Common use of Forbearance Clause in Contracts

Forbearance. (a) The Participant Lenders agree that until the expiration of the Forbearance Period, the Participant Lenders will temporarily forbear (subject to the terms hereof) from the exercise of their default-related remedies under the Credit Agreements, Loan Documents or otherwise, against the Borrower and the Subsidiary Guarantors solely to the extent the availability of such remedies arises exclusively from the Specified Defaults; provided that the Borrower and the Subsidiary Guarantors shall comply during the Forbearance Period with all provisions, limitations, restrictions or prohibitions that would otherwise be effective or applicable under any of the Loan Documents during the continuance of any Default or Event of Default; provided further that the agreement of the Participant Lenders temporarily to forbear shall not apply to nor preclude any remedy available to the Administrative Agent or the Lenders in connection with any proceeding commenced under any bankruptcy or insolvency law, including without limitation, to any relief in respect of adequate protection or relief from any stay imposed under such law. (b) Upon a Termination Event, the agreement of the Participant Lenders hereunder to forbear from exercising their default-related remedies shall immediately terminate without the requirement of any demand, presentment, protest or notice of any kind, all of which the Borrower and the Subsidiary Guarantors hereby waive. The Borrower and the Subsidiary Guarantors agree that the Administrative Agent and the Lenders may at any time thereafter proceed to exercise any and all of their respective rights and remedies under any or all of the Loan Documents and/or applicable law, including, without limitation, their respective rights and remedies in connection with any or all of the Defaults and Events of Default, including, without limitation, the Specified Defaults. (c) For the avoidance of doubt, nothing herein limits the right of the Administrative Agent or the Lenders, including during the Forbearance Period, to take any action to preserve or exercise rights or remedies against parties other than the Borrower and the Subsidiary Guarantors ("Third Party Rights"). For purposes of the foregoing, the Borrower and the Subsidiary Guarantors acknowledge and agree that execution and delivery of this Agreement shall constitute the making of any necessary demand or the giving of any necessary notice for purposes of preserving and/or permitting the exercise of any such Third Party Rights of the Administrative Agent and the Lenders. (d) Execution of this Agreement constitutes a direction by the Participant Lenders that the Administrative Agent act in accordance with its terms. Each Participant Lender agrees that, notwithstanding anything to the contrary in the Credit Agreements, the Administrative Agent shall not be required to act if directed against the Borrower or the Subsidiary Guarantors if such action is contrary to the terms of this Agreement. (e) The Borrower and the Subsidiary Guarantors acknowledge and agree that the agreement of the Participant Lenders hereunder to forbear from exercising their default-related remedies with respect to the Specified Defaults shall not constitute a waiver of such Specified Defaults and that the Lenders expressly reserve all rights and remedies that the Administrative Agent and the Lenders now or may in the future have under any or all of the Loan Documents and/or applicable law in connection with all Defaults and Events of Default (including without limitation the Specified Defaults).

Appears in 5 contracts

Sources: Forbearance Agreement (McLeodusa Inc), Forbearance Agreement (McLeodusa Inc), Forbearance Agreement (McLeodusa Inc)

Forbearance. (a) The Participant Lenders Parties agree and acknowledge that until if the expiration Restructuring Transactions have not been consummated prior to July 15, 2016, in order to consummate the Restructuring Transactions, SAE will not make the interest payment due to be paid on July 15, 2016 under the terms of the Forbearance PeriodNotes Indenture and will instead enter into the 30 day grace period with respect to such payment as permitted by the Notes Indenture. (b) For so long as the Termination Date has not occurred, the Participant Lenders will temporarily forbear (and subject to the terms hereoflimitations provided in clause (c) below, each Supporting Holder (severally and not jointly), agrees until August 15, 2016: (i) to forbear from the exercise of their default-related any rights and remedies under against SAE to which the Credit Agreements, Loan Documents Supporting Holders or otherwise, against the Borrower and the Subsidiary Guarantors solely to the extent the availability of such remedies arises exclusively from the Specified Defaults; provided that the Borrower and the Subsidiary Guarantors shall comply during the Forbearance Period with all provisions, limitations, restrictions Indenture Trustee are or prohibitions that would otherwise be effective or applicable under any of the Loan Documents during the continuance may become entitled as a result of any Default or Event of Default; provided further that Default (each as defined in the agreement of Existing Notes Indenture) arising or existing under the Participant Lenders temporarily to forbear shall not apply to nor preclude any remedy available to the Administrative Agent or the Lenders in connection with any proceeding commenced under any bankruptcy or insolvency law, including without limitation, to any relief Existing Notes Indenture in respect of adequate protection SAE’s failure to make the interest payment on July 15, 2016 and decision to enter into the grace period in respect thereof (the “Potential Default”); (ii) to refrain from exercising any right and remedy that may become available to it under the Existing Notes Indenture by reason of the Potential Default (other than, in the case of the Indenture Trustee, ordinary course acts which it may take under the Existing Notes Indenture which would not adversely affect any other Party); and (iii) to refrain from initiating, joining in, or relief encouraging in any way an instruction or direction from any stay imposed under such law. (b) Upon a Termination Event, Noteholder to the agreement of the Participant Lenders hereunder to forbear from exercising their default-related remedies shall immediately terminate without the requirement of any demand, presentment, protest or notice of any kind, all of which the Borrower and the Subsidiary Guarantors hereby waive. The Borrower and the Subsidiary Guarantors agree that the Administrative Agent and the Lenders may at any time thereafter proceed Indenture Trustee to exercise any and all of their respective rights and remedies under any or all of the Loan Documents and/or applicable law, including, without limitation, their respective rights and remedies Existing Notes Indenture in connection with any or all of the Defaults and Events of Potential Default, including, without limitation, the Specified Defaults. (c) For so long as the avoidance Termination Date has not occurred, SAE on behalf of doubtitself and the guarantors party to the Existing Notes Indenture, nothing herein limits the right agrees not to make any payment to any Noteholder in respect of the Administrative Agent or interest payment due on July 15, 2016 prior to the Lenders, including during the Forbearance Period, to take any action to preserve or exercise rights or remedies against parties other than the Borrower and the Subsidiary Guarantors ("Third Party Rights"). For purposes expiration of the foregoing, the Borrower and the Subsidiary Guarantors acknowledge and agree that execution and delivery of this Agreement shall constitute the making of any necessary demand or the giving of any necessary notice for purposes of preserving and/or permitting the exercise of any such Third Party Rights of the Administrative Agent and the Lendersapplicable grace period. (d) Execution of Nothing contained in this Agreement constitutes a direction by the Participant Lenders that the Administrative Agent act in accordance with its terms. Each Participant Lender agrees thatSection 3 shall impair, notwithstanding anything to the contrary in the Credit Agreements, the Administrative Agent shall not be required to act if directed against the Borrower impede or otherwise prevent any Supporting Holder or the Subsidiary Guarantors if such action is contrary to the terms of this Agreement. (e) The Borrower and the Subsidiary Guarantors acknowledge and agree that the agreement of the Participant Lenders hereunder to forbear Indenture Trustee from exercising their default-related remedies with respect to the Specified Defaults shall not constitute a waiver of such Specified Defaults and that the Lenders expressly reserve all any rights and remedies that the Administrative Agent and the Lenders now against SAE in respect of any other Default or may in the future have under any or all of the Loan Documents and/or applicable law in connection with all Defaults and Events Event of Default (including without limitation arising under the Specified Defaults)Existing Notes Indenture or taking any other action available to it by reason of such a Default or Event of Default.

Appears in 4 contracts

Sources: First Supplemental Indenture (SAExploration Holdings, Inc.), Security Agreement (SAExploration Holdings, Inc.), Credit and Security Agreement (SAExploration Holdings, Inc.)

Forbearance. The Loan Parties acknowledge and agree that (a) The Participant Lenders agree that until the expiration Designated Events of the Forbearance Period, the Participant Lenders will temporarily forbear (subject to the terms hereof) from the exercise of their default-related remedies under the Credit Agreements, Loan Documents or otherwise, against the Borrower Default have occurred and the Subsidiary Guarantors solely to the extent the availability of such remedies arises exclusively from the Specified Defaults; provided that the Borrower are continuing and the Subsidiary Guarantors shall comply during the Forbearance Period with all provisions, limitations, restrictions or prohibitions that would otherwise be effective or applicable under any of the Loan Documents during the continuance of any Default or Event of Default; provided further that the agreement of the Participant Lenders temporarily to forbear shall not apply to nor preclude any remedy available to the Administrative Agent or the Lenders in connection with any proceeding commenced under any bankruptcy or insolvency law, including without limitation, to any relief in respect of adequate protection or relief from any stay imposed under such law. (b) Upon a upon the Forbearance Termination Event, Date (defined below) the agreement of the Participant Lenders hereunder to forbear from exercising their default-related remedies forbearance provided under this Section 1 shall immediately terminate without the requirement of any demand, presentment, protest or notice of any kind, all of which the Borrower and the Subsidiary Guarantors hereby waive. The Borrower Agents and Lenders shall have the Subsidiary Guarantors agree that the Administrative Agent and the Lenders may at any time thereafter proceed right to exercise any and all of their respective rights and remedies under any Section 9.01 of the Credit Agreement or all of otherwise under the Loan Documents and/or or under applicable law, including, without limitation, their respective rights law or at equity due to such Designated Events of Default or any other Event of Default that has occurred and remedies in connection with any or all is continuing. The Agents and Lenders hereby agree as of the Defaults and Events of Default, including, without limitation, the Specified Defaults. (c) For the avoidance of doubt, nothing herein limits the right of the Administrative Agent or the Lenders, including during the Forbearance Period, to take any action to preserve or exercise rights or remedies against parties other than the Borrower and the Subsidiary Guarantors ("Third Party Rights"). For purposes of the foregoing, the Borrower and the Subsidiary Guarantors acknowledge and agree that execution and delivery of this Agreement shall constitute the making of any necessary demand or the giving of any necessary notice for purposes of preserving and/or permitting the exercise of any such Third Party Rights of the Administrative Agent and the Lenders. (d) Execution of this Agreement constitutes a direction by the Participant Lenders that the Administrative Agent act in accordance with its terms. Each Participant Lender agrees that, notwithstanding anything to the contrary in the Credit Agreements, the Administrative Agent shall not be required to act if directed against the Borrower or the Subsidiary Guarantors if such action is contrary to the terms of this Agreement. (e) The Borrower and the Subsidiary Guarantors acknowledge and agree that the agreement of the Participant Lenders hereunder date hereof to forbear from exercising their default-related any rights or remedies under Section 9.01 of the Credit Agreement or otherwise under the Loan Documents or under applicable law or at equity with respect to the Specified Defaults shall Designated Events of Default until the earliest of (i) the occurrence of a breach or default under this Agreement, (ii) the occurrence of a Default or Event of Default that does not constitute a waiver Designated Event of such Specified Defaults Default, (iii) the Disposition of all or substantially all of the assets of the Borrower or (iv) the sixth month anniversary of the First Amendment Date (the “Forbearance Termination Date”). The Loan Parties acknowledge and agree that, if any breach or default under this Agreement occurs, or if a Default or Event of Default occurs that does not constitute a Designated Event of Default, in each case after the date hereof, the Forbearance Termination Date shall be deemed to have occurred immediately prior thereto, this Section 1 shall cease to be effective, and the Agents and Lenders expressly reserve shall be entitled to (x) terminate all Commitments under the Credit Agreement and declare all of the Loans then outstanding to be due and payable, whereupon the aggregate principal of all Loans, all accrued and unpaid interest thereon, all fees and all other amounts payable under the Credit Agreement and the other Loan Documents shall become due and payable immediately, without presentment, demand, protest or further notice of any kind and (y) exercise immediately their rights and remedies that the Administrative Agent and the Lenders now or may in the future have under any or all of the Loan Documents and/or and under applicable law in connection with all or at equity. Each Loan Party hereby further acknowledges and agrees that from and after the Forbearance Termination Date, the Agents and Lenders shall be under no obligation of any kind whatsoever to forbear from exercising any remedies on account of the Designated Events of Defaults and Events or any other Event of Default (including without limitation whether similar or dissimilar to the Specified DefaultsDesignated Events of Default).

Appears in 2 contracts

Sources: Forbearance Agreement, Forbearance Agreement and Amendment Number One to Credit Agreement (Imperial Petroleum Inc)

Forbearance. (a) The Participant Lenders agree that until the expiration Effective as of the Forbearance PeriodEffective Date (as defined below), the Participant Lenders will temporarily forbear (subject to the terms hereofand conditions of this Agreement and in reliance upon the representation and warranty of the Borrower set forth in Section 4 below, the undersigned Lenders and the Agent at the direction of the Required Lenders hereby agree to forbear (the “Forbearance”) from taking any Enforcement Action (as defined below) as a result of the exercise occurrence and continuation of their default-related remedies any of the Specified Defaults solely during the period (the “Forbearance Period”) beginning on the first date that the conditions set forth in Section 3 of this Agreement shall have been satisfied (the “Forbearance Effective Date”) and ending on the date that is the earliest of: (a) February 11, 2019; (b) the making of the interest payment that was due on December 17, 2018 with respect to the Second Lien Senior Subordinated PIK Toggle Notes; (c) the date on which any of the following shall occur: (i) an Event of Default (other than the Specified Defaults) occurring under the Credit Agreements, Loan Documents or otherwise, against Agreement; (ii) (x) an Event of Default (as defined in the Borrower and the Subsidiary Guarantors solely to the extent the availability of such remedies arises exclusively from Second Lien Senior Subordinated PIK Toggle Notes Indenture) (other than arising in connection with the Specified Defaults) occurring under the Second Lien Senior Subordinated PIK Toggle Notes Documents or (y) the Trustee (as defined in the Second Lien Senior Subordinated PIK Toggle Notes Indenture) or any holder of Second Lien Senior Subordinated PIK Toggle Notes takes any action in violation of the First Lien/Second Lien Intercreditor Agreement; provided that and/or (iii) (x) an Event of Default (as defined in any of the Borrower and Warehouse Facilities) or similar event (in each case, other than arising in connection with the Subsidiary Guarantors shall comply during the Forbearance Period with all provisions, limitations, restrictions or prohibitions that would otherwise be effective or applicable Specified Defaults) occurring under any of the Loan Documents during the continuance of Warehouse Facilities or (y) any Default or Event of Default; provided further that the agreement of the Participant Lenders temporarily to forbear shall not apply to nor preclude any remedy available to the Administrative Agent or the Lenders in connection with any proceeding commenced under any bankruptcy or insolvency law, including without limitation, to any relief in respect of adequate protection or relief from any stay imposed under such law. (b) Upon a Termination Event, the agreement of the Participant Lenders hereunder to forbear from exercising their default-related remedies shall immediately terminate without the requirement of any demand, presentment, protest or notice of any kind, all of which the Borrower and the Subsidiary Guarantors hereby waive. The Borrower and the Subsidiary Guarantors agree that the Administrative Agent and the Lenders may at any time thereafter proceed to exercise any and all of their respective rights and remedies under any or all of the Loan Documents and/or applicable law, including, without limitation, their respective rights and remedies in connection with any or all of the Defaults and Events of Default, including, without limitation, the Specified Defaults. (c) For the avoidance of doubt, nothing herein limits the right of the Administrative Agent or the Lenders, including during the Forbearance Period, to take any action to preserve or exercise rights or remedies against parties other than the Borrower and the Subsidiary Guarantors ("Third Party Rights"). For purposes of the foregoing, the Borrower and the Subsidiary Guarantors acknowledge and agree that execution and delivery of this Agreement shall constitute the making of any necessary demand or the giving of any necessary notice for purposes of preserving and/or permitting the exercise of any such Third Party Rights of the Administrative Agent and the Lenders. (d) Execution of this Agreement constitutes a direction by the Participant Lenders that the Administrative Agent act in accordance with its terms. Each Participant Lender agrees that, notwithstanding anything to the contrary in the Credit Agreements, the Administrative Agent shall not be required to act if directed against the Borrower or the Subsidiary Guarantors if such action is contrary to the terms of this Agreement. (e) The Borrower and the Subsidiary Guarantors acknowledge and agree that the agreement of the Participant Lenders hereunder to forbear from exercising their default-related remedies forbearance given with respect to the Specified Defaults under any of the Warehouse Facilities shall not constitute a waiver cease to be effective; (d) the failure of such Specified Defaults and that the Lenders expressly reserve Borrower to comply with any term, condition or covenant set forth in this Agreement; and (e) the failure of any representation or warranty made by the Borrower under this Agreement to be true in all rights and remedies that the Administrative Agent and the Lenders now or may material respects (or, in the future have under case of any or representation and warranty qualified by materiality, in all respects) as of the Loan Documents and/or applicable law in connection with all Defaults and Events of Default (including without limitation the Specified Defaults)date when made or deemed made.

Appears in 2 contracts

Sources: Forbearance Agreement (DITECH HOLDING Corp), Forbearance Agreement

Forbearance. (a) The Participant Lenders agree that until Upon the expiration satisfaction of the Forbearance Periodconditions precedent set forth in Section 3 of this Agreement and in reliance on the representations, warranties and agreements of the Participant Lenders will temporarily forbear (subject to the terms hereof) from the exercise of their default-related remedies under the Credit Agreements, Loan Documents or otherwise, against the Borrower Issuers and the Subsidiary Guarantors solely to the extent the availability of such remedies arises exclusively from the Specified Defaults; provided herein contained, each Forbearing Holder hereby agrees that the Borrower and the Subsidiary Guarantors shall comply during the Forbearance Period it will not, directly or indirectly, take any Remedial Action with all provisions, limitations, restrictions or prohibitions that would otherwise be effective or applicable under any respect to the Notes solely as a result of the Loan Documents Excess Cash Flow Prepayment Default or the failure to pay interest in excess of a rate per annum equal to 14%, provided, however, that interest shall continue to accrue at the Post-Default Rate while the Excess Cash Flow Prepayment Default is continuing. The foregoing limited forbearance shall not be construed to impair the ability of the Forbearing Holders or the Trustee to take any Remedial Action (i) after the Forbearance Period regardless of whether or not such Remedial Action relates to actions taken, matters arising or payments not received during the continuance Forbearance Period or (ii) during the Forbearance Period for Defaults or Events of any Default or Event of other than the Excess Cash Flow Prepayment Default; provided further that the agreement of the Participant Lenders temporarily to forbear shall not apply to nor preclude any remedy available to the Administrative Agent or the Lenders in connection with any proceeding commenced under any bankruptcy or insolvency law, including without limitation, to any relief in respect of adequate protection or relief from any stay imposed under such law. (b) Upon a Unless earlier terminated in accordance with the terms of this Agreement, the Forbearing Holders’ forbearance, as provided herein, shall immediately and automatically cease without notice upon the occurrence of any Forbearance Termination Event, and the agreement Issuers and Guarantors at that time shall be obligated to comply with and perform all terms, conditions and provisions of the Participant Lenders hereunder to forbear from exercising their default-related remedies shall immediately terminate without the requirement of any demand, presentment, protest or notice of any kind, all of which the Borrower Indenture and the Subsidiary Guarantors hereby waive. The Borrower and the Subsidiary Guarantors agree that the Administrative Agent and the Lenders may at any time thereafter proceed to exercise any and all of their respective rights and remedies under any or all of the Loan Documents and/or applicable law, Notes (including, without limitation, their respective rights payment of any unpaid accrued interest at the Post-Default Rate) without giving effect to the forbearance set forth herein. (c) Except for the forbearance to the extent expressly set forth above in subsection 2(a), each Forbearing Holder reserves each and remedies in connection every right and remedy it may have under the Notes, the Indenture, the Security Documents, any agreement relating thereto and under applicable law with any or all of respect to the Defaults and Events of Excess Cash Flow Prepayment Default, including, without limitation, the Specified Defaults. right to continue to charge and accrue (c) For the avoidance of doubt, nothing herein limits the right of the Administrative Agent or the Lenders, including but not collect during the Forbearance Period, to take any action to preserve or exercise rights or remedies against parties other than ) interest at the Borrower Post-Default Rate. The Issuers and the Subsidiary Guarantors ("Third Party Rights"). For purposes each of the foregoing, the Borrower and the Subsidiary Guarantors hereby acknowledge and agree that execution interest at the Post-Default Rate shall accrue from and delivery of this Agreement after November 5, 2012. Nothing herein shall constitute the making of any necessary demand or the giving of any necessary notice for purposes of preserving and/or permitting the exercise of any such Third Party Rights of the Administrative Agent and the Lenders. (d) Execution of this Agreement constitutes a direction by the Participant Lenders that the Administrative Agent act in accordance with its terms. Each Participant Lender agrees that, notwithstanding anything be deemed to the contrary in the Credit Agreements, the Administrative Agent shall not be required to act if directed against the Borrower or the Subsidiary Guarantors if such action is contrary to the terms of this Agreement. (e) The Borrower and the Subsidiary Guarantors acknowledge and agree that the agreement of the Participant Lenders hereunder to forbear from exercising their default-related remedies with respect to the Specified Defaults shall not constitute a waiver by any Holder of such Specified Defaults and that any Default or Event of Default whatsoever, whether now existing or hereafter arising (including, without limitation, the Lenders Excess Cash Flow Prepayment Default), or, except to the extent of the forbearance expressly reserve all rights and remedies that set forth herein, of any right or remedy the Administrative Agent and the Lenders now Trustee or any Holder may in the future have under the Notes, the Indenture, the Security Documents or any or all of the Loan Documents and/or agreement relating thereto and under applicable law in connection with all Defaults and Events of Default (including without limitation the Specified Defaults)law.

Appears in 2 contracts

Sources: Forbearance Agreement (FriendFinder Networks Inc.), Forbearance Agreement (FriendFinder Networks Inc.)

Forbearance. (a) The Participant Lenders agree that until the expiration All rights and remedies of the Forbearance PeriodIndenture Trustee and the Noteholders in connection with the Section 4.06 Default, the Participant Lenders will temporarily forbear Acknowledged Event of Default, and the occurrence of any of the matters listed on the attached Schedule 1 entitled “Non-Termination Events” (subject the “Non-Termination Events”) are hereby reserved, and nothing set forth herein or contemplated hereby is intended to be, nor shall be construed as, a waiver or acquiescence to the terms hereof) Section 4.06 Default, the Acknowledged Event of Default, the Non-Termination Events, or any other current or future Default under the Indenture nor constitute or be construed as an agreement by the Indenture Trustee or the Noteholders to forbear from the exercise of their default-related any rights and remedies available to them under the Credit Agreements, Loan Documents Indenture or otherwise, against the Borrower and the Subsidiary Guarantors solely to the extent the availability of such remedies arises exclusively from the Specified Defaults; provided that the Borrower and the Subsidiary Guarantors shall comply during the Forbearance Period with all provisions, limitations, restrictions or prohibitions that would otherwise be effective or applicable under any of the Loan Documents during the continuance of any Default or Event of Default; provided further that the agreement of the Participant Lenders temporarily to forbear shall not apply to nor preclude any remedy available to the Administrative Agent or the Lenders in connection with any proceeding commenced under any bankruptcy or insolvency law, including without limitation, to any relief in respect of adequate protection or relief from any stay imposed under such law. (b) Upon a Termination Event, the agreement of the Participant Lenders hereunder to forbear from exercising their default-related remedies shall immediately terminate without the requirement of any demand, presentment, protest or notice of any kind, all of which the Borrower and the Subsidiary Guarantors hereby waive. The Borrower and the Subsidiary Guarantors agree that the Administrative Agent and the Lenders may at any time thereafter proceed to exercise any and all of their respective rights and remedies under any or all of the Loan Documents and/or applicable laware hereby expressly reserved; provided, includinghowever, without limitation, their respective rights and remedies in connection with any or all of the Defaults and Events of Default, including, without limitationthat except as otherwise specifically provided herein, the Specified Defaults. (c) For Indenture Trustee and the avoidance of doubtNoteholders shall, nothing herein limits the right of the Administrative Agent or the Lenders, including during the Forbearance Period, to take any action to preserve or exercise rights or remedies against parties other than the Borrower and the Subsidiary Guarantors ("Third Party Rights"). For purposes of the foregoing, the Borrower and the Subsidiary Guarantors acknowledge and agree that execution and delivery of this Agreement shall constitute the making of any necessary demand or the giving of any necessary notice for purposes of preserving and/or permitting the exercise of any such Third Party Rights of the Administrative Agent and the Lenders. (d) Execution of this Agreement constitutes a direction by the Participant Lenders that the Administrative Agent act in accordance with its terms. Each Participant Lender agrees that, notwithstanding anything to the contrary in the Credit Agreements, the Administrative Agent shall not be required to act if directed against the Borrower or the Subsidiary Guarantors if such action is contrary to the terms of this Agreement. (e) The Borrower and the Subsidiary Guarantors acknowledge and agree that the agreement of the Participant Lenders hereunder to forbear from exercising their default-related remedies issuing (i) a Notice of Acceleration with respect to the Specified Defaults Acknowledged Event of Default or (ii) a Notice of Acceleration or a Notice of Default with respect to any of the Non-Termination Events, and shall not constitute a waiver comply with the restrictions on the prosecution of such Specified Defaults the claims asserted in the Delaware Action as provided for in this Agreement; and provided, further, that the Lenders expressly reserve all rights and remedies that the Administrative Agent Indenture Trustee and the Lenders now or may in the future have under Noteholders shall be free to exercise any or all of their rights and remedies arising under the Loan Documents and/or applicable law in connection Indenture with all Defaults regard to the Section 4.06 Default, the Acknowledged Event of Default, and the Non-Termination Events of Default (including without limitation at any time after the Specified Defaults)Forbearance Termination Date.

Appears in 2 contracts

Sources: Forbearance Agreement, Forbearance Agreement (Tropicana Finance Corp)

Forbearance. (a) The Participant Lenders agree that until During the expiration of the Forbearance Period, the Participant Lenders will Short Term Extension Period Buyer hereby agrees to temporarily forbear (subject to the terms hereof) from the exercise of their exercising any default-related remedies under the Credit Agreements, Loan Documents or otherwise, against the Borrower and the Subsidiary Guarantors Repurchase Agreement solely to the extent the availability of such remedies arises exclusively arise from any Event of Default in existence (whether or not declared) prior to the Specified Defaultsexecution of this Extension Agreement; provided that the Borrower and the Subsidiary Guarantors foregoing shall comply during the Forbearance Period with all provisions, limitations, restrictions not be deemed to limit Buyer’s rights or prohibitions that would otherwise be effective remedies against Seller or applicable under any of the Loan Documents during the continuance of Guarantor arising from any Default or Event of DefaultDefault occurring after the execution of this Extension Agreement or for any breach by Seller or Guarantor under this Extension Agreement; provided further provided, further, that the agreement of the Participant Lenders Buyer temporarily to forbear shall not apply to nor preclude any remedy available to the Administrative Agent or the Lenders Buyer in connection with any Act of Insolvency against Seller or Guarantor or other proceeding commenced under any bankruptcy bankruptcy, insolvency or insolvency similar law, including without limitation, to any relief in respect of adequate protection or relief from any stay imposed under such law. (b) Upon a Termination Event; provided, further, that the agreement of Buyer temporarily to forebear shall not apply to nor preclude any remedy available to Buyer (i) if an Act of Insolvency or other proceeding under any bankruptcy, insolvency or similar law has occurred with respect to any borrower under the Participant Lenders Senior Loan, Senior Mezzanine Loan or Junior Mezzanine Loan or (ii) with respect to any action necessary or advisable in Buyer’s sole determination to avoid or otherwise address an actual or potential material adverse effect on the value of the real estate assets owned by the subsidiaries of the Senior Mezzanine Borrower. Upon the occurrence of the Termination Date, Buyer’s agreement hereunder to forbear from exercising their such default-related remedies shall immediately terminate without the requirement of any further demand, presentment, protest or notice of any kind, all of which Seller hereby waives to the Borrower and the Subsidiary Guarantors hereby waive. The Borrower and the Subsidiary Guarantors agree that the Administrative Agent and the Lenders may at any time thereafter proceed to exercise any and all of their respective rights and remedies under any or all of the Loan Documents and/or fullest extent permitted by applicable law, including, without limitation, their respective rights . Seller acknowledges and agrees that Buyer’s agreement hereunder to forbear from exercising its default-related remedies in connection with respect to the specified Events of Default shall not constitute a waiver of any or all of the Defaults and such Events of Default, including, without limitation, the Specified Defaults. (c) . For the avoidance of doubt, nothing herein limits the right rights of the Administrative Agent or the LendersBuyer, including during the Forbearance Period, Short Term Extension Period to take any action to preserve or exercise rights or remedies against parties other than the Borrower Seller and the Subsidiary Guarantors Guarantor ("Third Party Rights"). For purposes of the foregoing, the Borrower Seller acknowledges and the Subsidiary Guarantors acknowledge and agree agrees that execution and delivery of this Extension Agreement shall constitute the making of any necessary demand or the giving of any necessary notice for purposes of preserving and/or or permitting the exercise of any such Third Party Rights of the Administrative Agent and the LendersBuyer. (d) Execution of this Agreement constitutes a direction by the Participant Lenders that the Administrative Agent act in accordance with its terms. Each Participant Lender agrees that, notwithstanding anything to the contrary in the Credit Agreements, the Administrative Agent shall not be required to act if directed against the Borrower or the Subsidiary Guarantors if such action is contrary to the terms of this Agreement. (e) The Borrower and the Subsidiary Guarantors acknowledge and agree that the agreement of the Participant Lenders hereunder to forbear from exercising their default-related remedies with respect to the Specified Defaults shall not constitute a waiver of such Specified Defaults and that the Lenders expressly reserve all rights and remedies that the Administrative Agent and the Lenders now or may in the future have under any or all of the Loan Documents and/or applicable law in connection with all Defaults and Events of Default (including without limitation the Specified Defaults).

Appears in 2 contracts

Sources: Master Repurchase Agreement (KBS Real Estate Investment Trust, Inc.), Master Repurchase Agreement (KBS Real Estate Investment Trust, Inc.)

Forbearance. (a) The Participant Lenders agree that until Subject to the expiration satisfaction of the conditions precedent in Section 5, for the period (hereinafter referred to as the “Forbearance Period”) beginning on the Effective Date and ending on the Forbearance Termination Date defined in Section 4(b), the Participant Lenders will temporarily Agent and Lenders, without waiving, curing or affecting the Stated Defaults, hereby agree to forbear (subject to the terms hereof) from the exercise of any of their default-related rights and remedies available under the Credit Agreements, Loan Agreement and other Loan Documents or otherwise, against on account of the Borrower Stated Defaults. The Agent’s and the Subsidiary Guarantors solely Lenders’ forbearance provided for herein shall be effective only with respect to the extent the availability of such remedies arises exclusively from the Specified Stated Defaults; provided that the Borrower and the Subsidiary Guarantors shall comply during the Forbearance Period with all provisions, limitations, restrictions or prohibitions that would otherwise be effective or applicable under any of the Loan Documents during the continuance of any Default or Event of Default; provided further that the agreement of the Participant Lenders temporarily to forbear shall not apply to nor preclude any remedy available to the Administrative Agent or the Lenders in connection with any proceeding commenced under any bankruptcy or insolvency law, including without limitation, to any relief in respect of adequate protection or relief from any stay imposed under such law. (b) Upon a The Forbearance Period will terminate upon the earlier to occur of the following (the “Forbearance Termination Date”): (i) November 1, 2009, at 5:00 p.m. (California time), or (ii) the occurrence of any other Forbearance Termination Event. (c) During the Forbearance Period and provided no Forbearance Termination Event has occurred, and further provided that the terms and conditions of this Agreement are satisfied, the agreement Agent and Lenders agree that they will not exercise any default remedies against the Borrower or the Guarantors (except as otherwise expressly provided in this Agreement) as a result of the Participant Lenders hereunder to forbear from exercising their default-related remedies shall immediately terminate without Stated Defaults. (d) On the requirement of any demand, presentment, protest or notice of any kindForbearance Termination Date, all of which forbearances, deferrals and indulgences granted by the Borrower Agent and Lenders in this Section 4 shall automatically terminate, and the Subsidiary Guarantors hereby waive. The Borrower and the Subsidiary Guarantors agree that the Administrative Agent and the Lenders may at any time thereafter proceed shall thereupon be entitled immediately to exercise any and all of their respective rights and remedies under any or all of the Loan Documents and/or applicable lawDocuments, this Agreement and otherwise available at law or in equity, including, without limitation, their respective rights publishing a notice of default under the Deed of Trust and remedies in connection with any foreclosing on the Property, and all other Collateral, all without further notice or all of the Defaults and Events of Default, including, without limitation, the Specified Defaults. (c) For the avoidance of doubt, nothing herein limits the right of the Administrative Agent or the Lenders, including during the Forbearance Period, to take any action to preserve or exercise rights or remedies against parties other than the Borrower and the Subsidiary Guarantors ("Third Party Rights"). For purposes of the foregoing, the Borrower and the Subsidiary Guarantors acknowledge and agree that execution and delivery of this Agreement shall constitute the making demand of any necessary demand or the giving of any necessary notice for purposes of preserving and/or permitting the exercise of any such Third Party Rights of the Administrative Agent and the Lenders. (d) Execution of this Agreement constitutes a direction by the Participant Lenders that the Administrative Agent act in accordance with its terms. Each Participant Lender agrees that, notwithstanding anything to the contrary in the Credit Agreements, the Administrative Agent shall not be required to act if directed against the Borrower or the Subsidiary Guarantors if such action is contrary to the terms of this Agreementkind. (e) The Borrower Parties understand and the Subsidiary Guarantors specifically acknowledge and agree that the agreement forbearance provided in this Agreement does not relate or extend to any actions that the Agent or Lenders may take under the Loan Documents, at law or in equity, to preserve and protect any of the Participant Lenders hereunder to forbear from exercising their default-related remedies with respect to the Specified Defaults shall not constitute a waiver of such Specified Defaults and that the Lenders expressly reserve all rights and remedies that the Administrative Agent and the Lenders now or may collateral described in the future have under any or all of the Loan Documents and/or applicable law or the interests of the Agent or Lenders in connection with all Defaults any such collateral, including, without limiting the generality of the foregoing (i) the defending of or intervention in actions or assertions of claims (such as foreclosure proceedings, mechanics’ liens filings or proceedings, and Events stop notices) brought or made by third parties or by any Borrower Party, relating to any such collateral or the interests of Default the Agent or Lenders, or (including ii) the sending of notices to any persons or entities concerning (A) the rights of the Agent or Lenders under the Loan Documents (including, without limitation limitation, the Specified Defaults)filing of a proof of claim in any bankruptcy proceeding) and (B) the existence of security interests or liens in favor of the Agent or Lenders relating to such collateral. (f) [Intentionally Omitted.] (g) Notwithstanding anything to the contrary herein or in the Loan Documents, from and after the Effective Date neither Agent nor Lenders shall have any obligation to make Loans or any other advances under the Loan Documents.

Appears in 2 contracts

Sources: Forbearance Agreement (California Coastal Communities Inc), Forbearance Agreement (California Coastal Communities Inc)

Forbearance. (a) The Participant Lenders Effective as of the Third Amended Forbearance Effective Date (as defined below), the Noteholders agree that that, until the expiration of the Third Forbearance Period (as defined below), they will forbear from exercising, and shall direct the Indenture Trustee, and by signature hereto so direct the Indenture Trustee pursuant to Section 6.5 of the Indenture, not to exercise, any rights and remedies against the Company or the Subsidiaries that are available under the Indenture, the Intercreditor Agreement, the Collateral Agreements and/or applicable law solely with respect to the Specified Existing Defaults (excluding, however, the Noteholders’ right to charge default interest on the Notes (including on all unpaid interest on the Notes to the extent provided under the Indenture) during the Third Forbearance Period); provided, the Participant Lenders will temporarily forbear (subject to the terms hereof) from however, that nothing herein shall restrict, impair or otherwise affect the exercise of their default-related remedies the Noteholders’ rights under the Credit Agreementsthis Third Amended Forbearance Agreement, Loan Documents or otherwise, against the Borrower and the Subsidiary Guarantors solely to the extent the availability of such remedies arises exclusively from the Specified Defaults; provided that the Borrower and the Subsidiary Guarantors shall comply during the Forbearance Period with all provisions, limitations, restrictions or prohibitions that would otherwise be effective or applicable under any of the Loan Documents during the continuance of any Default or Event of Default; provided further that the agreement of the Participant Lenders temporarily to forbear no such forbearance shall not apply to nor preclude any remedy available to the Administrative Agent or the Lenders in connection constitute a waiver with any proceeding commenced under any bankruptcy or insolvency law, including without limitation, respect to any relief in respect such Specified Existing Defaults or any other Events of adequate protection or relief from any stay imposed Default under such lawthe Indenture. (b) Upon As used herein, the term “Third Forbearance Period” shall mean the period beginning on the date hereof and ending upon the occurrence of a Termination Event. As used herein, “Termination Event” shall mean the agreement earlier to occur of (i) November 1, 2007; and (ii) two business days after the Participant Lenders hereunder delivery by the Noteholder Group to forbear from exercising their default-related remedies the Company and Lender of a written notice terminating the Third Forbearance Period (the “Termination Notice”), which notice may be delivered at any time upon or after the occurrence of any Forbearance Default (as defined below); provided, however, that notwithstanding the foregoing, (x) this Third Amended Forbearance Agreement shall immediately terminate two (2) business days after the occurrence of a Forbearance Default under subsection (D) below without the requirement need for delivery of the Termination Notice or any demandother notice, presentmentand (y) this Third Amended Forbearance Agreement shall immediately terminate upon the occurrence of a Forbearance Default under subsection (J) below, protest without the need for delivery of the Termination Notice or notice any other notice. As used herein, the term “Forbearance Default” shall mean: (A) the failure of any kindthe Company to provide the Noteholder Group and its financial advisors with reasonable access, all as determined by the Noteholder Group in its reasonable discretion, to its Chief Executive Officer, other senior executives and outside advisors, including representatives of which ▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇ that are working with the Borrower Company, and to provide the Subsidiary Guarantors hereby waive. The Borrower Noteholder Group and the Subsidiary Guarantors agree that the Administrative Agent its legal and the Lenders may at any time thereafter proceed to exercise financial advisors with any and all of their respective rights and remedies under any or all of the Loan Documents and/or applicable law, including, without limitation, their respective rights and remedies in connection with any or all of the Defaults and Events of Defaultdue diligence information they may reasonably request, including, without limitation, the Specified Defaults. Company’s current 13-week cash flow schedule, and all updates thereto as soon as reasonably practicable after they are prepared, but in no event no later than two (c2) For business days thereafter; (B) the avoidance of doubt, nothing herein limits the right failure of the Administrative Agent Company to engage in good faith negotiations with the Noteholder Group regarding a potential restructuring transaction, which determination shall be made by the Noteholder Group in its reasonable discretion; (C) the failure of the Company to promptly notify the Noteholder Group of the occurrence of a Forbearance Default (as defined in the DDJ Third Amended Forbearance Agreement) under the DDJ Third Amended Forbearance Agreement or any amendment or modification to the DDJ Third Amended Forbearance Agreement; (D) termination of the DDJ Third Amended Forbearance Agreement; (E) the execution of any amendment or modification to the DDJ Third Amended Forbearance Agreement, which amendment or modification has a material adverse effect on the Noteholder Group as determined by the Noteholder Group in its reasonable discretion; (F) termination by the Company of the ▇▇▇▇▇▇ Engagement Letter or the Lenders, including during the Forbearance Period, to take any action to preserve or exercise rights or remedies against parties other than the Borrower and the Subsidiary Guarantors ("Third Party Rights"). For purposes failure of the foregoingCompany to pay ▇▇▇▇▇▇’▇ fees, the Borrower expenses and the Subsidiary Guarantors acknowledge and agree that execution and delivery of this Agreement shall constitute the making of any necessary demand or the giving of any necessary notice for purposes of preserving and/or permitting the exercise of any such Third Party Rights of the Administrative Agent and the Lenders. (d) Execution of this Agreement constitutes a direction by the Participant Lenders that the Administrative Agent act indemnity in accordance with its terms. Each Participant Lender agrees that, notwithstanding anything to the contrary in the Credit Agreements, the Administrative Agent shall not be required to act if directed against the Borrower or the Subsidiary Guarantors if such action is contrary to the terms of this Agreement. the ▇▇▇▇▇▇ Engagement Letter; (eG) The Borrower and the Subsidiary Guarantors acknowledge and agree occurrence of any Event of Default that is not a Specified Existing Default; (H) the agreement failure of the Participant Lenders hereunder Company to forbear from exercising their default-related remedies comply with respect any term, condition, covenant or agreement set forth in this Third Amended Forbearance Agreement; (I) the failure of any representation or warranty made by the Company under this Third Amended Forbearance Agreement to the Specified Defaults shall not constitute a waiver of such Specified Defaults be true and that the Lenders expressly reserve correct in all rights and remedies that the Administrative Agent and the Lenders now or may in the future have under any or all material respects as of the Loan Documents and/or applicable law in connection with all Defaults and Events date when made; (J) the commencement by or against the Company or any of the Subsidiaries of a case under title 11 of the United States Code; or (K) the commencement of any action or proceeding by any creditor of the Company or any of the Subsidiaries seeking to attach or take similar action against the assets of the Company or the Subsidiaries. Any Forbearance Default shall constitute an immediate Event of Default (including without limitation under the Specified Defaults)Indenture.

Appears in 2 contracts

Sources: Forbearance Agreement, Forbearance Agreement (Wornick CO)

Forbearance. (a) The Participant Lenders agree that Following the later of (x) the Agreement Effective Date or (y) the date and time upon which CEC may no longer terminate this Agreement pursuant to Section 11(c), until the expiration termination of the this Agreement (a “Forbearance PeriodTermination Event”), the Participant Lenders will temporarily each Consenting Second Lien Creditor agrees to forbear (subject to the terms hereof) from the exercise of their exercising its default-related rights and remedies (as well as any setoff rights and remedies) under the Credit Agreements, Loan Documents Second Lien Indentures or otherwiseapplicable law, against the Borrower Company and the Subsidiary Guarantors solely CEC and, with respect to the extent the availability of such remedies arises exclusively from the Specified Defaults; provided that the Borrower each, their property and the Subsidiary Guarantors shall comply during the Forbearance Period with all provisions, limitations, restrictions or prohibitions that would otherwise be effective or applicable under any of the Loan Documents during the continuance of any Default or Event of Default; provided further that the agreement of the Participant Lenders temporarily to forbear shall not apply to nor preclude any remedy available to the Administrative Agent or the Lenders interests in connection with any proceeding commenced under any bankruptcy or insolvency law, including without limitation, to any relief in respect of adequate protection or relief from any stay imposed under such lawproperty. (b) Upon the occurrence of a Forbearance Termination Event, the agreement of the Participant Lenders Consenting Second Lien Creditors hereunder to forbear from exercising their default-related rights and remedies (i) under the Second Lien Indentures and (ii) in respect of the Forbearance Defaults, shall immediately terminate without the requirement of any demand, presentment, protest protest, or notice of any kind, all of which the Borrower Caesars Parties hereby waive (to the extent permitted by applicable law). (c) The Caesars Parties agree that, upon the occurrence of, and the Subsidiary Guarantors hereby waive. The Borrower and the Subsidiary Guarantors agree that the Administrative Agent and the Lenders may at any time thereafter proceed after the occurrence of, a Forbearance Termination Event, the Consenting Second Lien Creditors, the Trustees or the Collateral Agent, as applicable, may proceed, subject to the terms of the Second Lien Indentures, and applicable law, to exercise any and or all of their respective rights and remedies under any or all of the Loan Documents and/or Second Lien Indentures, applicable law, including, without limitation, their respective rights and remedies and/or in connection with any or all of the Defaults and Events of Defaultequity, including, without limitation, the Specified rights and remedies on account of the Forbearance Defaults, all of which rights and remedies are fully reserved. (cd) The Caesars Parties agree that, prior to the termination of this Agreement with respect to any particular Consenting Second Lien Creditor, the Caesars Parties shall not commence any litigation or interpose or join in any claim arising from or in any way related to the Second Lien Indentures, the Second ▇▇▇▇ ▇▇▇▇ Claims, the Company, CEC, CAC, or any of their respective Affiliates against any such Consenting Second Lien Creditor. The Consenting Second Lien Creditors and the Second Lien Committee agree that, prior to the termination of this Agreement with respect to any particular Caesars Party, the Consenting Second Lien Creditors and the Second Lien Committee shall not commence any litigation or interpose or join in any claim arising from or in any way relating to the Second Lien Indentures against any such Caesars Party. (e) For the avoidance of doubt, nothing herein limits the right of the Administrative Agent or the Lenders, including during the Forbearance Period, to take any action to preserve or exercise rights or remedies against parties other than the Borrower and the Subsidiary Guarantors ("Third Party Rights"). For purposes of the foregoingnotwithstanding anything herein, the Borrower and the Subsidiary Guarantors acknowledge and agree that execution and delivery of forbearance set forth in this Agreement shall constitute the making of any necessary demand or the giving of any necessary notice for purposes of preserving and/or permitting the exercise of any such Third Party Rights of the Administrative Agent and the Lenders. (d) Execution of this Agreement constitutes a direction by the Participant Lenders that the Administrative Agent act in accordance with its terms. Each Participant Lender agrees that, notwithstanding anything to the contrary in the Credit Agreements, the Administrative Agent Section 3 shall not be required to act if directed against the Borrower or the Subsidiary Guarantors if such action is contrary to the terms of this Agreement. (ei) The Borrower and the Subsidiary Guarantors acknowledge and agree that the agreement of the Participant Lenders hereunder to forbear from exercising their default-related remedies constitute a waiver with respect to any defaults or any Events of Defaults as defined under the Specified Defaults shall Second Lien Indentures, (ii) prevent any Consenting Second Lien Creditor or Second Lien Committee Member from enforcing its rights with respect to any non-Caesars Parties under any documents relating to the Second Lien Indentures, including, but not constitute limited to and for the avoidance of doubt, any intercreditor documents, and (iii) bar any Consenting Second Lien Creditor or Second Lien Committee Member from filing a waiver proof of claim or taking action to establish the amount of such Specified Defaults and that the Lenders expressly reserve all rights and remedies that the Administrative Agent and the Lenders now or may in the future have under any or all of the Loan Documents and/or applicable law in connection with all Defaults and Events of Default (including without limitation the Specified Defaults)Claim.

