Company agrees is to be sold and the proceeds applied as provided in ss.6(j) hereof) for the purpose of seeking payment of any of the Bank Obligations (including, without limitation, any act with respect to any collateral now or hereafter securing payment any Bank Obligations or any setoff or any other application of funds of the Company now or hereafter on deposit with or otherwise controlled by any of the Banks until that date (the "FORBEARANCE TERMINATION DATE") which is the earliest to occur of (a) the Company's failure to comply with any of the terms and conditions of this Agreement, including any of the undertakings set forth in ss.ss.5 and 6, (b) an Event of Default (other than the Specified Defaults) under any of the Loan Documents, (c) if the Company or any person or entity claiming by or through the Company ever commences, joins in, assists, cooperates or participates as an adverse party or adverse witness in any suit or other proceeding against the Banks relating to the indebtedness referred to as the Bank Obligations or any amounts owing hereunder, (d) any of the claims of the Banks under this Agreement or with respect to the Bank Obligations shall be subordinated to the claims of any other creditor of the Company, (e) the Company shall make a general assignment for the benefit of creditors, or admit in writing its inability to pay or generally fail to pay its debts as they mature or become due, or shall petition or apply for the appointment of a trustee or other custodian, liquidator or receiver of the Company or of any substantial part of the assets of such Company or shall commence any case or other proceeding relating to the Company under any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution or liquidation or similar law of any jurisdiction, now or hereafter in effect, or shall take any action to authorize or in furtherance of any of the foregoing, or if any such petition or application shall be filed or any such case or other proceeding shall be commenced against the Company and the Company shall indicate its approval thereof, consent thereto or acquiescence therein, (f) a decree or order is entered appointing any such trustee, custodian, liquidator or receiver or adjudicating the Company bankrupt...
Forbearance Obligations. Subject to all of the other terms and conditions set forth herein, and solely with respect to the Specified Defaults, Bank of America agrees to forbear from exercising its rights and remedies under the Master Agreement and the Credit Support Documents until that date (the “Forbearance Termination Date”) which is the earliest to occur of (i) November 15, 2010, (ii) the failure after the date hereof of any of the Swap Parties to comply with any of the terms or undertakings of this Forbearance Agreement, (iii) the failure after the date hereof of any of the Swap Parties to comply with any of the terms or undertakings of any forbearance or similar agreement with the Administrative Agent under the Credit Agreement or the expiration, for any reason, of any forbearance or similar period referred to therein and (iv) the occurrence after the date hereof of any Default or Event of Default under the Master Agreement (other than the Specified Defaults), (each of the foregoing conditions described in the immediately preceding clauses (i)-(iv) being referred to as a “Forbearance Termination Event”). Upon the Forbearance Termination Date, the agreements of Bank of America to forbear from exercising its rights and remedies in respect of the Specified Defaults set forth herein shall automatically, without the requirement of any notice to any Swap Party, terminate and Bank of America shall be free in its sole and absolute discretion to proceed to enforce any or all of its rights and remedies set forth in this Forbearance Agreement, the Master Agreement or the Credit Support Documents and applicable law.
Forbearance Obligations. 2.1 The Lender agrees to forbear from accelerating the payment the Indebtedness and instituting proceedings to enforce its rights and remedies under the Loan Documents until that date (the "Forbearance Termination Date") which is defined as the earliest to occur of:
2.1.1 June 30, 2014;
2.1.2 an Event of Default under the Loan Documents (other than those Events of Default now existing, any existing defaults not having been waived hereunder);
2.1.3 the failure of the Obligors to comply with the terms of this Agreement;
2.1.4 the initiation of any federal or state bankruptcy, insolvency or similar proceeding by or against the Obligors;
2.1.5 the commencement of litigation or legal proceedings by the Obligors against the Lender or any of its affiliates; or
2.1.6 the failure of the Obligors to comply with any term or condition of any other agreement, document or instrument evidencing any other indebtedness to the Lender.
2.2 Upon the termination of the Lender's forbearance obligations hereunder, the Lender shall be free in its sole and absolute discretion to proceed to enforce any or all of its rights and remedies under or in respect of the Loan Documents and applicable law. All of the Obligors' obligations and liabilities to the Lender hereunder (including without limitation the Obligors' payment obligations) shall survive the Forbearance Termination Date, and all of such obligations are secured under the Loan Documents and any other documents, instruments or agreements pursuant to which the Obligors may, from time to time, grant to the Lender collateral security for the Obligors' obligations to the Lender.
