Forbearance Period Clause Samples
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Forbearance Period. During the Forbearance Period, the Noteholders shall not exercise or enforce any remedy against the Company or the Guarantor arising solely out of, or resulting solely from, the Specified Defaults. Upon the termination or expiration of the Forbearance Period, the Noteholders shall be entitled to exercise all of their rights and remedies, including, without limitation, those arising under this Agreement and each Transaction Document, or at law or equity. Nothing herein constitutes a waiver of the Specified Defaults or a waiver of any requirement that the Company or the Guarantor pay the amounts owing in respect of the Notes and the Note Agreement except as expressly set forth herein, and the Company acknowledges that no Noteholder has committed to waive the Specified Defaults, any other Defaults or Events of Default, or any payments required under the Notes or the Note Agreement, nor shall any Noteholder be obligated to forbear from exercising any remedies with respect to the Specified Defaults following the expiration or termination of the Forbearance Period. In addition, notwithstanding any provision of this Agreement, none of the Noteholders is restricted from asserting any action or position in any insolvency proceeding involving the Company or the Guarantor, specifically including, without otherwise limiting, any pending or future proceeding under Title 11 of the United States Code. Each of the parties hereto acknowledges and agrees that (x) from and after the termination of the Forbearance Period, the Notes shall accrue interest at the Applicable Rate, and (y) on and after the Forbearance Termination Date the Specified Defaults are, and shall continue to remain, outstanding under the Note Agreement unless otherwise expressly waived in writing by the Required Holders. The Noteholders reserve their respective rights, in their discretion, to exercise any or all of their rights and remedies under this Agreement and each Transaction Document as a result of the Specified Defaults on and after the Forbearance Termination Date, provided that the Noteholders hereby agree to waive any right to apply a default rate of interest in addition to the Applicable Rate provided herein.
Forbearance Period. At the request of the Issuer, the Initial Forbearing Holders hereby agree to forbear from the exercise of their rights and remedies, whether at law, in equity, by agreement or otherwise (including, without limitation, any such rights and remedies arising under the Trust Indenture Act of 1939 or arising under the Indenture, including, without limitation, Sections 6.02, 6.03, 6.06, 6.07 and 6.08 thereof), available to the Trustee and/or the Holders as a result of the Anticipated Defaults until the earliest to occur of the following (the “Forbearance Termination Date” and the period beginning on the Effective Date and terminating on the Forbearance Termination Date being hereinafter referred to as the “Forbearance Period”):
(i) 11:59 p.m. Eastern time on September 28, 2018;
(ii) the date on which (A) any Event of Default under the Indenture that is not an Anticipated Default occurs, (B) any Forbearance Default under the Credit Agreement Forbearance Agreement (as defined below) occurs, (C) the Issuer or any of its affiliates takes any action to challenge the validity or enforceability of the Indenture, this Agreement or any provision hereof or the validity, enforceability or perfection of the Liens in favor of the Trustee under the Indenture and the other Note Documents (including in any case by asserting such a challenge in writing), (D) any of the indebtedness incurred under the Credit Agreement (as defined below) is accelerated or declared to be due and payable in full, or (E) the Issuer is no longer working in good faith on the terms of a consensual restructuring with the Holder Representatives (as defined below) and the Initial Forbearing Holders;
(iii) the failure of any representation or warranty made by the Issuer or any Guarantor under this Agreement to be true and complete as of the date hereof and the Effective Date; and
(iv) the failure of the Issuer or any Guarantor to timely comply with any term, condition or covenant set forth in this Agreement.
Forbearance Period. Nothing set forth herein or contemplated hereby is intended to constitute an agreement by the Administrative Agent, the L/C Issuer, or any Lender to forbear from exercising any of the rights or remedies available to the Administrative Agent, the L/C Issuer, and the Lenders under the Loan Documents or applicable Laws (all of which rights and remedies are hereby expressly reserved by the Administrative Agent, the L/C Issuer, and the Lenders) upon or after the occurrence of a Forbearance Termination Event.
Forbearance Period. Subject to compliance by each Borrower with each of the terms and conditions of this Agreement, and without waiving the Existing Events, the Lender hereby agrees to forbear from enforcing its rights or remedies pursuant to the Loan Documents and applicable law (including, without limitation, to make a demand for payment as a result of the Payment Default) as a result of the Existing Events from the Agreement Closing Date until the earlier to occur of the following (as the case may be, the "Forbearance Termination Date"): (i) January 31, 2003 and (ii) the date on which a Borrowing Condition Failure occurs.
Forbearance Period. (a) If a Specified Transaction Event of Default or a Specified Indebtedness Event of Default occurs, Supplier agrees that, for a period of up to sixty (60) consecutive calendar days thereafter (the “Forbearance Period”), it shall forbear from exercising its rights and remedies under Section 17.2 to the extent it is otherwise entitled to do so based on such occurrence; provided that:
(i) at all times during the Forbearance Period, either the Current Exposure shall equal zero or the aggregate amount of Undrawn LCs shall exceed the Current Exposure; and
(ii) at no time during the Forbearance Period, shall any other Event of Default have occurred.
(b) The Forbearance Period shall end on the earlier to occur of (i) the sixtieth (60th) day following the occurrence of the Specified Transaction Event of Default or the Specified Indebtedness Event of Default, as the case may be, or (ii) the time as of which the condition in either clause (i) or (ii) of Section 17.3(a) is no longer satisfied. During the Forbearance Period, Supplier shall continue to supply Crude Oil to Coffeyville pursuant to the provisions hereof.