Appears in 2 contracts

Sources: Restructuring Support, Forbearance, and Settlement Agreement (Caesars Acquisition Co), Restructuring Support, Forbearance, and Settlement Agreement (CAESARS ENTERTAINMENT Corp)

Forbearance. (a) The Participant Lenders agree Each of the Class A Certificateholders agrees that until the expiration of the Forbearance PeriodPeriod (as defined below), it will not, as part of a majority in interest of Fractional Undivided Interests in the Participant Lenders will temporarily forbear (subject Class A Trust or in any other capacity direct the Class A Trustee, when the Class A Trustee is the Controlling Party or otherwise, to cause the terms hereof) from Subordination Agent and the Mortgagees to exercise any of their default-related remedies under the Credit Agreements, Loan Documents or otherwise, against the Borrower and the Subsidiary Guarantors Atlas solely to the extent the availability of such remedies arises exclusively from the Specified Defaults; provided Defaults (the "CLASS A FORBEARANCE"). Each of the Class A Certificateholders further agrees (i) to join in executing and causing to be delivered to the Class A Trustee, with a copy to the Subordination Agent and Mortgagees, at or about the time that a Specified Default occurs, a letter (a "FORBEARANCE INSTRUCTION LETTER") instructing the Borrower Class A Trustee to instruct the Subordination Agent and Mortgagees (an "INSTRUCTION LETTER TO SUBORDINATION AGENT AND MORTGAGEES") to forbear from exercising any default-related remedies until the Subsidiary Guarantors shall comply Subordination Agent or Mortgagees receive instructions to the contrary ("CONTRARY INSTRUCTIONS") from the Class A Trustee, which Forbearance Instruction Letter will instruct the Class A Trustee not to give any such Contrary Instructions during the Forbearance Period with all provisionsunless it is directed to do so by the holders of a majority in interest of Fractional Undivided Interests in the Class A Trust, limitations(ii) to refrain from directing the Class A Trustee to give any such Contrary Instructions during the Forbearance Period, restrictions or prohibitions that would otherwise be effective or applicable under any and (iii) to provide to Atlas a copy of the Loan Documents during Forbearance Instruction Letter (and, if such Class A Certificateholder receives a copy of an Instruction Letter to Subordination Agent and Mortgagees, a copy of such letter) and a return receipt or other evidence indicating the continuance of any Default or Event of Default; provided further that the agreement delivery of the Participant Lenders temporarily Forbearance Instruction Letter to forbear the Class A Trustee, provided that, (w) nothing in the Forbearance Instruction Letter, the Instruction Letter to Subordination Agent and Mortgagees, or in this Agreement is intended to or shall prevent any Mortgagee, Subordination Agent, Class A Trustee, Class A Certificateholder or other person from (A) giving notice of the occurrence of a Default under a Lease or Indenture (it being understood that, except for providing that notice of a Default may be given, this clause (A) does not limit or affect in any way the agreements of the Class A Certificateholders that are set forth above in this Section 2(a), or (B) exercising its right to cause one or more LTV Appraisals to be obtained pursuant to the Intercreditor Agreement, (x) the Class A Certificateholders shall not apply be required to nor preclude obtain any remedy available acknowledgement or agreement from the Class A Trustee with respect to the Administrative Forbearance Instruction Letter and the Class A Trustee shall not be required to obtain any acknowledgement or agreement from the Mortgagees or Subordination Agent with respect to the Instruction Letter to Subordination Agent and Mortgagees, (y) the Class A Certificateholders shall not be required to provide any indemnity or other inducement for the Lenders Class A Trustee, Subordination Agent, or Mortgagees to comply with such Forbearance Instruction Letter or Instruction Letter to Subordination Agent and Mortgagees, and (z) the Class A Certificateholders give no representation or warranty as to the effect of such Forbearance Instruction Letter or Instruction Letter to Subordination Agent and Mortgagees or as to whether the Class A Trustee will in connection with any proceeding commenced under any bankruptcy or insolvency law, including without limitation, fact send such Instruction Letter to any relief in respect of adequate protection or relief from any stay imposed under such lawSubordination Agent and Mortgagees. (b) Upon Each of the dates and events referred to in clauses (i) through (viii) below in this Section 2(b) is referred to herein as a "TERMINATION EVENT". As used herein, "FORBEARANCE PERIOD" means the period beginning on the date hereof and ending on the earliest to occur of (x) a Termination EventEvent listed in clause (i), (v), or (vii) below in this Section 2(b) (it being understood that no notice is required in order for the Forbearance Period to terminate immediately and automatically upon the occurrence of any Termination Event listed in clause (i), (v), or (vii) below in this Section 2(b)), or (y) the date three (3) business days after any Class A Certificateholder (or such Class A Certificateholder's counsel) gives notice to Atlas that a Termination Event listed in clause (ii), (iii), (iv), (vi) or (viii) of this Section 2(b) has occurred and that, as a result thereof, the agreement of the Participant Lenders hereunder to forbear from exercising their default-related remedies Forbearance Period shall immediately terminate without the requirement of any demand, presentment, protest or notice of any kind, all of which the Borrower and the Subsidiary Guarantors hereby waiveend. The Borrower and the Subsidiary Guarantors agree that the Administrative Agent and the Lenders may at any time thereafter proceed to exercise any and all of their respective rights and remedies under any or all of the Loan Documents and/or applicable law, including, without limitation, their respective rights and remedies in connection with any or all of the Defaults and Termination Events of Default, including, without limitation, the Specified Defaults. (c) For the avoidance of doubt, nothing herein limits the right of the Administrative Agent or the Lenders, including during the Forbearance Period, to take any action to preserve or exercise rights or remedies against parties other than the Borrower and the Subsidiary Guarantors ("Third Party Rights"). For purposes of the foregoing, the Borrower and the Subsidiary Guarantors acknowledge and agree that execution and delivery of this Agreement shall constitute the making of any necessary demand or the giving of any necessary notice for purposes of preserving and/or permitting the exercise of any such Third Party Rights of the Administrative Agent and the Lenders. (d) Execution of this Agreement constitutes a direction by the Participant Lenders that the Administrative Agent act in accordance with its terms. Each Participant Lender agrees that, notwithstanding anything to the contrary in the Credit Agreements, the Administrative Agent shall not be required to act if directed against the Borrower or the Subsidiary Guarantors if such action is contrary to the terms of this Agreement. (e) The Borrower and the Subsidiary Guarantors acknowledge and agree that the agreement of the Participant Lenders hereunder to forbear from exercising their default-related remedies with respect to the Specified Defaults shall not constitute a waiver of such Specified Defaults and that the Lenders expressly reserve all rights and remedies that the Administrative Agent and the Lenders now or may in the future have under any or all of the Loan Documents and/or applicable law in connection with all Defaults and Events of Default (including without limitation the Specified Defaults).are as follows:

Appears in 2 contracts

Sources: Forbearance Agreement (Atlas Air Worldwide Holdings Inc), Forbearance Agreement (Atlas Air Inc)

Forbearance. (a) The Participant Lenders agree that until Each Obligor specifically acknowledges the expiration existence and continuation of the Forbearance PeriodSpecified Defaults. In reliance on the representations, the Participant Lenders will temporarily forbear (warranties, covenants and agreements contained in this Agreement, and subject to the terms hereof) from satisfaction of each condition precedent set forth in Section 4 hereof but only so long as no Termination Event shall have occurred and except as permitted by this Agreement, the exercise of their default-related remedies under Agent, the Credit Agreements, Loan Documents or otherwise, against the Borrower Lenders and the Subsidiary Guarantors solely Issuing Banks hereby agree to the extent the availability of such remedies arises exclusively from the Specified Defaults; provided that the Borrower and the Subsidiary Guarantors shall comply forbear during the Forbearance Period with from exercising their rights and remedies under the Loan Documents (including any right under Section 2.2.3 or 2.3.3 of the Loan Agreement, any right of setoff (excluding the Agent’s right to charge on account under Section 4.1.1(b) of the Loan Agreement, it being understood and agreed that any deemed making of any representations and warranties by the Borrowers on account of such charge shall, if such representations and warranties are not true and correct, for all provisions, limitations, restrictions purposes hereof be treated as a Specified Default) and any right under a power of attorney granted pursuant to Section 8.5(b) of the Loan Agreement) and applicable law arising as a result of the occurrence or prohibitions that would otherwise be effective or applicable under continuance of any of the Loan Documents during Specified Defaults. Notwithstanding the continuance foregoing, the forbearance granted by the Agent, the Lenders and the Issuing Banks shall not constitute and shall not be deemed to constitute a waiver of any of the Specified Defaults or of any other Default or Event of Default; provided further that Default under the Loan Documents. On and after the Termination Date, the Agent’s, the Lenders’ and the Issuing Banks’ agreement of the Participant Lenders temporarily hereunder to forbear shall not apply to nor preclude terminate automatically without further act or action by the Agent, any remedy available to Lender or any Issuing Bank, and the Administrative Agent or Agent, the Lenders in connection with any proceeding commenced under any bankruptcy or insolvency law, including without limitation, to any relief in respect of adequate protection or relief from any stay imposed under such law. (b) Upon a Termination Event, the agreement of the Participant Lenders hereunder to forbear from exercising their default-related remedies shall immediately terminate without the requirement of any demand, presentment, protest or notice of any kind, all of which the Borrower and the Subsidiary Guarantors hereby waive. The Borrower and the Subsidiary Guarantors agree that the Administrative Agent and the Lenders may at any time thereafter proceed Issuing Banks shall be entitled to exercise any and all of their respective rights and remedies available to them under this Agreement and the other Loan Documents, at law, in equity or otherwise without any further lapse of time, expiration of applicable grace periods or requirements of notice, all of the Loan Documents and/or applicable law, including, without limitation, their respective rights and remedies in connection with any or all of the Defaults and Events of Default, including, without limitation, the Specified Defaults. (c) which are hereby expressly waived by each Obligor. For the avoidance of doubt, nothing herein limits the right of the Administrative Agent or the Lenders, including during the Forbearance Period, to take any action to preserve or exercise rights or remedies against parties other than the Borrower and the Subsidiary Guarantors ("Third Party Rights"). For purposes of the foregoing, the Borrower and the Subsidiary Guarantors acknowledge and agree that execution and delivery of this Agreement shall constitute the making of any necessary demand or the giving of any necessary notice for purposes of preserving and/or permitting the i) an exercise of any such Third Party Rights of the Administrative Agent and the Lenders. (d) Execution of this Agreement constitutes a direction by the Participant Lenders that the Administrative Agent act in accordance with its terms. Each Participant Lender agrees thatcash dominion rights, notwithstanding anything to the contrary in the Credit Agreementswhen applicable, the Administrative Agent shall not be required subject to act if directed against the Borrower or the Subsidiary Guarantors if such action is contrary to the terms forbearance (other than implementing cash dominion solely as a result of this Agreement. (e) The Borrower and the Subsidiary Guarantors acknowledge and agree that the agreement of the Participant Lenders hereunder to forbear from exercising their default-related remedies with respect to the Specified Defaults shall not constitute a waiver of such Specified Defaults and that the Lenders expressly reserve all rights and remedies that the Administrative Agent and the Lenders now or may in the future have under any or all of the Loan Documents and/or applicable law in connection with all Defaults and Events of Default (including without limitation the Specified Defaults), (ii) the foregoing forbearance shall not prohibit the Agent from delivering notices relating to the Borrowing Base or notices of Default, Event of Default or a Termination Event, (iii) any Overadvance that occurs under Section 2.1.5 of the Loan Agreement shall not be subject to forbearance, and (iv) the foregoing forbearance shall not limit or prohibit the Agent from making Protective Advances in its discretion pursuant to Section 2.1.6 of the Loan Agreement (it being understood and agreed that any deemed making of any representations and warranties by the Borrowers on account of any such making of Protective Advances shall, if such representations and warranties are not true and correct, for all purposes hereof be treated as a Specified Default).

Appears in 2 contracts

Sources: Limited Forbearance Agreement, Limited Forbearance Agreement (Willbros Group, Inc.\NEW\)

Forbearance. Subject to the terms and conditions set forth herein, Wachovia hereby agrees that, during the Forbearance Period (a) The Participant Lenders agree that until as defined below), Wachovia shall forbear from exercising any and all rights or remedies available to Wachovia under the expiration Repurchase Documents and the Master Agreement as a result of the Forbearance PeriodExisting Events of Default (including, without limitation, the Participant Lenders will temporarily collection of default interest under the Repurchase Documents and Master Agreement), but only to the extent that such rights or remedies arise exclusively as a result of the existence or continuation of the Existing Events of Default; provided, however; (i) that Wachovia shall be free to exercise any or all of Wachovia's rights and remedies (including, without limitation, the collection of default interest under the Repurchase Documents and Swap Documents from and after the occurrence of a Forbearance Termination Event) under the Repurchase Documents, Master Agreement or Applicable Law arising on account of the Existing Events of Default (or any other event of default) at any time upon or after the occurrence of a Forbearance Termination Event (as defined below), (ii) in connection with the Repurchase Documents, Wachovia shall have no obligation to purchase or finance any new Asset or make any advance of Purchase Price or other amounts with respect to any existing Purchased Assets or new Assets unless consented to in writing by Wachovia, which consent may be granted or refused by Wachovia in its sole and absolute discretion, (iii) in connection with the Master Agreement, Wachovia shall have no obligation to enter into a Transaction (as defined in the Master Agreement) unless consented to in writing by Wachovia, which consent may be granted or refused by Wachovia in its sole and absolute discretion, and (iv) no amounts under clause NINTH of Section 2.8 of the Repurchase Agreement shall be transferred to the Operating Account or the Quadra Entities, but, instead, all such amounts shall be applied to the outstanding Obligations under the Repurchase Documents and the obligations and liabilities under the Swap Documents. Wachovia agrees to waive any default interest that accrued prior to the date of this Agreement under the Repurchase Documents and the Master Agreement as a result of the Existing Events of Default. Notwithstanding Wachovia's agreement to forbear (on account of the Existing Events of Default subject to the terms hereof) from and conditions set forth herein, the exercise Existing Events of their default-related remedies under the Credit Agreements, Loan Documents or otherwise, against the Borrower and the Subsidiary Guarantors solely Default shall continue to the extent the availability of such remedies arises exclusively from the Specified Defaults; provided that the Borrower and the Subsidiary Guarantors shall comply exist during the Forbearance Period with for all provisionspurposes under the Repurchase Agreement and Master Agreement, limitations, restrictions or prohibitions that would otherwise be effective or applicable under including any limitations on actions of the Loan Documents during Quadra Entities that may be triggered upon the continuance existence of any an Event of Default (as defined in the Repurchase Agreement) or Event of Default; provided further Default (as defined under the Master Agreement). The Quadra Entities acknowledge and agree that the agreement this Agreement does not constitute a waiver of the Participant Lenders temporarily Existing Events of Default, a waiver of any other Event of Default (as defined in the Repurchase Agreement) or Event of Default (as defined in the Master Agreement) (whether now or in the future) or a waiver or forbearance (except as expressly set forth herein) of any other term, provision, duty, obligation, covenant, liability, right, remedy, power or remedy of any party to forbear the Repurchase Documents and Master Agreement, and the forbearance evidenced hereby shall not apply be a waiver of Wachovia's rights to nor preclude refuse to enter into any remedy available future forbearance agreements. For the avoidance of doubt, this Agreement shall not limit, restrict or impair in any way any of Wachovia's rights under the Repurchase Documents and/or Swap Documents which are unrelated to the Administrative Agent or the Lenders in connection with any proceeding commenced under any bankruptcy or insolvency law, including without limitation, to any relief in respect of adequate protection or relief from any stay imposed under such law. (b) Upon a Termination Event, the agreement of the Participant Lenders hereunder to forbear from exercising their default-related remedies shall immediately terminate without the requirement of any demand, presentment, protest or notice of any kind, all of which the Borrower and the Subsidiary Guarantors hereby waive. The Borrower and the Subsidiary Guarantors agree that the Administrative Agent and the Lenders may at any time thereafter proceed to exercise any and all of their respective rights and remedies upon an Event of Default under any either the Repurchase Documents or all of the Loan Documents and/or applicable lawSwap Documents, including, without limitation, their respective Wachovia's rights to ▇▇▇▇ to market and remedies in connection with any or all of the Defaults and Events of Default, including, without limitation, the Specified Defaults. (c) For the avoidance of doubt, nothing herein limits the right of the Administrative Agent or the Lenders, including during the Forbearance Period, rights to take any action to preserve or exercise rights or remedies against parties other than the Borrower and the Subsidiary Guarantors ("Third Party Rights")make margin calls. For purposes of the foregoing, the Borrower and the Subsidiary Guarantors The Quadra Entities acknowledge and agree that execution they may not sell, finance or otherwise transfer any Purchased Asset without Wachovia's prior written consent thereto in its sole and delivery of this Agreement shall constitute the making of any necessary demand or the giving of any necessary notice for purposes of preserving and/or permitting the exercise of any such Third Party Rights of the Administrative Agent absolute discretion and the Lenders. (d) Execution of this Agreement constitutes a direction by the Participant Lenders that the Administrative Agent act in accordance with its terms. Each Participant Lender agrees that, notwithstanding anything to the contrary in the Credit Agreements, the Administrative Agent Wachovia shall not be required to act if directed against release its Lien on any Purchased Asset until all Obligations under the Borrower or Repurchase Documents and all obligations and liabilities then due and payable under the Subsidiary Guarantors if such action is contrary to the terms of this AgreementSwap Documents are paid in full. (e) The Borrower and the Subsidiary Guarantors acknowledge and agree that the agreement of the Participant Lenders hereunder to forbear from exercising their default-related remedies with respect to the Specified Defaults shall not constitute a waiver of such Specified Defaults and that the Lenders expressly reserve all rights and remedies that the Administrative Agent and the Lenders now or may in the future have under any or all of the Loan Documents and/or applicable law in connection with all Defaults and Events of Default (including without limitation the Specified Defaults).

Appears in 2 contracts

Sources: Forbearance Agreement, Forbearance Agreement (Quadra Realty Trust, Inc.)

Forbearance. (a) The Participant Lenders agree that until the expiration Holder shall not be deemed to have waived any of the Forbearance Period, the Participant Lenders will temporarily forbear (subject to the terms hereof) from the exercise of their default-related Holder’s rights or remedies under the Credit Agreementsthis Note unless such waiver is express and in a writing signed by H▇▇▇▇▇, Loan Documents and no delay or otherwiseomission by H▇▇▇▇▇ in exercising, against the Borrower and the Subsidiary Guarantors solely or failure by Holder on any one or more occasions to the extent the availability of such remedies arises exclusively from the Specified Defaults; provided that the Borrower and the Subsidiary Guarantors shall comply during the Forbearance Period with all provisionsexercise, limitations, restrictions or prohibitions that would otherwise be effective or applicable under any of Holder’s rights hereunder or under the other Loan Documents during the continuance of any Default Documents, or Event of Default; provided further that the agreement of the Participant Lenders temporarily to forbear shall not apply to nor preclude any remedy available to the Administrative Agent at law or the Lenders in connection with any proceeding commenced under any bankruptcy or insolvency law, including without limitation, to any relief in respect of adequate protection or relief from any stay imposed under such law. (b) Upon a Termination Event, the agreement of the Participant Lenders hereunder to forbear from exercising their default-related remedies shall immediately terminate without the requirement of any demand, presentment, protest or notice of any kind, all of which the Borrower and the Subsidiary Guarantors hereby waive. The Borrower and the Subsidiary Guarantors agree that the Administrative Agent and the Lenders may at any time thereafter proceed to exercise any and all of their respective rights and remedies under any or all of the Loan Documents and/or applicable lawequity, including, without limitation, their respective rights Holder’s right, after any Event of Default, to declare the entire indebtedness evidenced hereby immediately due and payable, shall be construed as a novation of this Note or shall operate as a waiver or prevent the subsequent exercise of any or all of such rights. Acceptance by H▇▇▇▇▇ of any portion or all of any sum payable hereunder whether before, on or after the due date of such payment, shall not be a waiver of Holder’s right either to require prompt payment when due of all other sums payable hereunder or to exercise any of Holder’s rights, powers and remedies in connection hereunder or under the other Loan Documents. A waiver of any right on one occasion shall not be construed as a waiver of H▇▇▇▇▇’s right to insist thereafter upon strict compliance with the terms hereof without previous notice of such intention being given to Borrower. No exercise of any right by Holder shall constitute or be deemed to constitute an election of remedies by H▇▇▇▇▇ precluding the subsequent exercise by H▇▇▇▇▇ of any or all of the Defaults rights, powers and Events remedies available to it hereunder, under any of Defaultthe other Loan Documents, includingor at law or in equity. Borrower expressly waives, without limitationto the extent permitted by law, the Specified Defaults. (c) For the avoidance benefit of doubtany statute or rule of law or equity now provided, nothing herein limits the right of the Administrative Agent or the Lenderswhich may hereafter be provided, including during the Forbearance Periodwhich would produce a result contrary to, to take any action to preserve or exercise rights or remedies against parties other than the Borrower and the Subsidiary Guarantors ("Third Party Rights"). For purposes of in conflict with, the foregoing, the . Borrower consents to any and the Subsidiary Guarantors acknowledge all renewals and agree that execution and delivery of this Agreement shall constitute the making of any necessary demand or the giving of any necessary notice for purposes of preserving and/or permitting the exercise of any such Third Party Rights of the Administrative Agent and the Lenders. (d) Execution of this Agreement constitutes a direction by the Participant Lenders that the Administrative Agent act in accordance with its terms. Each Participant Lender agrees that, notwithstanding anything to the contrary extensions in the Credit Agreements, time of payment hereof without in any way affecting the Administrative Agent shall not be required to act if directed against the liability of Borrower or the Subsidiary Guarantors if such action is contrary any person liable or to the terms of this Agreement. (e) The Borrower and the Subsidiary Guarantors acknowledge and agree that the agreement of the Participant Lenders hereunder to forbear from exercising their default-related remedies become liable with respect to any indebtedness evidenced hereby. No extension of the Specified Defaults shall not constitute a waiver time for the payment of such Specified Defaults and that the Lenders expressly reserve all rights and remedies that the Administrative Agent and the Lenders this Note or any installment due hereunder, made by agreement with any person now or may hereafter liable for the payment of this Note shall operate to release, discharge, modify, change or affect the original liability of Borrower under this Note, either in the future have under any whole or all of the Loan Documents and/or applicable law in connection with all Defaults and Events of Default (including without limitation the Specified Defaults)part, unless H▇▇▇▇▇ agrees otherwise in writing.

Appears in 2 contracts

Sources: Promissory Note (Sanfilippo John B & Son Inc), Promissory Note (Sanfilippo John B & Son Inc)

Forbearance. (a) The Participant Lenders agree that until In consideration of the expiration Credit Parties’ agreement to timely comply with the terms of this Agreement, and in reliance upon the representations, warranties, agreements and covenants of the Credit Parties set forth herein, subject to the satisfaction of each of the conditions precedent to the effectiveness of this Agreement, during the Forbearance Period, the Participant Lenders will temporarily Agent and each Lender (severally and not jointly) hereby agree to forbear (subject to the terms hereof“Forbearance”) from the exercise of their default-related remedies under the Credit Agreements, Loan Documents or otherwise, against the Borrower and the Subsidiary Guarantors solely to the extent the availability of such remedies arises exclusively from the Specified Defaults; provided that the Borrower and the Subsidiary Guarantors shall comply during the Forbearance Period with all provisions, limitations, restrictions or prohibitions that would otherwise be effective or applicable under exercising any of the Loan Documents during the continuance of any Default or Event of Default; provided further that the agreement of the Participant Lenders temporarily to forbear shall not apply to nor preclude any remedy available Rights and Remedies with respect to the Administrative Agent or the Lenders in connection with any proceeding commenced under any bankruptcy or insolvency law, including without limitation, to any relief in respect of adequate protection or relief from any stay imposed under such law. (b) Upon a Termination Event, the agreement of the Participant Lenders hereunder to forbear from exercising their default-related remedies shall immediately terminate without the requirement of any demand, presentment, protest or notice of any kind, all of which the Borrower and the Subsidiary Guarantors hereby waiveForbearance Defaults. The Borrower and the Subsidiary Guarantors agree that the Administrative Agent and the Lenders may at any time thereafter proceed to exercise any and all of their respective rights and remedies under any or all of the Loan Documents and/or applicable law, including, without limitation, their respective rights and remedies in connection with any or all of the Defaults and Events of Default, including, without limitation, the Specified Defaults. (c) For the avoidance of doubt, nothing herein limits the right of the Administrative Agent or the Lenders, including during the Forbearance Period, each Lender agrees that it (individually or collectively) will not deliver any notice or instruction to take the Agent directing the Agent, in each case, to exercise any action to preserve or exercise rights or remedies against parties other than the Borrower and the Subsidiary Guarantors ("Third Party Rights"). For purposes of the foregoing, the Borrower Rights and the Subsidiary Guarantors acknowledge and agree that execution and delivery of this Agreement shall constitute the making of any necessary demand or the giving of any necessary notice for purposes of preserving and/or permitting the exercise of any such Third Party Rights of the Administrative Agent and the Lenders. (d) Execution of this Agreement constitutes a direction by the Participant Lenders that the Administrative Agent act in accordance with its terms. Each Participant Lender agrees that, notwithstanding anything to the contrary in Remedies under the Credit Agreements, the Administrative Agent shall not be required to act if directed Documents or applicable Law against the Borrower or the Subsidiary Guarantors if such action is contrary to the terms of this Agreement. (e) The Borrower and the Subsidiary Guarantors acknowledge and agree that the agreement of the Participant Lenders hereunder to forbear from exercising their default-related remedies Credit Parties with respect to the Specified Defaults Forbearance Defaults. For the avoidance of doubt, this Agreement shall not, except as provided herein, (a) prevent the Lenders from receiving payments of principal and interest when due or (b) limit any other available rights or remedies of the Agent and/or the Lenders. The agreements set forth herein shall not constitute a waiver of such Specified the Forbearance Defaults nor shall it be an agreement to forbearance with regard to any other Defaults or Events of Default that may be continuing on the date hereof, or any Defaults or Events of Default that may occur after the date hereof, whether similar in kind or otherwise to the Forbearance Defaults and that shall not constitute a waiver, express or implied, of any of the Lenders expressly reserve all rights and remedies that of the Administrative Agent and the Lenders now or may in under the future have under any or all terms of the Loan Credit Agreement or any other Credit Documents and/or applicable law in connection with all Defaults and Events on any future occasion or otherwise. The Forbearance set forth herein shall not impose or imply any obligation on the Agent or the Lenders to grant a forbearance of any Event of Default (including without limitation the Specified Defaults)on any future occasion.

Appears in 2 contracts

Sources: Forbearance Agreement (J.Jill, Inc.), Forbearance Agreement (J.Jill, Inc.)

Forbearance. Subject to the terms and conditions set forth herein, from the date this Agreement is fully executed and delivered by the parties (the "Effective Date") through the earlier of (a) The Participant the date on which the Loan Parties fail to comply with the covenants contained in Section 7 of this Agreement, (b) the date of the commencement by the Borrower of a voluntary bankruptcy, insolvency, reorganization or other similar proceeding or the commencement of any similar non-voluntary case or proceeding with respect to the Borrower that remains undismissed or stayed for a period of 30 days following the date of filing, and (c) 12:00 noon (EST) on April 30, 2011 (the "Forbearance Period"), the Senior Lenders hereby agree to forbear from exercising any and all rights or remedies available under the Senior Loan Documents or applicable law as a result of the Specified Defaults, but only to the extent that until such rights and remedies arise solely as a result of the occurrence and continuation of the Specified Defaults; provided, however, that in each case, the Senior Lenders shall be free to exercise any or all rights and remedies arising on account of any Specified Default at the end of the Forbearance Period; provided further, that except as expressly set forth herein, this Agreement shall not operate as a waiver, amendment or modification of the Senior Loan Documents. Notwithstanding anything contained in the Senior Loan Documents or this Agreement to the contrary, the Borrower will be entitled to repay the Bridge Notes (other than with proceeds from the New Facility) during the Forbearance Period and that upon such repayment of the Bridge Notes, the Specified Default will be deemed cured and the Senior Lenders will not be entitled to exercise any rights or remedies by virtue of the Specified Default following the expiration of the Forbearance Period, the Participant Lenders will temporarily forbear (subject to the terms hereof) from the exercise of their default-related remedies under the Credit Agreements, Loan Documents or otherwise, against the Borrower and the Subsidiary Guarantors solely to the extent the availability of such remedies arises exclusively from the Specified Defaults; provided that the Borrower and the Subsidiary Guarantors shall comply during the Forbearance Period with all provisions, limitations, restrictions or prohibitions that would otherwise be effective or applicable under any of the Loan Documents during the continuance of any Default or Event of Default; provided further that the agreement of the Participant Lenders temporarily to forbear shall not apply to nor preclude any remedy available to the Administrative Agent or the Lenders in connection with any proceeding commenced under any bankruptcy or insolvency law, including without limitation, to any relief in respect of adequate protection or relief from any stay imposed under such law. (b) Upon a Termination Event, the agreement of the Participant Lenders hereunder to forbear from exercising their default-related remedies shall immediately terminate without the requirement of any demand, presentment, protest or notice of any kind, all of which the Borrower and the Subsidiary Guarantors hereby waive. The Borrower and the Subsidiary Guarantors agree that the Administrative Agent and the Lenders may at any time thereafter proceed to exercise any and all of their respective rights and remedies under any or all of the Loan Documents and/or applicable law, including, without limitation, their respective rights and remedies in connection with any or all of the Defaults and Events of Default, including, without limitation, the Specified Defaults. (c) For the avoidance of doubt, nothing herein limits the right of the Administrative Agent or the Lenders, including during the Forbearance Period, to take any action to preserve or exercise rights or remedies against parties other than the Borrower and the Subsidiary Guarantors ("Third Party Rights"). For purposes of the foregoing, the Borrower and the Subsidiary Guarantors acknowledge and agree that execution and delivery of this Agreement shall constitute the making of any necessary demand or the giving of any necessary notice for purposes of preserving and/or permitting the exercise of any such Third Party Rights of the Administrative Agent and the Lenders. (d) Execution of this Agreement constitutes a direction by the Participant Lenders that the Administrative Agent act in accordance with its terms. Each Participant Lender agrees that, notwithstanding anything to the contrary in the Credit Agreements, the Administrative Agent shall not be required to act if directed against the Borrower or the Subsidiary Guarantors if such action is contrary to the terms of this Agreement. (e) The Borrower and the Subsidiary Guarantors acknowledge and agree that the agreement of the Participant Lenders hereunder to forbear from exercising their default-related remedies with respect to the Specified Defaults shall not constitute a waiver of such Specified Defaults and that the Lenders expressly reserve all rights and remedies that the Administrative Agent and the Lenders now or may in the future have under any or all of the Loan Documents and/or applicable law in connection with all Defaults and Events of Default (including without limitation the Specified Defaults).

Appears in 1 contract

Sources: Forbearance Agreement (Quantum Fuel Systems Technologies Worldwide, Inc.)

Forbearance. (a) The Participant Lenders agree So long as no Event of Default, other than the Existing Defaults, occurs or exists, subject to the terms and conditions set forth herein, Lender agrees that until the expiration of during the Forbearance Period, the Participant Lenders Lender will temporarily forbear not (subject x) exercise any default remedy available to the terms hereof) from the exercise of their default-related remedies Lender under the Credit Agreements, any Loan Documents or otherwise, against the Borrower and the Subsidiary Guarantors solely to the extent the availability of such remedies arises exclusively from the Specified Defaults; provided that the Borrower and the Subsidiary Guarantors shall comply during the Forbearance Period with all provisions, limitations, restrictions or prohibitions that would otherwise be effective Document or applicable under law; (y) enforce collection from any Borrower or any Guarantor of any of the Loan Documents during the continuance of Obligations; or (z) foreclose on its security interest in any Default or Event of Default; provided further that the agreement of the Participant Lenders temporarily to forbear shall Collateral (as defined in all Loan Documents) (a) Compliance with the terms of Section 13.3 of Loan Agreement are waived until the date that Borrower raises equity or subordinated debt on terms and conditions that are accepted by Lender, but not apply to nor preclude any remedy available to the Administrative Agent or the Lenders in connection with any proceeding commenced under any bankruptcy or insolvency lawlater than January 1, including without limitation, to any relief in respect of adequate protection or relief from any stay imposed under such law2009. (b) Upon a Termination EventCompliance with terms of Sections 5.16 and 5.17 of Credit Agreement are waived until the date that Borrower raises equity or subordinated debt on terms and conditions that are accepted by Lender, the agreement of the Participant Lenders hereunder to forbear from exercising their default-related remedies shall immediately terminate without the requirement of any demandbut not later than January 1, presentment, protest or notice of any kind, all of which the Borrower and the Subsidiary Guarantors hereby waive. The Borrower and the Subsidiary Guarantors agree that the Administrative Agent and the Lenders may at any time thereafter proceed to exercise any and all of their respective rights and remedies under any or all of the Loan Documents and/or applicable law, including, without limitation, their respective rights and remedies in connection with any or all of the Defaults and Events of Default, including, without limitation, the Specified Defaults2009. (c) For To the avoidance extent that Borrower shall fail to repay the obligations owing on the 10% callable convertible promissory notes when due, compliance with Section 7.1(e) of doubtCredit Agreement shall be waived, nothing herein limits unless and until the right date that Borrower raises equity or subordinated debt on terms and conditions that are accepted by Lender, but not later than January 1, 2009. Except as expressly provided herein, this Agreement does not constitute a waiver or release by Lender of the Administrative Agent any Obligations or the Lenders, including during the Forbearance Period, to take of any action to preserve or exercise rights or remedies against parties Event of Default other than the Borrower and Existing Defaults, or of any Event of Default which may arise in the Subsidiary Guarantors ("Third Party Rights"). For purposes of future after the foregoing, the Borrower and the Subsidiary Guarantors acknowledge and agree that execution and delivery date of this Agreement shall constitute the making of any necessary demand or the giving of any necessary notice for purposes of preserving and/or permitting the exercise of any such Third Party Rights of the Administrative Agent and the Lenders. (d) Execution of this Agreement constitutes a direction by the Participant Lenders that the Administrative Agent act in accordance Agreement. If Borrower does not comply with its terms. Each Participant Lender agrees that, notwithstanding anything to the contrary in the Credit Agreements, the Administrative Agent shall not be required to act if directed against the Borrower or the Subsidiary Guarantors if such action is contrary to the terms of this Agreement. (e) The Borrower Agreement and the Subsidiary Guarantors acknowledge Loan Documents, as modified herein, Lender shall have no further obligations under this Agreement and agree that the agreement of the Participant Lenders hereunder shall be permitted to forbear from exercising their default-related remedies with respect to the Specified Defaults shall not constitute a waiver of exercise at such Specified Defaults and that the Lenders expressly reserve all time any rights and remedies against Borrower as it deems appropriate in its sole and absolute discretion. Borrower understands that Lender has made no commitment and is under no obligation whatsoever to grant any additional extensions of time at the Administrative Agent and the Lenders now or may in the future have under any or all end of the Loan Documents and/or applicable law in connection with all Defaults and Events of Default (including without limitation the Specified Defaults)Forbearance Period.

Appears in 1 contract

Sources: Amendment and Forbearance Agreement (Tri-S Security Corp)

Forbearance. (a) Each Company hereby acknowledges that (a) the Designated Default occurred on April 1, 2018 and is continuing and (b) the Forbearance Period provided for and as defined in the May 4th Forbearance and Amendment Agreement terminated on June 30, 2018, the occurrence of which entitles the Creditor Parties to exercise their rights and remedies under the Purchase Agreement, the Related Agreements and applicable law. (b) No Creditor Party has waived, presently does not intend to waive and may never waive such Designated Default and nothing contained herein or the transactions contemplated hereby shall be deemed to constitute in any manner whatsoever any such waiver. Each Company hereby acknowledges that Creditor Parties have the presently exercisable right to declare the Liabilities to be immediately due and payable under the ▇▇▇▇▇▇ of the Purchase Agreement and the Related Agreements. (c) Subject to satisfaction of the conditions of effectiveness set forth in Section 8 of this Amendment Agreement, during the period (the “Forbearance Period”) commencing on June 30, 2018 and ending on the earlier to occur of (a) September 30, 2018 and (b) the occurrence of any Forbearance Default (as defined in Section 3(e) of this Amendment Agreement), Creditor Parties will forbear from exercising their rights and remedies under the Purchase Agreement, the Related Agreements and applicable law solely in respect of the Designated Default. Notwithstanding the foregoing, nothing contained herein shall impair in any manner whatsoever Creditor Parties’ rights to administer the credit facility and/or to collect, receive and/or apply proceeds of each Company’s accounts receivable and/or any other collateral to the Liabilities, in each case, in accordance with the terms of the Purchase Agreement and the Related Agreements. The Participant Lenders agree that until Creditor Parties may consider extending the expiration date of the Forbearance Period, but any such extension will be determined by the Creditor Parties in their sole and absolute discretion and, if provided at all, shall only be made on terms and conditions satisfactory to the Creditor Parties in their sole and absolute discretion. Among other factors which the Creditor Parties may consider in determining whether to extend the expiration date of the Forbearance Period are the Companies’ financial performance, the Companies’ compliance with the June 30, 2018 and September 30, 2018 “Operating Margin” financial covenants under Section 8.23(a), the occurrence of no Events of Default (other than the Designated Default) and the Creditor Parties’ receipt of evidence satisfactory in all respects to the Creditor Parties demonstrating that satisfactory progress (as determined by the Creditor Parties in their sole and absolute discretion) has been made by the Companies in connection with their diligent and good faith efforts to refinance the Liabilities by September 30, 2018. No such extension, if provided at all, shall be effective unless in a writing executed by the Creditor Parties and the Companies, and acknowledged and agreed to by the Guarantors. (d) Upon the termination of the Forbearance Period, the Participant Lenders will temporarily agreement of Creditor Parties to forbear (subject with respect to the terms hereof) from Designated Default shall automatically and without further action terminate and be of no further force and effect, it being expressly agreed that the exercise of their default-related remedies under the Credit Agreements, Loan Documents or otherwise, against the Borrower and the Subsidiary Guarantors solely to the extent the availability effect of such remedies arises exclusively from the Specified Defaults; provided that the Borrower and the Subsidiary Guarantors shall comply during the Forbearance Period with all provisions, limitations, restrictions or prohibitions that would otherwise termination will be effective or applicable under any of the Loan Documents during the continuance of any Default or Event of Default; provided further that the agreement of the Participant Lenders temporarily to forbear shall not apply permit Creditor Parties to nor preclude any remedy available to the Administrative Agent or the Lenders in connection with any proceeding commenced under any bankruptcy or insolvency law, including without limitation, to any relief in respect of adequate protection or relief from any stay imposed under (i) exercise such law. (b) Upon a Termination Event, the agreement of the Participant Lenders hereunder to forbear from exercising their default-related remedies shall immediately terminate without the requirement of any demand, presentment, protest or notice of any kind, all of which the Borrower and the Subsidiary Guarantors hereby waive. The Borrower and the Subsidiary Guarantors agree that the Administrative Agent and the Lenders may at any time thereafter proceed to exercise any and all of their respective rights and remedies under immediately without any further notice, passage of time or all forbearance of any kind and (ii) charge the Default Interest Rate (as defined in Section 1.7 of the Loan Documents and/or applicable lawNote) retroactively to April 1, including2018, without limitation, their respective rights which such Default Interest Rate charges shall be due and remedies in connection with any or all of payable on the Defaults and Events of Default, including, without limitation, the Specified Defaults. next Interest Payment Date (c) For the avoidance of doubt, nothing herein limits the right of the Administrative Agent or the Lenders, including during the Forbearance Period, to take any action to preserve or exercise rights or remedies against parties other than the Borrower and the Subsidiary Guarantors ("Third Party Rights"). For purposes of the foregoing, the Borrower and the Subsidiary Guarantors acknowledge and agree that execution and delivery of this Agreement shall constitute the making of any necessary demand or the giving of any necessary notice for purposes of preserving and/or permitting the exercise of any such Third Party Rights of the Administrative Agent and the Lenders. (d) Execution of this Agreement constitutes a direction by the Participant Lenders that the Administrative Agent act in accordance with its terms. Each Participant Lender agrees that, notwithstanding anything to the contrary as defined in the Credit Agreements, the Administrative Agent shall not be required to act if directed against the Borrower or the Subsidiary Guarantors if such action is contrary to the terms of this AgreementNote). (e) The Borrower and occurrence of any Event of Default (other than the Subsidiary Guarantors acknowledge and agree that the agreement Designated Default) shall constitute a Forbearance Default. As of the Participant Lenders hereunder date hereof, neither the Companies nor the Creditor Parties have any actual knowledge of any Events of Default other than the Designated Default. (f) Subject only to forbear from exercising Section 3(c) of this Amendment Agreement, Creditor Parties reserve the right, in their default-related remedies with respect sole discretion, to the Specified Defaults shall not constitute a waiver of such Specified Defaults and that the Lenders expressly reserve all rights and remedies that the Administrative Agent and the Lenders now or may in the future have under exercise any or all of their rights and remedies under the Loan Documents and/or Purchase Agreement, the Related Agreements and applicable law in connection with all Defaults and Events as a result of any Event of Default (including without limitation other than the Specified DefaultsDesignated Default), and no Creditor Party has waived any of such rights or remedies, and nothing in this Amendment Agreement, and no delay on their part in exercising any such rights or remedies, should be construed as a waiver of any such rights or remedies.

Appears in 1 contract

Sources: Forbearance and Fourth Amendment Agreement (usell.com, Inc.)

Forbearance. (a) 2.1 The Participant Lenders agree that until the expiration Lender Group hereby agrees, as of the Forbearance PeriodEffective Date (as defined below), to forbear from exercising any rights or remedies under Section 8.1 of the Credit Agreement with respect to the Designated Events of Default until the earliest of any of the following: (i) the date of the occurrence of a breach or default under this Agreement; (ii) the date of the occurrence of a Default or Event of Default that is not a Designated Event of Default; or (iii) January 15, 2009 (collectively, the Participant Lenders will temporarily forbear (subject “Forbearance Termination Date”). 2.2 Each Borrower and Guarantor hereby acknowledge and agree that upon the Forbearance Termination Date, the forbearance provided under this Section 2 shall terminate and the Lender Group shall have the right to exercise any and all rights and remedies under Section 8.1 of the Credit Agreement or otherwise under the Loan Documents or under applicable law or at equity due to the terms hereof) existence of the Designated Events of Default. Each Borrower and Guarantor hereby further acknowledge and agree that, from and after the exercise Forbearance Termination Date, the Lender Group shall be under no obligation of their default-related any kind whatsoever to forbear from exercising any remedies on account of the Designated Events of Default or any other Event of Default (whether similar or dissimilar to the Designated Events of Default). 2.3 The foregoing notwithstanding, if and to the extent that the Lender Group continues to make Advances or otherwise extend credit under the Credit AgreementsAgreement, Loan Documents or otherwise, against notwithstanding the Borrower and the Subsidiary Guarantors solely to the extent the availability of such remedies arises exclusively from the Specified Defaults; provided that the Borrower and the Subsidiary Guarantors shall comply during the Forbearance Period with all provisions, limitations, restrictions or prohibitions that would otherwise be effective or applicable under any of the Loan Documents during the continuance occurrence of any Default or Event of Default; provided further that the agreement , whether specified herein or otherwise, (a) such Advances or other extension of the Participant Lenders temporarily to forbear shall not apply to nor preclude any remedy credit which hereafter may be made available to Borrowers shall be made, issued, caused to be issued, or executed, as applicable, in the Administrative Agent or the Lenders in connection with any proceeding commenced under any bankruptcy or insolvency lawLender Group’s sole and absolute discretion, including without limitation, to any relief in respect of adequate protection or relief from any stay imposed under such law. and (b) Upon no such action shall be construed as (i) a Termination Event, the agreement waiver or forbearance of any member of the Participant Lenders hereunder to forbear from exercising their default-related remedies shall immediately terminate without Lender Group’s rights, remedies, and powers against Borrowers, Guarantors or the requirement of any demand, presentment, protest or notice of any kind, all of which the Borrower and the Subsidiary Guarantors hereby waive. The Borrower and the Subsidiary Guarantors agree that the Administrative Agent and the Lenders may at any time thereafter proceed to exercise any and all of their respective rights and remedies under any or all of the Loan Documents and/or applicable law, including, without limitation, their respective rights and remedies in connection with any or all of the Defaults and Events of Default, Collateral (including, without limitation, the Specified Defaults. (c) For right to terminate without notice the avoidance making of doubt, nothing herein limits the right of the Administrative Agent Advances or the Lenders, including during the Forbearance Period, to take any action to preserve or exercise rights or remedies against parties other than the Borrower and the Subsidiary Guarantors ("Third Party Rights"). For purposes of the foregoing, the Borrower and the Subsidiary Guarantors acknowledge and agree that execution and delivery of this Agreement shall constitute the making of any necessary demand other extensions of credit under the Credit Agreement) or the giving of any necessary notice for purposes of preserving and/or permitting the exercise (ii) a waiver of any such Third Party Rights Default or Event of the Administrative Agent and the Lenders. (d) Execution of this Agreement constitutes a direction by the Participant Lenders that the Administrative Agent act in accordance with its terms. Each Participant Lender agrees that, notwithstanding anything to the contrary in the Credit Agreements, the Administrative Agent shall not be required to act if directed against the Borrower Default or the Subsidiary Guarantors if such action is contrary to the terms of this Agreement. (e) The Borrower and the Subsidiary Guarantors acknowledge and agree that the agreement of the Participant Lenders hereunder to forbear from exercising their default-related remedies with respect to the Specified Defaults shall not constitute a waiver of such Specified Defaults and that the Lenders expressly reserve all rights and remedies that the Administrative Agent and the Lenders now or may in the future have under any or all of the Loan Documents and/or applicable law in connection with all Defaults and Designated Events of Default (including without limitation the Specified Defaults)Default.