Forbearance Obligations. Subject to compliance by ▇▇▇▇▇▇ and Guarantor with the terms and conditions of this Agreement, ▇▇▇▇▇▇ hereby agrees to forbear from exercising its rights and remedies against ▇▇▇▇▇▇ and Guarantor under the Lease with respect to the Existing Defaults. For any future defaults under the Lease, or if the Lessee or Guarantor default on their obligations under the Security Agreement, the agreement of Lessor to forbear shall automatically and without further action terminate and be of no further force or effect and Lessor may, in its sole and absolute discretion, exercise any and all rights and remedies available to Lessor under the Lease, at law, or in equity, including any rights and remedies with respect to the Events of Default under this Agreement.
Forbearance Obligations through December 20, 2000, and (e) December 20, 2000. The period from the effective date of this Agreement through the Third Forbearance Termination Date is referred to herein as the "Limited Forbearance Period". Except as expressly provided above in this Section 4, the Agent and the Banks reserve the right to exercise all of their rights and remedies under the Loan Documents. Upon the Third Forbearance Termination Date, the Agent and the Banks shall be free in their sole and absolute discretion to proceed to enforce any or all of their rights and remedies under or in respect of the Loan Documents and applicable law, including without limitation, those credit termination, acceleration, enforcement and other rights and remedies arising by virtue of the occurrence of the Specified Defaults. In addition, the parties hereto hereby acknowledge and agree that time is of the essence in this Agreement. The parties intend and understand that any failure scrupulously to observe the timing requirements of this Agreement, including, without limitation, any late payment made hereunder, will be a material breach giving rise to the remedies set forth herein. The imposition of such remedies shall not be deemed a penalty, and is of the essence of the parties' bargain.
Forbearance Obligations sole and absolute discretion to proceed to enforce any or all of their rights and remedies under or in respect of the Loan Documents and applicable law, including without limitation, those credit termination, acceleration, enforcement and other rights and remedies arising by virtue of the occurrence of the Specified Defaults. In addition, the parties hereto hereby acknowledge and agree that time is of the essence in this Agreement. The parties intend and understand that any failure scrupulously to observe the timing requirements of this Agreement, including, without limitation, any late payment made hereunder, will be a material breach giving rise to the remedies set forth herein. The imposition of such remedies shall not be deemed a penalty, and is of the essence of the parties' bargain.
Forbearance Obligations. Drawing Amount and all Unpaid Reimbursement Obligations by $20,000,000, (d) the sum of the outstanding amount of the Loans, the Maximum Drawing Amount and all Unpaid Reimbursement Obligations at any time being greater than $52,000,000 for the period from the effective date of this Agreement through January 5, 2001, and (e) January 5, 2001. The period from the effective date of this Agreement through the Fourth Forbearance Termination Date is referred to herein as the "Limited Forbearance Period". Except as expressly provided above in this Section 4, the Agent and the Banks reserve the right to exercise all of their rights and remedies under the Loan Documents. Upon the Fourth Forbearance Termination Date, the Agent and the Banks shall be free in their sole and absolute discretion to proceed to enforce any or all of their rights and remedies under or in respect of the Loan Documents and applicable law, including without limitation, those credit termination, acceleration, enforcement and other rights and remedies arising by virtue of the occurrence of the Specified Defaults. In addition, the parties hereto hereby acknowledge and agree that time is of the essence in this Agreement. The parties intend and understand that any failure scrupulously to observe the timing requirements of this Agreement, including, without limitation, any late payment made hereunder, will be a material breach giving rise to the remedies set forth herein. The imposition of such remedies shall not be deemed a penalty, and is of the essence of the parties' bargain.
Forbearance Obligations. Subject to the satisfaction of the conditions precedent set forth below, the Lender agrees to waive the existing declaration of default and nullify the acceleration of sums due and forbear from instituting proceedings to enforce its rights and remedies under the Loan Documents until the earliest to occur of (a) February 1, 2000, (b) Lender's declaration of an Event of Default under the Loan Documents arising from an event or condition in existence and not disclosed to Lender as of this date or arising subsequent to the date of this Agreement, (c) the failure of Obligors to comply with the terms of this Agreement, including any of Obligors' undertakings set forth in Section 7 hereof which such failure shall constitute an Event of Default under this Agreement and under the Loan Documents, (d) the failure of Obligors to comply with any of the terms and conditions of any of the Additional Security Agreements (each as hereinafter
Forbearance Obligations sole and absolute discretion to proceed to enforce any or all of their rights and remedies under or in respect of the Loan Documents and applicable law, including without limitation, those credit termination, acceleration, enforcement and other rights and remedies arising by virtue of the occurrence of the Specified Defaults. In addition, the parties hereto hereby acknowledge and agree that time is of the essence in this Agreement. The parties intend and understand that any failure scrupulously to observe the timing requirements of this Agreement, including, without limitation, any late payment made hereunder, will be a material breach giving rise to the remedies set forth herein. The imposition of such remedies shall not be deemed a penalty, and is of the essence of the parties' bargain.