(c) From and after the end of the Forbearance Period, Supplier shall be entitled to exercise any and all of the rights and remedies it may have (including without limitation under Section 17.2) based on the occurrence of such Specified Transaction Event of Default or Specified Indebtedness Event of Default, as the case may be, as if no Forbearance Period had occurred (regardless of whether such Specified Transaction Event of Default or Specified Indebtedness Event of Default, as the case may be, has been remedied or waived during such Forbearance Period).
Forbearance Period. Subject to all the terms and conditions set forth herein, Bank shall forbear from filing any legal action or instituting or enforcing any rights and remedies it may have against Borrower from the Forbearance Effective Date (as defined in Section 9) until the date (the “Forbearance Termination Date”) which is the earliest to occur of (a) October 31, 2014, (b) the failure after the date hereof of Borrower to comply with any of the terms or undertakings of this Agreement, (c) the occurrence after the date hereof of any Event of Default (other than the Anticipated Default or (d) the date that Borrower joins in, assists, cooperates, or participates as an adverse party or adverse witness in any suit or other proceeding against Bank relating to the Obligations in connection with or related to any of the transactions contemplated by any of the other Loan Documents. Except as expressly provided herein, this Agreement does not constitute a waiver or release by Bank of any Obligations or of any existing Event of Default or Event of Default which may arise in the future after the date of execution of this Agreement. If Borrower does not comply with the terms of this Agreement, Bank shall have no further obligations under this Agreement and shall be permitted to exercise at such time any rights and remedies against Borrower as it deems appropriate in its sole and absolute discretion. Borrower understands that Bank has made no commitment and is under no obligation whatsoever to grant any additional extensions of time at the end of the Forbearance Period. The time period between the Forbearance Effective Date and the Forbearance Termination Date is referred to herein as the “Forbearance Period.”
Forbearance Period. The agreement and forbearance granted pursuant to Section 2 above (the "Forbearance") shall commence on the Forbearance Effective Date (as defined in Section 4 below) and continue until the earlier of (a) October 6, 2023 (such date, the "Specified Date") and (b) the first date on which any Termination Event (as defined in Section 7 hereof) shall have occurred (such earlier date, the "Termination Date" and such period, the "Forbearance Period"). The parties hereto agree that notices under the Financing Agreement (including notices pursuant to this Amendment and Forbearance Agreement) may be provided both by the means specified in Section 12.01 of the Financing Agreement and by delivery of such notice to the email address specified under the name of the applicable Person on the signature pages hereto (so long as the Agents are copied on all such notices)."
Forbearance Period. So long as no Event of Default, other than the Existing Defaults, occurs, subject to the terms and conditions set forth herein, Bank shall forbear from filing any legal action or instituting or enforcing any rights and remedies it may have against Borrower through the Forbearance Period. Except as expressly provided herein, this Forbearance does not constitute a waiver or release by Bank of any Obligations or of any existing Event of Default other than the Existing Defaults or Event of Default which may arise in the future after the date of execution of this Forbearance. If Borrower does not comply with the terms of this Forbearance, Bank shall have no further obligations under this Forbearance and shall be permitted to exercise at such time any rights and remedies against Borrower as it deems appropriate in its sole and absolute discretion. Borrower understands that Bank has made no commitment and is under no obligation whatsoever to grant any additional extensions of time at the end of the Forbearance Period.
Forbearance Period. Subject to compliance by Purchaser with the terms and conditions of this Agreement, Sellers hereby agree to forbear from exercising their rights and remedies against Purchaser under the Transaction Documents with respect to the Existing Default during the period (the “Forbearance Period”) commencing on the Effective Date (as defined below) and ending on the earlier to occur of (i) July 20, 2025 and (ii) the date that any Forbearance Default (as defined below) occurs, upon which, Sellers’ forbearance, as provided herein, shall immediately and automatically cease without any requirement of notice or further action by any party (the “Termination Date”). On and from the Termination Date, Sellers may, in their sole discretion, exercise any and all remedies available to them under the Transaction Documents that otherwise would be available only by reason of the occurrence of any Events of Default thereunder or the continuation of any Existing Default.
Forbearance Period. The Forbearance shall commence on the Agreement Effective Date (as defined below) and continue until the earlier of (a) June 3, 2019 (the “Forbearance Outside Date”) and (b) the date on which any Event of Termination (as defined below) shall have occurred (the earlier of (a) and (b), the “Termination Date” and the period commencing on the Agreement Effective Date and ending on the Termination Date, the “Forbearance Period”). From and after the Termination Date, without limiting the obligations of the Supporting Lenders and the Agent to provide the In-Court Forbearance, if applicable, the Forbearance shall immediately and automatically terminate and have no further force or effect, and each of the Supporting Lenders and the Agent shall be entitled to exercise any of the Rights and Remedies as if the Forbearance had never existed, and all of the Rights and Remedies under the Loan Documents and in law and in equity shall be available without restriction or modification, as if the Forbearance had not occurred. The In-Court Forbearance shall commence on the In-Court Forbearance Effective Date as long as the Support Agreement shall not have been terminated at such time and continue until the earlier of (a) the Forbearance Outside Date and (b) the date on which any In-Court Event of Termination (as defined below) shall have occurred (the earlier of (a) and (b), the “In-Court Termination Date” and the period commencing on the In-Court Forbearance Effective Date and ending on the In-Court Termination Date, the “In-Court Forbearance Period”). From and after the In-Court Termination Date, the In-Court Forbearance shall immediately and automatically terminate and have no further force or effect, and each of the Supporting Lenders and the Agent shall be released from any and all obligations and agreements under this Agreement and shall be entitled to exercise any of the Rights and Remedies as if this Agreement had never existed, and all of the Rights and Remedies under the Loan Documents and in law and in equity shall be available without restriction or modification, as if this In-Court Forbearance had not occurred.