Appears in 1 contract

Sources: Credit Agreement (B & B B, Inc.)

Forbearance. (a) The Participant Lenders agree that until the expiration of the Forbearance Period, the Participant Lenders will temporarily forbear (subject to the terms hereof) from the exercise of their default-related remedies under the Credit Agreements, Loan Documents or otherwise, against the Borrower and the Subsidiary Guarantors solely to the extent the availability of such remedies arises exclusively from the Specified Defaults; provided that the Borrower and the Subsidiary Guarantors shall comply during the Forbearance Period with all provisions, limitations, restrictions or prohibitions that would otherwise be effective or applicable under any of the Loan Documents during the continuance of any Default or Event of Default; provided further that the agreement of the Participant Lenders temporarily to forbear shall not apply to nor preclude any remedy available to the Administrative Agent or the Lenders in connection with any proceeding commenced under any bankruptcy or insolvency law, including without limitation, to any relief in respect of adequate protection or relief from any stay imposed under such law. (b) Upon a Termination Event, the agreement of the Participant Lenders hereunder Bank agrees to forbear from exercising their default-related remedies shall immediately terminate without the requirement of any demand, presentment, protest or notice of any kind, all of which the Borrower and the Subsidiary Guarantors hereby waive. The Borrower and the Subsidiary Guarantors agree that the Administrative Agent and the Lenders may at any time thereafter proceed to exercise any and all of their respective its rights and remedies under any the Existing Loan Documents and at law ("Default Rights") until the earlier of (a) October 7, 2003, or all (b) the occurrence of a Default under this Agreement (the "Forbearance Period"), notwithstanding Borrower's existing default under the Loan Agreement as a result of Borrower's failure to comply with the Tangible Net Worth covenant set forth in Section 6.7 of the Loan Agreement, through the day of this Loan Modification and Forbearance Agreement (the foregoing being referred to as "Existing Defaults"), Hereinafter, the Existing Loan Documents, as modified by this Loan Modification and Forbearance Agreement are hereinafter collectively called the "Loan Documents". By signing below, Borrower acknowledges that it is currently in default and as a result of the Existing Defaults, Bank is entitled to exercise its remedies as provided in the Existing Loan Documents and/or and as provided under applicable law, including. The Forbearance Period shall be immediately terminated, without limitationnotice, their respective rights if (a) Borrower breaches of any of the terms set forth in this Agreement, (b) any default occurs (other than the Existing Defaults) under the Existing Loan Documents, or (c) any recital, representation or warranty made herein, in any document executed and remedies delivered in connection herewith, or in any report, certificate, financial statement or other instrument or document previously, now or hereafter furnished by or on behalf of the Borrower in connection with this Agreement or any other document executed and delivered in connection with this Agreement, shall prove to have been false, incomplete or all misleading in any material respect on the date as of which it was made (collectively, a "Default"), whereupon Bank, at its option, without any notice to Borrower, may immediately cease making any Advances and may immediately exercise any Default Rights. Bank's agreement to forbear from enforcing its Default Rights under the Existing Loan Documents until the end of the Defaults and Events of Default, including, without limitation, the Specified Defaults. Forbearance Period (ca) For the avoidance of doubt, nothing herein limits the right in no way shall be deemed an agreement by Bank to waive Borrower's compliance with all other terms of the Administrative Agent Existing Loan Documents, as modified by this Loan Modification and Forbearance Agreement and (b) shall not limit or the Lenders, including during the impair Bank's right to demand strict performance of all other terms and covenants as of any date. Nothing in this Loan Modification and Forbearance Period, to take Agreement in any action to preserve or exercise rights or remedies against parties other than the Borrower and the Subsidiary Guarantors ("Third Party Rights"). For purposes way shall constitute Bank's waiver of the foregoing, the Existing Defaults. Borrower and the Subsidiary Guarantors acknowledge and agree further agrees that execution and delivery of this Agreement shall constitute the making of any necessary demand or the giving of any necessary notice for purposes of preserving and/or permitting the exercise of any such Third Party Default Rights by Bank upon termination of the Administrative Agent and the Lenders. (d) Execution of this Agreement constitutes a direction by the Participant Lenders that the Administrative Agent act in accordance with its terms. Each Participant Lender agrees that, notwithstanding anything to the contrary in the Credit Agreements, the Administrative Agent Forbearance Period shall not be required to act if directed against the Borrower or the Subsidiary Guarantors if such action is contrary to the terms affected by reason of this Agreement. (e) The Borrower , and the Subsidiary Guarantors acknowledge and agree Borrower shall not assert as a defense thereto the passage of time, estoppel, laches or any statute of limitations to the extent that the agreement exercise of the Participant Lenders hereunder to forbear from exercising their default-related remedies with respect to the Specified Defaults shall not constitute a waiver of such Specified Defaults and that the Lenders expressly reserve all rights and remedies that the Administrative Agent and the Lenders now or may in the future have under any or all of the Loan Documents and/or applicable law in connection with all Defaults and Events of Default (including without limitation the Specified Defaults)Rights was precluded by this Agreement.

Appears in 1 contract

Sources: Loan Modification and Forbearance Agreement (Epicedge Inc)

Forbearance. 1.1 Subject to the terms and conditions set forth herein, each Forbearance Party hereby agrees, during the period from the time this Agreement becomes effective pursuant to Section 2 until 9:00 a.m. New York time on March 31, 2004 (a) The Participant Lenders agree that until such period, as it may be prematurely terminated at the expiration option of the Facility Insurer or the Agent pursuant to the terms of this Agreement, the "Forbearance Period"), to forbear temporarily from exercising its rights, on account of the Dilution Trigger Event, to declare an Amortization Commencement Date or to terminate Maxtor as Servicer under the Loan Agreement. This agreement to forbear on account of the Dilution Trigger Event as provided herein expires at the conclusion of the Forbearance PeriodPeriod and any or each Forbearance Party may, the Participant Lenders will temporarily forbear (subject at any time thereafter, exercise any of its rights and remedies with respect to the terms hereof) from the exercise of their default-related remedies under the Credit Agreements, Loan Documents or otherwise, against the Borrower and the Subsidiary Guarantors solely Dilution Trigger Event to the same extent the availability of such remedies arises exclusively from the Specified Defaults; provided that the Borrower and the Subsidiary Guarantors shall comply during the Forbearance Period with all provisions, limitations, restrictions or prohibitions that would otherwise be effective or applicable under any of the Loan Documents during the continuance of any Default or Event of Default; provided further that the agreement of the Participant Lenders temporarily to forbear shall as if this Agreement did not apply to nor preclude any remedy available to the Administrative Agent or the Lenders in connection with any proceeding commenced under any bankruptcy or insolvency lawexist, including without limitation, the right to declare the occurrence of the Amortization Commencement Date, terminate Maxtor as Servicer, and exercise any remedies set forth in the Transaction Documents which are exercisable from and after the Amortization Commencement Date. 1.2 The specific agreement to forbear described in Section 1.1 above applies only to the Dilution Trigger Event and not to any relief other facts or circumstances giving rise to an Early Amortization Event or Servicer Default which may have occurred or may hereafter occur, and nothing in respect this Agreement shall be deemed to restrict any right or remedy any Forbearance Party may have on account of adequate protection any such other Early Amortization Event or relief from any stay imposed under such law. (b) Upon a Termination EventServicer Default, including the agreement right to declare the occurrence of the Participant Lenders hereunder to forbear from exercising their default-related remedies shall immediately terminate without the requirement of any demand, presentment, protest or notice of any kind, all of which the Borrower and the Subsidiary Guarantors hereby waive. The Borrower and the Subsidiary Guarantors agree that the Administrative Agent and the Lenders may Amortization Commencement Date at any time thereafter proceed during the Forbearance Period on account of any such other Early Amortization Event or to exercise terminate the Servicer during the Forbearance Period on account of any and all such other Servicer Default. The Forbearance Parties are not hereby waiving the existence of their respective rights and remedies under any Early Amortization Event or all of the Loan Documents and/or applicable law, including, without limitation, their respective rights and remedies in connection with any or all of the Defaults and Events of Servicer Default, including, without limitation, the Specified Defaults. (c) For the avoidance of doubt, nothing and are merely agreeing to forbear as provided herein limits the right of the Administrative Agent or the Lenders, including during the Forbearance Period. Except for the forbearance expressly set forth above in Section 1.1, to take any action to preserve or exercise rights or remedies against parties other than each Forbearance Party expressly reserves each and every right and remedy it has under the Borrower Transaction Documents and the Subsidiary Guarantors ("Third Party Rights"). For purposes of the foregoingunder applicable law, the Borrower and the Subsidiary Guarantors acknowledge and agree that execution and delivery of nothing in this Agreement shall be deemed to constitute the making a waiver of any necessary demand Early Amortization Event or Servicer Default whether now existing or hereafter arising, or, constitute a waiver of, or, except for the giving of forbearance expressly set forth above in Section 1.1, forbearance of, any necessary notice for purposes of preserving and/or permitting right or remedy the exercise of Forbearance Parties may have under any such Third Party Rights of the Administrative Transaction Documents or applicable law. 1.3 The Borrower acknowledges and agrees that, due to the existence of the Dilution Trigger Event, the conditions precedent to borrowing under Section 3.02(c)(ii) of the Loan Agreement are not satisfied and the Lender is not required to advance, nor is the Borrower entitled to receive, any Loans under the Loan Agreement. The Borrower hereby irrevocably agrees that it shall not seek any further Loans under the Loan Agreement and will not be entitled to receive any further Loans hereafter unless the Dilution Trigger Event has been waived by the Facility Insurer, the Agent and the Lenders. (d) Execution Lender. The Borrower further acknowledges that, due to the existence of this Agreement constitutes a direction by the Participant Lenders that Dilution Trigger Event, the Administrative Agent act Facility Insurer is entitled to receive Default Premium and the Lender is entitled to receive Default Yield and such amounts shall be paid from the Collection Account in accordance with its terms. Section 2.05(c) of the Loan Agreement. 1.4 Each Participant of the Borrower, the Agent, the Lender agrees and the Facility Insurer hereby irrevocably directs the Trustee, Collateral Agent and Collection Account Bank, and the Trustee, Collateral Agent and Collection Account Bank hereby agree, that, notwithstanding anything to the contrary in the Credit AgreementsLoan Agreement, during the Forbearance Period, (i) the Trustee shall not release any funds in the Collection Account to the Originator or the Borrower under Section 2.05(f) of the Loan Agreement until such time as the Loans have been prepaid in full and all other amounts due and owing to the Facility Insurer, the Administrative Agent shall not be required to act if directed against the Borrower or the Subsidiary Guarantors if such action is contrary to the terms of this Agreement. (e) The Borrower and the Subsidiary Guarantors acknowledge and agree that the agreement of the Participant Lenders hereunder to forbear from exercising their default-related remedies with respect to the Specified Defaults shall not constitute a waiver of such Specified Defaults and that the Lenders expressly reserve all rights and remedies that the Administrative Agent and the Lenders now have been paid; (ii) on the Remittance Date to occur on or may about March 12, 2004 all funds in the future have under any or all Collection Account shall be applied in the order of priority set forth in Section 2.05(c) of the Loan Documents and/or applicable law Agreement including, pursuant to clause (vi) thereof, to the repayment of the principal amount of Loans, and (iii) on each Business Day after such Remittance Date an amount equal to (x) all funds in connection with all Defaults the Collection Account minus (y) the amounts otherwise required to be retained on deposit therein under Section 2.05(f) of the Loan Agreement in respect of accrued Yield, Premium, Non-Use Fees, Servicing Fees, Backup Standby Servicer Fees and Events Trustee Fees, shall be paid to the Lender in repayment of Default (including without limitation the Specified Defaults)principal of Loans.

Appears in 1 contract

Sources: Forbearance Agreement (Maxtor Corp)

Forbearance. (a) The Participant Lenders Effective as of the Forbearance Effective Date (as defined below), the Noteholders agree that that, until the expiration of the Forbearance PeriodPeriod (as defined below), they will forbear from exercising, and shall direct the Indenture Trustee, and by signature hereto so direct the Indenture Trustee pursuant to Section 6.5 of the Indenture, not to exercise, any rights and remedies against the Company or the Subsidiaries that are available under the Indenture, the Participant Lenders will temporarily forbear (subject Intercreditor Agreement, the Collateral Agreements and/or applicable law solely with respect to the terms hereofSpecified Existing Defaults and any Anticipated Defaults (excluding, however, the Noteholders’ right to charge default interest on the Notes (including on all unpaid interest on the Notes to the extent provided under the Indenture) from during the Forbearance Period); provided, however, that nothing herein shall restrict, impair or otherwise affect the exercise of their default-related remedies the Noteholders’ rights under the Credit Agreementsthis Agreement, Loan Documents or otherwise, against the Borrower and the Subsidiary Guarantors solely to the extent the availability of such remedies arises exclusively from the Specified Defaults; provided that the Borrower and the Subsidiary Guarantors shall comply during the Forbearance Period with all provisions, limitations, restrictions or prohibitions that would otherwise be effective or applicable under any of the Loan Documents during the continuance of any Default or Event of Default; provided further that the agreement of the Participant Lenders temporarily to forbear no such forbearance shall not apply to nor preclude any remedy available to the Administrative Agent or the Lenders in connection constitute a waiver with any proceeding commenced under any bankruptcy or insolvency law, including without limitation, respect to any relief in respect such Specified Existing Defaults, Anticipated Defaults or any other Events of adequate protection or relief from any stay imposed Default under such lawthe Indenture. (b) Upon As used herein, the term “Forbearance Period” shall mean the period beginning on the date hereof and ending upon the occurrence of a Termination Event. As used herein, “Termination Event” shall mean the agreement earlier to occur of (i) August 15, 2007; and (ii) two business days after the Participant Lenders hereunder delivery by the Noteholder Group to forbear from exercising their default-related remedies the Company and Lender of a written notice terminating the Forbearance Period (the “Termination Notice”), which notice may be delivered at any time upon or after the occurrence of any Forbearance Default (as defined below); provided, however, that notwithstanding the foregoing, (x) this Agreement shall immediately terminate two (2) business days after the occurrence of a Forbearance Default under subsection (D) below without the requirement need for delivery of the Termination Notice or any demandother notice, presentmentand (y) this Agreement shall immediately terminate upon the occurrence of a Forbearance Default under subsection (J) below, protest without the need for delivery of the Termination Notice or notice any other notice. As used herein, the term “Forbearance Default” shall mean: (A) the failure of any kindthe Company to provide the Noteholder Group and its financial advisors with reasonable access, all as determined by the Noteholder Group in its reasonable discretion, to its Chief Executive Officer, other senior executives and outside advisors, including representatives of which ▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇ that are working with the Borrower Company, and to provide the Subsidiary Guarantors hereby waive. The Borrower Noteholder Group and the Subsidiary Guarantors agree that the Administrative Agent its legal and the Lenders may at any time thereafter proceed to exercise financial advisors with any and all of their respective rights and remedies under any or all of the Loan Documents and/or applicable law, including, without limitation, their respective rights and remedies in connection with any or all of the Defaults and Events of Defaultdue diligence information they may reasonably request, including, without limitation, the Specified Defaults. Company’s current 13-week cash flow schedule, and all updates thereto as soon as reasonably practicable after they are prepared, but in no event no later than two (c2) For business days thereafter; (B) the avoidance of doubt, nothing herein limits the right failure of the Administrative Agent Company to engage in good faith negotiations with the Noteholder Group regarding a potential restructuring transaction, which determination shall be made by the Noteholder Group in its reasonable discretion; (C) the failure of the Company to promptly notify the Noteholder Group of the occurrence of a Forbearance Default (as defined in the DDJ Forbearance Agreement) under the DDJ Forbearance Agreement or any amendment or modification to the DDJ Forbearance Agreement; (D) termination of the DDJ Forbearance Agreement; (E) the execution of any amendment or modification to the DDJ Forbearance Agreement, which amendment or modification has a material adverse effect on the Noteholder Group as determined by the Noteholder Group in its reasonable discretion; (F) termination by the Company of the ▇▇▇▇▇▇ Engagement Letter (as defined below) or the Lenders, including during the Forbearance Period, to take any action to preserve or exercise rights or remedies against parties other than the Borrower and the Subsidiary Guarantors ("Third Party Rights"). For purposes failure of the foregoingCompany to pay ▇▇▇▇▇▇’▇ fees, the Borrower expenses and the Subsidiary Guarantors acknowledge and agree that execution and delivery of this Agreement shall constitute the making of any necessary demand or the giving of any necessary notice for purposes of preserving and/or permitting the exercise of any such Third Party Rights of the Administrative Agent and the Lenders. (d) Execution of this Agreement constitutes a direction by the Participant Lenders that the Administrative Agent act indemnity in accordance with its terms. Each Participant Lender agrees that, notwithstanding anything to the contrary in the Credit Agreements, the Administrative Agent shall not be required to act if directed against the Borrower or the Subsidiary Guarantors if such action is contrary to the terms of the ▇▇▇▇▇▇ Engagement Letter (as defined below); (G) the occurrence of any Event of Default that is neither a Specified Existing Default, nor an Anticipated Default; (H) the failure of the Company to comply with any term, condition, covenant or agreement set forth in this Agreement. ; (eI) The Borrower the failure of any representation or warranty made by the Company under this Agreement to be true and the Subsidiary Guarantors acknowledge and agree that the agreement correct in all material respects as of the Participant Lenders hereunder to forbear from exercising their default-related remedies with respect to date when made; (J) the Specified Defaults shall not constitute a waiver of such Specified Defaults and that commencement by or against the Lenders expressly reserve all rights and remedies that the Administrative Agent and the Lenders now Company or may in the future have under any or all of the Loan Documents and/or applicable law in connection with all Defaults and Events Subsidiaries of Default a case under title 11 of the United States Code; or (including without limitation K) the Specified Defaults)commencement of any action or proceeding by any creditor of the Company or any of the Subsidiaries seeking to attach or take similar action against the assets of the Company or the Subsidiaries.

Appears in 1 contract

Sources: Forbearance Agreement (Wornick CO)

Forbearance. (a) 2.1 The Participant Lenders agree that until the expiration Lender Group hereby agrees, as of the Forbearance PeriodEffective Date (as defined below), to forbear from exercising any rights or remedies under Section 8.1 of the Credit Agreement with respect to the Designated Events of Default until the earliest of any of the following: (i) the date of the occurrence of a breach or default under this Agreement; (ii) the date of the occurrence of a Default or Event of Default that is not a Designated Event of Default; or (iii) March 2, 2009 (collectively, the Participant Lenders will temporarily forbear (subject “Forbearance Termination Date”). 2.2 Each Borrower and Guarantor hereby acknowledge and agree that upon the Forbearance Termination Date, the forbearance provided under this Section 2 shall terminate and the Lender Group shall have the right to exercise any and all rights and remedies under Section 8.1 of the Credit Agreement or otherwise under the Loan Documents or under applicable law or at equity due to the terms hereof) existence of the Designated Events of Default. Each Borrower and Guarantor hereby further acknowledge and agree that, from and after the exercise Forbearance Termination Date, the Lender Group shall be under no obligation of their default-related any kind whatsoever to forbear from exercising any remedies on account of the Designated Events of Default or any other Event of Default (whether similar or dissimilar to the Designated Events of Default). 2.3 The foregoing notwithstanding, if and to the extent that the Lender Group continues to make Advances or otherwise extend credit under the Credit AgreementsAgreement, Loan Documents or otherwise, against notwithstanding the Borrower and the Subsidiary Guarantors solely to the extent the availability of such remedies arises exclusively from the Specified Defaults; provided that the Borrower and the Subsidiary Guarantors shall comply during the Forbearance Period with all provisions, limitations, restrictions or prohibitions that would otherwise be effective or applicable under any of the Loan Documents during the continuance occurrence of any Default or Event of Default; provided further that the agreement , whether specified herein or otherwise, (a) such Advances or other extension of the Participant Lenders temporarily to forbear shall not apply to nor preclude any remedy credit which hereafter may be made available to Borrowers shall be made, issued, caused to be issued, or executed, as applicable, in the Administrative Agent or the Lenders in connection with any proceeding commenced under any bankruptcy or insolvency lawLender Group’s sole and absolute discretion, including without limitation, to any relief in respect of adequate protection or relief from any stay imposed under such law. and (b) Upon no such action shall be construed as (i) a Termination Event, the agreement waiver or forbearance of any member of the Participant Lenders hereunder to forbear from exercising their default-related remedies shall immediately terminate without Lender Group’s rights, remedies, and powers against Borrowers, Guarantors or the requirement of any demand, presentment, protest or notice of any kind, all of which the Borrower and the Subsidiary Guarantors hereby waive. The Borrower and the Subsidiary Guarantors agree that the Administrative Agent and the Lenders may at any time thereafter proceed to exercise any and all of their respective rights and remedies under any or all of the Loan Documents and/or applicable law, including, without limitation, their respective rights and remedies in connection with any or all of the Defaults and Events of Default, Collateral (including, without limitation, the Specified Defaults. (c) For right to terminate without notice the avoidance making of doubt, nothing herein limits the right of the Administrative Agent Advances or the Lenders, including during the Forbearance Period, to take any action to preserve or exercise rights or remedies against parties other than the Borrower and the Subsidiary Guarantors ("Third Party Rights"). For purposes of the foregoing, the Borrower and the Subsidiary Guarantors acknowledge and agree that execution and delivery of this Agreement shall constitute the making of any necessary demand other extensions of credit under the Credit Agreement) or the giving of any necessary notice for purposes of preserving and/or permitting the exercise (ii) a waiver of any such Third Party Rights Default or Event of the Administrative Agent and the Lenders. (d) Execution of this Agreement constitutes a direction by the Participant Lenders that the Administrative Agent act in accordance with its terms. Each Participant Lender agrees that, notwithstanding anything to the contrary in the Credit Agreements, the Administrative Agent shall not be required to act if directed against the Borrower Default or the Subsidiary Guarantors if such action is contrary to the terms of this Agreement. (e) The Borrower and the Subsidiary Guarantors acknowledge and agree that the agreement of the Participant Lenders hereunder to forbear from exercising their default-related remedies with respect to the Specified Defaults shall not constitute a waiver of such Specified Defaults and that the Lenders expressly reserve all rights and remedies that the Administrative Agent and the Lenders now or may in the future have under any or all of the Loan Documents and/or applicable law in connection with all Defaults and Designated Events of Default (including without limitation the Specified Defaults)Default.

Appears in 1 contract

Sources: Forbearance Agreement (Rbg, LLC)

Forbearance. (a) The Participant Lenders agree that until the expiration of that, during the Forbearance Period, the Participant Lenders will temporarily forbear (subject to the terms hereof) from the exercise of their default-related remedies under the Credit Agreements, Agreement and the other Loan Documents or otherwise, against the Borrower and the Subsidiary Guarantors Guarantors, solely to the extent the availability of such remedies arises exclusively from the Specified Defaults; provided that the Borrower and the Subsidiary Guarantors shall comply (except as otherwise expressly waived or modified under this Agreement) in all respects during the Forbearance Period with all provisions, limitations, restrictions or prohibitions that would otherwise be effective or applicable under any of the Loan Documents during the continuance of any Default or Event of Default; provided further that the agreement of the Participant Lenders temporarily to forbear shall not apply to nor preclude any remedy available to the Administrative Agent or the Lenders in connection with any proceeding commenced under any bankruptcy or insolvency law, including including, without limitation, to any relief in respect of adequate protection or relief from any stay imposed under such law. The Borrower and the Guarantors acknowledge and agree that, if any Default or Event of Default other than the Specified Defaults occurs during the Forbearance Period, the Administrative Agent and the Lenders have reserved the right to, and may, exercise, at any time and from time to time, any and all rights and remedies under the Loan Documents and applicable law in connection therewith. (b) Upon the occurrence of a Termination Event, the agreement of the Participant Lenders hereunder to forbear from exercising their default-related remedies shall immediately terminate without the requirement of any further demand, presentment, protest or notice of any kind, all of which the Borrower and the Subsidiary Guarantors hereby waivewaive to the fullest extent permitted by applicable law. The Borrower and the Subsidiary Guarantors agree that the Administrative Agent and the Lenders may at any time thereafter proceed to exercise any and all of their respective rights and remedies under any or all of the Loan Documents and/or and applicable law, including, without limitation, their respective rights and remedies in connection with the Specified Defaults or any or all of the other Defaults and or Events of Default, including, without limitation, . The Borrower and the Specified DefaultsGuarantors acknowledge and agree that all of the agreements and undertakings set forth herein shall remain in full force and effect and binding on them notwithstanding the occurrence of a Termination Event. (c) The Borrower and the Guarantors understand and accept the temporary nature of the forbearance provided hereby and that the Participant Lenders have given no assurances that they will extend such forbearance or provide waivers or amendments to the Credit Agreement or any other Loan Document. (d) Nothing in this Agreement constitutes a legal obligation to participate in the Restructuring or to execute any related documents and no such legal obligation shall arise except pursuant to mutually agreeable executed definitive documentation. (e) Execution of this Agreement constitutes a direction by the Participant Lenders that the Administrative Agent act or forbear from acting in accordance with its terms. Each Participant Lender agrees that, notwithstanding anything to the contrary in the Credit Agreement, the Administrative Agent shall not be required to act if directed against the Borrower or the Guarantors if such action is contrary to the terms of this Agreement. (f) For the avoidance of doubt, nothing herein limits the right rights of the Administrative Agent or the Lenders, including during the Forbearance Period, to take any action to preserve or exercise rights or remedies against parties other than the Borrower and the Subsidiary Guarantors ("Third Party Rights"). For purposes of the foregoing, the Borrower and the Subsidiary Guarantors acknowledge and agree that execution and delivery of this Agreement shall constitute the making of any necessary demand or the giving of any necessary notice for purposes of preserving and/or or permitting the exercise of any such Third Party Rights of the Administrative Agent and the Lenders. (d) Execution of this Agreement constitutes a direction by the Participant Lenders that the Administrative Agent act in accordance with its terms. Each Participant Lender agrees that, notwithstanding anything to the contrary in the Credit Agreements, the Administrative Agent shall not be required to act if directed against the Borrower or the Subsidiary Guarantors if such action is contrary to the terms of this Agreement. (eg) The Borrower and the Subsidiary Guarantors acknowledge and agree that the agreement of the Participant Lenders hereunder to forbear from exercising their default-related remedies with respect to the Specified Defaults shall not constitute a waiver of such Specified Defaults and that that, except as expressly set forth in this Agreement, the Lenders expressly reserve all rights and remedies that the Administrative Agent and the Lenders now or may in the future have under any or all of the Loan Documents and/or and applicable law in connection with all Defaults and Events of Default (including including, without limitation limitation, the Specified Defaults)) or Events of Default.

Appears in 1 contract

Sources: Forbearance Agreement (Oxford Resource Partners LP)

Forbearance. Provided that each of the Credit Parties complies with all of the requirements contained in this Amendment and the Loan Documents, the Agents and Lenders shall forbear from enforcing their respective remedies with respect to the Pending Defaults for the period (athe "Forbearance Period") beginning on the date hereof and ending on the Overline Termination Date (defined below). If at any time any of the Credit Parties fails to comply with any of the requirements set forth herein or if any additional Default or Event of Default occurs under this Amendment, the Credit Agreement or the other Loan Documents, Agents and Lenders may immediately commence, proceed or otherwise continue with any or all rights and remedies available under the Loan Documents, under applicable law or otherwise (collectively, "Lenders' Remedies") without demand or notice to any Credit Party, but as among Agents and Lenders, subject to the provisions of the Credit Agreement with respect to exercising remedies. The Participant Lenders agree that until matters disclosed on Schedule 1 hereto shall not constitute additional Defaults or Events of Default during the expiration Forbearance Period. At the end of the Forbearance Period, if Borrower has not paid, in full, all amounts due and owing under the Participant Loan Documents, or otherwise cured the Pending Defaults to the full satisfaction of Agents and Lenders will temporarily forbear (in their respective sole and absolute discretion, Agents and Lenders may proceed with Lenders' Remedies without any notice or demand to any Credit Party or any other party, but as among Agents and Lenders, subject to the terms hereof) from provisions of the exercise of Credit Agreement with respect to exercising remedies. Lenders and Agents are entering into this Amendment as an accommodation to the Credit Parties and the Credit Parties remain bound to perform their default-related remedies respective obligations under the Credit AgreementsLoan Documents. The "Overline Termination Date" shall mean October 30, Loan Documents 2000, or otherwiseif earlier, against the Borrower and the Subsidiary Guarantors solely to the extent the availability of such remedies arises exclusively from the Specified Defaults; provided that the Borrower and the Subsidiary Guarantors shall comply during the Forbearance Period with all provisions, limitations, restrictions or prohibitions that would otherwise be effective or applicable under any of the Loan Documents during the continuance of date upon which occurs any Default or Event of Default; provided further that Default other than the agreement of the Participant Lenders temporarily to forbear shall not apply to nor preclude any remedy available to the Administrative Agent or the Lenders in connection with any proceeding commenced under any bankruptcy or insolvency law, including without limitation, to any relief in respect of adequate protection or relief from any stay imposed under such law. (b) Upon a Termination Event, the agreement of the Participant Lenders hereunder to forbear from exercising their default-related remedies shall immediately terminate without the requirement of any demand, presentment, protest or notice of any kind, all of which the Borrower and the Subsidiary Guarantors hereby waive. The Borrower and the Subsidiary Guarantors agree that the Administrative Agent and the Lenders may at any time thereafter proceed to exercise any and all of their respective rights and remedies under any or all of the Loan Documents and/or applicable law, including, without limitation, their respective rights and remedies in connection with any or all of the Defaults and Events of DefaultPending Defaults, including, without limitation, the Specified DefaultsCredit Parties' failure to timely make the October Interest Payment as required in Section 3.3 below. (c) For the avoidance of doubt, nothing herein limits the right of the Administrative Agent or the Lenders, including during the Forbearance Period, to take any action to preserve or exercise rights or remedies against parties other than the Borrower and the Subsidiary Guarantors ("Third Party Rights"). For purposes of the foregoing, the Borrower and the Subsidiary Guarantors acknowledge and agree that execution and delivery of this Agreement shall constitute the making of any necessary demand or the giving of any necessary notice for purposes of preserving and/or permitting the exercise of any such Third Party Rights of the Administrative Agent and the Lenders. (d) Execution of this Agreement constitutes a direction by the Participant Lenders that the Administrative Agent act in accordance with its terms. Each Participant Lender agrees that, notwithstanding anything to the contrary in the Credit Agreements, the Administrative Agent shall not be required to act if directed against the Borrower or the Subsidiary Guarantors if such action is contrary to the terms of this Agreement. (e) The Borrower and the Subsidiary Guarantors acknowledge and agree that the agreement of the Participant Lenders hereunder to forbear from exercising their default-related remedies with respect to the Specified Defaults shall not constitute a waiver of such Specified Defaults and that the Lenders expressly reserve all rights and remedies that the Administrative Agent and the Lenders now or may in the future have under any or all of the Loan Documents and/or applicable law in connection with all Defaults and Events of Default (including without limitation the Specified Defaults).

Appears in 1 contract

Sources: Credit Agreement (Hi Rise Recycling Systems Inc)

Forbearance. (a) The Participant Lenders agree that until Subject to any rights or remedies granted to the expiration Consenting Creditors pursuant to this Agreement, the Definitive Documents, including the DIP Documents, or any order of the Forbearance Bankruptcy Court, during the Support Period, the Participant Lenders will temporarily Consenting Creditors agree to forebear from exercising (and agree to direct any agent or trustee to forbear from exercising) any rights or remedies they may have under the Prepetition Funded Debt Documents (subject whether under U.S. or non-U.S. Law) with respect to any breaches, defaults, events of default or potential defaults by the Debtors (including any such breaches, defaults, events of default, or potential defaults resulting from any maturities occurring during the Support Period). Each Consenting First Lien Lender specifically agrees that this Agreement constitutes a direction to the terms hereof) from the exercise of their default-related remedies under the Credit AgreementsFirst Lien Agent to refrain, Loan Documents or otherwise, against the Borrower and the Subsidiary Guarantors solely to the extent the availability of such remedies arises exclusively from the Specified Defaults; provided that the Borrower and the Subsidiary Guarantors shall comply during the Forbearance Period with all provisionsSupport Period, limitations, restrictions or prohibitions that would otherwise be effective or applicable under any of the Loan Documents during the continuance of any Default or Event of Default; provided further that the agreement of the Participant Lenders temporarily to forbear shall not apply to nor preclude from exercising any remedy available or power conferred to the Administrative First Lien Agent against the Debtors or any subsidiaries or any of their assets except as necessary to effectuate the Lenders in connection with any proceeding commenced under any bankruptcy or insolvency law, including without limitation, to any relief in respect of adequate protection or relief from any stay imposed under such lawRestructuring. (b) Upon a Termination Event, Except to the agreement of the Participant Lenders hereunder to forbear from exercising their default-related remedies shall immediately terminate without the requirement of extent provided or expressly contemplated under this Agreement or any demand, presentment, protest or notice of any kind, all of which the Borrower and the Subsidiary Guarantors hereby waive. The Borrower and the Subsidiary Guarantors agree that the Administrative Agent and the Lenders may at any time thereafter proceed to exercise any and all of their respective rights and remedies under any or all of the Loan Documents and/or applicable law, including, without limitation, their respective rights and remedies in connection with any or all of the Defaults and Events of DefaultDefinitive Documents, including, without limitation, the Specified Defaults. DIP Documents, each Consenting Creditor further agrees that if any applicable administrative agent, collateral agent, or indenture trustee takes any action inconsistent with any such Consenting Creditor’s obligations under this Section 4.07, such Consenting Creditor shall use commercially reasonable efforts to direct and cause such administrative agent, collateral agent, or indenture trustee (cas applicable) to cease and refrain from taking such actions. For the avoidance of doubt, nothing herein limits the right foregoing forbearance shall not be construed to impair the ability of the Administrative Agent or the Lenders, including during the Forbearance Period, Consenting Creditors to take any action to preserve or exercise rights or remedies against parties other than the Borrower and the Subsidiary Guarantors ("Third Party Rights"). For purposes of the foregoingremedial action, the Borrower and the Subsidiary Guarantors acknowledge and agree that execution and delivery of this Agreement shall constitute the making of any necessary demand or the giving of any necessary notice for purposes of preserving and/or permitting the exercise of any such Third Party Rights of the Administrative Agent and the Lenders. (d) Execution of this Agreement constitutes a direction by the Participant Lenders that the Administrative Agent act in accordance with its terms. Each Participant Lender agrees that, notwithstanding anything to the contrary in the Credit Agreements, the Administrative Agent shall not be required to act if directed against the Borrower or the Subsidiary Guarantors if such action is contrary subject to the terms of this Agreement. the Prepetition Funded Debt Documents or otherwise, as applicable, at any time from and after the Termination Date (e) The Borrower and unless the Subsidiary Guarantors acknowledge and agree that the agreement Termination Date occurs solely as a result of the Participant Lenders hereunder to forbear from exercising their default-related remedies with respect to the Specified Defaults shall not constitute a waiver of such Specified Defaults and that the Lenders expressly reserve all rights and remedies that the Administrative Agent and the Lenders now or may in the future have under any or all occurrence of the Loan Documents and/or applicable law in connection with all Defaults and Events of Default (including without limitation the Specified DefaultsEffective Date).

Appears in 1 contract

Sources: Restructuring Support Agreement (2U, Inc.)

Forbearance. (a) Upon the satisfaction of the conditions precedent set forth in Section 3 of this Agreement, each Forbearing Holder hereby agrees that during the Forbearance Period it will not, directly or indirectly, (x) take any Remedial Action with respect to the Notes in connection with the Payment Default, (y) take any Remedial Action with respect to the purported breaches set forth in the letter dated May 21, 2010 of ▇▇▇▇▇ ▇. ▇▇▇▇▇ to ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇ (the “Canadian Facility Matters”), it being understood that neither the Issuer nor the Guarantors admit to the validity of such breaches, or (z) sell, pledge, hypothecate or otherwise transfer any Notes, except to a purchaser or other entity who agrees in writing (delivered to Sidley Austin LLP) to be bound by all of the terms of this Agreement with respect to the relevant Notes being sold, pledged, hypothecated or transferred to such purchaser or entity. The Participant Lenders agree that until foregoing limited forbearance shall not be construed to impair the expiration ability of the Forbearing Holders or the Trustee to take any Remedial Action (i) after the Forbearance Period regardless of whether or not such Remedial Action relates to actions taken, matters arising or payments not received during the Forbearance Period or (ii) during the Forbearance Period for Defaults or Events of Default other than the Payment Default and the Canadian Facility Matters. Without prejudicing the rights and remedies of the Forbearing Holders in respect of the Canadian Facility Matters (except as expressly limited in this Agreement), in no event, during the Forbearance Period, shall the Participant Lenders will temporarily forbear (subject to Forbearing Holders assert that a Forbearance Termination Event has occurred because the terms hereof) from the exercise Canadian Facility Matters constitute a Default or an Event of their default-related remedies Default under the Credit Agreements, Loan Documents or otherwise, against the Borrower and the Subsidiary Guarantors solely to the extent the availability of such remedies arises exclusively from the Specified Defaults; provided that the Borrower and the Subsidiary Guarantors shall comply during the Forbearance Period with all provisions, limitations, restrictions or prohibitions that would otherwise be effective or applicable under any of the Loan Documents during the continuance of any Default or Event of Default; provided further that the agreement of the Participant Lenders temporarily to forbear shall not apply to nor preclude any remedy available to the Administrative Agent or the Lenders in connection with any proceeding commenced under any bankruptcy or insolvency law, including without limitation, to any relief in respect of adequate protection or relief from any stay imposed under such lawIndenture. (b) Upon a Unless earlier terminated in accordance with the terms of this Agreement, the Forbearing Holders’ forbearance, as provided herein, shall immediately cease without notice upon the occurrence of any Forbearance Termination Event, and the agreement Issuer and Guarantors at that time shall be obligated to comply with and perform all terms, conditions and provisions of the Participant Lenders hereunder Indenture and the Notes without giving effect to forbear from exercising their default-related remedies the forbearance set forth herein. (c) The Forbearing Holders hereby agree to execute and deliver a letter, promptly after the Effective Date to the Trustee in the form attached hereto as Schedule A (the “Letter”), which letter shall immediately terminate without not be withdrawn or rescinded by the requirement Forbearing Holders until the occurrence of any demandForbearance Termination Event. (d) Except for the forbearance to the extent expressly set forth above in subsection 2(a), presentmenteach Forbearing Holder reserves each and every right and remedy it may have under the Notes, protest or notice of the Indenture, the Collateral Documents, any kind, all of which agreement relating thereto and under applicable law with respect to the Borrower and the Subsidiary Guarantors hereby waive. The Borrower and the Subsidiary Guarantors agree that the Administrative Agent and the Lenders may at any time thereafter proceed to exercise any and all of their respective rights and remedies under any or all of the Loan Documents and/or applicable law, including, without limitation, their respective rights and remedies in connection with any or all of the Defaults and Events of Payment Default, including, without limitation, the Specified Defaults. (c) For right to continue to charge and collect interest at the avoidance of doubt, nothing herein limits the right default rate pursuant to Section 1 of the Administrative Agent or the Lenders, including during the Forbearance Period, to take any action to preserve or exercise rights or remedies against parties other than the Borrower Notes. The Issuer and the Subsidiary Guarantors ("Third Party Rights"). For purposes each of the foregoing, the Borrower and the Subsidiary Guarantors hereby acknowledge and agree that execution and delivery of this Agreement shall constitute the making of any necessary demand or the giving of any necessary notice for purposes of preserving and/or permitting the exercise of any such Third Party Rights default interest pursuant to Section 1 of the Administrative Agent Notes shall accrue from and the Lenders. (d) Execution of this Agreement constitutes a direction by the Participant Lenders that the Administrative Agent act in accordance with its termsafter July 1, 2010. Each Participant Lender agrees that, notwithstanding anything Nothing herein shall be deemed to the contrary in the Credit Agreements, the Administrative Agent shall not be required to act if directed against the Borrower or the Subsidiary Guarantors if such action is contrary to the terms of this Agreement. (e) The Borrower and the Subsidiary Guarantors acknowledge and agree that the agreement of the Participant Lenders hereunder to forbear from exercising their default-related remedies with respect to the Specified Defaults shall not constitute a waiver by any Holder of such Specified Defaults and that any Default or Event of Default whatsoever, whether now existing or hereafter arising (including, without limitation, the Lenders Payment Default), or, except to the extent of the forbearance expressly reserve all rights and remedies that set forth herein, of any right or remedy the Administrative Agent and the Lenders now Trustee or any Holder may in the future have under the Notes, the Indenture, the Collateral Documents or any or all of the Loan Documents and/or agreement relating thereto and under applicable law in connection with all Defaults and Events of Default (including without limitation the Specified Defaults)law.

Appears in 1 contract

Sources: Forbearance Agreement (Blockbuster Inc)

Forbearance. (a) The Participant Lenders agree that until In reliance upon the expiration representations, warranties and covenants of the Forbearance Periodeach Borrower and Guarantor contained in this Agreement, the Participant Lenders will temporarily forbear (and subject to the rights and remedies of Lender set forth in Sections 5 and 6 hereof and to all of the other terms hereof) and conditions of this Agreement and any documents or instruments executed in connection herewith, Lender agrees to forbear from the exercise of their default-related exercising its rights and remedies under the Credit Financing Agreements, Loan Documents applicable law or otherwise, against the Borrower and the Subsidiary Guarantors solely to the extent effect that the availability rights and benefits otherwise available to Borrower under the Loan Agreement in the absence of the Existing Defaults shall continue, subject to the amendments and modifications contained herein, until the earliest of the following dates (the earliest of such remedies arises exclusively from dates being referred to herein as the Specified Defaults; provided that the Borrower and the Subsidiary Guarantors shall comply during “Forbearance Termination Date”): (i) the Forbearance Period with all provisionsMaturity Date, limitations, restrictions or prohibitions that would otherwise be effective or applicable under any and (ii) the date of the Loan Documents during the continuance occurrence of any a Forbearance Default or any other Event of Default; provided further that , other than the agreement of the Participant Lenders temporarily to forbear shall not apply to nor preclude any remedy available to the Administrative Agent or the Lenders in connection with any proceeding commenced under any bankruptcy or insolvency law, including without limitation, to any relief in respect of adequate protection or relief from any stay imposed under such lawExisting Defaults. (b) Upon a the Forbearance Termination EventDate, the agreement of the Participant Lenders hereunder Lender to forbear from exercising their default-related remedies shall immediately automatically and without further action terminate without the requirement and be of any demandno force and effect, presentment, protest or notice of any kind, all of which the Borrower it being understood and the Subsidiary Guarantors hereby waive. The Borrower and the Subsidiary Guarantors agree agreed that the Administrative Agent and the Lenders may at any time thereafter proceed effect of such termination will be to permit Lender to immediately exercise any and all of their respective its rights and remedies under any the Financing Agreements, applicable law or all of the Loan Documents and/or applicable law, including, without limitation, their respective rights and remedies in connection with any or all of the Defaults and Events of Default, including, without limitation, the Specified Defaultsotherwise. (c) For the avoidance of doubt, nothing herein limits the right of the Administrative Agent or the Lenders, including during the Forbearance Period, to take any action to preserve or exercise rights or remedies against parties other than the Each Borrower and the Subsidiary Guarantors ("Third Party Rights"). For purposes of the foregoing, the Borrower and the Subsidiary Guarantors acknowledge and agree Guarantor agrees that execution and delivery of this Agreement shall constitute the making of any necessary demand or the giving of any necessary notice for purposes of preserving and/or permitting the exercise of any such Third Party Rights of the Administrative Agent and the Lenders. (d) Execution of this Agreement constitutes a direction by the Participant Lenders that the Administrative Agent act in accordance with its terms. Each Participant Lender agrees that, notwithstanding anything to the contrary in the Credit Agreements, the Administrative Agent shall not be required to act if directed against the Borrower or the Subsidiary Guarantors if such action is contrary to the terms of this Agreement. (e) The Borrower and the Subsidiary Guarantors acknowledge and agree that the agreement of the Participant Lenders hereunder to forbear from exercising their default-related remedies with respect to the Specified Defaults shall not constitute a waiver of such Specified Defaults and that the Lenders expressly reserve all rights and remedies that the Administrative Agent and the Lenders now or may in the future have under any or all of the Obligations shall, if not sooner paid, be absolutely and unconditionally due and payable in full in cash by Borrower or Guarantor to Lender on the Forbearance Termination Date. In addition, at any time on or after the Forbearance Termination Date, Lender may, at its option, terminate any provision of the Loan Documents and/or applicable law Agreement relating to future Revolving Loans or Letter of Credit Accommodations by Lender to Borrower. No termination of the Loan Agreement or any provisions thereof or any of the other Financing Agreements shall relieve or discharge such Borrower or Guarantor of its respective duties, covenants and obligations under the Loan Agreement and the other Financing Agreements until all Obligations have been indefeasibly paid and satisfied in connection with all Defaults full in immediately available funds on terms and Events conditions acceptable to Lender. Each Borrower and Guarantor hereby expressly waives any right to receive notification under the UCC or otherwise of Default (including without limitation the Specified Defaults)any disposition of any Collateral by Lender or its designee, and waives any rights under UCC Sections 9-611, 9-620(e) and 9-623.

Appears in 1 contract

Sources: Forbearance Agreement and Fifth Amendment to Loan and Security Agreement (Drugmax Inc)

Forbearance. (a) The Participant Lenders agree that until Noteholder agrees that, for the expiration of period from the Forbearance Period, the Participant Lenders will temporarily forbear (subject Effective Date to the terms hereof) from the Termination Date (as defined below), it will not exercise of their default-related remedies under the Credit Agreements, Loan Documents or otherwise, against the Borrower and the Subsidiary Guarantors solely to the extent the availability of such remedies arises exclusively from the Specified Defaults; provided that the Borrower and the Subsidiary Guarantors shall comply during the Forbearance Period with all provisions, limitations, restrictions or prohibitions that would otherwise be effective or applicable under any of the Loan Documents during remedies available to it, nor will it instruct the continuance Trustee to exercise any of the remedies available to it, and it hereby instructs the Trustee to not exercise any of the remedies available to it, in each case, under the Indentures (including, without limitation, the right to accelerate the Notes as contemplated in Section 6.2 of the Indentures) solely as a result of the occurrence of any Specified Indenture Default. On the Termination Date, all of the terms and provisions of the Indentures with respect to the Specified Indenture Defaults shall have the same force and effect as if this Agreement had not been entered into by the parties hereto, and the Noteholder and the Trustee shall have all of the rights and remedies afforded to them under the Indentures and under applicable law with respect to the Specified Indenture Defaults as though no forbearance had been granted by them as provided hereunder, without any further action by the Noteholder or the Trustee. Nothing in this Section 2 shall affect, or shall be deemed to affect, any of the rights and remedies of the Noteholder or the Trustee under, or in connection with, the Indentures with respect to any Default or Event of Default; provided further that the agreement of the Participant Lenders temporarily to forbear shall not apply to nor preclude any remedy available to the Administrative Agent or the Lenders in connection with any proceeding commenced under any bankruptcy or insolvency law, including without limitation, to any relief in respect of adequate protection or relief from any stay imposed under such law. (b) Upon a Termination Event, the agreement of the Participant Lenders hereunder to forbear from exercising their default-related remedies shall immediately terminate without the requirement of any demand, presentment, protest or notice of any kind, all of which the Borrower and the Subsidiary Guarantors hereby waive. The Borrower and the Subsidiary Guarantors agree that the Administrative Agent and the Lenders may at any time thereafter proceed to exercise any and all of their respective rights and remedies under any or all of the Loan Documents and/or applicable law, including, without limitation, their respective rights and remedies in connection with any or all of the Defaults and Events of Default, including, without limitation, the Specified Defaults. (c) For the avoidance of doubt, nothing herein limits the right of the Administrative Agent or the Lenders, including during the Forbearance Period, to take any action to preserve or exercise rights or remedies against parties other than the Borrower and Specified Indenture Defaults, or any other event or occurrence. The "Termination Date" shall be the Subsidiary Guarantors earliest of ("Third Party Rights"). For purposes of i) September 15, 2003, (ii) the foregoingdate on which each Specified Indenture Default has been cured or waived, which cure or waiver shall have become effective, through amendments to the Borrower and Indentures or otherwise or (iii) the Subsidiary Guarantors acknowledge and agree that execution and delivery of this Agreement shall constitute date on which the making of any necessary demand or the giving of any necessary notice for purposes of preserving and/or permitting the exercise of any such Third Party Rights of the Administrative Agent and the Lenders. Bank Forbearance (das defined below) Execution of this Agreement constitutes a direction by the Participant Lenders that the Administrative Agent act is terminated in accordance with its terms. Each Participant Lender agrees that, notwithstanding anything to the contrary in the Credit Agreements, the Administrative Agent shall not be required to act if directed against the Borrower or the Subsidiary Guarantors if such action is contrary to the terms of this Agreementthereof. (e) The Borrower and the Subsidiary Guarantors acknowledge and agree that the agreement of the Participant Lenders hereunder to forbear from exercising their default-related remedies with respect to the Specified Defaults shall not constitute a waiver of such Specified Defaults and that the Lenders expressly reserve all rights and remedies that the Administrative Agent and the Lenders now or may in the future have under any or all of the Loan Documents and/or applicable law in connection with all Defaults and Events of Default (including without limitation the Specified Defaults).

Appears in 1 contract

Sources: Noteholder Forbearance Agreement (Aurora Foods Inc /De/)

Forbearance. (a) The Participant Lenders Notwithstanding the Existing Defaults, and subject to the provisions of this Agreement, the Lender Parties agree that that, until the expiration or earlier termination of the Forbearance Period (as defined below), the Lender Parties will forbear from exercising their rights and remedies under the Loan Documents and/or applicable law solely with respect to the Existing Defaults; provided, however, that nothing herein shall restrict, impair or otherwise affect the exercise of the Lender Parties’ rights under this Agreement; and provided, further, that no such forbearance shall constitute a waiver with respect to the Existing Defaults (other than as set forth in the following sentence). Notwithstanding anything to the contrary contained herein, if, on or prior to the expiration (but not earlier termination) of the Forbearance Period, the Participant Lenders will temporarily forbear (subject Borrower Parties have satisfied the conditions to the terms hereof) from the exercise of their default-related remedies under the Credit Agreements, Loan Documents or otherwise, against the Borrower and the Subsidiary Guarantors solely to the extent the availability of such remedies arises exclusively from the Specified Defaults; provided that the Borrower and the Subsidiary Guarantors shall comply during the Forbearance Period with all provisions, limitations, restrictions or prohibitions that would otherwise be effective or applicable under any of the Loan Documents during the continuance of any Default or Event of Default; provided further that the agreement of the Participant Lenders temporarily to forbear shall not apply to nor preclude any remedy available to the Administrative Agent or the Lenders forbearance set forth in connection with any proceeding commenced under any bankruptcy or insolvency law, including without limitation, to any relief in respect of adequate protection or relief from any stay imposed under such law. (b) Upon a Termination EventSection 4 below, the agreement of Lender Parties shall be deemed to have waived the Participant Lenders hereunder to forbear from exercising their default-related remedies Existing Defaults and shall immediately terminate without the requirement of any demand, presentment, protest or notice of any kind, all of which the Borrower and the Subsidiary Guarantors hereby waive. The Borrower and the Subsidiary Guarantors agree that the Administrative Agent and the Lenders may at any time thereafter proceed have no right to exercise any and all of their respective rights and remedies under any or all of the Loan Documents and/or applicable law, including, without limitation, their respective rights and remedies in connection with any or all of the Defaults and Events of Default, including, without limitation, the Specified Defaults. (c) For the avoidance of doubt, nothing herein limits the right of the Administrative Agent or the Lenders, including during the Forbearance Period, to take any action to preserve or exercise rights or remedies against parties other than the Borrower and the Subsidiary Guarantors ("Third Party Rights"). For purposes of the foregoing, the Borrower and the Subsidiary Guarantors acknowledge and agree that execution and delivery of this Agreement shall constitute the making of any necessary demand or the giving of any necessary notice for purposes of preserving and/or permitting the exercise of any such Third Party Rights of the Administrative Agent and the Lenders. (d) Execution of this Agreement constitutes a direction by the Participant Lenders that the Administrative Agent act in accordance with its terms. Each Participant Lender agrees that, notwithstanding anything to the contrary in the Credit Agreements, the Administrative Agent shall not be required to act if directed against the Borrower or the Subsidiary Guarantors if such action is contrary to the terms of this Agreement. (e) The Borrower and the Subsidiary Guarantors acknowledge and agree that the agreement of the Participant Lenders hereunder to forbear from exercising their default-related remedies with respect to the Specified Defaults shall not constitute a waiver of such Specified Defaults and that the Lenders expressly reserve all rights and remedies that the Administrative Agent and the Lenders now or may in the future have under any or all of the Loan Documents and/or applicable law solely with respect to the Existing Defaults; provided that to the extent that any Borrower Party makes any payment(s) to the Lender Parties which payment(s) or any portion thereof is subsequently invalidated, declared to be fraudulent or preferential, set aside or required, in connection with all any bankruptcy, insolvency, reorganization, dissolution, liquidation or other like proceeding or for any other reason, to be repaid or paid over to a custodian, trustee, receiver or any other party under any bankruptcy act, state or federal law, common law or equitable cause, then to the extent of such payment or repayment, the obligation or part thereof intended to be satisfied shall be revived and continue in full force and effect as if such payment(s) had not been made and the Borrower Parties shall be primarily liable for the revived obligations. The foregoing sentence shall not be construed and is not intended to preclude the Lender Parties from exercising their rights and remedies under the Loan Documents and/or applicable law with respect to the existence of the Existing Defaults and Events after the expiration (other than expiration after satisfaction of Default (including without limitation the Specified Defaults)conditions to forbearance as set forth above) or earlier termination of the Forbearance Period.

Appears in 1 contract

Sources: Forbearance Agreement (Trinity Place Holdings Inc.)

Forbearance. (a) The Participant Lenders agree that until Upon the expiration satisfaction of the Forbearance Periodconditions precedent set forth in Section 3 of this Agreement and in reliance on the representations, warranties and agreements of the Participant Lenders will temporarily forbear (subject to the terms hereof) from the exercise of their default-related remedies under the Credit Agreements, Loan Documents or otherwise, against the Borrower Issuers and the Subsidiary Guarantors solely to the extent the availability of such remedies arises exclusively from the Specified Defaults; provided herein contained, each Forbearing Holder hereby agrees that the Borrower and the Subsidiary Guarantors shall comply during the Forbearance Period it will not, directly or indirectly, take any Remedial Action with all provisions, limitations, restrictions or prohibitions that would otherwise be effective or applicable under any respect to the Notes solely as a result of the Loan Documents Excess Cash Flow Prepayment Defaults (and the Acceleration) or the Financial Covenant Defaults. The foregoing limited forbearance shall not be construed to impair the ability of the Forbearing Holders or the Trustee to take any Remedial Action (i) after the Forbearance Period regardless of whether or not such Remedial Action relates to actions taken, matters arising or payments not received during the continuance Forbearance Period or (ii) during the Forbearance Period for Defaults or Events of any Default or Event of Default; provided further that other than the agreement of the Participant Lenders temporarily to forbear shall not apply to nor preclude any remedy available to the Administrative Agent Excess Cash Flow Prepayment Defaults or the Lenders in connection with any proceeding commenced under any bankruptcy or insolvency law, including without limitation, to any relief in respect of adequate protection or relief from any stay imposed under such lawFinancial Covenant Defaults. (b) Upon a Unless earlier terminated in accordance with the terms of this Agreement, the Forbearing Holders’ forbearance, as provided herein, shall immediately and automatically cease without notice upon the occurrence of any Forbearance Termination Event, and the agreement Issuers and Guarantors at that time shall be obligated to comply with and perform all terms, conditions and provisions of the Participant Lenders hereunder to forbear from exercising their default-related remedies shall immediately terminate without the requirement of any demand, presentment, protest or notice of any kind, all of which the Borrower Indenture and the Subsidiary Guarantors hereby waive. The Borrower and the Subsidiary Guarantors agree that the Administrative Agent and the Lenders may at any time thereafter proceed to exercise any and all of their respective rights and remedies under any or all of the Loan Documents and/or applicable law, Notes (including, without limitation, their respective rights payment of any unpaid accrued interest at the Post-Default Rate) without giving effect to the forbearance set forth herein. (c) Except for the forbearance, to the extent expressly set forth above in subsection 2(a), each Forbearing Holder reserves each and remedies in connection every right and remedy it may have under the Notes, the Indenture, the Security Documents, any agreement relating thereto and under applicable law with any or all of respect to the Excess Cash Flow Prepayment Defaults and Events of Defaultthe Financial Covenant Defaults, including, without limitation, the Specified Defaults. right to continue to charge and accrue (c) For the avoidance of doubt, nothing herein limits the right of the Administrative Agent or the Lenders, including but not collect during the Forbearance Period, ) interest at the Post-Default Rate. Nothing herein shall be deemed to take any action to preserve or exercise rights or remedies against parties other than the Borrower and the Subsidiary Guarantors ("Third Party Rights"). For purposes of the foregoing, the Borrower and the Subsidiary Guarantors acknowledge and agree that execution and delivery of this Agreement shall constitute the making of any necessary demand or the giving of any necessary notice for purposes of preserving and/or permitting the exercise of any such Third Party Rights of the Administrative Agent and the Lenders. (d) Execution of this Agreement constitutes a direction by the Participant Lenders that the Administrative Agent act in accordance with its terms. Each Participant Lender agrees that, notwithstanding anything to the contrary in the Credit Agreements, the Administrative Agent shall not be required to act if directed against the Borrower or the Subsidiary Guarantors if such action is contrary to the terms of this Agreement. (e) The Borrower and the Subsidiary Guarantors acknowledge and agree that the agreement of the Participant Lenders hereunder to forbear from exercising their default-related remedies with respect to the Specified Defaults shall not constitute a waiver by any Holder of such Specified any Default or Event of Default whatsoever, whether now existing or hereafter arising (including, without limitation, the Excess Cash Flow Prepayment Defaults and that the Lenders Financial Covenant Defaults), or, except to the extent of the forbearance expressly reserve all rights and remedies that set forth herein, of any right or remedy the Administrative Agent and the Lenders now Trustee or any Holder may in the future have under the Notes, the Indenture, the Security Documents or any or all of the Loan Documents and/or agreement relating thereto and under applicable law in connection with all Defaults and Events of Default (including without limitation the Specified Defaults)law.

Appears in 1 contract

Sources: Forbearance Agreement (FriendFinder Networks Inc.)

Forbearance. (a) The Participant Lenders agree that Subject to the conditions set forth herein, Lender shall forbear from exercising its rights and remedies with respect to the Existing Events of Default from the date hereof until the expiration earliest to occur of the following (the “Forbearance Termination Events”): (a) the time at which Borrower fails to comply in any respect with its obligations under this Agreement, (b) the occurrence or discovery of any Event of Default under the Purchase Agreement, (other than the Existing Events of Default) (the period beginning on the date hereof and terminating on the earliest of such dates being hereafter referred to as the “Forbearance Period”) or (c) 5:00 pm, March 18, 2014. During the Forbearance Period, Borrower shall continue to pay all amounts that, absent the maturity of the Note and/or the occurrence of an Event of Default and the acceleration of the Note, Borrower would be obligated, pursuant to the terms of this Forbearance Agreement, to pay during the Forbearance Period. (b) Except with respect to the Lender’s specific agreements set forth herein to forbear with respect to the Existing Events of Default in accordance with the terms of this Agreement, nothing set forth herein shall constitute a forbearance or waiver of Lender’s rights at any time, including during the term of the Forbearance Period, the Participant Lenders will temporarily forbear (subject to the terms hereof) from the exercise of their default-related remedies under the Credit Agreements, Loan Documents or otherwise, against the Borrower and the Subsidiary Guarantors solely to the extent the availability of such remedies arises exclusively from the Specified Defaults; provided that the Borrower and the Subsidiary Guarantors shall comply during the Forbearance Period with all provisions, limitations, restrictions or prohibitions that would otherwise be effective or applicable under any of the Loan Documents during the continuance of any Default or Event of Default; provided further that the agreement of the Participant Lenders temporarily to forbear shall not apply to nor preclude any remedy available to the Administrative Agent or the Lenders in connection with any proceeding commenced under any bankruptcy or insolvency law, including without limitation, to any relief in respect of adequate protection or relief from any stay imposed under such law. (b) Upon a Termination Event, the agreement of the Participant Lenders hereunder to forbear from exercising their default-related remedies shall immediately terminate without the requirement of any demand, presentment, protest or notice of any kind, all of which the Borrower and the Subsidiary Guarantors hereby waive. The Borrower and the Subsidiary Guarantors agree that the Administrative Agent and the Lenders may at any time thereafter proceed to exercise enforce any and all of their respective rights and remedies such lender has under the Purchase Agreement or any Lease Agreement between the parties, in equity, at law, by agreement or all of the Loan Documents and/or applicable lawotherwise, including, without limitation, their respective rights and remedies in connection with any or all to immediately recover the full amount of the Defaults Obligations. In addition, at the end of the Forbearance Period, unless Lender has agreed in writing to continue to forbear, upon terms and Events of Defaultconditions satisfactory to Lender and in Lender’s sole and absolute discretion, Lender shall have the right to enforce any and all rights Lender has under the Loan Documents, in equity, at law, by agreement or otherwise, including, without limitation, to immediately recover the Specified Defaultsfull amount of the Obligations. (c) For The agreement of Lender to the avoidance of doubt, nothing forbearance described herein limits the right (i) in no way shall be deemed an agreement by Lender to waive Borrower’s compliance with all other terms of the Administrative Agent Note or the LendersPurchase Agreement, including during the Forbearance Period, and (ii) shall not limit or impair Lender’s right to take any action to preserve or exercise rights or remedies against parties demand strict performance of all other than the Borrower terms and the Subsidiary Guarantors ("Third Party Rights"). For purposes of the foregoing, the Borrower and the Subsidiary Guarantors acknowledge and agree that execution and delivery of this Agreement shall constitute the making covenants as of any necessary demand or the giving of any necessary notice for purposes of preserving and/or permitting the exercise of any such Third Party Rights of the Administrative Agent and the Lenders. (d) Execution of this Agreement constitutes date. The forbearance granted by Lender to Borrower herein is strictly limited to a direction by the Participant Lenders that the Administrative Agent act forbearance in accordance with its terms. Each Participant Lender agrees that, notwithstanding anything to the contrary in the Credit Agreements, the Administrative Agent shall not be required to act if directed against the Borrower or the Subsidiary Guarantors if such action is contrary to the terms of this Agreementset forth herein. (e) The Borrower and the Subsidiary Guarantors acknowledge and agree that the agreement of the Participant Lenders hereunder to forbear from exercising their default-related remedies with respect to the Specified Defaults shall not constitute a waiver of such Specified Defaults and that the Lenders expressly reserve all rights and remedies that the Administrative Agent and the Lenders now or may in the future have under any or all of the Loan Documents and/or applicable law in connection with all Defaults and Events of Default (including without limitation the Specified Defaults).

Appears in 1 contract

Sources: Forbearance Agreement (NewLead Holdings Ltd.)

Forbearance. (a) The Participant Lenders agree that Lender previously agreed to forbear from exercising any rights and remedies under the Loan Agreement and applicable law because of the Forbearance Events of Default for a limited time period, expiring November 15, 2001, on the terms set forth in the Fourteenth Amendment. By subsequent letter agreement, Lender agreed to extend such forbearance through January 31, 2003. In accordance with the terms hereof, Lender agrees that, notwithstanding the occurrence of the Forbearance Events of Default and until the expiration of the "Forbearance Period" (as hereinafter defined), the Participant Lenders Lender will temporarily forbear (from exercising any rights and remedies under the Loan Documents and applicable law and Lender will continue to make loans to Borrower in accordance with and subject to the terms hereof) from the exercise of their default-related remedies under the Credit Agreements, Loan Documents or otherwise, against the Borrower and the Subsidiary Guarantors solely to the extent the availability of such remedies arises exclusively from the Specified Defaults; provided that the Borrower and the Subsidiary Guarantors shall comply during the Forbearance Period with all provisions, limitations, restrictions or prohibitions that would otherwise be effective or applicable under any conditions of the Loan Documents during the continuance of any Default or Event of Default; provided further that the agreement of the Participant Lenders temporarily to forbear shall not apply to nor preclude any remedy available to the Administrative Agent or the Lenders in connection with any proceeding commenced under any bankruptcy or insolvency lawAgreement, including without limitation, to any relief in respect of adequate protection or relief from any stay imposed under such law. (b) Upon a Termination Event, the agreement of the Participant Lenders hereunder to forbear from exercising their default-related remedies shall immediately terminate without the requirement of any demand, presentment, protest or notice of any kind, all of which the Borrower as modified and the Subsidiary Guarantors hereby waive. The Borrower and the Subsidiary Guarantors agree that the Administrative Agent and the Lenders may at any time thereafter proceed to exercise any and all of their respective rights and remedies under any or all of the Loan Documents and/or applicable law, including, without limitation, their respective rights and remedies in connection with any or all of the Defaults and Events of Default, including, without limitation, the Specified Defaults. (c) For the avoidance of doubt, nothing herein limits the right of the Administrative Agent or the Lenders, including during the Forbearance Period, to take any action to preserve or exercise rights or remedies against parties other than the Borrower and the Subsidiary Guarantors ("Third Party Rights"). For purposes of the foregoing, the Borrower and the Subsidiary Guarantors acknowledge and agree that execution and delivery of this Agreement shall constitute the making of any necessary demand or the giving of any necessary notice for purposes of preserving and/or permitting the exercise of any such Third Party Rights of the Administrative Agent and the Lenders. (d) Execution of this Agreement constitutes a direction amended by the Participant Lenders that the Administrative Agent act in accordance with its terms. Each Participant Lender agrees that, notwithstanding anything to the contrary in the Credit Agreements, the Administrative Agent shall not be required to act if directed against the Borrower or the Subsidiary Guarantors if such action is contrary to the terms of this Agreement. (e) The , as though the Forbearance Event of Defaults had not occurred and did not exist, provided however that in addition to and not in derogation of any of Lender's other rights under the Loan Agreement, Lender hereby specifically reserves the right to unilaterally and in Lender's sole and absolute discretion, impose additional reserves and to reduce the Eligible Inventory Sublimit and other sublimits under the Loan Agreement from time to time. As consideration for Lender's entering into this Agreement and to induce Lender to waive the effect of the Forbearance Events of Default on a temporary basis as set forth herein, Borrower acknowledges and agrees that Lender may take the actions described in the preceding sentence without approval from or notice to Borrower and even if the Subsidiary Guarantors acknowledge actions so taken by Lender would otherwise be deemed to be commercially unreasonable, economically burdensome or detrimental to Borrower. Borrower hereby consents to any such action or actions on the part of Lender and agree irrevocably waives any and all rights that the agreement Borrower possesses to object to any such action or actions. Upon termination of the Participant Lenders hereunder Forbearance Period, Lender's agreement to forbear hereunder shall be null and void and Lender shall be free to exercise its rights and remedies under the Loan Agreement and other Loan Documents and applicable law, immediately and without further notice. As used herein, the term "Forbearance Period" means the period beginning on the date hereof and continuing through December 1, 2003 or any earlier date on which Lender terminates its forbearance hereunder as provided in the following sentence. Lender may terminate its forbearance hereunder prior to December 1, 2003 and exercise its rights and remedies under the Loan Agreement, the other Loan Document and at law if it determines that any of the following events has occurred: (i) any Event of Default, other than the Forbearance Events of Default (and other than a default under any financial covenant set forth in the Loan Agreement), under the Loan Agreement or any of the other Loan Documents; (ii) a "Material Adverse Change" (as that term is hereinafter defined); or (iii) the failure of Borrower to perform, comply with and observe each and every covenant, warranty, duty and obligation of Borrower hereunder. As used herein, the term "Material Adverse Change" means any material adverse change from exercising their default-related remedies and after the date hereof in (a) the financial condition, credit, business, prospects, properties or operations of the Borrower,(b) the ability of the Borrower to perform its obligations under the Loan Agreement and the Loan Documents to which it is a party on a timely basis other than with respect to the Specified Defaults shall not constitute a waiver Forbearance Events of such Specified Defaults and that Default, or (c) the Lenders expressly reserve all rights and remedies that the Administrative Agent and the Lenders now or may in the future have under any or all value of the Loan Documents and/or applicable law in connection with all Defaults and Events of Default (including without limitation the Specified Defaults)Collateral.

Appears in 1 contract

Sources: Forbearance Agreement and Amendment to Loan and Security Agreement (Arts Way Manufacturing Co Inc)

Forbearance. During the period commencing on the Effective Date and ending on the earlier to occur of (a) The Participant 5:00 p.m. (Dallas, Texas time) on October 31, 2012; or (b) the date that any Forbearance Default (as defined in Section 9.01 hereof) occurs (the "Forbearance Period"), and subject to the other terms and conditions of this Amendment, Agent and Lenders agree that until they will forbear from exercising their rights and remedies, including, without limitation, (i) initiating judicial proceedings for the collection of the Obligations, (ii) initiating any judicial enforcement action for the foreclosure upon and sale of the Collateral; or (iii) filing or joining in any filing any involuntary petition under the Bankruptcy Code with respect to Borrowers, in respect of the Subject Events of Default; provided, however, that Agent may, but shall not be obligated to, collect the Accounts and proceeds of other Collateral and apply such collections and proceeds thereof to the Obligations and impose the Default Rate as contemplated in the Credit Agreement. Upon the expiration or termination of the Forbearance Period, the Participant Lenders will temporarily forbear (subject to the terms hereof) from the exercise of their default-related remedies under the Credit Agreements, Loan Documents or otherwise, against the Borrower and the Subsidiary Guarantors solely to the extent the availability of such remedies arises exclusively from the Specified Defaults; provided that the Borrower and the Subsidiary Guarantors shall comply during the Forbearance Period with all provisions, limitations, restrictions or prohibitions that would otherwise be effective or applicable under any of the Loan Documents during the continuance of any Default or Event of Default; provided further that the agreement of the Participant Lenders temporarily to forbear shall not apply to nor preclude any remedy available to the Administrative Agent or the Lenders in connection with any proceeding commenced under any bankruptcy or insolvency law, including without limitation, to any relief in respect of adequate protection or relief from any stay imposed under such law. (b) Upon a Termination Event, the agreement of the Participant Lenders hereunder to forbear from exercising their default-related remedies shall immediately terminate without the requirement of any demand, presentment, protest or notice of any kind, all of which the Borrower and the Subsidiary Guarantors hereby waive. The Borrower and the Subsidiary Guarantors agree that the Administrative Agent and the Lenders’ forbearance shall automatically terminate and Agent and Lenders may at any time thereafter proceed shall be entitled to exercise any and all of their respective rights and remedies under any or all of this Amendment, the Loan Credit Agreement and/or the Other Documents and/or applicable law, including, without limitation, their respective rights and remedies in connection with any or all of respect to the Defaults and Subject Events of Default, including, without limitation, the Specified Defaults. (c) For the avoidance of doubt, nothing herein limits the right of the Administrative . Borrowers agree that Agent or the Lenders, including during and Lenders shall have no obligation to extend the Forbearance Period, to take any action to preserve or exercise rights or remedies against parties other than the Borrower and the Subsidiary Guarantors ("Third Party Rights"). For purposes of the foregoing, the Borrower and the Subsidiary Guarantors acknowledge and agree that execution and delivery of this Agreement shall constitute the making of any necessary demand or the giving of any necessary notice for purposes of preserving and/or permitting the exercise of any such Third Party Rights of the Administrative Agent and the Lenders. (d) Execution of this Agreement constitutes a direction by the Participant Lenders that the Administrative Agent act in accordance with its terms. Each Participant Lender agrees that, notwithstanding anything to the contrary in the Credit Agreements, the Administrative Agent shall not be required to act if directed against the Borrower or the Subsidiary Guarantors if such action is contrary to the terms of this Agreement. (e) The Borrower and the Subsidiary Guarantors acknowledge and agree that the agreement of the Participant Lenders hereunder to forbear from exercising their default-related remedies with respect to the Specified Defaults shall not constitute a waiver of such Specified Defaults and that the Lenders expressly reserve all rights and remedies that the Administrative Agent and the Lenders now or may in the future have under any or all inclusion of the Loan Documents and/or applicable law in connection with all Defaults and Expected Events of Default (including without limitation to the Specified extent that they occur within the Forbearance Period) within the “Subject Defaults)” shall not imply any intention to do so. This Amendment and the forbearance contemplated by this Section 7.01 shall not be construed as establishing a custom or a course of dealing or conduct among Agent, Lenders and Borrowers.

Appears in 1 contract

Sources: Revolving Credit and Security Agreement and Forbearance Agreement (Englobal Corp)

Forbearance. Provided that each of the Credit Parties complies with all of the requirements contained in this Agreement, the Credit Agreement and the other Credit Documents (other than the Existing Events of Default or the failure to make a Required Payment (as hereinafter defined)), the Banks executing this Agreement shall forbear from enforcing their remedies with respect to the Existing Events of Default and with respect to failures to make any principal amortization payments scheduled to be made (each, a "Required Payment") during the period (the "Forbearance Period") commencing on the date hereof and ending on the earliest to occur of the following: (a) The Participant Lenders agree December 14, 2001, (b) the termination of the period during which the holders of the Mezzanine Subordinated Note Documents are required under that until certain Subordination Agreement dated as of August 11, 2000 by and among the expiration Parent, the Borrower, the Administrative Agent on behalf of the Banks, and the holders of the Mezzanine Subordinated Note Documents (the "Mezz Debt Subordination Agreement") to refrain from exercising their remedies as a result of a default under the Mezzanine Subordinated Note Documents (the "Subordinated Debt Standstill Period"), or (c) the date upon which there occurs any Default or Event of Default under the Credit Agreement or the other Credit Documents (other than the Existing Events of Default or the failure to make a Required Payment) or the date upon which any of the Credit Parties fails to comply with any of the requirements set forth herein or any terms and provisions hereof. At the end of the Forbearance Period, the Participant Lenders will temporarily forbear (subject to the terms hereof) from the exercise of their default-related remedies if Borrower has not paid, in full, all amounts due and owing hereunder or under the Credit Agreements, Loan Documents or otherwise, against the Borrower Agreement and the Subsidiary Guarantors solely to the extent the availability of such remedies arises exclusively from the Specified Defaults; provided that the Borrower and the Subsidiary Guarantors shall comply during the Forbearance Period with all provisions, limitations, restrictions or prohibitions that would otherwise be effective or applicable under any of the Loan other Credit Documents during the continuance of any Default or Event of Default; provided further that the agreement of the Participant Lenders temporarily to forbear shall not apply to nor preclude any remedy available to the Administrative Agent or the Lenders in connection with any proceeding commenced under any bankruptcy or insolvency law, including without limitation, to any relief in respect of adequate protection or relief from any stay imposed under such law. (b) Upon a Termination Event, the agreement of the Participant Lenders hereunder to forbear from exercising their default-related remedies shall immediately terminate without the requirement of any demand, presentment, protest or notice of any kind, all of which the Borrower and the Subsidiary Guarantors hereby waive. The Borrower and the Subsidiary Guarantors agree that the Administrative Agent and the Lenders may at any time thereafter proceed to exercise any and all of their respective rights and remedies under any or all of the Loan Documents and/or applicable law, including, without limitation, all of the Required Payments), and/or if the Borrower has not cured the Existing Events of Default to the full satisfaction of the Required Banks in their respective rights sole and remedies in connection absolute discretion, then the Banks may immediately commence, proceed or otherwise continue with any or all rights and remedies available under the Credit Agreement and the other Credit Documents, under applicable law or otherwise, without any notice or demand to any Credit Party or any other party, but as among the Agents and the Banks, subject to the provisions of the Defaults and Events of Default, including, without limitation, Credit Agreement with respect to exercising remedies. This Agreement is an accommodation to the Specified Defaults. (c) For the avoidance of doubt, nothing herein limits the right of the Administrative Agent or the Lenders, including during the Forbearance Period, to take any action to preserve or exercise rights or remedies against parties other than the Borrower Credit Parties and the Subsidiary Guarantors ("Third Party Rights"). For purposes of Credit Parties remain bound to perform their respective obligations under the foregoing, the Borrower Credit Agreement and the Subsidiary Guarantors acknowledge and agree that execution and delivery of this Agreement shall constitute the making of any necessary demand or the giving of any necessary notice for purposes of preserving and/or permitting the exercise of any such Third Party Rights of the Administrative Agent and the Lenders. (d) Execution of this Agreement constitutes a direction by the Participant Lenders that the Administrative Agent act other Credit Documents except as otherwise provided in accordance with its terms. Each Participant Lender agrees that, notwithstanding anything to the contrary in the Credit Agreements, the Administrative Agent shall not be required to act if directed against the Borrower or the Subsidiary Guarantors if such action is contrary to the terms of this Agreement. (e) The Borrower and the Subsidiary Guarantors acknowledge and agree that the agreement of the Participant Lenders hereunder to forbear from exercising their default-related remedies with respect to the Specified Defaults shall not constitute a waiver of such Specified Defaults and that the Lenders expressly reserve all rights and remedies that the Administrative Agent and the Lenders now or may in the future have under any or all of the Loan Documents and/or applicable law in connection with all Defaults and Events of Default (including without limitation the Specified Defaults).

Appears in 1 contract

Sources: Forbearance Agreement (Frontline Capital Group)

Forbearance. (a) The Participant Lenders Effective as of the Amended Forbearance Effective Date (as defined below), the Noteholders agree that that, until the expiration of the Forbearance PeriodPeriod (as defined below), they will forbear from exercising, and shall direct the Indenture Trustee, and by signature hereto so direct the Indenture Trustee pursuant to Section 6.5 of the Indenture, not to exercise, any rights and remedies against the Company or the Subsidiaries that are available under the Indenture, the Participant Lenders will temporarily forbear Intercreditor Agreement, the Collateral Agreements and/or applicable law solely with respect to (subject i) the Specified Existing Defaults and (ii) any Anticipated Defaults (excluding, however, the Noteholders’ right to charge default interest on the Notes (including on all unpaid interest on the Notes to the terms hereofextent provided under the Indenture) from during the Forbearance Period); provided, however, that nothing herein shall restrict, impair or otherwise affect the exercise of their default-related remedies the Noteholders’ rights under the Credit Agreementsthis First Amended Forbearance Agreement, Loan Documents or otherwise, against the Borrower and the Subsidiary Guarantors solely to the extent the availability of such remedies arises exclusively from the Specified Defaults; provided that the Borrower and the Subsidiary Guarantors shall comply during the Forbearance Period with all provisions, limitations, restrictions or prohibitions that would otherwise be effective or applicable under any of the Loan Documents during the continuance of any Default or Event of Default; provided further that the agreement of the Participant Lenders temporarily to forbear no such forbearance shall not apply to nor preclude any remedy available to the Administrative Agent or the Lenders in connection constitute a waiver with any proceeding commenced under any bankruptcy or insolvency law, including without limitation, respect to any relief in respect such Specified Existing Defaults, Anticipated Defaults or any other Events of adequate protection or relief from any stay imposed Default under such lawthe Indenture. (b) Upon As used herein, the term “Forbearance Period” shall mean the period beginning on the date hereof and ending upon the occurrence of a Termination Event. As used herein, “Termination Event” shall mean the agreement earlier to occur of (i) September 17, 2007; and (ii) two business days after the Participant Lenders hereunder delivery by the Noteholder Group to forbear from exercising their default-related remedies the Company and Lender of a written notice terminating the Forbearance Period (the “Termination Notice”), which notice may be delivered at any time upon or after the occurrence of any Forbearance Default (as defined below); provided, however, that notwithstanding the foregoing, (x) this First Amended Forbearance Agreement shall immediately terminate two (2) business days after the occurrence of a Forbearance Default under subsection (D) below without the requirement need for delivery of the Termination Notice or any demandother notice, presentmentand (y) this First Amended Forbearance Agreement shall immediately terminate upon the occurrence of a Forbearance Default under subsection (J) below, protest without the need for delivery of the Termination Notice or notice any other notice. As used herein, the term “Forbearance Default” shall mean: (A) the failure of any kindthe Company to provide the Noteholder Group and its financial advisors with reasonable access, all as determined by the Noteholder Group in its reasonable discretion, to its Chief Executive Officer, other senior executives and outside advisors, including representatives of which ▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇ that are working with the Borrower Company, and to provide the Subsidiary Guarantors hereby waive. The Borrower Noteholder Group and the Subsidiary Guarantors agree that the Administrative Agent its legal and the Lenders may at any time thereafter proceed to exercise financial advisors with any and all of their respective rights and remedies under any or all of the Loan Documents and/or applicable law, including, without limitation, their respective rights and remedies in connection with any or all of the Defaults and Events of Defaultdue diligence information they may reasonably request, including, without limitation, the Specified Defaults. Company’s current 13-week cash flow schedule, and all updates thereto as soon as reasonably practicable after they are prepared, but in no event no later than two (c2) For business days thereafter; (B) the avoidance of doubt, nothing herein limits the right failure of the Administrative Agent Company to engage in good faith negotiations with the Noteholder Group regarding a potential restructuring transaction, which determination shall be made by the Noteholder Group in its reasonable discretion; (C) the failure of the Company to promptly notify the Noteholder Group of the occurrence of a Forbearance Default (as defined in the DDJ Amended Forbearance Agreement) under the DDJ Amended Forbearance Agreement or any amendment or modification to the DDJ Amended Forbearance Agreement; (D) termination of the DDJ Amended Forbearance Agreement; (E) the execution of any amendment or modification to the DDJ Amended Forbearance Agreement, which amendment or modification has a material adverse effect on the Noteholder Group as determined by the Noteholder Group in its reasonable discretion; (F) termination by the Company of the ▇▇▇▇▇▇ Engagement Letter or the Lenders, including during the Forbearance Period, to take any action to preserve or exercise rights or remedies against parties other than the Borrower and the Subsidiary Guarantors ("Third Party Rights"). For purposes failure of the foregoingCompany to pay ▇▇▇▇▇▇’▇ fees, the Borrower expenses and the Subsidiary Guarantors acknowledge and agree that execution and delivery of this Agreement shall constitute the making of any necessary demand or the giving of any necessary notice for purposes of preserving and/or permitting the exercise of any such Third Party Rights of the Administrative Agent and the Lenders. (d) Execution of this Agreement constitutes a direction by the Participant Lenders that the Administrative Agent act indemnity in accordance with its terms. Each Participant Lender agrees that, notwithstanding anything to the contrary in the Credit Agreements, the Administrative Agent shall not be required to act if directed against the Borrower or the Subsidiary Guarantors if such action is contrary to the terms of this Agreement. the ▇▇▇▇▇▇ Engagement Letter; (eG) The Borrower and the Subsidiary Guarantors acknowledge and agree occurrence of any Event of Default that is neither (x) a Specified Existing Default, nor (y) an Anticipated Default; (H) the agreement failure of the Participant Lenders hereunder Company to forbear from exercising their default-related remedies comply with respect any term, condition, covenant or agreement set forth in this First Amended Forbearance Agreement; (I) the failure of any representation or warranty made by the Company under this First Amended Forbearance Agreement to the Specified Defaults shall not constitute a waiver of such Specified Defaults be true and that the Lenders expressly reserve correct in all rights and remedies that the Administrative Agent and the Lenders now or may in the future have under any or all material respects as of the Loan Documents and/or applicable law in connection with all Defaults and Events date when made; (J) the commencement by or against the Company or any of the Subsidiaries of a case under title 11 of the United States Code; or (K) the commencement of any action or proceeding by any creditor of the Company or any of the Subsidiaries seeking to attach or take similar action against the assets of the Company or the Subsidiaries. Any Forbearance Default shall constitute an immediate Event of Default (including without limitation under the Specified Defaults)Indenture.

Appears in 1 contract

Sources: Forbearance Agreement (Wornick CO)

Forbearance. (a) The Participant Lenders agree Borrower hereby acknowledges and agrees that until the expiration each of the Forbearance PeriodExisting Defaults exists and is continuing without timely cure by Borrower and Borrower further agrees that but for the forbearance of Lender set forth below, Lender would be entitled to pursue its remedies for the Participant Lenders will temporarily enforcement of Borrower's obligations under the Loan Agreement. Borrower further agrees that such Existing Defaults are not cured or waived by reason of Lender's execution of this Amendment. Lender is only agreeing in this Amendment to forbear (subject to the terms hereof) from the exercise of their default-related its remedies under on the Credit Agreements, Loan Documents terms set forth herein which may arise or otherwise, against have arisen by virtue of the Borrower Existing Defaults and the Subsidiary Guarantors solely to the extent the availability upon termination of such remedies arises exclusively from the Specified Defaults; provided that the Borrower and the Subsidiary Guarantors shall comply during the Forbearance Period with (as hereinafter defined), Lender shall remain entitled to pursue any and all provisions, limitations, restrictions of its remedies which may arise or prohibitions that would otherwise be effective or applicable under any have arisen by virtue of the Loan Documents during the continuance of any Default or Event of Default; provided further that the agreement of the Participant Lenders temporarily to forbear shall not apply to nor preclude any remedy available to the Administrative Agent or the Lenders in connection with any proceeding commenced under any bankruptcy or insolvency law, including without limitation, to any relief in respect of adequate protection or relief from any stay imposed under such law.Existing Defaults. ▇▇▇▇▇▇▇▇▇ 3 (b) Upon Lender agrees that for a period (the "Forbearance Period") commencing on the date of this Amendment and ending on the Forbearance Termination EventDate (hereinafter defined), Lender will not exercise any of its rights or remedies under the Loan Agreement which may arise or have arisen from or by virtue of the Existing Defaults. Lender's forbearance under this Amendment will automatically terminate without any notice to Borrower on the date being the earliest of (such date, the agreement "Forbearance Termination Date"): (i) the date that Borrower shall be adjudicated insolvent or shall generally not pay or admit in writing its inability to pay, its debts as they become due, or makes a general assignment for the benefit of creditors, or any proceeding shall be instituted by Borrower seeking to adjudicate it insolvent, seeking liquidation, dissolution, winding-up, reorganization, arrangement, adjustment, protection, relief or composition of it or its debts under any law relating to bankruptcy, insolvency or reorganization or relief of debtors, or seeking the entry of an order for relief or the appointment of a receiver, trustee or other similar official for Borrower or for any substantial part of its property, or Borrower shall take any action in furtherance of any of the Participant Lenders foregoing or any proceeding of the type referred to in this clause is filed, or any such proceeding is commenced against Borrower, or Borrower by any act indicates approval thereof, consent thereto or acquiescence therein, or an order for relief is entered in an involuntary case under the bankruptcy laws of the United States or an order, judgment or decree is entered appointing a trustee, receiver, custodian, liquidator or similar official or adjudicating Borrower insolvent, or approving the petition in any such proceedings, (ii) the date that Borrower shall fail to perform or observe any covenant or agreement contained in this Amendment, (iii) the date upon which Borrower's obligations under the Loan Agreement have been satisfied in full, and (iv) October 1, 2009. (c) On the Forbearance Termination Date, Lender's agreement hereunder to forbear forebear from exercising their default-related its rights and remedies under the Loan Agreement shall immediately automatically cease and terminate without the requirement and be of any demandno further force and effect, presentment, protest or notice of any kind, all of at which the Borrower and the Subsidiary Guarantors hereby waive. The Borrower and the Subsidiary Guarantors agree that the Administrative Agent and the Lenders may at any time thereafter proceed Lender shall be entitled to exercise any and all of their respective rights and remedies available under any or all of the Loan Documents and/or Agreement or under applicable law. Borrower waives any and all further notice, includingpresentment, without limitation, their respective rights and remedies in connection notice of dishonor or demand with any or all of respect to its obligations under the Defaults and Events of Default, including, without limitation, the Specified Defaults. (c) For the avoidance of doubt, nothing herein limits the right of the Administrative Agent or the Lenders, including during the Forbearance Period, to take any action to preserve or exercise rights or remedies against parties other than the Borrower and the Subsidiary Guarantors ("Third Party Rights"). For purposes of the foregoing, the Borrower and the Subsidiary Guarantors acknowledge and agree that execution and delivery of this Agreement shall constitute the making of any necessary demand or the giving of any necessary notice for purposes of preserving and/or permitting the exercise of any such Third Party Rights of the Administrative Agent and the LendersLoan Agreement. (d) Execution Notwithstanding the provisions of this Amendment, Lender is entitled to take any and all action as may be necessary and appropriate to perfect, protect and defend the priority of its liens under the Loan Agreement constitutes a direction by the Participant Lenders that the Administrative Agent act in accordance with its terms. Each Participant Lender agrees that, notwithstanding anything to the contrary in the Credit Agreements, the Administrative Agent shall not be required to act if directed against the Borrower claims and actions of any other creditors (including any bankruptcy trustee) and to make such filings as may be necessary and appropriate to insure or maintain the Subsidiary Guarantors if such action is contrary priority and perfection of its liens. In order to preserve the terms of this Agreement. (e) The Borrower and the Subsidiary Guarantors acknowledge and agree that the agreement of the Participant Lenders hereunder to forbear from exercising their default-related remedies status quo with respect to any statutes of limitations which may be applicable to any action by Lender for enforcement of its rights under the Specified Defaults Loan Agreement or applicable law, Lender and Borrower agree that all of said statutes are hereby tolled until the occurrence of the Forbearance Termination Date. No failure on the part of Lender to exercise, and no delay in exercising, any right hereunder shall not constitute operate as a waiver of any such Specified Defaults right nor shall any single or partial exercise of any right hereunder preclude any other or further exercise thereof or the exercise of any other right. The remedies herein provided are cumulative and that the Lenders expressly reserve all rights and not exclusive of any remedies that the Administrative Agent and the Lenders now or may in the future have under any or all of the Loan Documents and/or provided by applicable law in connection with all Defaults and Events of Default (including without limitation the Specified Defaults)law.

Appears in 1 contract

Sources: Loan Agreement (Tor Minerals International Inc)

Forbearance. (a) The Participant Lenders Effective as of the Forbearance Effective Date, the Noteholders agree that that, until the expiration of the Forbearance PeriodPeriod (as defined below), they (both individually and collectively) will forbear from exercising, and shall direct the applicable Indenture Trustee and any broker or other Person that holds the Notes on behalf of such Noteholders, and by signature hereto so direct the applicable Indenture Trustee pursuant to Sections 502, 507 and 512 of the applicable Indenture and such brokers or other Persons, not to exercise, any rights and remedies against Holdings, the Participant Lenders will temporarily forbear (subject U.S. Issuer, the Canadian Issuer, or the Subsidiaries that are available under the applicable Indenture and/or applicable law solely with respect to the terms hereof) from the exercise of their default-related remedies under the Credit Agreements, Loan Documents or otherwise, against the Borrower Interest Defaults and the Subsidiary Guarantors solely Financial Reporting Defaults; provided, however, the Noteholders shall be entitled to assert a right to the accrual of default interest to the extent provided under the availability of such remedies arises exclusively from the Specified Defaults; provided that the Borrower and the Subsidiary Guarantors shall comply applicable Indenture during the Forbearance Period but may not seek any remedy or take any action with all provisionsrespect thereto during the Forbearance Period; provided, limitationshowever, restrictions that nothing herein shall restrict, impair or prohibitions that would otherwise be effective or applicable under any affect the exercise of the Loan Documents during Noteholders’ rights under this Second Amended and Restated Agreement, and provided further that no such forbearance shall constitute a waiver with respect to any Defaults (other than the continuance Interest Defaults and Financial Reporting Defaults) or any other Events of Default under the applicable Indenture. (b) As used herein, the term “Forbearance Period” shall mean the period beginning on the Forbearance Effective Date and ending upon the occurrence of a Termination Event. As used herein, “Termination Event” shall mean the earlier to occur of (i) February 13, 2009; and (ii) two (2) Business Days after the delivery by Paul, Weiss, as counsel to the Noteholder Group, to the applicable Issuer and the applicable Indenture Trustee a written notice terminating the Forbearance Period (the “Termination Notice”), which notice may be delivered at any time but only upon or after the occurrence of any Forbearance Default; provided, however, that notwithstanding the foregoing, this Second Amended and Restated Agreement shall immediately terminate upon the occurrence of a Forbearance Default under subsections (A) and (F) below, without the need for delivery of the Termination Notice or any other notice. As used herein, the term “Forbearance Default” shall mean: (A) the valid acceleration of all indebtedness arising under (i) the U.S. Indenture, (ii) the Canadian Indenture or (iii) that certain credit agreement dated as of April 6, 2005 (as amended or modified, the “Credit Agreement”), among the Issuers, as borrowers, Holdings, as guarantor, certain lenders and The Bank of Nova Scotia, as Administrative Agent; (B) the failure of the Issuers and Holdings to engage in good faith negotiations with the Noteholder Group regarding a potential restructuring transaction which determination shall be made by the holders of a majority in principal amount of the Notes issued under the Indentures in good faith and their reasonable discretion; (C) the occurrence of any Default or Event of Default; provided further that the agreement of the Participant Lenders temporarily to forbear shall not apply to nor preclude any remedy available to the Administrative Agent or the Lenders in connection with any proceeding commenced under any bankruptcy or insolvency law, including without limitation, to any relief in respect of adequate protection or relief from any stay imposed under such law. (b) Upon a Termination Event, the agreement of the Participant Lenders hereunder to forbear from exercising their default-related remedies shall immediately terminate without the requirement of any demand, presentment, protest or notice of any kind, all of which the Borrower and the Subsidiary Guarantors hereby waive. The Borrower and the Subsidiary Guarantors agree that the Administrative Agent and the Lenders may at any time thereafter proceed to exercise any and all of their respective rights and remedies under any or all of the Loan Documents and/or applicable law, including, without limitation, their respective rights and remedies in connection with any or all of the Defaults and Events of Default, including, without limitation, the Specified Defaults. (c) For the avoidance of doubt, nothing herein limits the right of the Administrative Agent or the Lenders, including during the Forbearance Period, to take any action to preserve or exercise rights or remedies against parties Default other than the Borrower Interest Defaults and Financial Reporting Defaults; (D) the Subsidiary Guarantors ("Third Party Rights"). For purposes failure of the foregoingU.S. Issuer, the Borrower Canadian Issuer, Holdings or the Subsidiaries to comply with any material term, condition, covenant or agreement set forth in this Second Amended and Restated Agreement; (E) the Subsidiary Guarantors acknowledge and agree that execution and delivery of this Agreement shall constitute the making failure of any necessary demand representation or warranty made by the U.S. Issuer, the Canadian Issuer, Holdings or the giving of any necessary notice for purposes of preserving and/or permitting the exercise of any such Third Party Rights Subsidiaries under this Second Amended and Restated Agreement to be true and correct in all material respects as of the Administrative Agent and date when made; (F) the Lenders. commencement by or against the U.S. Issuer, the Canadian Issuer, Holdings, or any Subsidiary of a case under title 11 of the United States Code, the Companies’ Creditors Arrangement Act or any other act that seeks relief under any comparable liquidation, reorganization or insolvency regime or proceeding that is not, in the case of proceedings commenced against the U.S. Issuer, the Canadian Issuer, Holdings or the Subsidiaries, dismissed within five (d5) Execution Business Days of this Agreement constitutes a direction by commencement; or (G) the Participant Lenders that U.S. Issuer, the Administrative Agent act in accordance with its terms. Each Participant Lender agrees thatCanadian Issuer, notwithstanding anything Holdings, or the Subsidiaries pays any management, sponsor or consulting fees to the contrary in the Credit Agreements, the Administrative Agent shall not be required to act if directed against the Borrower stockholders of Masonite Holding Corp. or the Subsidiary Guarantors if such action is contrary to the terms of this Agreementtheir affiliates. (e) The Borrower and the Subsidiary Guarantors acknowledge and agree that the agreement of the Participant Lenders hereunder to forbear from exercising their default-related remedies with respect to the Specified Defaults shall not constitute a waiver of such Specified Defaults and that the Lenders expressly reserve all rights and remedies that the Administrative Agent and the Lenders now or may in the future have under any or all of the Loan Documents and/or applicable law in connection with all Defaults and Events of Default (including without limitation the Specified Defaults).

Appears in 1 contract

Sources: Forbearance Agreement (Masonite International Inc.)

Forbearance. (a) The Participant Lenders agree that until the expiration of the Forbearance Period, the Participant Lenders will temporarily forbear (subject Subject to the terms hereof) terms, conditions and understandings contained in this Agreement, Lender hereby agrees to refrain and forbear from the exercise exercising and enforcing any of their default-related its remedies under the Credit AgreementsDebenture, the Loan Documents or otherwiseunder applicable laws, against the Borrower and the Subsidiary Guarantors solely with respect to the extent Debenture Default, until September 18, 2014 (the availability of such remedies arises exclusively from “Forbearance”). In addition, Lender has agreed to forgive Twenty-Five Thousand Dollars ($25,000) currently owing under the Specified Defaults; provided that Debenture, to extend the Borrower and the Subsidiary Guarantors shall comply during the Forbearance Period with all provisions, limitations, restrictions or prohibitions that would otherwise be effective or applicable under any original maturity date of the Loan Documents during Debenture by six months, and to waive its rights to accelerate the continuance of any Default or Event of Default; provided further that the agreement of the Participant Lenders temporarily Debenture Balance and to forbear shall not apply to nor preclude any remedy available to the Administrative Agent or the Lenders demand immediate payment in connection with any proceeding commenced under any bankruptcy or insolvency law, including without limitation, to any relief in respect of adequate protection or relief from any stay imposed under such lawfull. (b) Upon a Termination EventTo induce Lender to enter into this Agreement, Borrower has agreed to enter into that certain Exchange Agreement of even date herewith substantially in the agreement form attached hereto as Exhibit A (the “Exchange Agreement”); wherein, Borrower and Lender will exchange the Debenture for that certain Secured Convertible Promissory Note of even date herewith and substantially in the form attached hereto as Exhibit B (the “Note”). The Purchase Agreement and each of the Participant Lenders hereunder to forbear from exercising their default-related remedies other Loan Documents shall immediately terminate without the requirement of any demand, presentment, protest or notice of any kind, all of which the Borrower remain in full force and the Subsidiary Guarantors hereby waiveeffect. The Borrower and the Subsidiary Guarantors agree that the Administrative Agent and the Lenders may at any time thereafter proceed to exercise any and all of their respective rights and remedies under any or Note shall be secured by all of the Loan Documents and/or applicable law, including, without limitation, their respective rights and remedies in connection with any or all assets of the Defaults and Events Borrower according to the terms of Default, including, without limitation, that certain Security Agreement of even date herewith substantially in the Specified Defaultsform attached hereto as Exhibit C (the “Security Agreement”). (c) For Together with its execution of this Agreement, Borrower shall execute a Judgment by Confession substantially in the avoidance of doubtform attached hereto as Exhibit D (the “Confession”), nothing herein limits the right of the Administrative Agent or the Lenderswhich, including during the Forbearance Period, in addition to take any action to preserve or exercise other rights or remedies against parties other than Lender may have under this Agreement, the Borrower and Loan Documents or applicable law, Lender may, in its sole discretion, cause to be entered into a court of competent jurisdiction upon Borrower’s default of any provision set forth in this Agreement, the Subsidiary Guarantors ("Third Party Rights"). For purposes Note, or any of the foregoing, other Loan Documents. The Confession shall provide for a judgment against Borrower equal to the Borrower and Judgment Amount (as defined in the Subsidiary Guarantors acknowledge and agree that execution and delivery of this Agreement shall constitute the making of any necessary demand or the giving of any necessary notice for purposes of preserving and/or permitting the exercise of any such Third Party Rights of the Administrative Agent and the LendersConfession). (d) Execution Borrower understands that the Forbearance shall terminate immediately upon the occurrence of any material breach of this Agreement constitutes a direction by or upon the Participant Lenders that the Administrative Agent act in accordance with its terms. Each Participant Lender agrees that, notwithstanding anything to the contrary occurrence of any Event of Default (as defined in the Credit AgreementsNote) after the date hereof and that upon the earlier of the termination of the Forbearance, the Administrative Agent shall not be required to act if directed against the Borrower Borrower’s breach of any term or provision in this Agreement, or the Subsidiary Guarantors if such action is contrary occurrence of any Event of Default, Lender may, in Lender’s sole and absolute discretion, pursue all remedies available to it under the terms of this Agreement, the Note, the other Loan Documents, or applicable law. (e) The Borrower and the Subsidiary Guarantors acknowledge and agree that the agreement of the Participant Lenders hereunder to forbear from exercising their default-related remedies with respect to the Specified Defaults shall not constitute a waiver of such Specified Defaults and that the Lenders expressly reserve all rights and remedies that the Administrative Agent and the Lenders now or may in the future have under any or all of the Loan Documents and/or applicable law in connection with all Defaults and Events of Default (including without limitation the Specified Defaults).

Appears in 1 contract

Sources: Forbearance Agreement (Global Health Ventures Inc.)

Forbearance. (a) The Participant Borrower has requested that the Administrative Agent and the Lenders agree that until forbear from exercising the expiration rights and remedies available to them with respect to the Borrower and its Subsidiaries as a result of the Forbearance PeriodSubject Events (hereinafter defined) during the period from the date hereof to and including October 31, 2001. The Administrative Agent and the Participant Determining Lenders will temporarily hereby agree to forbear (from instituting the Default Rate, prohibiting Advances from being continued as or converted into LIBOR Advances, and exercising the rights and remedies available to them with respect to the Borrower and its Subsidiaries as a result of the Subject Events, other than Blockage Rights, from the date hereof to and including October 31, 2001, subject to the terms hereofof this Agreement and subject to the occurrence of no further Event of Default. Upon the earlier of (i) the occurrence of any Event of Default, other than as a result of the Subject Events, (ii) the commencement of any collection action by the holders of the Senior Subordinated Notes or any trustee or representative thereof, or (iii) October 31, 2001, the Administrative Agent's and the Determining Lenders' agreement herein to forbear from instituting the Default Rate, prohibiting Advances from being continued as or converted into LIBOR Advances, and exercising the rights and remedies available to them with respect to the Borrower and its Subsidiaries as the result of the Subject Events (other than Blockage Rights) shall at the option of the Determining Lenders immediately terminate, and the Administrative Agent and the Lenders shall be entitled immediately to exercise of their default-related any and all rights and remedies available under the Credit AgreementsAgreement and any other Loan Document, Loan Documents at law, in equity, or otherwise, against the Borrower and the Subsidiary Guarantors solely to the extent the availability of such remedies arises exclusively from the Specified Defaults; provided that the Borrower and the Subsidiary Guarantors shall comply during the Forbearance Period with all provisionswithout notice, limitations, restrictions or prohibitions that would otherwise be effective or applicable under any of the Loan Documents during the continuance of any Default or Event of Default; provided further that the agreement of the Participant Lenders temporarily to forbear shall not apply to nor preclude any remedy available to the Administrative Agent or the Lenders in connection with any proceeding commenced under any bankruptcy or insolvency law, including without limitation, to any relief in respect of adequate protection or relief from any stay imposed under such law. (b) Upon a Termination Event, the agreement of the Participant Lenders hereunder to forbear from exercising their default-related remedies shall immediately terminate without the requirement of any demand, presentment, protest notice of dishonor, notice of acceleration, notice of intent to accelerate, protest, or notice other formalities of any kind, all of which are hereby expressly waived by the Borrower and the Subsidiary Guarantors hereby waiveBorrower. The Borrower and hereby acknowledges its noncompliance with the Subsidiary Guarantors agree that the Administrative Agent and the Lenders may at any time thereafter proceed to exercise any and all of their respective rights and remedies under any or all Credit Agreement as a result of the Loan Documents and/or applicable lawSubject Events, including, without limitation, their respective rights and remedies in connection with any or all acknowledges the existence of the Defaults and Events an Event of Default, including, without limitation, the Specified Defaults. (c) For the avoidance of doubt, nothing herein limits the right of the Administrative Agent or the Lenders, including during the Forbearance Period, to take any action to preserve or exercise rights or remedies against parties other than the Borrower and the Subsidiary Guarantors ("Third Party Rights"). For purposes of the foregoing, the Borrower and the Subsidiary Guarantors acknowledge and agree acknowledges that execution and delivery of this Agreement shall constitute the making of any necessary demand or the giving of any necessary notice for purposes of preserving and/or permitting the exercise of any such Third Party Rights of the Administrative Agent and the Lenders. (d) Execution of this Agreement constitutes a direction by the Participant Lenders that the Administrative Agent act in accordance with its terms. Each Participant Lender agrees that, notwithstanding anything to the contrary in the Credit Agreements, the Administrative Agent shall not be required to act if directed against the Borrower or the Subsidiary Guarantors if such action is contrary to the terms of this Agreement. (e) The Borrower and the Subsidiary Guarantors acknowledge and agree that the agreement of the Participant Lenders hereunder to forbear from exercising their default-related remedies with respect to the Specified Defaults shall not constitute a waiver of such Specified Defaults and that the Lenders expressly reserve all rights and remedies that the Administrative Agent and the Lenders now or may in the future have under any or all of the Loan Documents and/or applicable law in connection with all Defaults and Events of Default (including without limitation the Specified Defaults).Fourth Amendment constitutes

Appears in 1 contract

Sources: Limited Forbearance Agreement and Fourth Amendment to Credit Agreement (LLS Corp)

Forbearance. (a) The Participant Lenders agree that until the expiration In consideration of the Forbearance Period, execution and delivery by the Participant Lenders will temporarily forbear (subject to the terms hereof) from the exercise Soupman Entities of their default-related remedies under the Credit Agreements, Loan Documents or otherwise, against the Borrower this Agreement and the Subsidiary Guarantors solely to the extent the availability of such remedies arises exclusively from the Specified Defaults; provided that the Borrower and the Subsidiary Guarantors shall comply during the Forbearance Period with all provisions, limitations, restrictions or prohibitions that would otherwise be effective or applicable under any performance of the Loan Documents during the continuance of any Default or Event of Default; provided further that the agreement of the Participant Lenders temporarily to forbear shall not apply to nor preclude any remedy available to the Administrative Agent or the Lenders in connection with any proceeding commenced under any bankruptcy or insolvency law, including without limitation, to any relief in respect of adequate protection or relief from any stay imposed under such law. (b) Upon a Termination Event, the agreement of the Participant Lenders hereunder to forbear from exercising their default-related remedies shall immediately terminate without the requirement of any demand, presentment, protest or notice of any kind, all of which the Borrower and the Subsidiary Guarantors hereby waive. The Borrower and the Subsidiary Guarantors agree that the Administrative Agent and the Lenders may at any time thereafter proceed to exercise any and all Soupman Entities of their respective rights and remedies under any or all of the Loan Documents and/or applicable law, including, without limitation, their respective rights and remedies obligations set forth in connection with any or all of the Defaults and Events of Default, this Agreement including, without limitation, the Specified execution, delivery and performance of the agreements and instruments contemplated hereby, Lender agrees that so long as no Forbearance Default (as hereinafter defined) shall have occurred and be continuing, during the Forbearance Period (as hereinafter defined) Lender hereby agrees to forbear from exercising and enforcing against the Soupman Entities its rights, powers and remedies under the Loans and the ▇▇▇▇ Entities Guaranty by reason of the Existing Defaults; provided, however, that upon the occurrence of a Forbearance Default, Lender may exercise all of her rights and remedies with respect to the Existing Defaults and the Forbearance Default. (b) On or after the Forbearance Termination Date (as hereinafter defined), Lender may (in her discretion) exercise all rights and remedies under the Loans and the ▇▇▇▇ Entities Guaranty which are the subject of the foregoing forbearance. Nothing in this Agreement shall be construed to be a waiver or release by the Lender of, or acquiescence in, the Existing Defaults, and the Existing Defaults shall continue in existence, subject only to the Lender’s agreement, as set forth herein, not to enforce her remedies against the Soupman Entities for the period of time specified in this Agreement, subject to the conditions set forth herein. The execution, delivery and performance of this Agreement shall not (i) constitute an extension, modification, renewal, release, discharge, satisfaction or waiver of any term or provision of the Loans or any guaranty thereof, (ii) except as expressly set forth herein, extend the terms of the Loans or the due date of any of the obligations under the Loans or any guaranty thereof, (iii) give rise to any obligation on the part of Lender to extend, modify, or waive any aspect of the Loans or any guaranty thereof, or (iv) give rise to any defenses or counterclaims to Lender’s right to compel payment of the Loans or any guaranty thereof, or otherwise enforce the agreements evidencing the Loans and the security for the Loans or any guaranty thereof. Subject to the forbearance herein specified during the Forbearance Period, Lender hereby expressly reserves all of her rights and remedies under the Loans and any guaranty thereof and under applicable law with respect to the Existing Defaults. From and after the Forbearance Termination Date, the Lender shall be entitled to enforce the Loans or any guaranty thereof in accordance with the respective terms of the Loans or any guaranty thereof. (c) For the avoidance of doubt, nothing herein limits the right of the Administrative Agent or the Lenders, including during the Forbearance Period, to take any action to preserve or exercise rights or remedies against parties other than the Borrower and the Subsidiary Guarantors ("Third Party Rights"). For purposes of the foregoing, the Borrower and the Subsidiary Guarantors acknowledge and agree that execution and delivery of this Agreement shall constitute the making of any necessary demand or the giving of any necessary notice for purposes of preserving and/or permitting the exercise of any such Third Party Rights of the Administrative Agent and the Lenders. (d) Execution of this Agreement constitutes a direction by the Participant Lenders that the Administrative Agent act in accordance with its terms. Each Participant Lender agrees that, notwithstanding anything to the contrary in the Credit Agreements, the Administrative Agent shall not be required to act if directed against the Borrower or the Subsidiary Guarantors if such action is contrary to the terms of this Agreement. (e) The Borrower and the Subsidiary Guarantors acknowledge and agree that the agreement of the Participant Lenders hereunder to forbear from exercising their default-related remedies with respect to the Specified Defaults shall not constitute a waiver of such Specified Defaults and that the Lenders expressly reserve all rights and remedies that the Administrative Agent and the Lenders now or may in the future have under any or all of the Loan Documents and/or applicable law in connection with all Defaults and Events of Default (including without limitation the Specified Defaults).,

Appears in 1 contract

Sources: Forbearance Agreement (Soupman, Inc.)

Forbearance. So long as (i) the Securities Purchase Agreement remains in effect and (ii) the Company has not become a debtor under the Bankruptcy Code, the Consenting Noteholder acknowledges and agrees that it shall forbear for sixty (60) days following the execution hereof, from exercising (a) The Participant Lenders agree that until the expiration right to receive principal of, and interest on, any security held by the Consenting Noteholder, (b) the filing of a notice of default, the taking of any action to accelerate or otherwise collect on any security held by the Consenting Noteholder, (c) pursuing any rights or remedies (including acceleration of amounts due thereunder) available under any security held by the Consenting Noteholder and (d) the commencement of litigation or proceedings (including arbitration) of any kind or nature against the Company or any of its respective subsidiaries, arising as the result of, or in connection with, any current failure to pay the principal of, or interest on any security held by the Consenting Noteholder, or a default under any security held by the Consenting Noteholder or in respect of any other rights or remedies of the Forbearance PeriodConsenting Noteholder under any security held by the Consenting Noteholder or the indenture that governs any security held by the Consenting Noteholder or agreements between the Company and the Consenting Noteholder. After the Company becomes a debtor under the Bankruptcy Code, the Participant Lenders will temporarily forbear (subject Consenting Noteholder shall be entitled to the terms hereof) from the exercise of their default-related any rights or remedies under the Credit Agreements, Loan Documents or otherwise, against the Borrower and the Subsidiary Guarantors solely to the extent the availability of such remedies arises exclusively from the Specified Defaults; provided that the Borrower and the Subsidiary Guarantors shall comply during the Forbearance Period with all provisions, limitations, restrictions or prohibitions that would otherwise be effective or applicable under any of the Loan Documents during the continuance of any Default or Event of Default; provided further that the agreement of the Participant Lenders temporarily to forbear shall not apply to nor preclude any remedy available to the Administrative Agent or the Lenders it has in connection with any proceeding commenced under any bankruptcy or insolvency lawthe Bankruptcy Cases; provided, including without limitationhowever, to any relief that so long as both this Agreement and the Securities Purchase Agreement remain in respect of adequate protection or relief from any stay imposed under such law. (b) Upon a Termination Eventeffect, the agreement of the Participant Lenders hereunder to forbear from exercising their default-related remedies shall immediately terminate without the requirement of any demand, presentment, protest or notice of any kind, all of which the Borrower and the Subsidiary Guarantors hereby waive. The Borrower and the Subsidiary Guarantors agree that the Administrative Agent and the Lenders may at any time thereafter proceed Consenting Noteholder agrees to exercise any and all of their respective such rights and remedies under any or all only in a manner consistent with the provisions of the Loan Documents and/or applicable law, including, without limitation, their respective rights and remedies in connection with any or all of the Defaults and Events of Default, including, without limitation, the Specified Defaults. (c) For the avoidance of doubt, nothing herein limits the right of the Administrative Agent or the Lenders, including during the Forbearance Period, to take any action to preserve or exercise rights or remedies against parties other than the Borrower and the Subsidiary Guarantors ("Third Party Rights")Securities Purchase Agreement. For purposes of the foregoingcertainty, the Borrower and parties hereto acknowledge that the Subsidiary Guarantors acknowledge and agree that execution and delivery of Consenting Noteholder specifically preserves whatever rights it may have to compel the Companies to fulfill their fiduciary duties in connection with the Securities Purchase Agreement or in the Chapter 11 Cases. Restrictions on Transfer. So long as this Agreement remains in effect, the Consenting Noteholder agrees that it shall constitute not, without the making prior written consent of the Company, (a) sell, transfer, assign, pledge, gift or otherwise dispose of any necessary demand of its Restricted Claims in whole or in part, or any interest therein, unless the giving of any necessary notice for purposes of preserving and/or permitting the exercise of any transferee thereof accepts such Third Party Rights of the Administrative Agent and the Lenders. (d) Execution of this Agreement constitutes a direction by the Participant Lenders that the Administrative Agent act in accordance with its terms. Each Participant Lender agrees that, notwithstanding anything to the contrary in the Credit Agreements, the Administrative Agent shall not be required to act if directed against the Borrower or the Subsidiary Guarantors if such action is contrary Restricted Claims subject to the terms of this Agreement. (e) The Borrower , as evidenced by an agreement executed by such transferee and delivered to the Subsidiary Guarantors acknowledge and agree Company prior to the transfer that provides, among other things, that the Company is an express third-party beneficiary of such agreement or (b) grant any proxies, deposit any of the Participant Lenders hereunder to forbear from exercising their default-related remedies its Restricted Claims into a voting trust, or enter into a voting or tendering agreement with respect to any of the Specified Defaults shall not constitute a waiver Restricted Claims, unless such arrangement provides for compliance with this Agreement. In the event that the Consenting Noteholder transfers such Restricted Claims prior to the last date for voting on the Plan, the transferee of such Specified Defaults Restricted Claims shall comply with and that be subject to all the Lenders expressly reserve all rights terms of this Agreement, including, but not limited to, the Consenting Noteholder's obligations to vote in favor of the Plan and remedies that shall, as a condition precedent to such transfer, execute an agreement with the Administrative Agent Company and the Lenders now or may Investors on terms substantially identical in all material respects to the future have under any or all terms of this Agreement and a ballot indicating its acceptance of the Loan Documents and/or applicable law in connection with all Defaults and Events of Default (including without limitation the Specified Defaults)Plan.

Appears in 1 contract

Sources: Lock Up, Forbearance, and Voting Agreement (Pinnacle Holdings Inc)

Forbearance. (a) The Participant Administrative Agent, the Lenders and the Issuing Bank agree that until the expiration in favor of the Forbearance Period, Borrower that they shall refrain from taking any action to foreclose or recover the Participant Lenders will temporarily forbear “Collateral” (subject as defined in the Pledge Agreement) or otherwise initiate collection proceedings against the Borrower with respect to the terms hereof) Pledge Defaults from the exercise date hereof through and including the earlier of their default-related remedies (i) March 31, 2014, or (ii) the occurrence of an Event of Default under the Credit Agreements, Loan Documents or otherwise, against the Borrower and the Subsidiary Guarantors solely to the extent the availability of such remedies arises exclusively from the Specified Defaults; provided that the Borrower and the Subsidiary Guarantors shall comply during the Forbearance Period with all provisions, limitations, restrictions or prohibitions that would otherwise be effective or applicable under any of the Loan Documents during the continuance of any Agreement (Licensing) (other than a Default or Event of Default; provided further that the agreement of the Participant Lenders temporarily to forbear shall not apply to nor preclude any remedy available to the Administrative Agent or the Lenders in connection with any proceeding commenced under any bankruptcy or insolvency law, including without limitation, to any relief in respect of adequate protection or relief from any stay imposed under such law. (b) Upon a Termination Event, the agreement of the Participant Lenders hereunder to forbear from exercising their default-related remedies shall immediately terminate without the requirement of any demand, presentment, protest or notice of any kind, all of which the Borrower and the Subsidiary Guarantors hereby waive. The Borrower and the Subsidiary Guarantors agree Default that the Administrative Agent and the Lenders may at any time thereafter proceed to exercise any have waived in writing and all of their respective rights a Pledge Default) (the “Forbearance Period”). The Borrower acknowledges and remedies under any or all agrees that, notwithstanding the foregoing, (a) each of the Loan Documents and/or Administrative Agent, the Lenders and the Issuing Bank reserves the right to enforce each and every term of the Pledge Agreement (other than remedies resulting from a Pledge Default during the Forbearance Period), and is under no duty or obligation of any kind or any nature to grant the Borrower any additional period of forbearance beyond the Forbearance Period; (b) each action of the Administrative Agent, the Lenders and the Issuing Bank in entering into this Agreement shall not be construed as a waiver or relinquishment of, or estoppel to assert, any of Administrative Agent's rights under the Pledge Agreement or applicable law, including, without limitation, their respective rights ; and remedies in connection with any or all of the Defaults and Events of Default, including, without limitation, the Specified Defaults. (c) For each action of the avoidance of doubtAdministrative Agent, nothing herein limits the Lenders and the Issuing Bank in entering into this Agreement is without prejudice to the right of the Administrative Agent or Agent, the Lenders, including during Lenders and the Issuing Bank to pursue any and all remedies available to any of them upon expiration of the Forbearance Period, to take any action to preserve Period or exercise rights immediately upon the occurrence of an Event of Default under the Credit Agreement (Licensing) or remedies against parties a “Default” under the Pledge Agreement (other than the Borrower and the Subsidiary Guarantors ("Third Party Rights"). For purposes of the foregoing, the Borrower and the Subsidiary Guarantors acknowledge and agree that execution and delivery of this Agreement shall constitute the making of any necessary demand or the giving of any necessary notice for purposes of preserving and/or permitting the exercise of any such Third Party Rights of the Administrative Agent and the Lenders. (d) Execution of this Agreement constitutes a direction by the Participant Lenders that the Administrative Agent act in accordance with its terms. Each Participant Lender agrees that, notwithstanding anything to the contrary in the Credit Agreements, the Administrative Agent shall not be required to act if directed against the Borrower or the Subsidiary Guarantors if such action is contrary to the terms of this Agreement. (e) The Borrower and the Subsidiary Guarantors acknowledge and agree that the agreement of the Participant Lenders hereunder to forbear from exercising their default-related remedies with respect to the Specified Defaults shall not constitute a waiver of such Specified Defaults and that the Lenders expressly reserve all rights and remedies that the Administrative Agent and the Lenders now or may in the future have under any or all of the Loan Documents and/or applicable law in connection with all Defaults and Events of Default (including without limitation the Specified DefaultsPledge Default).

Appears in 1 contract

Sources: Credit Agreement (Franklin Credit Management Corp)

Forbearance. (a) The Participant Lenders agree that until In reliance upon the expiration representations, warranties and covenants of the Borrower contained in this Forbearance PeriodAgreement, the Participant Lenders will temporarily forbear (and subject to the terms hereofand conditions of this Forbearance Agreement, Lender agrees that, subject to the terms and conditions contained herein, during the period commencing on the Forbearance Effective Date and ending on the earlier of the following dates (the earliest of such dates being referred to herein as the “Forbearance Termination Date”): (i) the date of the occurrence of any Forbearance Termination Event or any Event of Default, other than the Existing Events of Default, and (ii) September 16, 2025, Lender shall forbear from the exercise exercising any of their default-related its rights and remedies arising under the Credit Agreements, Loan Documents or otherwise, against the Borrower and the Subsidiary Guarantors solely applicable law due to the extent the availability of such remedies arises exclusively from the Specified Defaults; provided that the Borrower and the Subsidiary Guarantors shall comply during the Forbearance Period with all provisions, limitations, restrictions or prohibitions that would otherwise be effective or applicable under any occurrence of the Loan Documents during the continuance of any Default or Event Existing Events of Default; provided further that the agreement of the Participant Lenders temporarily to forbear shall not apply to nor preclude any remedy available to the Administrative Agent or the Lenders in connection with any proceeding commenced under any bankruptcy or insolvency law, including without limitation, to any relief in respect of adequate protection or relief from any stay imposed under such law. (b) So long as no Forbearance Termination Event or any Event of Default, other than the Existing Events of Default, has occurred, the Forbearance Termination Date shall be extended until (i) October 16, 2025; provided, that, Borrower shall have delivered to Lender, on or before August 31, 2025, evidence in form and substance acceptable to Lender that Borrower has maintained minimum EBITDA, for period commencing on May 1, 2025 through and including July 31, 2025, equal to or greater than $300,000 and (ii) November 15, 2025; provided, that, Borrower shall have delivered to Lender, on or before September 30, 2025, evidence in form and substance acceptable to Lender that Borrower has maintained, minimum EBITDA for period commencing on May 1, 2025 through and including August 31, 2025, equal to or greater than $300,000; (c) Upon a the Forbearance Termination EventDate, the agreement of the Participant Lenders hereunder Lender to forbear from exercising their default-related remedies with respect to the Existing Events of Default shall automatically and without further action terminate and be of no force and effect, it being understood and agreed that the effect of such termination will be to permit Lender to immediately terminate exercise, without the requirement of any demand, presentment, protest further notice or notice forbearance of any kind, all of which the Borrower and the Subsidiary Guarantors hereby waive. The Borrower and the Subsidiary Guarantors agree that the Administrative Agent and the Lenders may at any time thereafter proceed to exercise any and all of their respective its rights and remedies under any or all of the Loan Documents and/or Agreement and other Loan Documents, applicable law, including, without limitation, their respective rights and remedies in connection law or otherwise with any or all of respect to the Defaults and Existing Events of DefaultDefault or any other Event of Default which shall exist or shall have occurred and be continuing at such time, including, including without limitation, the Specified Defaults. (c) For the avoidance right to require payment in full in cash of doubt, nothing herein limits the right of the Administrative Agent all Obligations or the Lenders, including during the Forbearance Period, to take any action to preserve or exercise rights or remedies against parties other than the Borrower and the Subsidiary Guarantors ("Third Party Rights"). For purposes of the foregoing, the Borrower and the Subsidiary Guarantors acknowledge and agree that execution and delivery of this Agreement shall constitute the making of any necessary demand or the giving of any necessary notice for purposes of preserving and/or permitting the exercise of any such Third Party Rights of the Administrative Agent and the Lendersportion thereof. (d) Execution of this Agreement constitutes a direction by the Participant Lenders that the Administrative Agent act in accordance with its terms. Each Participant Lender agrees that, notwithstanding anything to the contrary in the Credit Agreements, the Administrative Agent shall not be required to act if directed against the Borrower or the Subsidiary Guarantors if such action is contrary to the terms of this Agreement. (e) The Borrower and the Subsidiary Guarantors acknowledge and agree that the agreement of the Participant Lenders hereunder to forbear from exercising their default-related remedies with respect to the Specified Defaults shall not constitute a waiver of such Specified Defaults and that the Lenders expressly reserve all rights and remedies that the Administrative Agent and the Lenders now or may in the future have under any or all No termination of the Loan Agreement or other Loan Documents and/or applicable law shall relieve or discharge Borrower of its duties, covenants and obligations under the Loan Documents until all Obligations have been indefeasibly paid and satisfied in connection with all Defaults full in immediately available funds on terms and Events conditions acceptable to Lender. Borrower hereby expressly waives any right to receive notification under Section 9-611 of Default (including without limitation the Specified Defaults)UCC or otherwise of any disposition of any Collateral by Lender or its designees, and waives any rights under Sections 9-620(e) and 9-623 of the UCC.

Appears in 1 contract

Sources: Forbearance Agreement and Amendment No. 2 to Loan Agreement (Starco Brands, Inc.)

Forbearance. From the Effective Date through July 31, 2015 (“Forbearance Period”), Lender hereby agrees to further forbear from enforcing the remedies available to it under the Riverside Loan Documents, the Riverside Guaranty, and the Riverside Security Agreement 2, and applicable law on the condition that: (a) The Participant Lenders agree that until the expiration Borrower does not file, or have filed against it, any petition for bankruptcy under any chapter of the Forbearance Period, the Participant Lenders will temporarily forbear (subject to the terms hereof) from the exercise of their default-related remedies under the Credit Agreements, Loan Documents or otherwise, against the Borrower and the Subsidiary Guarantors solely to the extent the availability of such remedies arises exclusively from the Specified DefaultsUnited States Bankruptcy Code; provided that the Borrower and the Subsidiary Guarantors shall comply during the Forbearance Period with all provisions, limitations, restrictions or prohibitions that would otherwise be effective or applicable under any of the Loan Documents during the continuance of any Default or Event of Default; provided further that the agreement of the Participant Lenders temporarily to forbear shall not apply to nor preclude any remedy available to the Administrative Agent or the Lenders in connection with any proceeding commenced under any bankruptcy or insolvency law, including without limitation, to any relief in respect of adequate protection or relief from any stay imposed under such law.and (b) Upon a Termination Event, the agreement No other creditor of Borrower: (i) executes on or garnishes any of the Participant Lenders hereunder property of Borrower; or (ii) commences any action or proceeding to forbear enforce any remedies or collect any amounts due or claimed due from exercising their default-related remedies shall immediately terminate without the requirement of any demand, presentment, protest Borrower which action or notice of any kind, all of which the Borrower and the Subsidiary Guarantors hereby waive. The Borrower and the Subsidiary Guarantors agree that the Administrative Agent and the Lenders may at any time thereafter proceed to exercise any and all of their respective rights and remedies under any or all proceeding is not dismissed within thirty (30) days after commencement of the Loan Documents and/or applicable law, including, without limitation, their respective rights and remedies in connection with any or all of the Defaults and Events of Default, including, without limitation, the Specified Defaults.same; and (c) For Except as to the avoidance specific defaults described in the Recitals of doubtthis Agreement, nothing herein limits Borrower is not in default under the right terms of the Administrative Agent any indebtedness extended by Lender to Borrower or the Lendersobligation owed by Borrower to Lender, including during the Forbearance Period, to take any action to preserve or exercise rights or remedies against parties other than the Borrower Riverside Loan Documents and the Subsidiary Guarantors ("Third Party Rights"). For purposes of the foregoing, the Borrower and the Subsidiary Guarantors acknowledge and agree that execution and delivery of this Agreement shall constitute the making of any necessary demand or the giving of any necessary notice for purposes of preserving and/or permitting the exercise of any such Third Party Rights of the Administrative Agent and the Lenders.Riverside Guaranty; and (d) Execution Borrower performs all of this Agreement constitutes a direction by the Participant Lenders that the Administrative Agent act in accordance with its terms. Each Participant Lender agrees that, notwithstanding anything to the contrary in the Credit Agreements, the Administrative Agent shall not be required to act if directed against the Borrower or the Subsidiary Guarantors if such action is contrary to the terms of this Agreement.obligations hereunder; and (e) The No representations or warranties of Borrower prove to be false or misleading in any material respect; and (f) On the first (1st) day of each month commencing March 1, 2015 and continuing on the Subsidiary Guarantors acknowledge first (1st) day of each month thereafter through and agree that including July 1, 2015, Borrower shall make principal and interest payments in the agreement amount of $500.00 to Lender. All payments made under this Subsection (f) shall be applied first to accrued interest, then to the unpaid principal balance of the Participant Lenders hereunder to forbear from exercising their default-related remedies Riverside Note; and (g) Borrower is in full compliance with respect to the Specified Defaults shall not constitute a waiver terms of such Specified Defaults the Revolving Loan; and (h) Except for the maturity date and that the Lenders expressly reserve all rights and remedies that the Administrative Agent and the Lenders now or may in the future payment obligations which have under any or been adjusted as provided for herein, Borrower will observe all of the other terms and conditions of the Riverside Loan Documents and/or applicable law in connection with all Defaults Documents, the Riverside Guaranty, and Events of Default (including without limitation the Specified Defaults)Riverside Security Agreement 2.

Appears in 1 contract

Sources: Forbearance Agreement (Pro Dex Inc)

Forbearance. Bank agrees to forebear until December 31, 2001 (athe Forbearance Period") The Participant Lenders agree from exercising its remedies under the Existing Loan Documents, notwithstanding Borrower's existing default under the Loan Agreement as a result of Borrower's failure to meet the Adjusted Quick Ratio for the quarter ending September 2001, (the foregoing being referred to as "Existing Defaults") or any future breaches under the Existing Loan Documents, as modified by this Loan Modification and Forbearance Agreement (as so modified, the "Loan Documents"). By signing below, Borrower acknowledges that they are currently in default and as a result of such default, Bank is entitled to exercise its remedies as provided in the Existing Loan Documents and as provided under applicable law. Nothing in this Agreement in any way shall constitute Bank's waiver of Borrower's Existing Defaults. A breach by Borrower of any of the terms set forth in this Agreement or the occurrence of any default (other than the Existing Defaults) under the Existing Loan Documents shall result in immediate termination of Bank's forbearance, whereupon Bank, at its option, without any notice to Borrower, may immediately cease making any Advances and may immediately exercise any remedies available to Bank under the Existing Loan Documents and this Agreement, and under applicable law. Upon termination of the Forbearance Period described above, without any notice to Borrower, Bank may exercise any remedies available to Bank under the Loan Documents and under applicable law. In addition, Bank's agreement to continue to forbear from enforcing its remedies under the Existing Loan Documents until the expiration end of the Forbearance Period, the Participant Lenders will temporarily forbear (subject to the terms hereof) from the exercise of their default-related remedies notwithstanding Borrower's Existing Defaults under the Credit AgreementsExisting Loan Documents, Loan Documents or otherwise, against the Borrower and the Subsidiary Guarantors solely (a) in no way shall be deemed an agreement by Bank to the extent the availability of such remedies arises exclusively from the Specified Defaults; provided that the Borrower and the Subsidiary Guarantors shall comply during the Forbearance Period waive Borrower's compliance with all provisions, limitations, restrictions or prohibitions that would otherwise be effective or applicable under any other terms of the Existing Loan Documents during the continuance of any Default or Event of Default; provided further that the agreement of the Participant Lenders temporarily to forbear shall not apply to nor preclude any remedy available to the Administrative Agent or the Lenders in connection with any proceeding commenced under any bankruptcy or insolvency lawDocuments, including without limitation, to any relief in respect of adequate protection or relief from any stay imposed under such law. as modified by this Loan Modification and Forbearance Agreement and (b) Upon a Termination Event, the agreement shall not limit or impair Bank's right to demand strict performance of the Participant Lenders hereunder to forbear from exercising their default-related remedies shall immediately terminate without the requirement all other terms and covenants as of any demand, presentment, protest or notice of any kind, all of which the Borrower and the Subsidiary Guarantors hereby waivedate. The Borrower and the Subsidiary Guarantors agree further agrees that the Administrative Agent and the Lenders may at any time thereafter proceed to exercise any and all of their respective rights and remedies under any or all of the Loan Documents and/or applicable law, including, without limitation, their respective rights and remedies in connection with any or all of the Defaults and Events of Default, including, without limitation, the Specified Defaults. (c) For the avoidance of doubt, nothing herein limits the right of the Administrative Agent or the Lenders, including during the Forbearance Period, to take any action to preserve or exercise rights or remedies against parties other than the Borrower and the Subsidiary Guarantors ("Third Party Rights"). For purposes of the foregoing, the Borrower and the Subsidiary Guarantors acknowledge and agree that execution and delivery of this Agreement shall constitute the making of any necessary demand or the giving of any necessary notice for purposes of preserving and/or permitting the exercise of any such Third Party Rights rights or remedies allowed to Bank when an Event of Default occurs, as provided for in the Existing Loan Documents (the "Default Rights") upon termination of the Administrative Agent and the Lenders. (d) Execution Forbearance Period shall not be affected by reason of this Agreement constitutes and the Borrower shall not assert as a direction by defense thereto the Participant Lenders passage of time, estoppel, laches or any statute of limitations to the extent that the Administrative Agent act in accordance with its terms. Each Participant Lender agrees that, notwithstanding anything to the contrary in the Credit Agreements, the Administrative Agent shall not be required to act if directed against the Borrower or the Subsidiary Guarantors if such action is contrary to the terms exercise of any Default Rights was precluded by this Agreement. (e) The Borrower and the Subsidiary Guarantors acknowledge and agree that the agreement of the Participant Lenders hereunder to forbear from exercising their default-related remedies with respect to the Specified Defaults shall not constitute a waiver of such Specified Defaults and that the Lenders expressly reserve all rights and remedies that the Administrative Agent and the Lenders now or may in the future have under any or all of the Loan Documents and/or applicable law in connection with all Defaults and Events of Default (including without limitation the Specified Defaults).

Appears in 1 contract

Sources: Loan Modification and Forbearance Agreement (Giga Information Group Inc)

Forbearance. (a) Upon the satisfaction of the conditions precedent set forth in Section 3 of this Agreement, each Forbearing Holder hereby agrees that during the Forbearance Period it will not, directly or indirectly, (x) take any Remedial Action with respect to the Notes in connection with the Specified Defaults, (y) take any Remedial Action with respect to the purported breaches set forth in the letter dated May 21, 2010 of ▇▇▇▇▇ ▇. ▇▇▇▇▇ to ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇ (the “Canadian Facility Matters”), it being understood that neither the Issuer nor the Guarantors admit to the validity of such breaches, or (z) sell, pledge, hypothecate or otherwise transfer any Notes, except to a purchaser or other entity who agrees in writing (delivered to Sidley Austin LLP) to be bound by all of the terms of this Agreement with respect to the relevant Notes being sold, pledged, hypothecated or transferred to such purchaser or entity. The Participant Lenders agree that until foregoing limited forbearance shall not be construed to impair the expiration ability of the Forbearing Holders or the Trustee to take any Remedial Action (i) after the Forbearance Period regardless of whether or not such Remedial Action relates to actions taken, matters arising or payments not received during the Forbearance Period or (ii) during the Forbearance Period for Defaults or Events of Default other than the Specified Defaults and the Canadian Facility Matters. Without prejudicing the rights and remedies of the Forbearing Holders in respect of the Canadian Facility Matters (except as expressly limited in this Agreement), in no event, during the Forbearance Period, shall the Participant Lenders will temporarily forbear (subject to Forbearing Holders assert that a Forbearance Termination Event has occurred because the terms hereof) from the exercise Canadian Facility Matters constitute a Default or an Event of their default-related remedies Default under the Credit Agreements, Loan Documents or otherwise, against the Borrower and the Subsidiary Guarantors solely to the extent the availability of such remedies arises exclusively from the Specified Defaults; provided that the Borrower and the Subsidiary Guarantors shall comply during the Forbearance Period with all provisions, limitations, restrictions or prohibitions that would otherwise be effective or applicable under any of the Loan Documents during the continuance of any Default or Event of Default; provided further that the agreement of the Participant Lenders temporarily to forbear shall not apply to nor preclude any remedy available to the Administrative Agent or the Lenders in connection with any proceeding commenced under any bankruptcy or insolvency law, including without limitation, to any relief in respect of adequate protection or relief from any stay imposed under such lawIndenture. (b) Upon a Unless earlier terminated in accordance with the terms of this Agreement, the Forbearing Holders’ forbearance, as provided herein, shall immediately cease without notice upon the occurrence of any Forbearance Termination Event, and the agreement Issuer and Guarantors at that time shall be obligated to comply with and perform all terms, conditions and provisions of the Participant Lenders hereunder Indenture and the Notes without giving effect to forbear from exercising their default-related remedies the forbearance set forth herein. (c) The Forbearing Holders hereby agree to execute and deliver a letter, promptly after the Effective Date to the Trustee in the form attached hereto as Schedule A (the “Letter”), which letter shall immediately terminate without not be withdrawn or rescinded by the requirement Forbearing Holders until the occurrence of any demandForbearance Termination Event. (d) Except for the forbearance to the extent expressly set forth above in subsection 2(a), presentmenteach Forbearing Holder reserves each and every right and remedy it may have under the Notes, protest or notice of the Indenture, the Collateral Documents, any kind, all of which the Borrower agreement relating thereto and the Subsidiary Guarantors hereby waive. The Borrower and the Subsidiary Guarantors agree that the Administrative Agent and the Lenders may at under applicable law with respect to any time thereafter proceed to exercise any and all of their respective rights and remedies under any or all of the Loan Documents and/or applicable law, including, without limitation, their respective rights and remedies in connection with any or all of the Defaults and Events of DefaultSpecified Defaults, including, without limitation, the Specified Defaults. (c) For right to continue to charge and collect interest at the avoidance of doubt, nothing herein limits the right default rate pursuant to Section 1 of the Administrative Agent or the Lenders, including during the Forbearance Period, to take any action to preserve or exercise rights or remedies against parties other than the Borrower Notes. The Issuer and the Subsidiary Guarantors ("Third Party Rights"). For purposes each of the foregoing, the Borrower and the Subsidiary Guarantors hereby acknowledge and agree that execution and delivery of this Agreement shall constitute the making of any necessary demand or the giving of any necessary notice for purposes of preserving and/or permitting the exercise of any such Third Party Rights default interest pursuant to Section 1 of the Administrative Agent Notes shall accrue from and the Lenders. (d) Execution of this Agreement constitutes a direction by the Participant Lenders that the Administrative Agent act in accordance with its termsafter July 1, 2010. Each Participant Lender agrees that, notwithstanding anything Nothing herein shall be deemed to the contrary in the Credit Agreements, the Administrative Agent shall not be required to act if directed against the Borrower or the Subsidiary Guarantors if such action is contrary to the terms of this Agreement. (e) The Borrower and the Subsidiary Guarantors acknowledge and agree that the agreement of the Participant Lenders hereunder to forbear from exercising their default-related remedies with respect to the Specified Defaults shall not constitute a waiver by any Holder of such Specified Defaults and that the Lenders expressly reserve all rights and remedies that the Administrative Agent and the Lenders now any Default or may in the future have under any or all of the Loan Documents and/or applicable law in connection with all Defaults and Events Event of Default whatsoever, whether now existing or hereafter arising (including including, without limitation limitation, any of the Specified Defaults), or, except to the extent of the forbearance expressly set forth herein, of any right or remedy the Trustee or any Holder may have under the Notes, the Indenture, the Collateral Documents or any agreement relating thereto and under applicable law.

Appears in 1 contract

Sources: Forbearance Agreement (Blockbuster Inc)

Forbearance. (a) The Participant Lenders agree that Notwithstanding the Existing Defaults, and subject to the provisions of this Agreement, Lender agrees that, until the expiration or earlier termination of the Forbearance Period (as defined below), Lender will forbear from exercising its rights and remedies under the Loan Documents and/or applicable law solely with respect to the Existing Defaults; provided, however, that nothing herein shall restrict, impair or otherwise affect the exercise of Lender’s rights under this Agreement; and provided, further, that no such forbearance shall constitute a waiver with respect to the Existing Defaults (other than as set forth in the following sentence). Notwithstanding anything to the contrary contained herein, if, on or prior to the expiration (but not earlier termination) of the Forbearance Period, the Participant Lenders will temporarily forbear Borrower Parties have satisfied the conditions to such forbearance set forth in Section 4 below (subject to the terms hereof) from the exercise of their default-related remedies under the Credit Agreements, Loan Documents or otherwise, against the Borrower and the Subsidiary Guarantors solely to the extent the availability of such remedies arises exclusively from the Specified Defaults; provided that the Borrower and the Subsidiary Guarantors shall comply during the Forbearance Period with all provisions, limitations, restrictions or prohibitions that would otherwise be effective or applicable under any of the Loan Documents during the continuance of any Default or Event of Default; provided further that the agreement of the Participant Lenders temporarily to forbear shall not apply to nor preclude any remedy available to the Administrative Agent or the Lenders in connection with any proceeding commenced under any bankruptcy or insolvency law, including without limitation, to any relief in respect of adequate protection or relief from any stay imposed under such law. (b) Upon a Termination Event, the agreement of the Participant Lenders hereunder to forbear from exercising their default-related remedies shall immediately terminate without the requirement of any demand, presentment, protest or notice of any kind, all of which the Borrower and the Subsidiary Guarantors hereby waive. The Borrower and the Subsidiary Guarantors agree that the Administrative Agent and the Lenders may at any time thereafter proceed to exercise any and all of their respective rights and remedies under any or all of the Loan Documents and/or applicable law, including, without limitation, their respective rights and remedies in connection with any or all of the Defaults and Events of Default, including, without limitation, the Specified Defaults. payment in full of the Indebtedness by Borrower (c) For including for the avoidance of doubt, nothing herein limits the Exit Fee, the Minimum Multiple Fee and if applicable, any Breakage Fees, together with any out-of-pocket attorneys’ fees and costs accrued to date)), Lender shall be deemed to have waived the Existing Defaults and shall have no right of the Administrative Agent or the Lenders, including during the Forbearance Period, to take exercise any action to preserve or exercise rights or remedies against parties other than the Borrower and the Subsidiary Guarantors ("Third Party Rights"). For purposes of the foregoing, the Borrower and the Subsidiary Guarantors acknowledge and agree that execution and delivery of this Agreement shall constitute the making of any necessary demand or the giving of any necessary notice for purposes of preserving and/or permitting the exercise of any such Third Party Rights of the Administrative Agent and the Lenders. (d) Execution of this Agreement constitutes a direction by the Participant Lenders that the Administrative Agent act in accordance with its terms. Each Participant Lender agrees that, notwithstanding anything to the contrary in the Credit Agreements, the Administrative Agent shall not be required to act if directed against the Borrower or the Subsidiary Guarantors if such action is contrary to the terms of this Agreement. (e) The Borrower and the Subsidiary Guarantors acknowledge and agree that the agreement of the Participant Lenders hereunder to forbear from exercising their default-related remedies with respect to the Specified Defaults shall not constitute a waiver of such Specified Defaults and that the Lenders expressly reserve all rights and remedies that the Administrative Agent and the Lenders now or may in the future have under any or all of the Loan Documents and/or applicable law solely with respect to the Existing Defaults; provided that to the extent that any Borrower Party makes any payment(s) to Lender which payment(s) or any portion thereof is subsequently invalidated, declared to be fraudulent or preferential, set aside or required, in connection with all any bankruptcy, insolvency, reorganization, dissolution, liquidation or other like proceeding or for any other reason, to be repaid or paid over to a custodian, trustee, receiver or any other party under any bankruptcy act, state or federal law, ​ ​ common law or equitable cause, then to the extent of such payment or repayment, the obligation or part thereof intended to be satisfied shall be revived and continue in full force and effect as if such payment(s) had not been made and the Borrower Parties shall be primarily liable for the revived obligations. The foregoing sentence shall not be construed and is not intended to preclude Lender from exercising its rights and remedies under the Loan Documents and/or applicable law with respect to the existence of the Existing Defaults and Events after the expiration (other than expiration after satisfaction of Default (including without limitation the Specified Defaults).conditions to forbearance as set forth above) or earlier termination of the Forbearance Period. ​

Appears in 1 contract

Sources: Forbearance Agreement (Trinity Place Holdings Inc.)

Forbearance. (ai) The Participant Lenders agree that until In reliance upon the expiration representations, warranties and covenants of Borrowers contained in this Agreement, and subject to the terms and conditions of this Agreement and any documents or instruments executed in connection herewith, Lender Group agrees to forbear from exercising, or causing the exercise of, its rights and remedies under the Loan Documents or applicable law in respect of or arising out of (i) the Existing Defaults, (ii) a Default or Event of Default arising pursuant to Section 2.18 of the Credit Agreement, or (iii) any other Default or Event of Default (other than any of the ones described in Exhibit D attached hereto and made a part hereof (each such excluded Default or Event of Default, individually, a "Specified Default," and collectively, the "Specified Defaults")) subject to the conditions contained herein for the period (the "Forbearance Period") commencing on the date hereof and ending on the earliest to occur of: (i) May 5, 2008, or (ii) the occurrence of a Termination Event (as hereinafter defined). (ii) Upon the termination of the Forbearance Period, the Participant Lenders will temporarily forbear (subject to the terms hereof) from the exercise of their default-related remedies under the Credit Agreements, Loan Documents or otherwise, against the Borrower and the Subsidiary Guarantors solely to the extent the availability of such remedies arises exclusively from the Specified Defaults; provided that the Borrower and the Subsidiary Guarantors shall comply during the Forbearance Period with all provisions, limitations, restrictions or prohibitions that would otherwise be effective or applicable under any of the Loan Documents during the continuance of any Default or Event of Default; provided further that the agreement of the Participant Lenders temporarily Lender Group to forbear shall not apply automatically and without further action terminate and be of no force and effect; it being expressly agreed that the effect of such termination will be to nor preclude permit Lender Group to exercise, or cause the exercise of, any remedy rights and remedies available to the Administrative Agent it, if any, immediately, without any further notice, passage of time or the Lenders in connection with forbearance of any proceeding commenced under any bankruptcy or insolvency law, including without limitation, to any relief in respect of adequate protection or relief from any stay imposed under such lawkind. (b) Upon a Termination Event, the agreement of the Participant Lenders hereunder to forbear from exercising their default-related remedies shall immediately terminate without the requirement of any demand, presentment, protest or notice of any kind, all of which the Borrower and the Subsidiary Guarantors hereby waive. The Borrower and the Subsidiary Guarantors agree that the Administrative Agent and the Lenders may at any time thereafter proceed to exercise any and all of their respective rights and remedies under any or all of the Loan Documents and/or applicable law, including, without limitation, their respective rights and remedies in connection with any or all of the Defaults and Events of Default, including, without limitation, the Specified Defaults. (ciii) For the avoidance of doubt, nothing herein limits the right of the Administrative Agent or the Lenders, including during the Forbearance Period, to take any action to preserve or exercise rights or remedies against parties other than the Borrower and the Subsidiary Guarantors ("Third Party Rights"). For purposes of the foregoing, the Borrower and the Subsidiary Guarantors acknowledge and agree that execution and delivery of this Agreement shall constitute the making of any necessary demand or the giving of any necessary notice for purposes of preserving and/or permitting the exercise of any such Third Party Rights of the Administrative Agent and the Lenders. (d) Execution of this Agreement constitutes a direction by the Participant Lenders that the Administrative Agent act in accordance with its terms. Each Participant Lender agrees that, notwithstanding anything to the contrary in the Credit Agreements, the Administrative Agent shall not be required to act if directed against the Borrower or the Subsidiary Guarantors if such action is contrary to the terms purpose of this Agreement. , "Termination Event" shall have the meaning given to such term in that certain Side Letter Agreement dated as of February 13, 2008, as amended by a certain First Amendment to Side Letter Agreement dated as of March 19, 2008, and a certain Second Amendment to Side Letter Agreement of even date herewith by and among Borrowers, Agents and Lenders (e) The Borrower and as so amended, the Subsidiary Guarantors acknowledge and agree that the agreement of the Participant Lenders hereunder to forbear from exercising their default-related remedies with respect to the Specified Defaults shall not constitute a waiver of such Specified Defaults and that the Lenders expressly reserve all rights and remedies that the Administrative Agent and the Lenders now or may in the future have under any or all of the Loan Documents and/or applicable law in connection with all Defaults and Events of Default (including without limitation the Specified Defaults"Side Letter Agreement").

Appears in 1 contract

Sources: Credit Agreement (Equity Media Holdings CORP)

Forbearance. The Loan Parties acknowledge and agree that (a) The Participant Lenders agree that until the expiration Existing Events of the Forbearance Period, the Participant Lenders will temporarily forbear (subject to the terms hereof) from the exercise of their default-related remedies under the Credit Agreements, Loan Documents or otherwise, against the Borrower Default have occurred and the Subsidiary Guarantors solely to the extent the availability of such remedies arises exclusively from the Specified Defaults; provided that the Borrower are continuing and the Subsidiary Guarantors shall comply during the Forbearance Period with all provisions, limitations, restrictions or prohibitions that would otherwise be effective or applicable under any of the Loan Documents during the continuance of any Default or Event of Default; provided further that the agreement of the Participant Lenders temporarily to forbear shall not apply to nor preclude any remedy available to the Administrative Agent or the Lenders in connection with any proceeding commenced under any bankruptcy or insolvency law, including without limitation, to any relief in respect of adequate protection or relief from any stay imposed under such law. (b) Upon a upon the Forbearance Termination Event, Date (defined below) the agreement of the Participant Lenders hereunder to forbear from exercising their default-related remedies forbearance provided under this Section 1 shall immediately terminate without the requirement of any demand, presentment, protest or notice of any kind, all of which the Borrower and the Subsidiary Guarantors hereby waive. The Borrower Agents and Lenders shall have the Subsidiary Guarantors agree that the Administrative Agent and the Lenders may at any time thereafter proceed right to exercise any and all of their respective rights and remedies under any Section 9.01 of the Credit Agreement or all of otherwise under the Loan Documents and/or or under applicable law, including, without limitation, their respective rights law or at equity due to such Existing Events of Default or any other Event of Default that has occurred and remedies in connection with any or all is continuing. The Agents and Lenders hereby agree as of the Defaults and Events of Default, including, without limitation, the Specified Defaults. (c) For the avoidance of doubt, nothing herein limits the right of the Administrative Agent or the Lenders, including during the Forbearance Period, to take any action to preserve or exercise rights or remedies against parties other than the Borrower and the Subsidiary Guarantors ("Third Party Rights"). For purposes of the foregoing, the Borrower and the Subsidiary Guarantors acknowledge and agree that execution and delivery of this Agreement shall constitute the making of any necessary demand or the giving of any necessary notice for purposes of preserving and/or permitting the exercise of any such Third Party Rights of the Administrative Agent and the Lenders. (d) Execution of this Agreement constitutes a direction by the Participant Lenders that the Administrative Agent act in accordance with its terms. Each Participant Lender agrees that, notwithstanding anything to the contrary in the Credit Agreements, the Administrative Agent shall not be required to act if directed against the Borrower or the Subsidiary Guarantors if such action is contrary to the terms of this Agreement. (e) The Borrower and the Subsidiary Guarantors acknowledge and agree that the agreement of the Participant Lenders hereunder date hereof to forbear from exercising their default-related any rights or remedies under Section 9.01 of the Credit Agreement or otherwise under the Loan Documents or under applicable law or at equity with respect to the Specified Defaults Existing Events of Default until the earliest of (i) the occurrence of a breach or default under this Agreement, (ii) the occurrence of a Default other than an Existing Event of Default, or (iii) December 29, 2008. The Loan Parties acknowledge and agree that, if any breach or default under this Agreement occurs, or if any Default other than an Existing Event of Default occurs, the Forbearance Termination Date shall not constitute a waiver be deemed to have occurred immediately prior thereto, this Section 1 shall cease to be effective, and the Agents and Lenders shall be entitled to (x) terminate all Commitments under the Credit Agreement and declare all of such Specified Defaults the Loans then outstanding to be due and that payable, whereupon the Lenders expressly reserve aggregate principal of all Loans, all accrued and unpaid interest thereon, all fees and all other amounts payable under the Credit Agreement and the other Loan Documents shall become due and payable immediately, without presentment, demand, protest or further notice of any kind and (y) exercise immediately their rights and remedies that the Administrative Agent and the Lenders now or may in the future have under any or all of the Loan Documents and/or and under applicable law in connection with all or at equity. Each Loan Party hereby further acknowledges and agrees that from and after the Forbearance Termination Date, the Agents and Lenders shall be under no obligation of any kind whatsoever to forbear from exercising any remedies on account of the Existing Events of Defaults and Events or any other Event of Default (including without limitation whether similar or dissimilar to the Specified DefaultsExisting Events of Default). It is the Agents’ and Lenders’ current intention not to grant any extensions to the forbearance period provided above.

Appears in 1 contract

Sources: Forbearance Agreement (Imperial Petroleum Inc)

Forbearance. (a) The Participant Lenders agree that until the expiration Foothill acknowledges receipt of the Forbearance PeriodBorrower's letters to Mr. ▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ of Foothill dated March 3, 1998 and May 8, 1998 in which the Participant Lenders will temporarily forbear Borrower acknowledges and enumerates certain Events of Default that have occurred and are continuing under the Loan Agreement (subject the "Current Defaults"). Foothill hereby agrees to the terms hereof) forebear from the exercise taking any action or exercising any of their default-related its remedies under the Credit Agreements, Loan Documents or otherwise, against the Borrower and the Subsidiary Guarantors solely Agreement with respect to the extent the availability of such remedies arises exclusively from the Specified Defaults; provided that the Borrower and the Subsidiary Guarantors shall comply Current Defaults during the Forbearance Period with all provisionsperiod from April 17, limitations1998, restrictions or prohibitions through and including September 30, 1998; PROVIDED, HOWEVER, that would otherwise be effective or applicable under any of such forbearance shall apply only to the Loan Documents during the continuance of any Default or Event of Default; provided further that the agreement of the Participant Lenders temporarily to forbear Current Defaults, shall not apply to nor preclude any remedy available to other Event of Default continuing as of the Administrative Agent Amendment Date, or the Lenders in connection with any proceeding commenced under any bankruptcy or insolvency law, including without limitation, to any relief in respect Event of adequate protection or relief from any stay imposed under such law. (b) Upon a Termination EventDefault that may occur after the Amendment Date. Further, the agreement of the Participant Lenders hereunder to forbear from exercising their default-related remedies shall immediately terminate without the requirement of any demand, presentment, protest or notice of any kind, all of which the Borrower and the Subsidiary Guarantors hereby waive. The Borrower and the Subsidiary Guarantors agree that the Administrative Agent and the Lenders may at any time thereafter proceed to exercise any and all of their respective rights and remedies under any or all of the Loan Documents and/or applicable law, including, without limitation, their respective rights and remedies in connection with any or all of the Defaults and Events of Default, including, without limitation, the Specified Defaults. (c) For the avoidance of doubt, nothing herein limits the right of the Administrative Agent or the Lenders, including during the Forbearance Period, to take any action to preserve or exercise rights or remedies against parties other than the Borrower and the Subsidiary Guarantors ("Third Party Rights"). For purposes of the foregoing, the Borrower and the Subsidiary Guarantors acknowledge and agree that execution and delivery of this Agreement shall constitute the making of any necessary demand or the giving of any necessary notice for purposes of preserving and/or permitting the exercise of any such Third Party Rights of the Administrative Agent and the Lenders. (d) Execution of this Agreement constitutes a direction by the Participant Lenders that the Administrative Agent act in accordance with its terms. Each Participant Lender agrees that, notwithstanding anything to the contrary in the Credit Agreements, the Administrative Agent shall not be required to act if directed against the Borrower or the Subsidiary Guarantors if such action is contrary to the terms of this Agreement. (e) The Borrower and the Subsidiary Guarantors acknowledge and agree that the agreement of the Participant Lenders hereunder to forbear from exercising their default-related remedies with respect to the Specified Defaults forbearance shall not constitute a waiver by Foothill of any of its rights or remedies under the Loan Agreement, but shall only constitute a limited forbearance. Furthermore, nothing contained in this letter shall diminish, prejudice or waive any of Foothill's rights or remedies under the Loan Agreement or applicable law, and Foothill hereby reserves all such rights and remedies. Anything contained in the foregoing to the contrary notwithstanding, Foothill's continued forbearance with respect to the Current Defaults shall be contingent on Borrower's successful achievement of each of the following on or before the dates set forth below, and Borrower's failure to achieve any one or more of the following on or before the dates set forth below shall terminate Foothill's agreement to the forgoing forbearance from and after the date of any such failure: (a) Borrower's shall have filed its proxy statement with respect to the sale of certain of Borrower's radio stations (the "Proxy") to Catholic Radio Network, LLC ("CRN") and shall have mailed a copy of such Specified Defaults and that proxy to each of the Lenders expressly reserve all rights and remedies that holders of Borrower's Stock on or before July 30, 1998; (b) Borrower shall have conducted the Administrative Agent and meeting of the Lenders now or may holders of Borrower's Stock contemplated in the future Proxy with respect to obtaining all shareholder approvals required with respect to the sale of certain of Borrower's radio stations to CRN on or before September 15, 1998; and (c) Borrower shall have under any consummated the sale of each of Borrower's radio stations to CRN pursuant to the transactions contemplated in the Proxy and in accordance with the approvals obtained from the holders of Borrower's Stock on or all of the Loan Documents and/or applicable law in connection with all Defaults and Events of Default (including without limitation the Specified Defaults)before September 30, 1998.

Appears in 1 contract

Sources: Loan and Security Agreement (Childrens Broadcasting Corp)

Forbearance. (a) Each Company hereby acknowledges that (a) the Designated Default occurred on April 1, 2018 and is continuing and (b) the Forbearance Period provided for and as defined in the July 2nd Forbearance and Amendment Agreement terminated on September 30, 2018, the occurrence of which entitles the Creditor Parties to exercise their rights and remedies under the Purchase Agreement, the Related Agreements and applicable law. (b) No Creditor Party has waived, presently does not intend to waive and may never waive such Designated Default and nothing contained herein or the transactions contemplated hereby shall be deemed to constitute in any manner whatsoever any such waiver. Each Company hereby acknowledges that Creditor Parties have the presently exercisable right to declare the Liabilities to be immediately due and payable under the terms of the Purchase Agreement and the Related Agreements. (c) Subject to satisfaction of the conditions of effectiveness set forth in Section 9 of this Amendment Agreement, during the period (the “Forbearance Period”) commencing on September 30, 2018 and ending on the earlier to occur of (a) December 3, 2018 and (b) the occurrence of any Forbearance Default (as defined in Section 3(f) of this Amendment Agreement), Creditor Parties will forbear from exercising their rights and remedies under the Purchase Agreement, the Related Agreements and applicable law solely in respect of the Designated Default. Notwithstanding the foregoing, nothing contained herein shall impair in any manner whatsoever Creditor Parties’ rights to administer the credit facility and/or to collect, receive and/or apply proceeds of each Company’s accounts receivable and/or any other collateral to the Liabilities, in each case, in accordance with the terms of the Purchase Agreement and the Related Agreements. The Participant Lenders agree that until Creditor Parties may consider extending the expiration date of the Forbearance Period, but any such extension will be determined by the Creditor Parties in their sole and absolute discretion and, if provided at all, shall only be made on terms and conditions satisfactory to the Creditor Parties in their sole and absolute discretion. No such extension, if provided at all, shall be effective unless in a writing executed by the Creditor Parties and the Companies, and acknowledged and agreed to by the Guarantors. (d) Upon the termination of the Forbearance Period, the Participant Lenders will temporarily agreement of Creditor Parties to forbear (subject with respect to the terms hereof) from Designated Default shall automatically and without further action terminate and be of no further force and effect, it being expressly agreed that the exercise of their default-related remedies under the Credit Agreements, Loan Documents or otherwise, against the Borrower and the Subsidiary Guarantors solely to the extent the availability effect of such termination will be to permit Creditor Parties to exercise such rights and remedies arises exclusively from the Specified Defaults; provided that the Borrower and the Subsidiary Guarantors shall comply during the Forbearance Period with all provisionsimmediately without any further notice, limitations, restrictions passage of time or prohibitions that would otherwise be effective or applicable under any of the Loan Documents during the continuance of any Default or Event of Default; provided further that the agreement of the Participant Lenders temporarily to forbear shall not apply to nor preclude any remedy available to the Administrative Agent or the Lenders in connection with any proceeding commenced under any bankruptcy or insolvency law, including without limitation, to any relief in respect of adequate protection or relief from any stay imposed under such law. (b) Upon a Termination Event, the agreement of the Participant Lenders hereunder to forbear from exercising their default-related remedies shall immediately terminate without the requirement of any demand, presentment, protest or notice forbearance of any kind, all of which the Borrower and the Subsidiary Guarantors hereby waive. The Borrower and the Subsidiary Guarantors agree that the Administrative Agent and the Lenders may at any time thereafter proceed to exercise any and all of their respective rights and remedies under any or all of the Loan Documents and/or applicable law, including, without limitation, their respective rights and remedies in connection with any or all of the Defaults and Events of Default, including, without limitation, the Specified Defaults. (c) For the avoidance of doubt, nothing herein limits the right of the Administrative Agent or the Lenders, including during the Forbearance Period, to take any action to preserve or exercise rights or remedies against parties other than the Borrower and the Subsidiary Guarantors ("Third Party Rights"). For purposes of the foregoing, the Borrower and the Subsidiary Guarantors acknowledge and agree that execution and delivery of this Agreement shall constitute the making of any necessary demand or the giving of any necessary notice for purposes of preserving and/or permitting the exercise of any such Third Party Rights of the Administrative Agent and the Lenders. (d) Execution of this Agreement constitutes a direction by the Participant Lenders that the Administrative Agent act in accordance with its terms. Each Participant Lender agrees that, notwithstanding anything to the contrary in the Credit Agreements, the Administrative Agent shall not be required to act if directed against the Borrower or the Subsidiary Guarantors if such action is contrary to the terms of this Agreement. (e) The Borrower Companies acknowledge that (i) Default Interest Rate (as defined in Section 1.7 of the Note) charges in the amount of $152,194.89 which have accrued for the period commencing on April 1, 2018 and ending on September 30, 2018 (the Subsidiary Guarantors “Specified Default Interest Rate Charges”) shall continue to accrue and be payable by Companies to Creditor Parties as follows: (i) if the Liabilities have been indefeasibly paid in full prior to November 16, 2018, the Specified Default Interest Rate Charges shall be waived by Creditor Parties, (ii) if the Liabilities have not been indefeasibly paid in full prior to November 16, 2018, $76,097.45 of the Specified Default Interest Rate Charges shall be automatically due and owing by Companies to Creditor Parties and shall be added to the Principal Amount of, and as defined in, the Note as of November 16, 2018 unless Creditor Parties shall have received from Companies payment thereof in cash prior to such date, (ii) if the Liabilities have been indefeasibly paid in full prior to November 23, 2018, the remaining Specified Default Interest Rate Charges in the amount of $76,097.44 shall be waived by Creditor Parties and (iii) if the Liabilities have not been indefeasibly paid in full prior to November 23, 2018, the remaining Specified Default Interest Rate Charges in the amount of $76,097.44 shall be automatically due and owing by Companies to Creditor Parties and shall be added to the Principal Amount of, and as defined in, the Note as of November 23, 2018 unless Creditor Parties shall have received payment thereof in cash prior to such date. Notwithstanding the foregoing, the Specified Default Interest Rate Charges shall be automatically due and owing by Companies to Creditor Parties upon the occurrence of a Forbearance Default and shall be added to the Principal Amount of, and as defined in, the Note on the date of such occurrence, except to the extent previously added to principal at an earlier date pursuant to this Section 3(e). Companies further acknowledge and agree that the agreement Default Interest Rate applies on and after October 1, 2018 and amounts related thereto are payable in cash in accordance with the terms of the Participant Lenders hereunder to forbear from exercising their default-related remedies with respect to Note. (f) The occurrence of any Event of Default (other than the Specified Defaults Designated Default) shall not constitute a waiver “Forbearance Default.” As of such Specified Defaults and that the Lenders expressly date hereof, neither the Companies nor the Creditor Parties have any actual knowledge of any Events of Default other than the Designated Default. (g) Subject only to Section 3(c) of this Amendment Agreement, Creditor Parties reserve all rights and remedies that the Administrative Agent and the Lenders now or may right, in the future have under their sole discretion, to exercise any or all of their rights and remedies under the Loan Documents and/or Purchase Agreement, the Related Agreements and applicable law in connection with all Defaults and Events as a result of any Event of Default (including without limitation other than the Specified DefaultsDesignated Default), and no Creditor Party has waived any of such rights or remedies, and nothing in this Amendment Agreement, and no delay on their part in exercising any such rights or remedies, should be construed as a waiver of any such rights or remedies.

Appears in 1 contract

Sources: Forbearance and Fifth Amendment Agreement (usell.com, Inc.)

Forbearance. The Company and ▇▇▇▇▇ acknowledge the existence of the Specified Defaults, including the failure of Facility Substantial Completion and Final Completion to be achieved. Subject to the terms and conditions set forth herein, throughout the period commencing on the date of this Agreement and ending on June 29, 2011 (the “Forbearance Period”), the Lenders, the Administrative Lender, the Administrative Agent and the Collateral Agent (acting at the written direction of the Administrative Lender) hereby agree to forbear from exercising any and all available default rights and remedies under the Agreement, the Notes. the Account and Security Agreement, the deeds of trust creating the Liens described in Article XI of the Account and Security Agreement, the Class B Investors Pledge Agreement and the Special Interest Investors Pledge Agreement and at applicable law as the result of the occurrence and continuance of the Specified Defaults. The Company and ▇▇▇▇▇ acknowledge and agree that the foregoing agreement to forbear exercising such default rights and remedies throughout the Forbearance Period shall not constitute a waiver of the Specified Defaults or a waiver of any other Credit Agreement Event of Default or Credit Agreement Default that is not waived by Section 3 of this Forbearance Agreement, and that the Lenders, the Administrative Lender, the Administrative Agent and the Collateral Agent expressly reserve all such default rights and remedies. The Company and ▇▇▇▇▇ further acknowledge and agree that the Lenders, the Administrative Lender, the Administrative Agent and the Collateral Agent may exercise any and all such default rights and remedies at any time following the earliest to occur of (a) The Participant Lenders agree that until the expiration of the Forbearance Period, (b) the Participant Lenders will temporarily forbear (subject to the terms hereof) from the exercise of their default-related remedies under the Credit Agreements, Loan Documents or otherwise, against the Borrower and the Subsidiary Guarantors solely to the extent the availability of such remedies arises exclusively from the Specified Defaults; provided that the Borrower and the Subsidiary Guarantors shall comply occurrence during the Forbearance Period with all provisions, limitations, restrictions or prohibitions that would otherwise be effective or applicable under any of the Loan Documents during the continuance of any additional Credit Agreement Default or Credit Agreement Event of Default; provided further that the agreement , other than those potential Credit Agreement Defaults or Credit Agreement Events of the Participant Lenders temporarily to forbear shall not apply to nor preclude any remedy available to the Administrative Agent or the Lenders Default expressly waived in connection with any proceeding commenced under any bankruptcy or insolvency law, including without limitation, to any relief in respect Section 3 of adequate protection or relief from any stay imposed under such law. this Forbearance Agreement (b) Upon a Termination Event, the agreement of the Participant Lenders hereunder to forbear from exercising their default-related remedies shall immediately terminate without the requirement of any demand, presentment, protest or notice of any kind, all of which the Borrower and the Subsidiary Guarantors hereby waive. The Borrower and the Subsidiary Guarantors agree that the Administrative Agent and the Lenders may at any time thereafter proceed to exercise any and all of their respective rights and remedies under any or all of the Loan Documents and/or applicable law, including, without limitation, any default under this Forbearance Agreement), or (c) any of MLE, ▇▇▇▇▇▇▇ Lynch, Pierce, ▇▇▇▇▇▇ & ▇▇▇▇▇ Incorporated (“MLP”), UTC, the Company, ▇▇▇▇▇ or any of their respective rights and remedies in connection with Affiliates takes any or all of action against the Defaults and Events of DefaultFacility, any other collateral for the Advances (including, without limitation, the Specified Defaults. (c) For additional collateral described in Article XI of the avoidance Account and Security Agreement), the Company or ▇▇▇▇▇ or any of doubtits Affiliates which the Administrative Lender believes would materially adversely affect the interests of the Lenders, nothing herein limits the right of Administrative Lender, the Administrative Agent or the Lenders, including during the Forbearance Period, to take Collateral Agent (any action to preserve or exercise rights or remedies against parties other than the Borrower and the Subsidiary Guarantors ("Third Party Rights"). For purposes of the foregoingevents described in clause (a), the Borrower and the Subsidiary Guarantors acknowledge and agree that execution and delivery of this Agreement shall constitute the making of any necessary demand (b) or the giving of any necessary notice for purposes of preserving and/or permitting the exercise of any such Third Party Rights of the Administrative Agent and the Lenders. (d) Execution of this Agreement constitutes c), a direction by the Participant Lenders that the Administrative Agent act in accordance with its terms. Each Participant Lender agrees that, notwithstanding anything to the contrary in the Credit Agreements, the Administrative Agent shall not be required to act if directed against the Borrower or the Subsidiary Guarantors if such action is contrary to the terms of this Agreement. (e) The Borrower and the Subsidiary Guarantors acknowledge and agree that the agreement of the Participant Lenders hereunder to forbear from exercising their default-related remedies with respect to the Specified Defaults shall not constitute a waiver of such Specified Defaults and that the Lenders expressly reserve all rights and remedies that the Administrative Agent and the Lenders now or may in the future have under any or all of the Loan Documents and/or applicable law in connection with all Defaults and Events of Default (including without limitation the Specified Defaults“Forbearance Termination Event”).

Appears in 1 contract

Sources: Forbearance Agreement (Raser Technologies Inc)

Forbearance. (a) The Participant Lenders Effective as of the Fifth Amended Forbearance Effective Date (as defined below), the Noteholders agree that that, until the expiration of the Fifth Forbearance Period (as defined below), they will forbear from exercising, and shall direct the Indenture Trustee, and by signature hereto so direct the Indenture Trustee pursuant to Section 6.5 of the Indenture, not to exercise, any rights and remedies against the Company or the Subsidiaries that are available under the Indenture, the Intercreditor Agreement, the Collateral Agreements and/or applicable law solely with respect to the Specified Existing Defaults (excluding, however, the Noteholders’ right to charge default interest on the Notes (including on all unpaid interest on the Notes to the extent provided under the Indenture) during the Fifth Forbearance Period); provided, the Participant Lenders will temporarily forbear (subject to the terms hereof) from however, that nothing herein shall restrict, impair or otherwise affect the exercise of their default-related remedies the Noteholders’ rights under the Credit Agreementsthis Fifth Amended Forbearance Agreement, Loan Documents or otherwise, against the Borrower and the Subsidiary Guarantors solely to the extent the availability of such remedies arises exclusively from the Specified Defaults; provided that the Borrower and the Subsidiary Guarantors shall comply during the Forbearance Period with all provisions, limitations, restrictions or prohibitions that would otherwise be effective or applicable under any of the Loan Documents during the continuance of any Default or Event of Default; provided further that the agreement of the Participant Lenders temporarily to forbear no such forbearance shall not apply to nor preclude any remedy available to the Administrative Agent or the Lenders in connection constitute a waiver with any proceeding commenced under any bankruptcy or insolvency law, including without limitation, respect to any relief in respect such Specified Existing Defaults or any other Events of adequate protection or relief from any stay imposed Default under such lawthe Indenture. (b) Upon As used herein, the term “Fifth Forbearance Period” shall mean the period beginning on the date hereof and ending upon the occurrence of a Termination Event. As used herein, “Termination Event” shall mean the agreement earlier to occur of (i) January 10, 2008; and (ii) two business days after the Participant Lenders hereunder delivery by the Noteholder Group to forbear from exercising their default-related remedies the Company and Lender of a written notice terminating the Fifth Forbearance Period (the “Termination Notice”), which notice may be delivered at any time upon or after the occurrence of any Forbearance Default (as defined below); provided, however, that notwithstanding the foregoing, (x) this Fifth Amended Forbearance Agreement shall immediately terminate two (2) business days after the occurrence of a Forbearance Default under subsection (D) below without the requirement of any demand, presentment, protest or notice of any kind, all of which the Borrower and the Subsidiary Guarantors hereby waive. The Borrower and the Subsidiary Guarantors agree that the Administrative Agent and the Lenders may at any time thereafter proceed to exercise any and all of their respective rights and remedies under any or all need for delivery of the Loan Documents and/or applicable law, including, without limitation, their respective rights and remedies in connection with any or all of the Defaults and Events of Default, including, without limitation, the Specified Defaults. (c) For the avoidance of doubt, nothing herein limits the right of the Administrative Agent or the Lenders, including during the Forbearance Period, to take any action to preserve or exercise rights or remedies against parties other than the Borrower and the Subsidiary Guarantors ("Third Party Rights"). For purposes of the foregoing, the Borrower and the Subsidiary Guarantors acknowledge and agree that execution and delivery of this Agreement shall constitute the making of any necessary demand or the giving of any necessary notice for purposes of preserving and/or permitting the exercise of any such Third Party Rights of the Administrative Agent and the Lenders. (d) Execution of this Agreement constitutes a direction by the Participant Lenders that the Administrative Agent act in accordance with its terms. Each Participant Lender agrees that, notwithstanding anything to the contrary in the Credit Agreements, the Administrative Agent shall not be required to act if directed against the Borrower or the Subsidiary Guarantors if such action is contrary to the terms of this Agreement. (e) The Borrower and the Subsidiary Guarantors acknowledge and agree that the agreement of the Participant Lenders hereunder to forbear from exercising their default-related remedies with respect to the Specified Defaults shall not constitute a waiver of such Specified Defaults and that the Lenders expressly reserve all rights and remedies that the Administrative Agent and the Lenders now or may in the future have under any or all of the Loan Documents and/or applicable law in connection with all Defaults and Events of Default (including without limitation the Specified Defaults).Termination

Appears in 1 contract

Sources: Forbearance Agreement (Wornick CO)

Forbearance. From and after the Effective Date (aas defined below) The Participant Lenders agree and through the earlier of: (i) 4:30 p.m. Eastern Daylight Time on June 1, 2020, and (ii) the occurrence and continuance of a Triggering Event (as defined herein) (the “Forbearance Period”), each of the Participating Counterparties shall and hereby agrees to forbear from exercising any of its rights or remedies, as applicable, under its respective Applicable Agreements in respect of the Acknowledged Events of Default; provided that, without limiting and subject to the foregoing, each Participating Counterparty shall be permitted, during the Forbearance Period, to request, demand, or provide notice of margin, collateral or payments under the Applicable Agreements or applicable law; provided further that until nothing contained herein will prevent a Participating Counterparty from exercising any such rights or remedies that are required by FINRA Rule 4210 as long as the expiration applicable Participating Counterparty has exercised good faith efforts to obtain a waiver of, or an extension pursuant to, or to otherwise excuse compliance with, FINRA Rule 4210. Except as expressly set forth in this Agreement, nothing contained in this Agreement shall be deemed to constitute a waiver of any Acknowledged Event of Default or any other default, event of default or termination event under any of the Applicable Agreements or an amendment, supplement or modification of any term or condition of any of the Applicable Agreements. Upon the termination of the Forbearance Period, the Participant Lenders will temporarily forbear (subject to the terms hereof) from the exercise of their default-related remedies under the Credit Agreements, Loan Documents or otherwise, against the Borrower and the Subsidiary Guarantors solely to the extent the availability of such remedies arises exclusively from the Specified Defaults; provided that the Borrower and the Subsidiary Guarantors shall comply during the Forbearance Period with all provisions, limitations, restrictions or prohibitions that would otherwise be effective or applicable under any of the Loan Documents during the continuance of any Default or Event of Default; provided further that the agreement of the Participant Lenders temporarily Participating Counterparties to forbear as set forth in this Section 1 shall not apply to nor preclude any remedy available to the Administrative Agent or the Lenders in connection with any proceeding commenced under any bankruptcy or insolvency law, including without limitation, to any relief in respect of adequate protection or relief from any stay imposed under such law. (b) Upon a Termination Event, the agreement of the Participant Lenders hereunder to forbear from exercising their default-related remedies shall be void ab initio and immediately terminate without the requirement of any demand, presentment, protest protest, or notice of any kindkind (including any written notice of such termination or any obligation to provide notice of any default, event of default, termination event or exercise of remedies that may be required under the respective Applicable Agreements), all of which are hereby waived by the Borrower and the Subsidiary Guarantors hereby waiveCompanies. The Borrower Companies hereby acknowledge and agree that, upon the Subsidiary Guarantors agree termination of the Forbearance Period, the Participating Counterparties that the Administrative Agent and the Lenders are party hereto may at any time, and from time thereafter proceed to time, in their sole and absolute discretion, with respect to the Acknowledged Events of Default or any other default or event of default that may have occurred under the respective Applicable Agreements, exercise against any applicable Seller Entity (and its properties) any and all of their respective rights rights, remedies, powers and remedies privileges under any or all of the Loan Documents and/or applicable law, including, without limitation, their respective rights and remedies in connection with any or all of the Defaults and Events of Default, including, without limitation, the Specified Defaults. (c) For the avoidance of doubt, nothing herein limits the right of the Administrative Agent or the Lenders, including during the Forbearance Period, to take any action to preserve or exercise rights or remedies against parties other than the Borrower and the Subsidiary Guarantors ("Third Party Rights"). For purposes of the foregoing, the Borrower and the Subsidiary Guarantors acknowledge and agree that execution and delivery of this Agreement shall constitute the making of any necessary demand or the giving of any necessary notice for purposes of preserving and/or permitting the exercise of any such Third Party Rights of the Administrative Agent and the Lenders. (d) Execution of this Agreement constitutes a direction by the Participant Lenders that the Administrative Agent act in accordance with its terms. Each Participant Lender agrees that, notwithstanding anything to the contrary in the Credit such Applicable Agreements, the Administrative Agent shall not be required to act if directed against the Borrower or the Subsidiary Guarantors if such action is contrary to the terms applicable law and/or equity, all of this Agreement. (e) The Borrower which rights, remedies, powers and the Subsidiary Guarantors acknowledge and agree that the agreement privileges are fully reserved by each of the Participant Lenders hereunder Participating Counterparties, and without regard to forbear from exercising their default-related remedies with respect to the Specified Defaults shall not constitute a waiver of any grace or notice periods provided under such Specified Defaults and that the Lenders expressly reserve all rights and remedies that the Administrative Agent and the Lenders now or may in the future have under any or Applicable Agreements, all of the Loan Documents and/or applicable law in connection with all Defaults and Events of Default (including without limitation the Specified Defaults)which shall be deemed to have expired.

Appears in 1 contract

Sources: Forbearance Agreement (AG Mortgage Investment Trust, Inc.)

Forbearance. 3.1 OFID hereby agrees to the Forbearance upon and subject to the terms and conditions of this Agreement. The Forbearance will take effect on the Effective Date and will continue until the earlier of: (i) 12:00 pm (New York time) on March 31, 2016; or (ii) the Termination Date (the "Forbearance Period"). 3.2 The Forbearance will take effect and the Forbearance Period will begin on the date when OFID notifies the Borrowers in writing that the following conditions have been met in form and substance satisfactory to OFID or waived in writing by OFID (the "Effective Date"): (a) this Agreement has been executed by each of the parties hereto; (b) OFID has received copies of Board Resolutions of the Parent Company authorising the execution, delivery and performance by the applicable Ultrapetrol Entity of this Agreement; (c) OFID shall have received a fee equal to$7,500, no later than January 15, 2016; (d) OFID shall have received fully executed copies of Third Party Forbearance Agreements entered into by the applicable Ultrapetrol Entity and applicable creditor on or prior to the Effective Date ; and (e) the Borrowers agree to (x) pay all fees and expenses of a legal advisor and a financial advisor to be retained jointly by OFID and IFC in their sole discretion (including the determination of the scope of work to be conducted by such advisors) in connection with the negotiation and documentation of a restructuring transaction (in or outside of a court in (or outside of) the United States of America); (y) indemnify OFID for all pending and outstanding fees of the legal advisor and financial advisor to the extent they have not been paid by the Borrowers within 5 business days after receipt of an invoice and (z) fully cooperate and cause each other Obligor to fully cooperate with the legal advisor and the financial advisor. 3.3 Subject to Sections 5 and 7, during the Forbearance Period, OFID agrees not to enforce any of its rights and remedies under the Transaction Documents relating to, and will not otherwise bring any litigation, arbitration or other judicial or quasi-judicial proceeding in connection with or solely as a result of, the Current Events of Default, whether directly or by enforcement of its rights under the Security Documents. 3.4 The Participant Lenders agree that until entering into by OFID and the expiration performance by it of its agreements and obligations under this Agreement shall be without prejudice to any of OFID's rights with respect to the Current Events of Default, which may be asserted by OFID at the end of the Forbearance Period, or with respect to any other rights of OFID in respect of any other matter. Without limiting the Participant Lenders generality of the preservation of rights set forth in Section 7.1, nothing contained in this Agreement is intended or shall be deemed to constitute an acknowledgment, representation, warranty, covenant or other agreement on the part of OFID that it has agreed or it will temporarily forbear agree: (subject i) to enter into any restructuring of the terms hereof) from Borrowers and the exercise of their default-related remedies other Obligors' obligations and liabilities under the Credit Agreements, Loan Transaction Documents or otherwise, against the Borrower on any terms and the Subsidiary Guarantors solely conditions; (ii) to the extent the availability grant any forbearance relating to any Potential Event of such remedies arises exclusively from the Specified Defaults; provided that the Borrower and the Subsidiary Guarantors shall comply during the Forbearance Period with all provisions, limitations, restrictions or prohibitions that would otherwise be effective or applicable under any of the Loan Documents during the continuance of any Default or Event of Default other than the Current Events of Default; provided further that or (iii) to grant any forbearance relating to the agreement Current Events of Default beyond the end of the Participant Lenders temporarily to forbear shall Forbearance Period, and no such agreement may be implied by anything in this Agreement. Each Borrower and each of the Obligors acknowledges that OFID has not apply to nor preclude made any remedy available to assurances whatsoever concerning any possibility of any extensions of the Administrative Agent Forbearance Period, any other standstill, forbearance or similar arrangement or any other limitations on the Lenders exercise of its rights, remedies and privileges under or otherwise in connection with any proceeding commenced under any bankruptcy the Transaction Documents or insolvency law, including without limitation, to any relief in respect of adequate protection or relief from any stay imposed under such applicable law. (b) Upon a Termination Event, the agreement 3.5 Each Borrower and each of the Participant Lenders hereunder to forbear from exercising other Obligors agrees that notwithstanding their default-related remedies shall immediately terminate without respective entry into the requirement of any demandForbearance or the termination thereof, presentment, protest or notice of any kind, all of which the Borrower and the Subsidiary Guarantors hereby waive. The Borrower and the Subsidiary Guarantors agree that the Administrative Agent and the Lenders may at any time thereafter proceed to exercise any and all of their respective rights and remedies obligations under any or all of the OFID Loan Documents and/or applicable law, including, without limitation, their respective rights and remedies in connection with any or all of the Defaults and Events of Default, including, without limitationAgreement, the Specified Defaults. (c) For the avoidance of doubtSecurity Documents and any other Transaction Documents to which it is a party are and continue to be in full force and effect, nothing herein limits the right of the Administrative Agent and are not, except as otherwise expressly provided herein, varied, amended, modified, waived or the Lendersreleased in any manner, including during the Forbearance Period. Except as otherwise expressly provided herein, neither the Borrowers nor any other Obligor shall be released or otherwise excused from complying with any provisions of any of the Transaction Documents. Each Borrower also acknowledges that the absence at the date of this Agreement of notices from OFID with respect to take any action to preserve or exercise rights or remedies against parties Events of Default other than the Borrower and the Subsidiary Guarantors ("Third Party Rights"). For purposes Current Events of the foregoingDefault does not amount to any waiver by OFID of those Events of Default. 3.6 Notwithstanding Section 3.3 hereof, the Borrower Borrowers and the Subsidiary Guarantors acknowledge and agree that execution and delivery of this Agreement each Obligor shall constitute the making of any necessary demand or the giving of any necessary notice for purposes of preserving and/or permitting the exercise of any such Third Party Rights of the Administrative Agent and the Lenders. (d) Execution of this Agreement constitutes a direction by the Participant Lenders that the Administrative Agent act in accordance with its terms. Each Participant Lender agrees thatcomply, notwithstanding anything except to the contrary in the Credit Agreements, the Administrative Agent shall not be required to act if directed against the Borrower or the Subsidiary Guarantors if extent such action compliance is contrary to excused by the terms of this Agreement. (e) The Borrower and the Subsidiary Guarantors acknowledge and agree that the agreement of the Participant Lenders hereunder to forbear from exercising their default-related remedies with respect to the Specified Defaults shall not constitute a waiver of such Specified Defaults and that the Lenders expressly reserve all rights and remedies that the Administrative Agent and the Lenders now or may in the future have under any or all of the Loan Documents and/or applicable law in connection , with all Defaults and Events explicit restrictions or prohibitions triggered by the existence or continuation of any Potential Event of Default (including without limitation or Event of Default under the Specified Defaults)OFID Loan Agreement and each other Transaction Document.

Appears in 1 contract

Sources: Standstill Agreement (Ultrapetrol Bahamas LTD)

Forbearance. 2.1 Subject to the terms and conditions of this Agreement, and provided that no Forbearance Default (as defined below) has occurred, the Lender agrees that during the period commencing on the date of this Agreement and ending on and the first to occur of (i) September 10, 2014, (ii) the Distribution and (iii) the termination of the Exchange Agreement (the “Forbearance Period”), the Lender will not, and will procure that NYGC will not, file suit or take any other action to enforce its rights with respect to the Existing Default. This limited forbearance does not extend to any other default or Events of Default with respect to the CTek Debt Obligations or any other rights and remedies available to the Lender with respect to the Existing Default. Upon the earlier of (a) The Participant Lenders agree that until the occurrence of a Forbearance Default (as defined below) or (b) the expiration of the Forbearance Period, the Participant Lenders will temporarily forbear (subject to the terms hereof) from the exercise of their default-related remedies under the Credit Agreements, Loan Documents or otherwise, against the Borrower and the Subsidiary Guarantors solely to the extent the availability of such remedies arises exclusively from the Specified Defaults; provided that the Borrower and the Subsidiary Guarantors shall comply during the Forbearance Period with all provisions, limitations, restrictions or prohibitions that would otherwise be effective or applicable under any of the Loan Documents during the continuance of any Default or Event of Default; provided further that the Lender’s agreement of the Participant Lenders temporarily to forbear shall not apply to nor preclude any remedy available to automatically be deemed terminated and the Administrative Agent or the Lenders in connection with any proceeding commenced under any bankruptcy or insolvency lawLender shall be entitled to, including immediately and without limitationnotice, to any relief in respect of adequate protection or relief from any stay imposed under such law. (b) Upon a Termination Event, the agreement of the Participant Lenders hereunder to forbear from exercising their default-related remedies shall immediately terminate without the requirement of any demand, presentment, protest or notice of any kind, exercise all of which the Borrower and the Subsidiary Guarantors hereby waive. The Borrower and the Subsidiary Guarantors agree that the Administrative Agent and the Lenders may at any time thereafter proceed to exercise any and all of their respective its rights and remedies under any or all of the Loan Documents and/or applicable law, including, without limitation, their respective rights and remedies in connection with any or all of the Defaults and Events of Default, including, without limitation, the Specified Defaults. (c) For the avoidance of doubt, nothing herein limits the right of the Administrative Agent or the Lenders, including during the Forbearance Period, to take any action to preserve or exercise rights or remedies against parties other than the Borrower and the Subsidiary Guarantors ("Third Party Rights"). For purposes of the foregoing, the Borrower and the Subsidiary Guarantors acknowledge and agree that execution and delivery of this Agreement shall constitute the making of any necessary demand or the giving of any necessary notice for purposes of preserving and/or permitting the exercise of any such Third Party Rights of the Administrative Agent and the Lenders. (d) Execution of this Agreement constitutes a direction by the Participant Lenders that the Administrative Agent act in accordance with its terms. Each Participant Lender agrees that, notwithstanding anything to the contrary in the Credit Agreements, the Administrative Agent shall not be required to act if directed against the Borrower or the Subsidiary Guarantors if such action is contrary to the terms of this Agreement. (e) The Borrower and the Subsidiary Guarantors acknowledge and agree that the agreement of the Participant Lenders hereunder to forbear from exercising their default-related remedies with respect to the Specified Defaults shall not constitute a waiver CTek Debt Obligations and this Agreement. 2.2 Notwithstanding anything to the contrary contained herein, the effectiveness of such Specified Defaults and that the Lenders expressly reserve all rights and remedies that agreement made by the Administrative Agent Lender pursuant to Section 2.1 hereof, and the Lenders now or may in Lender’s agreement to forbear as described therein, is conditioned upon the future have under any or all Borrower’s agreement, and the Borrower hereby agrees, to (i) duly execute and deliver to the Lender this Agreement, (ii) duly execute, and deliver to each of the Loan Documents and/or applicable law in connection with Shareholders and perform its obligations under the Exchange Agreement, (iii) procure that each Shareholder duly executes, delivers to the Borrower and performs such Shareholder’s respective obligations under the Exchange Agreement, and (iv) take such other actions and fulfill the obligations set forth herein. 2.3 Notwithstanding anything to the contrary contained herein upon execution of this Agreement, the Lender hereby immediately and unconditionally releases each of the Borrower’s China Subsidiaries from all Defaults and Events of Default obligations (including without limitation the Specified CTek Debt Obligations) under the Prior Loans. 2.4 The following events shall constitute “Forbearance Defaults).”:

Appears in 1 contract

Sources: Forbearance and Waiver Agreement (CleanTech Innovations, Inc.)

Forbearance. 1. Lessor agrees to forbear from the exercise of its rights and remedies under the Lease and under applicable law arising from the Defaults from the Effective Date until July 1, 2004 (the "Forbearance Period"). During the ------------------ Forbearance Period, and provided that no Forbearance Default (as defined below) occurs and all other terms of this Agreement are satisfied, Lessor agrees that it will not accelerate the obligations owed for the term of the Lease or the Existing Obligations (as defined below) owed to Lessor and declare all such obligations immediately due and payable under the Lease as a result of the Defaults; and 2. For so long as Lessee complies with the payment and performance obligations under this Agreement, during the Forbearance Period the Lease shall be deemed modified as follows: (a) The Participant Lenders agree that space occupied by Lessee shall be deemed to be 10,000 square feet of the original Leased Premises; (b) From the Effective Date until the expiration first anniversary thereof, Lessee's monthly payments due to Lessor shall consist of the monthly amounts set forth in "EXHIBIT B" hereto; and --------- (c) After the first anniversary of the Effective Date, the monthly payment amounts set forth in EXHIBIT B shall be recalculated (based upon the amounts set forth in Exhibit B) as originally provided in the Lease. 3. During the Forbearance Period, Lessor may, at its sole option, (a) require that Lessee consolidate its operations into a space that Lessor shall designate within the Participant Lenders will temporarily forbear (subject Leased Premises, requiring that Lessee enter into an amendment to the terms Lease for such substitute space, or (b) require that Lessee vacate the Leased Premises upon sixty (60) days' notice to Lessee upon the re-leasing of the Leased Premises to a replacement tenant; provided, however, that during such sixty (60) day notice period, Lessee shall permit Lessor and Lessor's agents and contractors to enter into the Leased Premises for the purposes of conducting inspections or construction of the Leased Premises to the specifications of such replacement tenant. Such relocation or termination shall not affect the liabilities of Lessee except as set forth otherwise herein or in the Note. 4. Lessor's forbearance provided for herein shall automatically terminate and cease to be of force and effect, upon or after the occurrence of the failure of Lessee to comply with any of the conditions described in this Agreement (including defaults under the Lease after the date hereof, other than with respect to payment of rent) from or in the Note, including, without limitation, at any time, default in any payment of the amounts set forth in Section 2(b) or 2(c) above (individually and collectively, referred to hereinafter as the "Forbearance Defaults"), and thereafter, Lessor may exercise of their default-related all rights and -------------------- remedies under the Credit Agreements, Loan Documents or otherwise, against the Borrower Lease and the Subsidiary Guarantors solely to the extent the availability of such remedies arises exclusively from the Specified Defaults; provided that the Borrower and the Subsidiary Guarantors shall comply during the Forbearance Period with all provisions, limitations, restrictions or prohibitions that would otherwise be effective or applicable under any of the Loan Documents during the continuance of any Default or Event of Default; provided further that the agreement of the Participant Lenders temporarily to forbear shall not apply to nor preclude any remedy available to the Administrative Agent or the Lenders in connection with any proceeding commenced under any bankruptcy or insolvency law, including without limitation, to any relief in respect of adequate protection or relief from any stay imposed under such law. (b) Upon a Termination Event, the agreement of the Participant Lenders hereunder to forbear from exercising their default-related remedies shall immediately terminate without the requirement of any demand, presentment, protest or notice of any kind, all of which the Borrower and the Subsidiary Guarantors hereby waive. The Borrower and the Subsidiary Guarantors agree that the Administrative Agent and the Lenders may at any time thereafter proceed to exercise any and all of their respective rights and remedies under any or all of the Loan Documents and/or applicable law, including, without limitation, their respective rights the right to immediately accelerate the obligations thereunder and remedies in connection declare all amounts owed by Lessee to Lessor under the Lease and the Note immediately due and payable. 5. Lessor's forbearance is subject to compliance by Lessee with any or all other terms and provisions of the Defaults and Events of DefaultLease, including, without limitation, the Specified Defaults. (c) For the avoidance of doubt, nothing herein limits the right of the Administrative Agent or the Lenders, including during which terms shall continue to apply throughout the Forbearance Period, and the failure to take comply with any action to preserve or exercise rights or remedies against parties such terms and provisions (other than those identified as a Default on the Borrower and the Subsidiary Guarantors ("Third Party Rights"). For purposes of the foregoing, the Borrower and the Subsidiary Guarantors acknowledge and agree that execution and delivery of this Agreement date hereof) shall constitute the making of any necessary demand or the giving of any necessary notice for purposes of preserving and/or permitting the exercise of any such Third Party Rights of the Administrative Agent and the Lenders. (d) Execution of this Agreement constitutes a direction by the Participant Lenders that the Administrative Agent act in accordance with its terms. Each Participant Lender agrees that, notwithstanding anything also be deemed to the contrary in the Credit Agreements, the Administrative Agent shall not be required to act if directed against the Borrower or the Subsidiary Guarantors if such action is contrary to the terms of this Agreement. (e) The Borrower and the Subsidiary Guarantors acknowledge and agree that the agreement of the Participant Lenders hereunder to forbear from exercising their default-related remedies with respect to the Specified Defaults shall not constitute a waiver of such Specified Defaults and that the Lenders expressly reserve all rights and remedies that the Administrative Agent and the Lenders now or may in the future have under any or all of the Loan Documents and/or applicable law in connection with all Defaults and Events of Default (including without limitation the Specified Defaults).a

Appears in 1 contract

Sources: Forbearance Agreement (Sequiam Corp)

Forbearance. Without limiting Sections 2 and 4 of this Agreement, Agents and Required Lenders hereby agree as of the Forbearance Effective Date to forbear from exercising any rights or remedies under the Loan Documents arising solely out of the Specified Events of Default until the date (the “Forbearance Termination Date”) that is the earliest of (a) The Participant Lenders agree that until October 31, 2009, (b) the expiration occurrence of the Forbearance Period, the Participant Lenders will temporarily forbear (subject to the terms hereof) from the exercise of their default-related remedies under the Credit Agreements, Loan Documents or otherwise, against the Borrower and the Subsidiary Guarantors solely to the extent the availability of such remedies arises exclusively from the Specified Defaults; provided that the Borrower and the Subsidiary Guarantors shall comply during the Forbearance Period with all provisions, limitations, restrictions or prohibitions that would otherwise be effective or applicable under any of the Loan Documents during the continuance of any a Default or Event of Default (other than a Specified Event of Default; provided further that ) or (c) the agreement occurrence of a breach or default by Borrower or any other Loan Party under this Agreement (the Participant Lenders temporarily period beginning on the Forbearance Effective Date and ending on the Forbearance Termination Date being referred to forbear herein as the “Forbearance Period”). This forbearance shall not apply to nor preclude any remedy available only to the Administrative Agent Specified Events of Default and not to any other Defaults or the Lenders in connection with any proceeding commenced under any bankruptcy or insolvency lawEvents of Default, including without limitation, any other existing Defaults or Events of Default known or not known to Agents and Lenders or Borrower or any relief in respect other Loan Party at this time and any Defaults or Events of adequate protection or relief from any stay imposed under such law. (b) Upon a Termination EventDefault occurring after the date hereof, the agreement of the Participant Lenders hereunder to forbear from exercising their default-related remedies shall immediately terminate without the requirement of any demand, presentment, protest or notice of any kind, all of which the Borrower and the Subsidiary Guarantors hereby waive. The Borrower and the Subsidiary Guarantors agree that the Administrative Agent Agents and the Lenders may at any time thereafter proceed to exercise any and reserve all of their respective rights to exercise rights and remedies under any or all of the Loan Documents and/or applicable lawupon the occurrence of any such other Default or Event of Default at any time, including, without limitation, their respective before the expiry or termination of the Forbearance Period. The parties hereto agree that neither the agreements of Agents and the Lenders herein nor the acceptance by Agents or the Lenders of any of the payments provided for in the Loan Documents, nor any payment prior to the date hereof shall (i) excuse Borrower or any other Loan Party from any of its obligations under the Loan Documents, or (ii) toll the running of any time periods applicable to any such rights and remedies in connection with any or all of the Defaults and Events of Defaultremedies, including, without limitation, any grace periods with respect to Defaults under the Specified Defaults. (c) For the avoidance Loan Documents or otherwise. Each of doubt, nothing herein limits the right of the Administrative Agent or the Lenders, including during the Forbearance Period, to take any action to preserve or exercise rights or remedies against parties other than the Borrower and the Subsidiary Guarantors ("Third Party Rights"). For purposes of other Loan Parties agrees that it will not assert laches, waiver or any other defense to the foregoing, the Borrower and the Subsidiary Guarantors acknowledge and agree that execution and delivery of this Agreement shall constitute the making enforcement of any necessary demand or the giving of any necessary notice for purposes of preserving and/or permitting the exercise of any such Third Party Rights of the Administrative Agent and the Lenders. (d) Execution of this Agreement constitutes a direction by the Participant Lenders that the Administrative Agent act in accordance with its terms. Each Participant Lender agrees that, notwithstanding anything to the contrary in the Credit Agreements, the Administrative Agent shall not be required to act if directed against the Borrower or the Subsidiary Guarantors if such action is contrary to the terms of this Agreement. (e) The Borrower and the Subsidiary Guarantors acknowledge and agree that the agreement of the Participant Lenders hereunder to forbear from exercising their default-related remedies with respect to the Specified Defaults shall not constitute a waiver of such Specified Defaults and that the Lenders expressly reserve all rights and remedies that the Administrative Agent and the Lenders now or may in the future have under any or all of the Loan Documents and/or applicable law based upon the agreements of Agents and the Lenders to forbear herein or the acceptance by Agents or the Lenders of any of the payments provided for in connection with all Defaults and Events of Default (including without limitation the Specified Defaults)Loan Documents or any payment prior to the date hereof.

Appears in 1 contract

Sources: Forbearance Agreement and Fourth Amendment to the Credit Agreement (Purple Communications, Inc.)

Forbearance. (a) The Participant Lenders agree that until the expiration of the Forbearance Period, the Participant Lenders will temporarily forbear (subject to the terms hereof) from the exercise of their default-related remedies under the Credit Agreements, Loan Documents or otherwise, against the Borrower and the Subsidiary Guarantors solely to the extent the availability of such remedies arises exclusively from the Specified Defaults; provided that the Borrower and the Subsidiary Guarantors shall comply during the Forbearance Period with all provisions, limitations, restrictions or prohibitions that would otherwise be effective or applicable under any of the Loan Documents during the continuance of any Default or Event of Default; provided further that the agreement of the Participant Lenders temporarily to forbear shall not apply to nor preclude any remedy available to the Administrative Agent or the Lenders in connection with any proceeding commenced under any bankruptcy or insolvency law, including without limitation, to any relief in respect of adequate protection or relief from any stay imposed under such law. (b) Upon a Termination Event, the agreement of the Participant Lenders hereunder Bank agrees to forbear from exercising their default-related remedies shall immediately terminate without the requirement of any demand, presentment, protest or notice of any kind, all of which the Borrower and the Subsidiary Guarantors hereby waive. The Borrower and the Subsidiary Guarantors agree that the Administrative Agent and the Lenders may at any time thereafter proceed to exercise any and all of their respective its rights and remedies under any the Existing Loan Documents and at law ("Default Rights") until the earlier of (a) October 30, 2002, or all (b) the occurrence of a Default under this Agreement (the "Forbearance Period"), notwithstanding Borrower's existing default under the Loan Agreement as a result of Borrower's failure to comply with the profitability covenant set forth in Section 6.2 of the Loan Agreement for the fiscal quarter ended June 30, 2002 (the foregoing being referred to as "Existing Defaults"). Hereinafter, the Existing Loan Documents, as modified by this Loan Modification and Forbearance Agreement are hereinafter collectively called the "Loan Documents". By signing below, Borrower acknowledges that it is currently in default and as a result of the Existing Defaults, Bank is entitled to exercise its remedies as provided in the Existing Loan Documents and/or and as provided under applicable law, including. The Forbearance Period shall be immediately terminated, without limitationnotice, their respective rights if (a) Borrower breaches of any of the terms set forth in this Agreement, (b) the occurrence of any default (other than the Existing Defaults) under the Existing Loan Documents, or (c) if any recital, representation or warranty made herein, in any document executed and remedies delivered in connection herewith, or in any report, certificate, financial statement or other instrument or document previously, now or hereafter furnished by or on behalf of the Borrower in connection with this Agreement or any other document executed and delivered in connection with this Agreement, shall prove to have been false, incomplete or all misleading in any material respect on the date as of which it was made (collectively, a "Default"), whereupon Bank, at its option, without any notice to Borrower, may immediately cease making any Advances and may immediately exercise any Default Rights. Bank's agreement to forbear from enforcing its Default Rights under the Existing Loan Documents until the end of the Defaults and Events of Default, including, without limitation, the Specified Defaults. Forbearance Period (ca) For the avoidance of doubt, nothing herein limits the right in no way shall be deemed an agreement by Bank to waive Borrower's compliance with all other terms of the Administrative Agent Existing Loan Documents, as modified by this Loan Modification and Forbearance Agreement and (b) shall not limit or the Lenders, including during the impair Bank's right to demand strict performance of all other terms and covenants as of any date. Nothing in this Loan Modification and Forbearance Period, to take Agreement in any action to preserve or exercise rights or remedies against parties other than the Borrower and the Subsidiary Guarantors ("Third Party Rights"). For purposes way shall constitute Bank's waiver of the foregoing, the Existing Defaults. Borrower and the Subsidiary Guarantors acknowledge and agree further agrees that execution and delivery of this Agreement shall constitute the making of any necessary demand or the giving of any necessary notice for purposes of preserving and/or permitting the exercise of any such Third Party Default Rights by Bank upon termination of the Administrative Agent and the Lenders. (d) Execution of this Agreement constitutes a direction by the Participant Lenders that the Administrative Agent act in accordance with its terms. Each Participant Lender agrees that, notwithstanding anything to the contrary in the Credit Agreements, the Administrative Agent Forbearance Period shall not be required to act if directed against the Borrower or the Subsidiary Guarantors if such action is contrary to the terms affected by reason of this Agreement. (e) The Borrower , and the Subsidiary Guarantors acknowledge and agree Borrower shall not assert as a defense thereto the passage of time, estoppel, laches or any statute of limitations to the extent that the agreement exercise of the Participant Lenders hereunder to forbear from exercising their default-related remedies with respect to the Specified Defaults shall not constitute a waiver of such Specified Defaults and that the Lenders expressly reserve all rights and remedies that the Administrative Agent and the Lenders now or may in the future have under any or all of the Loan Documents and/or applicable law in connection with all Defaults and Events of Default (including without limitation the Specified Defaults)Rights was precluded by this Agreement.

Appears in 1 contract

Sources: Loan Modification and Forbearance Agreement (Syntellect Inc)

Forbearance. Upon the satisfaction of each of the conditions precedent set forth in Section 5 hereof, the Holders hereby agree, for so long as (a) The Participant Lenders agree that until no Default or Event of Default (other than the expiration 2000 Forbearance Events and the 2001 Forbearance Events, each as defined below), has occurred and is continuing and (b) the Company complies with the requirements contained in this Section 1, (x) to forbear from enforcing any of its rights and remedies under Section 12.2 of the Forbearance Period, the Participant Lenders will temporarily forbear (subject to the terms hereof) from the exercise of their default-related remedies under the Credit Agreements, Loan Documents Note Purchase Agreements or otherwise, against the Borrower and the Subsidiary Guarantors solely to the extent the availability of such remedies arises exclusively from the Specified Defaults; provided that the Borrower and the Subsidiary Guarantors shall comply during the Forbearance Period with all provisions, limitations, restrictions or prohibitions that would otherwise be effective or applicable under any of the Loan other Note Documents during arising solely as a result of the continuance occurrence of any of the 2000 Forbearance Events or the 2001 Forbearance Events and (y) the Holders will not demand accelerated payment of the obligations under Section 12.1 of the Note Purchase Agreements or otherwise cause any of such obligations to become immediately due and payable solely as a result of the occurrence of any of the 2000 Forbearance Events or the 2001 Forbearance Events, except that the Company shall in any event continue to be required to make any and all payments that are provided for in the Note Documents and this Amendment when and as the same are due and payable pursuant to the terms of the Note Documents and this Amendment. So long as no Default or Event of Default, other than the 2000 Forbearance Events or 2001 Forbearance Events, has occurred and is continuing, nothing herein shall be deemed to prevent the Company from exercising any right or taking any action otherwise permitted by the Note Purchase Agreements or the other Note Documents, which such right or action is conditioned upon the absence of any Default or Event of Default; provided further that . The forbearances contained in this Section 1 shall be contingent on the agreement Company's compliance with the following requirements: The Company shall not permit, at any time following January 1, 2001, Forbearance Net Finance Assets to be less than the sum of Forbearance Senior Debt and SBA Debt, as evidenced by a Borrowing Base Certificate prepared in accordance with Section 6.1(i) of the Participant Lenders temporarily to forbear Bank Loan Agreement and the Company shall not apply permit the Excess Amount to nor preclude any remedy available to the Administrative Agent or the Lenders in connection with any proceeding commenced under any bankruptcy or insolvency lawexceed (a) $6,700,000 from January 1, including without limitation2001 through January 31, to any relief in respect of adequate protection or relief from any stay imposed under such law. 2001, (b) Upon a Termination Event$5,700,000 from February 1, the agreement of the Participant Lenders hereunder to forbear from exercising their default-related remedies shall immediately terminate without the requirement of any demand2001 through February 28, presentment2001, protest or notice of any kind, all of which the Borrower and the Subsidiary Guarantors hereby waive. The Borrower and the Subsidiary Guarantors agree that the Administrative Agent and the Lenders may at any time thereafter proceed to exercise any and all of their respective rights and remedies under any or all of the Loan Documents and/or applicable law, including, without limitation, their respective rights and remedies in connection with any or all of the Defaults and Events of Default, including, without limitation, the Specified Defaults. (c) For $5,000,000 from March 1, 2001 through March 31, 2001, or (d) $0 as of April 1, 2001 and thereafter. The Company shall deliver a copy of such Borrowing Base Certificate to the avoidance of doubt, nothing herein limits Holders substantially concurrently upon delivery thereof to the right of the Administrative Agent or the Lenders, including during the Forbearance Period, to take any action to preserve or exercise rights or remedies against parties other than the Borrower and the Subsidiary Guarantors ("Third Party Rights")Banks. For purposes of the foregoinghereof, the Borrower and following terms shall have the Subsidiary Guarantors acknowledge and agree that execution and delivery of this Agreement shall constitute the making of any necessary demand or the giving of any necessary notice for purposes of preserving and/or permitting the exercise of any such Third Party Rights of the Administrative Agent and the Lenders. (d) Execution of this Agreement constitutes a direction by the Participant Lenders that the Administrative Agent act in accordance with its terms. Each Participant Lender agrees that, notwithstanding anything to the contrary in the Credit Agreements, the Administrative Agent shall not be required to act if directed against the Borrower or the Subsidiary Guarantors if such action is contrary to the terms of this Agreement. (e) The Borrower and the Subsidiary Guarantors acknowledge and agree that the agreement of the Participant Lenders hereunder to forbear from exercising their default-related remedies with respect to the Specified Defaults shall not constitute a waiver of such Specified Defaults and that the Lenders expressly reserve all rights and remedies that the Administrative Agent and the Lenders now or may in the future have under any or all of the Loan Documents and/or applicable law in connection with all Defaults and Events of Default (including without limitation the Specified Defaults).following meanings:

Appears in 1 contract

Sources: First Amendment Agreement (Medallion Financial Corp)

Forbearance. (a) The Participant Lenders agree that Subject to the conditions set forth herein, Lender shall forbear from exercising its rights and remedies with respect to the Existing Events of Default from the date hereof until the expiration earliest to occur of the following (the “Forbearance Termination Events”): (a) the time at which Borrower fails to comply in any respect with all of its obligations under this Agreement, (b) the occurrence or discovery of any Event of Default under the Purchase Agreement (other than the Existing Events of Default) (the period beginning on the date hereof and terminating on the earliest of such dates being hereafter referred to as the “Forbearance Period”) or (c) 5:00 pm, March 18, 2014. During the Forbearance Period, Borrower shall continue (i) to pay all amounts that, absent the maturity of the Note and/or the occurrence of an Event of Default and the acceleration of the Note, Borrower would be obligated, pursuant to the terms of the Purchase Agreement, to pay during the Forbearance Period plus (ii) to pay fully, timely and faithfully each and every one of the forbearance payments required under Section 3 hereof, below. (b) Except with respect to the Lender’s specific agreements set forth herein to forbear with respect to the Existing Events of Default in accordance with the terms of this Agreement, nothing set forth herein shall constitute a forbearance or waiver of Lender’s rights at any time, including during the term of the Forbearance Period, the Participant Lenders will temporarily forbear (subject to the terms hereof) from the exercise of their default-related enforce any and all rights and remedies such lender has under the Credit AgreementsPurchase Agreement, the Note, the Seller’s Collateral Security Package, or any other Loan Documents Document between the parties, in equity, at law, by agreement or otherwise, against for failure to fully, timely and faithfully perform all obligations under this Agreement, for any default under the Fifth Amendment to the Purchase Agreement, and for any other default under any other obligation or agreement between Borrower and the Subsidiary Guarantors solely to the extent the availability of such remedies arises exclusively from the Specified Defaults; provided Lender that the Borrower and the Subsidiary Guarantors shall comply during the Forbearance Period with all provisions, limitations, restrictions or prohibitions that would otherwise be effective or applicable under any of the Loan Documents during the continuance of any Default or is not an Existing Event of Default; provided further that the agreement of the Participant Lenders temporarily to forbear shall not apply to nor preclude any remedy available to the Administrative Agent or the Lenders in connection with any proceeding commenced under any bankruptcy or insolvency law, including without limitation, to any relief in respect of adequate protection or relief from any stay imposed under such law. (b) Upon a Termination Event, the agreement of the Participant Lenders hereunder to forbear from exercising their default-related remedies shall immediately terminate without the requirement of any demand, presentment, protest or notice of any kind, all of which the Borrower and the Subsidiary Guarantors hereby waive. The Borrower and the Subsidiary Guarantors agree that the Administrative Agent and the Lenders may at any time thereafter proceed to exercise any and all of their respective rights and remedies under any or all of the Loan Documents and/or applicable law, including, without limitation, their respective rights and remedies in connection with any or all of the Defaults and Events of Default, including, without limitation, to immediately recover the Specified Defaultsfull amount of the Obligations and foreclose on collateral thereunder. In addition, at the end of the Forbearance Period, unless Lender has agreed in writing to continue to forbear, upon terms and conditions satisfactory to Lender and in Lender’s sole and absolute discretion, Lender shall have the right to enforce any and all rights Lender has under the Note, the Seller’s Collateral Security Package, or any other of the Loan Documents, in equity, at law, by agreement or otherwise, including, without limitation, to immediately recover the full amount of the Obligations and foreclose on collateral thereunder. (c) For The agreement of Lender to the avoidance of doubt, nothing forbearance described herein limits the right (i) in no way shall be deemed an agreement by Lender to waive Borrower’s compliance with this Agreement and with all other terms of the Administrative Agent Note or the LendersPurchase Agreement or the Seller’s Collateral Security Package or other Loan Documents or agreements, including during the Forbearance Period, and (ii) shall not limit or impair Lender’s right to take any action to preserve or exercise rights or remedies against parties demand strict performance of all other than the Borrower terms and the Subsidiary Guarantors ("Third Party Rights"). For purposes of the foregoing, the Borrower and the Subsidiary Guarantors acknowledge and agree that execution and delivery of this Agreement shall constitute the making covenants as of any necessary demand or the giving of any necessary notice for purposes of preserving and/or permitting the exercise of any such Third Party Rights of the Administrative Agent and the Lenders. (d) Execution of this Agreement constitutes date. The forbearance granted by Lender to Borrower herein is strictly limited to a direction by the Participant Lenders that the Administrative Agent act forbearance in accordance with its terms. Each Participant Lender agrees that, notwithstanding anything to the contrary in the Credit Agreements, the Administrative Agent shall not be required to act if directed against the Borrower or the Subsidiary Guarantors if such action is contrary to the terms of this Agreementset forth herein. (e) The Borrower and the Subsidiary Guarantors acknowledge and agree that the agreement of the Participant Lenders hereunder to forbear from exercising their default-related remedies with respect to the Specified Defaults shall not constitute a waiver of such Specified Defaults and that the Lenders expressly reserve all rights and remedies that the Administrative Agent and the Lenders now or may in the future have under any or all of the Loan Documents and/or applicable law in connection with all Defaults and Events of Default (including without limitation the Specified Defaults).

Appears in 1 contract

Sources: Forbearance Agreement (NewLead Holdings Ltd.)

Forbearance. (a) The Participant Lenders agree that Notwithstanding the Existing Defaults, and subject to the provisions of this Agreement, Lender agrees that, until the expiration or earlier termination of the Forbearance Period (as defined below), Lender will forbear from exercising its rights and remedies under the Loan Documents and/or applicable law solely with respect to the Existing Defaults; provided, however, that nothing herein shall restrict, impair or otherwise affect the exercise of Lender’s rights under this Agreement; and provided, further, that no such forbearance shall constitute a waiver with respect to the Existing Defaults (other than as set forth in the following sentence). Notwithstanding anything to the contrary contained herein, if, on or prior to the expiration (but not earlier termination) of the Forbearance Period, the Participant Lenders will temporarily forbear Borrower Parties have satisfied the conditions to such forbearance set forth in Section 4 below (subject to the terms hereof) from the exercise of their default-related remedies under the Credit Agreements, Loan Documents or otherwise, against the Borrower and the Subsidiary Guarantors solely to the extent the availability of such remedies arises exclusively from the Specified Defaults; provided that the Borrower and the Subsidiary Guarantors shall comply during the Forbearance Period with all provisions, limitations, restrictions or prohibitions that would otherwise be effective or applicable under any of the Loan Documents during the continuance of any Default or Event of Default; provided further that the agreement of the Participant Lenders temporarily to forbear shall not apply to nor preclude any remedy available to the Administrative Agent or the Lenders in connection with any proceeding commenced under any bankruptcy or insolvency law, including without limitation, to any relief in respect of adequate protection or relief from any stay imposed under such law. (b) Upon a Termination Event, the agreement of the Participant Lenders hereunder to forbear from exercising their default-related remedies shall immediately terminate without the requirement of any demand, presentment, protest or notice of any kind, all of which the Borrower and the Subsidiary Guarantors hereby waive. The Borrower and the Subsidiary Guarantors agree that the Administrative Agent and the Lenders may at any time thereafter proceed to exercise any and all of their respective rights and remedies under any or all of the Loan Documents and/or applicable law, including, without limitation, their respective rights and remedies in connection with any or all of the Defaults and Events of Default, including, without limitation, the Specified Defaults. payment in full of the Indebtedness by Borrower (c) For including for the avoidance of doubt, nothing herein limits the Exit Fee, the Minimum Multiple Fee and if applicable, any Breakage Fees, together with any out-of-pocket attorneys’ fees and costs accrued to such date)), Lender shall be deemed to have waived the Existing Defaults and shall have no right of the Administrative Agent or the Lenders, including during the Forbearance Period, to take exercise any action to preserve or exercise rights or remedies against parties other than the Borrower and the Subsidiary Guarantors ("Third Party Rights"). For purposes of the foregoing, the Borrower and the Subsidiary Guarantors acknowledge and agree that execution and delivery of this Agreement shall constitute the making of any necessary demand or the giving of any necessary notice for purposes of preserving and/or permitting the exercise of any such Third Party Rights of the Administrative Agent and the Lenders. (d) Execution of this Agreement constitutes a direction by the Participant Lenders that the Administrative Agent act in accordance with its terms. Each Participant Lender agrees that, notwithstanding anything to the contrary in the Credit Agreements, the Administrative Agent shall not be required to act if directed against the Borrower or the Subsidiary Guarantors if such action is contrary to the terms of this Agreement. (e) The Borrower and the Subsidiary Guarantors acknowledge and agree that the agreement of the Participant Lenders hereunder to forbear from exercising their default-related remedies with respect to the Specified Defaults shall not constitute a waiver of such Specified Defaults and that the Lenders expressly reserve all rights and remedies that the Administrative Agent and the Lenders now or may in the future have under any or all of the Loan Documents and/or applicable law solely with respect to the Existing Defaults; provided that to the extent that any Borrower Party makes any payment(s) to Lender which payment(s) or any portion thereof is subsequently invalidated, declared to be fraudulent or preferential, set aside or required, in connection with all any bankruptcy, insolvency, reorganization, dissolution, liquidation or other like proceeding or for any other reason, to be repaid or paid over to a custodian, trustee, receiver or any other party under any bankruptcy act, state or federal law, common law or equitable cause, then to the extent of such payment or repayment, the obligation or part thereof intended to be satisfied shall be revived and continue in full force and effect as if such payment(s) had not been made and the Borrower Parties shall be primarily liable for the revived obligations. The foregoing sentence shall not be construed and is not intended to preclude Lender from exercising its rights and remedies under the Loan Documents and/or applicable law with respect to the existence of the Existing Defaults and Events after the expiration (other than expiration after satisfaction of Default (including without limitation the Specified Defaults)conditions to forbearance as set forth above) or earlier termination of the Forbearance Period.

Appears in 1 contract

Sources: Forbearance Agreement (Trinity Place Holdings Inc.)

Forbearance. (a) The Participant Lenders Effective as of the Fourth Amended Forbearance Effective Date (as defined below), the Noteholders agree that that, until the expiration of the Fourth Forbearance Period (as defined below), they will forbear from exercising, and shall direct the Indenture Trustee, and by signature hereto so direct the Indenture Trustee pursuant to Section 6.5 of the Indenture, not to exercise, any rights and remedies against the Company or the Subsidiaries that are available under the Indenture, the Intercreditor Agreement, the Collateral Agreements and/or applicable law solely with respect to the Specified Existing Defaults (excluding, however, the Noteholders’ right to charge default interest on the Notes (including on all unpaid interest on the Notes to the extent provided under the Indenture) during the Fourth Forbearance Period); provided, the Participant Lenders will temporarily forbear (subject to the terms hereof) from however, that nothing herein shall restrict, impair or otherwise affect the exercise of their default-related remedies the Noteholders’ rights under the Credit Agreementsthis Fourth Amended Forbearance Agreement, Loan Documents or otherwise, against the Borrower and the Subsidiary Guarantors solely to the extent the availability of such remedies arises exclusively from the Specified Defaults; provided that the Borrower and the Subsidiary Guarantors shall comply during the Forbearance Period with all provisions, limitations, restrictions or prohibitions that would otherwise be effective or applicable under any of the Loan Documents during the continuance of any Default or Event of Default; provided further that the agreement of the Participant Lenders temporarily to forbear no such forbearance shall not apply to nor preclude any remedy available to the Administrative Agent or the Lenders in connection constitute a waiver with any proceeding commenced under any bankruptcy or insolvency law, including without limitation, respect to any relief in respect such Specified Existing Defaults or any other Events of adequate protection or relief from any stay imposed Default under such lawthe Indenture. (b) Upon As used herein, the term “Fourth Forbearance Period” shall mean the period beginning on the date hereof and ending upon the occurrence of a Termination Event. As used herein, “Termination Event” shall mean the agreement earlier to occur of (i) December 6, 2007; and (ii) two business days after the Participant Lenders hereunder to forbear from exercising their default-related remedies shall immediately terminate without the requirement of any demand, presentment, protest or notice of any kind, all of which the Borrower and the Subsidiary Guarantors hereby waive. The Borrower and the Subsidiary Guarantors agree that the Administrative Agent and the Lenders may at any time thereafter proceed to exercise any and all of their respective rights and remedies under any or all of the Loan Documents and/or applicable law, including, without limitation, their respective rights and remedies in connection with any or all of the Defaults and Events of Default, including, without limitation, the Specified Defaults. (c) For the avoidance of doubt, nothing herein limits the right of the Administrative Agent or the Lenders, including during the Forbearance Period, to take any action to preserve or exercise rights or remedies against parties other than the Borrower and the Subsidiary Guarantors ("Third Party Rights"). For purposes of the foregoing, the Borrower and the Subsidiary Guarantors acknowledge and agree that execution and delivery of this Agreement shall constitute the making of any necessary demand or the giving of any necessary notice for purposes of preserving and/or permitting the exercise of any such Third Party Rights of the Administrative Agent and the Lenders. (d) Execution of this Agreement constitutes a direction by the Participant Lenders that the Administrative Agent act in accordance with its terms. Each Participant Lender agrees that, notwithstanding anything Noteholder Group to the contrary in Company and Lender of a written notice terminating the Credit Agreements, the Administrative Agent shall not be required to act if directed against the Borrower or the Subsidiary Guarantors if such action is contrary to the terms of this Agreement. (e) The Borrower and the Subsidiary Guarantors acknowledge and agree that the agreement of the Participant Lenders hereunder to forbear from exercising their default-related remedies with respect to the Specified Defaults shall not constitute a waiver of such Specified Defaults and that the Lenders expressly reserve all rights and remedies that the Administrative Agent and the Lenders now or may in the future have under any or all of the Loan Documents and/or applicable law in connection with all Defaults and Events of Default (including without limitation the Specified Defaults).Fourth Forbearance

Appears in 1 contract

Sources: Forbearance Agreement (Wornick CO)

Forbearance. (a) The Participant Lenders Effective as of the Sixth Amended Forbearance Effective Date (as defined below), the Noteholders agree that that, until the expiration of the Sixth Forbearance Period (as defined below), they will forbear from exercising, and shall direct the Indenture Trustee, and by signature hereto so direct the Indenture Trustee pursuant to Section 6.5 of the Indenture, not to exercise, any rights and remedies against the Company or the Subsidiaries that are available under the Indenture, the Intercreditor Agreement, the Collateral Agreements and/or applicable law solely with respect to the Specified Existing Defaults (excluding, however, the Noteholders’ right to charge default interest on the Notes (including on all unpaid interest on the Notes to the extent provided under the Indenture) during the Sixth Forbearance Period); provided, the Participant Lenders will temporarily forbear (subject to the terms hereof) from however, that nothing herein shall restrict, impair or otherwise affect the exercise of their default-related remedies the Noteholders’ rights under the Credit Agreementsthis Sixth Amended Forbearance Agreement, Loan Documents or otherwise, against the Borrower and the Subsidiary Guarantors solely to the extent the availability of such remedies arises exclusively from the Specified Defaults; provided that the Borrower and the Subsidiary Guarantors shall comply during the Forbearance Period with all provisions, limitations, restrictions or prohibitions that would otherwise be effective or applicable under any of the Loan Documents during the continuance of any Default or Event of Default; provided further that the agreement of the Participant Lenders temporarily to forbear no such forbearance shall not apply to nor preclude any remedy available to the Administrative Agent or the Lenders in connection constitute a waiver with any proceeding commenced under any bankruptcy or insolvency law, including without limitation, respect to any relief in respect such Specified Existing Defaults or any other Events of adequate protection or relief from any stay imposed Default under such lawthe Indenture. (b) Upon As used herein, the term “Sixth Forbearance Period” shall mean the period beginning on the date hereof and ending upon the occurrence of a Termination Event. As used herein, “Termination Event” shall mean the agreement earlier to occur of (i) February 8, 2008; and (ii) two business days after the Participant Lenders hereunder delivery by the Noteholder Group to forbear from exercising their default-related remedies the Company and Lender of a written notice terminating the Sixth Forbearance Period (the “Termination Notice”), which notice may be delivered at any time upon or after the occurrence of any Forbearance Default (as defined below); provided, however, that notwithstanding the foregoing, (x) this Sixth Amended Forbearance Agreement shall immediately terminate two (2) business days after the occurrence of a Forbearance Default under subsection (D) below without the requirement need for delivery of the Termination Notice or any demandother notice, presentmentand (y) this Sixth Amended Forbearance Agreement shall immediately terminate upon the occurrence of a Forbearance Default under subsection (J) below, protest without the need for delivery of the Termination Notice or notice any other notice. As used herein, the term “Forbearance Default” shall mean: (A) the failure of any kindthe Company to provide the Noteholder Group and its financial advisors with reasonable access, all as determined by the Noteholder Group in its reasonable discretion, to its Chief Executive Officer, other senior executives and outside advisors, including representatives of which K▇▇▇▇ Z▇▇▇▇ C▇▇▇▇▇ that are working with the Borrower Company, and to provide the Subsidiary Guarantors hereby waive. The Borrower Noteholder Group and the Subsidiary Guarantors agree that the Administrative Agent its legal and the Lenders may at any time thereafter proceed to exercise financial advisors with any and all of their respective rights and remedies under any or all of the Loan Documents and/or applicable law, including, without limitation, their respective rights and remedies in connection with any or all of the Defaults and Events of Defaultdue diligence information they may reasonably request, including, without limitation, the Specified Defaults. Company’s current 13-week cash flow schedule, and all updates thereto as soon as reasonably practicable after they are prepared, but in no event no later than two (c2) For business days thereafter; (B) the avoidance of doubt, nothing herein limits the right failure of the Administrative Agent Company to engage in good faith negotiations with the Noteholder Group regarding a potential restructuring transaction, which determination shall be made by the Noteholder Group in its reasonable discretion; (C) the failure of the Company to promptly notify the Noteholder Group of the occurrence of a Forbearance Default (as defined in the DDJ Sixth Amended Forbearance Agreement) under the DDJ Sixth Amended Forbearance Agreement or any amendment or modification to the DDJ Sixth Amended Forbearance Agreement; (D) termination of the DDJ Sixth Amended Forbearance Agreement; (E) the execution of any amendment or modification to the DDJ Sixth Amended Forbearance Agreement, which amendment or modification has a material adverse effect on the Noteholder Group as determined by the Noteholder Group in its reasonable discretion; (F) termination by the Company of the C▇▇▇▇▇ Engagement Letter or the Lenders, including during the Forbearance Period, to take any action to preserve or exercise rights or remedies against parties other than the Borrower and the Subsidiary Guarantors ("Third Party Rights"). For purposes failure of the foregoingCompany to pay C▇▇▇▇▇’▇ fees, the Borrower expenses and the Subsidiary Guarantors acknowledge and agree that execution and delivery of this Agreement shall constitute the making of any necessary demand or the giving of any necessary notice for purposes of preserving and/or permitting the exercise of any such Third Party Rights of the Administrative Agent and the Lenders. (d) Execution of this Agreement constitutes a direction by the Participant Lenders that the Administrative Agent act indemnity in accordance with its terms. Each Participant Lender agrees that, notwithstanding anything to the contrary in the Credit Agreements, the Administrative Agent shall not be required to act if directed against the Borrower or the Subsidiary Guarantors if such action is contrary to the terms of this Agreement. the C▇▇▇▇▇ Engagement Letter; (eG) The Borrower and the Subsidiary Guarantors acknowledge and agree occurrence of any Event of Default that is not a Specified Existing Default; (H) the agreement failure of the Participant Lenders hereunder Company to forbear from exercising their default-related remedies comply with respect any term, condition, covenant or agreement set forth in this Sixth Amended Forbearance Agreement; (I) the failure of any representation or warranty made by the Company under this Sixth Amended Forbearance Agreement to the Specified Defaults shall not constitute a waiver of such Specified Defaults be true and that the Lenders expressly reserve correct in all rights and remedies that the Administrative Agent and the Lenders now or may in the future have under any or all material respects as of the Loan Documents and/or applicable law in connection with all Defaults and Events date when made; (J) the commencement by or against the Company or any of Default the Subsidiaries of a case under title 11 of the United States Code; or (including without limitation K) the Specified Defaults).commencement of any action or proceeding by any creditor of the Company or any of the Subsidiaries seeking to attach or take similar action against the assets of the Company or

Appears in 1 contract

Sources: Forbearance Agreement (Wornick CO)

Forbearance. (a) The Participant Lenders agree Each Holder hereby agrees to forbear, and agrees to direct the Trustees and the Security Agent to forbear, at all times from the Effective Date to, but not including, the Forbearance Expiration Date, from taking or exercising any Enforcement Action solely in connection with the Subject Defaults (the “Forbearance”). (b) To the extent that any of the Trustee or Security Agent takes or exercises (or intends to take or exercise) any Enforcement Action (as defined below) in connection with the Subject Defaults at any time from the Effective Date to, but not including, the Forbearance Expiration Date, each Holder hereby agrees to deliver a letter to the Trustee and Security Agent directing the Trustee and Security Agent not to take or exercise any Enforcement Action prior to the Forbearance Expiration Date, which letter shall not be withdrawn or rescinded until the expiration Forbearance Expiration Date; provided, however, that nothing in this paragraph shall restrict in any way any action being taken whether directly by a Holder or by or through a Trustee or the Security Agent with respect to the Rectification Proceedings. (c) The agreement in this Section 1.2 is an agreement of forbearance only with respect to the Subject Defaults and does not constitute an agreement to forbear with respect to any other Defaults or Events of Default, whether presently existing or arising in the future. In the event of any Default or Event of Default, other than the Subject Defaults, the Holders, in addition to their right to terminate this Agreement, reserve all of their respective rights and remedies under this Agreement, the Intercreditor Agreement, each Indenture and each other agreement, document, note and instrument in respect thereof including, without limitation to the generality of the Forbearance Periodforegoing, the Participant Lenders will temporarily forbear other Note Documents (subject to collectively the terms hereof“Operative Documents”) from the exercise of their default-related remedies under the Credit Agreements, Loan Documents or otherwise, against including without limitation the Borrower rights asserted by the Security Agent in the Rectification Proceedings and all rights and claims under the two deeds of accession dated 18 November 2016 and executed by FSHC and the Subsidiary Security Agent, and as provided in Section 1.2(g) hereof. (d) The Issuers and the Guarantors solely further acknowledge and agree to comply with, and procure that each other member of the extent Group complies with, the availability of such remedies arises exclusively covenants, agreements and restrictions set forth in Exhibit D hereto from the Specified Defaults; provided that Effective Date. (e) The Issuers acknowledge and agree that, notwithstanding the Borrower and the Subsidiary Guarantors shall comply during Forbearance, the Forbearance Period with all provisions, limitations, restrictions or prohibitions that would otherwise be effective or applicable under any shall not constitute a waiver of the Loan Documents during the occurrence and continuance of any Default or Event of Default; provided further that the agreement of the Participant Lenders temporarily to forbear shall not apply to nor preclude any remedy available to the Administrative Agent or the Lenders in connection with any proceeding commenced under any bankruptcy or insolvency law, including without limitation, to any relief in respect of adequate protection or relief from any stay imposed under such law. (b) Upon a Termination Event, the agreement of the Participant Lenders hereunder to forbear from exercising their default-related remedies shall immediately terminate without the requirement of any demand, presentment, protest or notice of any kind, all of which the Borrower and the Subsidiary Guarantors hereby waive. The Borrower and the Subsidiary Guarantors agree that the Administrative Agent and the Lenders may at any time thereafter proceed to exercise any and all of their respective rights and remedies under any or all of the Loan Documents and/or applicable law, including, without limitation, any Subject Default or any rights of the Holders, the Trustees and/or the Security Agent in connection therewith. For the avoidance of doubt, in the event the Forbearance Expiration Date occurs for any reason, the Trustees, the Security Agent and the Holders may freely pursue all of their respective rights and remedies in connection with any or all respect of the Defaults Subject Defaults. (f) The Forbearance and Events consents granted pursuant to this Agreement and/or the Consent Solicitation shall not be capable of Defaultbeing relied upon by the Sponsor Group. (g) Nothing in this Agreement or in any Transaction Documents, shall operate as a forbearance or waiver in respect of, or have any prejudice to or effect whatsoever upon, any of the following: (i) the rights or claims of the Security Agent, or of any Holder of the Senior Secured Notes or the Senior Notes, under, in respect of or in connection with, those two deeds of accession both dated 18 November 2016 and executed by FSHC and the Security Agent, including, without limitation, the Specified Defaults.any rights or claims directly or indirectly with respect to: (cx) For the avoidance Unreported Assets; and/or (y) any subsidiary of doubtFSHC which owns, nothing herein limits the right whether directly or indirectly, any of the Administrative Agent Unreported Assets; or (ii) the Lenders, including during contesting of FSHC's claim in the Forbearance Period, to take any action to preserve Rectification Proceedings or exercise rights or remedies against parties other than the Borrower and the Subsidiary Guarantors ("Third Party Rights"). For purposes of the foregoing, the Borrower and the Subsidiary Guarantors acknowledge and agree that execution and delivery of this Agreement shall constitute the making of any necessary demand or application whatsoever in such proceedings, in the giving case of any necessary notice for purposes of preserving and/or permitting the exercise of any such Third Party Rights of the Administrative Agent and the Lenders. (d) Execution of this Agreement constitutes a direction foregoing whether, by the Participant Lenders that the Administrative Security Agent act in accordance with its terms. Each Participant Lender agrees thator for and on behalf of, notwithstanding anything to the contrary in the Credit Agreementsor by, the Administrative Agent shall not be required to act if directed against the Borrower or the Subsidiary Guarantors if such action is contrary to the terms of this Agreement. (e) The Borrower and the Subsidiary Guarantors acknowledge and agree that the agreement any holder of the Participant Lenders hereunder to forbear from exercising their default-related remedies with respect to the Specified Defaults shall not constitute a waiver of such Specified Defaults and that the Lenders expressly reserve all rights and remedies that the Administrative Agent and the Lenders now Senior Secured Notes or may in the future have under any or all of the Loan Documents and/or applicable law in connection with all Defaults and Events of Default (including without limitation the Specified Defaults)Senior Notes.

Appears in 1 contract

Sources: Standstill and Deferral Agreement

Forbearance. (a) The Participant So long as this Agreement is not terminated as provided in Section 7, Administrative Agent, Syndication Agent, Lender Counterparty and Lenders agree that until the expiration of the Forbearance Period, the Participant Lenders they will temporarily forbear (subject to the terms hereof) from the not exercise of their default-related any rights or remedies under the Credit AgreementsTransaction Documents (other than the Western Guaranty) with respect to the Parent Bankruptcy, Loan Documents or otherwise, against the Borrower Existing and the Subsidiary Guarantors solely ISDA Defaults for a period beginning on the date first set forth above and ending on close of business October 31, 2008 (the “Effective Period”) provided, the Lender Counterparty reserves the right to the extent the availability of such remedies arises exclusively from the Specified Defaults; provided that the Borrower terminate, and the Subsidiary Guarantors shall comply Company will agree to terminate, any or all of the Hedging Contracts with Lender Counterparty during the Forbearance Period with all provisions, limitations, restrictions or prohibitions that would otherwise be effective or applicable under any of the Loan Documents during the continuance of any Default or Event of Default; provided further that the agreement of the Participant Lenders temporarily to forbear shall not apply to nor preclude any remedy available to the Administrative Agent or the Lenders in connection with any proceeding commenced under any bankruptcy or insolvency law, including without limitation, to any relief in respect of adequate protection or relief from any stay imposed under such lawEffective Period. (b) Upon a Termination EventDuring the Effective Period, Lenders shall have no Commitment to fund any Loans under the agreement of the Participant Lenders hereunder to forbear from exercising their default-related remedies shall immediately terminate without the requirement of any demandCredit Agreement, presentmentexcept as set forth herein, protest or notice of any kind, all of which the Borrower and the Subsidiary Guarantors hereby waive. The Borrower Company shall not be required to make any regularly scheduled principal and interest payments due to the Subsidiary Guarantors agree that Lenders including any principal or interest payments due under the ISDA Master Agreement except the Company shall pay monthly, on the first Business day of each month, commencing July 1, 2008, an amount equal to 100% of Monthly Adjusted Net Cash Flow for the immediately preceding month to be applied by Administrative Agent and in its sole discretion against the Lenders Obligations in such order as Administrative Agent may at any time thereafter proceed to exercise any and all direct. “Monthly Adjusted Net Cash Flow” shall be calculated as provided under the definition of their respective rights and remedies under any or all of the Loan Documents and/or applicable lawAdjusted Net Cash Flow except that it shall be computed on a monthly basis, including, without limitation, their respective rights and remedies in connection with any or all of the Defaults and Events of Default, including, without limitation, the Specified Defaultsnot a quarterly basis. (c) For Since the avoidance of doubt, nothing herein limits the right occurrence of the Administrative Agent first of the Existing Defaults, in conformance with the Credit Agreement, and the ISDA Defaults, in conformance with the ISDA Master Agreement, the Obligations have accrued interest at the Post-Default Rate or the Lenders, including during “Default Rate,” as applicable under the Forbearance Period, to take any action to preserve or exercise rights or remedies against parties other than the Borrower Credit Agreement and the Subsidiary Guarantors ("Third Party Rights")ISDA Master Agreement. For purposes of From and after the foregoing, the Borrower and the Subsidiary Guarantors acknowledge and agree that execution and delivery date of this Agreement shall constitute until the making Effective Date or its is otherwise terminated under the provisions of Section 7, interest on the Obligations including without limitation, (i) to the extent permitted by applicable Law, any necessary demand or accrued but unpaid interest payments on the giving of any necessary notice for purposes of preserving and/or permitting Obligations owed hereunder, and (ii) the exercise of any such Third Party Rights average daily balance of the Administrative Agent notional amount of ▇▇▇▇▇▇ and all other unpaid amounts under ISDA Master Agreement, shall bear interest at the LendersEffective Rate. (d) Execution of Notwithstanding anything in this Agreement constitutes a direction by the Participant Lenders that the Administrative Agent act in accordance with its terms. Each Participant Lender agrees that, notwithstanding anything Section 4 to the contrary in contrary, during the Credit AgreementsEffective Period the Company is, the Administrative Agent and shall not be required remain, obligated to act if directed against the Borrower or the Subsidiary Guarantors if such action is contrary pay and account to Royalty Owner for all proceeds attributable to the terms of this AgreementORRI. (e) The Borrower and Upon the Subsidiary Guarantors acknowledge and agree that the agreement termination of the Participant Effective Period, or under the provisions of Section 7, all sums due and owing under the Notes and Transaction Documents shall be due and payable in full without further notice, and Administrative Agent, Syndication Agent, Lender Counterparty and Lenders hereunder to forbear from exercising their default-related may exercise any and all remedies available with respect to the Specified Parent Bankruptcy, the Existing Defaults shall under the Transaction Documents and the ISDA Defaults under the ISDA Master Agreement, pursuant to applicable law, under equity, or otherwise. (f) Administrative Agent, Syndication Agent, Lender Counterparty and Lenders make no commitment to, and currently do not constitute expect under any circumstances to, extend the duration of the Effective Period. Further, nothing in this Agreement constitutes a waiver of such Specified the Parent Bankruptcy, the Existing Defaults and that the Lenders expressly reserve all rights and remedies that the Administrative Agent and the Lenders now ISDA Defaults, or may in the any other existing or future have under any Defaults or all of the Loan Documents and/or applicable law in connection with all Defaults and Events of Default (including without limitation the Specified Defaults)or a waiver of Administrative Agent’s, Syndication Agent’s, Lender Counterparty’s and Lenders’ right to insist upon compliance by all other relevant parties with each Transaction Document, except as specifically set forth herein.

Appears in 1 contract

Sources: Forbearance Agreement (Tekoil & Gas Corp)

Forbearance. (a) The Participant Lenders agree that until the expiration of the Forbearance Period, the Participant Lenders will temporarily forbear (subject 1.1 Subject to the terms hereof) and conditions set forth herein, the Agent hereby agrees, during the period from the exercise of their default-related remedies under time this Agreement becomes effective pursuant to Section 2 hereof until 9:00 a.m. New York time on March 7, 2005 (such period, as it may be prematurely terminated at the Credit Agreements, Loan Documents or otherwise, against the Borrower and the Subsidiary Guarantors solely to the extent the availability of such remedies arises exclusively from the Specified Defaults; provided that the Borrower and the Subsidiary Guarantors shall comply during the Forbearance Period with all provisions, limitations, restrictions or prohibitions that would otherwise be effective or applicable under any option of the Loan Documents during the continuance of any Default or Event of Default; provided further that the agreement of the Participant Lenders temporarily to forbear shall not apply to nor preclude any remedy available to the Administrative Agent or the Lenders in connection with any proceeding commenced under any bankruptcy or insolvency law, including without limitation, to any relief in respect of adequate protection or relief from any stay imposed under such law. (b) Upon a Termination Event, the agreement of the Participant Lenders hereunder to forbear from exercising their default-related remedies shall immediately terminate without the requirement of any demand, presentment, protest or notice of any kind, all of which the Borrower and the Subsidiary Guarantors hereby waive. The Borrower and the Subsidiary Guarantors agree that the Administrative Agent and the Lenders may at any time thereafter proceed to exercise any and all of their respective rights and remedies under any or all of the Loan Documents and/or applicable law, including, without limitation, their respective rights and remedies in connection with any or all of the Defaults and Events of Default, including, without limitation, the Specified Defaults. (c) For the avoidance of doubt, nothing herein limits the right of the Administrative Agent or the Lenders, including during the Forbearance Period, to take any action to preserve or exercise rights or remedies against parties other than the Borrower and the Subsidiary Guarantors ("Third Party Rights"). For purposes of the foregoing, the Borrower and the Subsidiary Guarantors acknowledge and agree that execution and delivery of this Agreement shall constitute the making of any necessary demand or the giving of any necessary notice for purposes of preserving and/or permitting the exercise of any such Third Party Rights of the Administrative Agent and the Lenders. (d) Execution of this Agreement constitutes a direction by the Participant Lenders that the Administrative Agent act in accordance with its terms. Each Participant Lender agrees that, notwithstanding anything to the contrary in the Credit Agreements, the Administrative Agent shall not be required to act if directed against the Borrower or the Subsidiary Guarantors if such action is contrary pursuant to the terms of this Agreement, the “Forbearance Period”), to forbear temporarily from exercising its rights, solely on account of the Dilution Trigger Event, to declare an Amortization Commencement Date or to terminate Maxtor as Servicer under the Loan Agreement. This agreement to forbear solely on account of the Dilution Trigger Event as provided herein expires at the conclusion of the Forbearance Period and the Agent may, at any time thereafter, exercise any of its rights and remedies with respect to the Dilution Trigger Event to the same extent as if this Agreement did not exist, including without limitation, the right to declare the occurrence of the Amortization Commencement Date, terminate Maxtor as Servicer, and exercise any remedies set forth in the Transaction Documents which are exercisable from and after the Amortization Commencement Date. Notwithstanding the foregoing, the Agent agrees that that it shall also forbear from exercising its rights, solely on account of the Dilution Trigger Event, to declare an Amortization Commencement Date or to terminate Maxtor as Servicer under the Loan Agreement after the conclusion of the Forbearance Period if a Monthly Remittance Report delivered on March 7, 2005 demonstrates that the average of the Dilution-to-Liquidation Ratios for the three Cut-Off Dates immediately preceding March 7, 2005 does not exceed 17.50%. (e) 1.2 The specific agreements to forbear described in Section 1.1 above apply only to the Dilution Trigger Event and not to any other facts or circumstances giving rise to an Early Amortization Event or Servicer Default which may have occurred or may hereafter occur, and nothing in this Agreement shall be deemed to restrict any right or remedy the Agent may have on account of any such other Early Amortization Event or Servicer Default, including the right to declare the occurrence of the Amortization Commencement Date at any time during the Forbearance Period or thereafter on account of any such other Early Amortization Event or to terminate the Servicer during the Forbearance Period or thereafter on account of any such other Servicer Default. The Agent is not hereby waiving the existence of any Early Amortization Event or Servicer Default and is merely agreeing to forbear as provided herein during the Forbearance Period and/or thereafter as expressly set forth above in Section 1.1. Except for the forbearance expressly set forth above in Section 1.1, the Agent expressly reserves each and every right and remedy it has under the Transaction Documents and under applicable law, and nothing in this Agreement shall be deemed to constitute a waiver of any Early Amortization Event or Servicer Default whether now existing or hereafter arising, or, constitute a waiver of, or, except for the forbearance expressly set forth above in Section 1.1, forbearance of, any right or remedy the Agent may have under any of the Transaction Documents or applicable law. 1.3 Each of the Borrower and the Subsidiary Guarantors Servicer expressly acknowledge and agree that the agreement of the Participant Lenders hereunder Agent under Section 1.1 to forbear from exercising their default-related remedies as provided herein is expressly conditioned on compliance by each of the Borrower and the Servicer with respect the covenants, agreements, terms and conditions contained herein and that if the Borrower or the Servicer fails to comply with any such covenants, agreements, terms or conditions for any reason, the Agent shall have the right, by written notice to the Specified Defaults shall not constitute a waiver of such Specified Defaults and other parties hereto, to declare that the Lenders expressly reserve Forbearance Period has terminated upon which declaration this Agreement shall no longer be of any force and effect and the Agent shall be entitled to exercise all rights and remedies that the Administrative Agent and the Lenders now or may in the future have exercise of which are otherwise temporarily postponed under any or all of the Loan Documents and/or applicable law in connection with all Defaults and Events of Default (including without limitation the Specified Defaults)Section 1.1 above.

Appears in 1 contract

Sources: Forbearance Agreement (Maxtor Corp)

Forbearance. (a) Each Holder hereby agrees that during the Forbearance Period it will not (x) take any Remedial Action with respect to the Notes in connection with the Existing Default or the Payment Default or (y) sell, pledge, hypothecate or otherwise transfer any Notes, except to a purchaser or other entity who agrees in writing with the Issuer prior to such transfer to be bound by all of the terms of this Agreement with respect to the relevant Notes being transferred to such purchaser. The Participant Lenders agree that until foregoing limited forbearance shall not be construed to impair the expiration ability of the Holders or the Trustee to take any Remedial Action after the Forbearance Period regardless of whether or not such Remedial Action relates to actions taken or payments received during the Forbearance Period, the Participant Lenders will temporarily forbear (subject to the terms hereof) from the exercise of their default-related remedies under the Credit Agreements, Loan Documents or otherwise, against the Borrower and the Subsidiary Guarantors solely to the extent the availability of such remedies arises exclusively from the Specified Defaults; provided that the Borrower and the Subsidiary Guarantors shall comply during the Forbearance Period for Defaults or Events of Default other than the Existing Default and the Payment Default. (b) Unless earlier terminated in accordance with the terms of this Agreement, the Holders’ forbearance, as provided herein, shall immediately cease without notice on the Forbearance Termination Date, and the Issuer and Guarantors at that time shall be obligated to comply with and perform all provisionsterms, limitations, restrictions or prohibitions that would otherwise be effective or applicable under any conditions and provisions of the Loan Documents during Indenture and the continuance Notes without giving effect to the forbearance set forth herein. (c) The Holders’ forbearance is further expressly subject to and conditioned upon the Issuer and Guarantors’ strict compliance with each and every term and provision of any this Agreement, and, except with respect to the Existing Default or Event and the Payment Default, the Issuer and Guarantors’ strict compliance with each and every term and provision of Default; provided further the Indenture and Notes, except as such terms and provisions are modified by this Agreement. (d) The Holders hereby request that the agreement of the Participant Lenders temporarily to forbear shall Trustee not apply to nor preclude take any remedy available to the Administrative Agent or the Lenders in connection with any proceeding commenced under any bankruptcy or insolvency lawRemedial Action, including without limitation, any action to any relief in respect of adequate protection or relief from any stay imposed under such law. (b) Upon a Termination Event, accelerate the agreement of the Participant Lenders hereunder to forbear from exercising their default-related remedies shall immediately terminate without the requirement of any demand, presentment, protest or notice of any kind, all of which the Borrower and the Subsidiary Guarantors hereby waive. The Borrower and the Subsidiary Guarantors agree that the Administrative Agent and the Lenders may at any time thereafter proceed to exercise any and all of their respective rights and remedies under any or all of the Loan Documents and/or applicable law, including, without limitation, their respective rights and remedies in connection with any or all of the Defaults and Events of Default, including, without limitation, the Specified Defaults. (c) For the avoidance of doubt, nothing herein limits the right of the Administrative Agent or the Lenders, including Notes during the Forbearance Period, to take . In the event that the Trustee takes any action to preserve or exercise rights or remedies against parties other than the Borrower and the Subsidiary Guarantors ("Third Party Rights"). For purposes declare all of the foregoingNotes immediately due and payable pursuant to Section 6.2(a) of the Indenture during the Forbearance Period solely due to the Existing Default or the Payment Default, the Borrower and the Subsidiary Guarantors acknowledge and agree that execution and delivery of this Agreement shall constitute the making of any necessary demand or the giving of any necessary notice for purposes of preserving and/or permitting the exercise of any such Third Party Rights Holders agree, pursuant to Section 6.2(b) of the Administrative Agent Indenture, to promptly rescind and cancel such acceleration; provided, however, that if the Lenders. (d) Execution of this Agreement constitutes a direction Holders rescind and cancel such acceleration by the Participant Lenders that the Administrative Agent act Trustee in accordance with Section 6.2(b) of the Indenture, each Holder shall defer its terms. Each Participant Lender agrees thatright to receive any cure of the Payment Default until such time as set forth in the proposed Restructuring Agreement or otherwise; provided further, notwithstanding anything however, that such rescission and deferral shall be of no further force and effect to the contrary in the Credit Agreements, the Administrative Agent shall not be required to act if directed against the Borrower or the Subsidiary Guarantors if such action is contrary to the terms of this Agreement. (e) The Borrower and the Subsidiary Guarantors acknowledge and agree extent that the agreement of the Participant Lenders hereunder to forbear from exercising their default-related remedies “Forbearance Period” with respect to the Specified Defaults shall not constitute a waiver of such Specified Defaults and that the Lenders expressly reserve all rights and remedies that the Administrative Agent and the Lenders now or may in the future have under any or all either of the Loan Documents and/or applicable law in connection with all Defaults Forbearance Agreements (and Events of Default (including without limitation the Specified Defaults)as defined therein) has ended.

Appears in 1 contract

Sources: Forbearance Agreement (Vertis Inc)

Forbearance. (a) The Participant Lenders In reliance upon the representations, warranties and covenants of the Loan Parties contained in this Forbearance, and subject to the terms and conditions of this Forbearance, the Administrative Agent and the other Secured Parties party hereto agree to forbear during the Forbearance Period from exercising their rights and remedies under the Credit Agreement and the Loan Documents or applicable law or otherwise in respect of or arising out of the Existing Defaults. (b) Unless the Obligations (other than contingent indemnification obligations not yet accrued and payable) have been satisfied in full and the Outstanding Amount of the L/C Obligation related to each outstanding Letter of Credit shall constitute (and be deemed issued as) a Letter of Credit under, and as defined in, that until certain debtor-in-possession credit agreement contemplated in the Interim DIP Order or has been cash collateralized or, if satisfactory to the L/C Issuer in its sole discretion, a backstop letter of credit is in place, upon the expiration or termination of the Forbearance Period, the Participant Lenders will temporarily forbear (subject to the terms hereof) from the exercise of their default-related remedies under the Credit Agreements, Loan Documents or otherwise, against the Borrower and the Subsidiary Guarantors solely to the extent the availability of such remedies arises exclusively from the Specified Defaults; provided that the Borrower and the Subsidiary Guarantors shall comply during the Forbearance Period with all provisions, limitations, restrictions or prohibitions that would otherwise be effective or applicable under any of the Loan Documents during the continuance of any Default or Event of Default; provided further that the agreement of the Participant Lenders temporarily to forbear shall not apply to nor preclude any remedy available to the Administrative Agent or the Lenders in connection with any proceeding commenced under any bankruptcy or insolvency law, including without limitation, to any relief in respect of adequate protection or relief from any stay imposed under such law. (b) Upon a Termination Event, the agreement of the Participant Lenders hereunder to forbear from exercising their default-related remedies shall immediately terminate without the requirement of any demand, presentment, protest or notice of any kind, all of which the Borrower and the Subsidiary Guarantors hereby waive. The Borrower and the Subsidiary Guarantors agree that the Administrative Agent and the Lenders may at any time thereafter proceed to exercise any and all of their respective rights and remedies under any or all of the Loan Documents and/or applicable law, including, without limitation, their respective rights and remedies in connection with any or all of the Defaults and Events of Default, including, without limitation, the Specified Defaults. (c) For the avoidance of doubt, nothing herein limits the right of the Administrative Agent or the Lenders, including during the Forbearance Period, to take any action to preserve or exercise rights or remedies against parties other than the Borrower and the Subsidiary Guarantors ("Third Party Rights"). For purposes of the foregoing, the Borrower and the Subsidiary Guarantors acknowledge and agree that execution and delivery of this Agreement shall constitute the making of any necessary demand or the giving of any necessary notice for purposes of preserving and/or permitting the exercise of any such Third Party Rights of the Administrative Agent and the Lenders. (d) Execution other Secured Parties party hereto to forbear shall automatically and without further action terminate and be of this Agreement constitutes a direction by the Participant Lenders no force and effect, it being expressly agreed that the Administrative Agent act in accordance with its terms. Each Participant Lender agrees that, notwithstanding anything to the contrary in the Credit Agreements, the Administrative Agent shall not be required to act if directed against the Borrower or the Subsidiary Guarantors if such action is contrary to the terms of this Agreement. (e) The Borrower and the Subsidiary Guarantors acknowledge and agree that the agreement of the Participant Lenders hereunder to forbear from exercising their default-related remedies with respect to the Specified Defaults shall not constitute a waiver effect of such Specified Defaults and that the Lenders expressly reserve all rights and remedies that termination will be to permit the Administrative Agent and the Lenders now or may in other Secured Parties party hereto to exercise immediately all rights and remedies under the future have under any or Credit Agreement and the Loan Documents and applicable law, including, but not limited to accelerating all of the Obligations under the Credit Agreement and the Loan Documents and/or applicable law Documents, in connection with all Defaults and Events each case without any further notice to any Loan Party, passage of time or forbearance of any kind. (c) Without limiting the foregoing, the Required Lenders hereby direct the Administrative Agent during the Forbearance Period not to: (i) deliver a notification of a Cash Dominion Event to any Loan Party pursuant to Section 2.05(b)(iii) of the Credit Agreement; (ii) deliver a notification to any Borrower denying any request on the conversion or continuation of any Eurocurrency Rate Loans, EURIBOR Loans or CDOR Loans or the conversion of any Loans in Alternative Currency to Loans denominated in Dollars; (iii) charge Default (including without limitation the Specified Defaults).Rate on any Loans or other Obligations; or

Appears in 1 contract

Sources: Forbearance Agreement (Avaya Inc)

Forbearance. (a) The Participant Lenders agree For purposes of this Agreement, the term “Forbearance Period” shall mean the period commencing on the Forbearance Effective Date (as hereinafter defined) and ending on that until date (the expiration “Forbearance Termination Date”) which is the earliest to occur of the Forbearance Periodfollowing: (1) July 15, 2018; (2) the Participant Lenders will temporarily forbear date on which any Obligor or any of their respective Subsidiaries initiates or has filed against it any bankruptcy, insolvency, assignment, foreclosure or similar proceeding under state, federal or foreign law; (subject 3) the date on which the forbearance of the Term Loan Agent and each Term Loan Lender pursuant to the terms hereof) from the exercise of their default-related remedies under the Credit AgreementsTerm Loan Forbearance Agreement shall terminate, Loan Documents expire or otherwise, against the Borrower and the Subsidiary Guarantors solely otherwise cease to the extent the availability of such remedies arises exclusively from the Specified Defaults; provided that the Borrower and the Subsidiary Guarantors shall comply during the Forbearance Period with all provisions, limitations, restrictions or prohibitions that would otherwise be effective for any reason; (4) the date on which any Obligor breaches or applicable under fails to comply with any of the Loan Documents during terms of this Agreement as determined by the continuance of any Default or Event of Default; provided further that the agreement of the Participant Lenders temporarily to forbear shall not apply to nor preclude any remedy available to the Administrative Agent or the Lenders in connection with any proceeding commenced under any bankruptcy or insolvency law, including without limitation, to any relief in respect of adequate protection or relief from any stay imposed under such law. (b) Upon a Termination Event, the agreement of the Participant Lenders hereunder to forbear from exercising their default-related remedies shall immediately terminate without the requirement of any demand, presentment, protest or notice of any kind, all of which the Borrower and the Subsidiary Guarantors hereby waive. The Borrower and the Subsidiary Guarantors agree that the Administrative Agent and the Lenders may at any time thereafter proceed to exercise any and all of their respective rights and remedies under any or all of the Loan Documents and/or applicable lawLenders, including, without limitation, their respective rights and remedies in connection with (i) the failure by any Obligor to comply with, or all any breach or violation by any Obligor of, any of the agreements or covenants set forth herein, (ii) the failure of any representation or warranty of any Obligor set forth herein to be true and correct in all material respects or (iii) the date on which any Default or Event of Default other than the Specified Defaults and Events occurs; (5) the date on which the Term Loan Agent or any Term Loan Lender takes any action or initiates any action or proceeding to accelerate the obligations (including any Term Loan Obligations) or enforce any of Default, its rights or remedies under the Term Loan Agreement or any other Term Loan Document or any right or remedy with respect to any collateral (including the Term Loan Priority Collateral) in respect of the Term Loan Obligations; or (6) the date on which any person or entity (including the Term Loan Agent or any Term Loan Lender) initiates any action or proceeding (including, without limitation, the Specified Defaults. (cinitiation of any advertisement for foreclosure under a power of sale in any deed of trust, mortgage, deed to secure debt, or similar instrument) For the avoidance of doubt, nothing herein limits the right of the Administrative Agent to foreclose or the Lenders, including during the Forbearance Period, to take otherwise enforce any action to preserve or exercise rights or remedies against parties in connection with any lien, claim of lien, deed to secure debt, mortgage, security agreement or other than the Borrower and the Subsidiary Guarantors encumbrance ("Third Party Rights")including, without limitation, any judgment) on any assets or properties of any Obligor or any of their respective Subsidiaries. For purposes Each of the foregoing, Obligors hereby acknowledges and agrees that the Borrower and the Subsidiary Guarantors acknowledge and agree that execution and delivery of this Agreement shall constitute has not established any course of dealing between the making of any necessary demand or the giving of any necessary notice for purposes of preserving and/or permitting the exercise of any such Third Party Rights of the Administrative Agent and the Lenders. (d) Execution of this Agreement constitutes a direction by the Participant Lenders that the Administrative Agent act in accordance with its terms. Each Participant Lender agrees that, notwithstanding anything to the contrary in the Credit Agreements, the Administrative Agent shall not be required to act if directed against the Borrower or the Subsidiary Guarantors if such action is contrary to the terms of this Agreement. (e) The Borrower and the Subsidiary Guarantors acknowledge and agree that the agreement of the Participant Lenders hereunder to forbear from exercising their default-related remedies with respect to the Specified Defaults shall not constitute a waiver of such Specified Defaults parties hereto and that the Lenders expressly reserve all rights and remedies that parties hereto do not contemplate, and, in entering into this Agreement, the Administrative Agent and the Lenders now or may in the future Obligors have under not relied upon, any or all potential extension of the Loan Documents and/or applicable law in connection with all Defaults and Events of Default (including without limitation the Specified Defaults)Forbearance Period.

Appears in 1 contract

Sources: Forbearance Agreement and First Amendment to Amended and Restated Loan and Security Agreement (Hydrofarm Holdings Group, Inc.)

Forbearance. Effective as of the Forbearance Effective Date (aas defined below), in reliance upon the representations, warranties and covenants of the Obligors contained in this Forbearance Agreement, and without waiving the Specified Defaults or any other default under the Transaction Documents or Event of Default that may now exist or which may occur hereafter, each of the Collateral Agent and the Noteholder agree that, subject to the terms and conditions of this Forbearance Agreement, and in each case solely with respect to the Specified Defaults, (i) The Participant Lenders agree that until the expiration of during the Forbearance Period, the Participant Lenders Noteholder will temporarily forbear (subject not, and will not request or direct the Collateral Agent to, enforce the Noteholder’s right to the terms hereof) from the exercise of their default-related remedies under the Credit Agreements, Loan Documents or otherwise, against the Borrower and the Subsidiary Guarantors solely to the extent the availability of such remedies arises exclusively from immediate redemption as demanded in the Specified Defaults; provided that the Borrower and the Subsidiary Guarantors shall comply during the Forbearance Period with all provisions, limitations, restrictions Default EoD Redemption Notice or prohibitions that would otherwise be effective or applicable under exercise any of the Loan Documents during Collateral Agent’s or the continuance Noteholder’s other rights or remedies (including enforcement and collection actions) under the Transaction Documents, by operation of law or otherwise against the Obligors or any Default or Event of Default; provided further that the agreement of the Participant Lenders temporarily to forbear shall not apply to nor preclude any remedy available to Collateral or other property owned by the Administrative Agent or the Lenders in connection with any proceeding commenced under any bankruptcy or insolvency law, including without limitation, to any relief in respect of adequate protection or relief from any stay imposed under such law. Obligors (b) Upon a Termination Event, the agreement of the Participant Lenders hereunder to forbear from exercising their default-related remedies shall immediately terminate without the requirement of any demand, presentment, protest or notice of any kind, all of which the Borrower and the Subsidiary Guarantors hereby waive. The Borrower and the Subsidiary Guarantors agree that the Administrative Agent and the Lenders may at any time thereafter proceed to exercise any and all of their respective rights and remedies under any or all of the Loan Documents and/or applicable law, including, without limitation, their respective rights via set-off or recoupment), and remedies in connection with (ii) the Noteholder hereby directs the Collateral Agent to abstain from taking any or all of the Defaults actions described in the immediately preceding clause (i) during the Forbearance Period, and Events the Collateral Agent hereby agrees that it will not take any of Defaultthe foregoing actions during the Forbearance Period. The Obligors acknowledge and agree that this Forbearance Agreement is limited to the extent specifically set forth above and no other terms, covenants, provisions, rights or remedies under the Notes (including, without limitation, the Specified Defaults. (c) For for the avoidance of doubt, nothing herein limits the right to Interest, Late Charges and any other amounts in accordance with the terms of the Administrative Agent or the Lenders, including Notes during the Forbearance Period) or any other Transaction Document or at law or in equity are intended to (or shall) be affected hereby, to take all of which remain in full force and effect. Each Obligor acknowledges and agrees that beginning on March 30, 2024 and continuing throughout the Forbearance Period, and thereafter if any action to preserve Specified Defaults or exercise rights any other Event of Default then exists and for so long thereafter as such Specified Defaults or remedies against parties any other than Event of Default is continuing, all outstanding Current Outstanding Obligations and other Obligations shall bear interest at the Borrower and the Subsidiary Guarantors ("Third Party Rights"). For purposes of the foregoing, the Borrower and the Subsidiary Guarantors acknowledge and agree that execution and delivery of this Agreement shall constitute the making of any necessary demand or the giving of any necessary notice for purposes of preserving and/or permitting the exercise of any such Third Party Rights of the Administrative Agent and the Lenders. (d) Execution of this Agreement constitutes a direction by the Participant Lenders that the Administrative Agent act Default Rate in accordance with its terms. Each Participant Lender agrees that, notwithstanding anything to the contrary in the Credit Agreements, the Administrative Agent Notes and any such Interest shall not be required to act if directed against the Borrower or the Subsidiary Guarantors if such action is contrary to the terms of this Agreementaccrue Late Charges. (e) The Borrower and the Subsidiary Guarantors acknowledge and agree that the agreement of the Participant Lenders hereunder to forbear from exercising their default-related remedies with respect to the Specified Defaults shall not constitute a waiver of such Specified Defaults and that the Lenders expressly reserve all rights and remedies that the Administrative Agent and the Lenders now or may in the future have under any or all of the Loan Documents and/or applicable law in connection with all Defaults and Events of Default (including without limitation the Specified Defaults).

Appears in 1 contract

Sources: Forbearance Agreement (Fisker Inc./De)

Forbearance. (a) The Participant In the event that Section 2 hereof does not become effective because the conditions precedent specified in Section 6(b) hereof are not satisfied, then the undersigned Required Lenders agree that from and after the Limited Waiver Effective Date until the expiration last day of the Forbearance Waiver Period, the Participant Lenders will temporarily they shall forbear (subject to the terms hereof) from the exercise of exercising their default-related rights and remedies under the Credit AgreementsAgreement, the other Loan Documents or otherwise, against the Borrower and the Subsidiary Guarantors solely applicable law with respect to the extent the availability of such remedies arises exclusively from the Specified Payment Defaults; provided that the Borrower and the Subsidiary Guarantors shall comply during the Forbearance Period with all provisions, limitations, restrictions or prohibitions that would otherwise be effective or applicable under any of the Loan Documents during the continuance of any Default or Event of Default; provided further that the agreement of the Participant Lenders temporarily to forbear shall not apply to nor preclude any remedy available to the Administrative Agent or the Lenders in connection with any proceeding commenced under any bankruptcy or insolvency law, including without limitation, to any relief in respect of adequate protection or relief from any stay imposed under such law. (b) Upon a Termination Eventtermination of the Waiver Period, the agreement agreements of the Participant undersigned Required Lenders hereunder to forbear from exercising their default-related rights and remedies in respect of the Payment Defaults set forth herein shall immediately terminate automatically terminate, without the requirement of any demandnotice to any Loan Party, presentment, protest or notice of any kind, all of which the Borrower and the Subsidiary Guarantors hereby waive. The Borrower undersigned Required Lenders shall be free in their sole and the Subsidiary Guarantors agree that the Administrative Agent and the Lenders may at any time thereafter absolute discretion to proceed to exercise any and all of their respective rights and remedies under enforce any or all of their rights and remedies set forth in the Credit Agreement, the other Loan Documents and/or and applicable law, including, without limitation, their respective rights and remedies in connection with any or all the right to demand the immediate repayment of the Defaults Advances and Events the right to immediate repayment of Default, including, without limitation, the Specified Defaultsall other Obligations in full. (c) For the avoidance of doubt, nothing herein limits the right In furtherance of the Administrative Agent or foregoing and notwithstanding the Lenders, including during the Forbearance Period, to take any action to preserve or exercise rights or remedies against parties other than the Borrower and the Subsidiary Guarantors ("Third Party Rights"). For purposes occurrence of the foregoingLimited Waiver Effective Date, the Borrower and the Subsidiary Guarantors acknowledge and agree that execution and delivery of this Agreement shall constitute the making of any necessary demand or the giving of any necessary notice for purposes of preserving and/or permitting the exercise of any such Third Party Rights each of the Administrative Agent and the Lenders. (d) Execution of this Agreement constitutes a direction by the Participant Lenders that the Administrative Agent act in accordance with its terms. Each Participant Lender Loan Parties agrees that, notwithstanding anything subject to the contrary in the Credit Agreements, the Administrative Agent shall not be required to act if directed against the Borrower or the Subsidiary Guarantors if such action is contrary to the terms of this Agreement. (e) The Borrower and the Subsidiary Guarantors acknowledge and agree that the agreement of the Participant undersigned Required Lenders hereunder to forbear from exercising certain of their default-related rights and remedies with respect as and to the Specified Defaults shall not constitute a waiver of such Specified Defaults and that the Lenders extent expressly reserve set forth in this Limited Waiver, all rights and remedies that the Administrative Agent and of the Lenders now or may in the future have under any or all of the Loan Documents and/or or applicable law in connection with all Defaults respect to such Loan Party shall continue to be available to the Lenders from and Events of Default (including without limitation after the Specified Defaults)Limited Waiver Effective Date.

Appears in 1 contract

Sources: Limited Waiver (TLC Vision Corp)

Forbearance. (a) The Participant Lenders agree that until a. On the expiration of the Forbearance Period, the Participant Lenders will temporarily forbear (terms and subject to the terms hereof) conditions set forth in this Forbearance Agreement, the Administrative Agent and the Lenders agree to forbear from the exercise of their default-related remedies taking any action or exercising any right or remedy at law or in equity permitted to be taken or exercised by them under the Credit Agreements, Agreement or the other Loan Documents or otherwise, against the Borrower and the Subsidiary Guarantors solely under applicable law with respect to the extent the availability Existing Events of such remedies arises exclusively from the Specified Defaults; provided that the Borrower and the Subsidiary Guarantors shall comply Default during the period (the “Forbearance Period with all provisionsPeriod”) beginning on the Effective Date (as hereinafter defined) and ending on the Maturity Date; provided, limitationshowever, restrictions or prohibitions that would otherwise be effective or applicable under such forbearance shall extend only to the Existing Events of Default and not to any of the Loan Documents during the continuance of any other Default or Event of Default; provided further that Default now existing or occurring after the agreement of the Participant Lenders temporarily to forbear Effective Date and shall not apply to nor preclude in any remedy available to way or manner restrict the Administrative Agent or the Lenders in connection from exercising any rights or remedies they may have with any proceeding commenced under any bankruptcy respect to the Existing Events of Default from and after the expiration or insolvency law, including without limitation, termination of the Forbearance Period or with respect to any relief in respect other Default or Event of adequate protection or relief from Default at any stay imposed under such law. (b) Upon a Termination Eventtime. The Forbearance Period shall automatically terminate and expire on the Maturity Date without any requirement for notice to the Borrowers, the agreement Borrower Representative or any other Loan Party or any other Person and all rights, remedies and privileges of the Participant Lenders hereunder to forbear from exercising their default-related remedies shall immediately terminate without the requirement of any demand, presentment, protest or notice of any kind, all of which the Borrower and the Subsidiary Guarantors hereby waive. The Borrower and the Subsidiary Guarantors agree that the Administrative Agent and the Lenders may at any time thereafter proceed to exercise any under the Credit Agreement and all of their respective rights and remedies under any or all of the other Loan Documents and/or applicable lawshall be available to, includingand capable of exercise by, without limitation, their respective rights and remedies in connection with any or all of the Defaults and Events of Default, including, without limitation, the Specified Defaults. (c) For the avoidance of doubt, nothing herein limits the right of the Administrative Agent or the Lenders, including during the Forbearance Period, to take any action to preserve or exercise rights or remedies against parties other than the Borrower and the Subsidiary Guarantors ("Third Party Rights"). For purposes of the foregoing, the Borrower and the Subsidiary Guarantors acknowledge and agree that execution and delivery of this Agreement shall constitute the making of any necessary demand or the giving of any necessary notice for purposes of preserving and/or permitting the exercise of any such Third Party Rights of the Administrative Agent and the Lenders. (d) Execution of this Agreement constitutes a direction by the Participant Lenders that the Administrative Agent act in accordance with its terms. Each Participant Lender agrees that, notwithstanding b. Notwithstanding anything to the contrary set forth in the Credit AgreementsAgreement or any other Loan Document, the Administrative Agent shall not be required to act if directed against the Borrower or the Subsidiary Guarantors if such action is contrary to the terms of this Agreement. (e) The Borrower and the Subsidiary Guarantors acknowledge and agree that the agreement of the Participant Lenders hereunder to forbear from exercising their default-related remedies with respect to the Specified Defaults shall not constitute a waiver of such Specified Defaults and that the Lenders expressly reserve all rights and remedies that Loan Parties, the Administrative Agent and the Lenders now agree that from and after the date hereof, upon the occurrence and during the continuance of a Default or may Event of Default that, in each case, is not an Existing Event of Default, no Lender shall have any obligation to make Revolving Loans pursuant to the future have under any or all Credit Agreement. c. The Administrative Agent and the Lenders agree that, notwithstanding the occurrence and continuance of the Loan Documents and/or applicable law in connection with all Defaults and Existing Events of Default (including without limitation and the Specified Defaults)provisions of Section 2.13(d) of the Credit Agreement, during the Forbearance Period, interest shall accrue on the Loans and any other amounts outstanding under the Credit Agreement at the non-default rate set forth in the Credit Agreement. d. Notwithstanding any other term or provision of the Credit Agreement to the contrary, beginning on the Effective Date and each month thereafter during the Forbearance Period, interest on all Loans shall be payable in arrears on the last Business Day of each month.

Appears in 1 contract

Sources: Credit Agreement (Coolbrands International Inc)

Forbearance. During the period commencing on the date hereof and ending on the termination of this Plan Support Agreement in accordance with its terms, each Consenting Noteholder hereby agrees it will not enforce, or otherwise take any action to direct enforcement of, any of the rights and remedies available to the Consenting Noteholders (aor any registered holder of Unsecured Notes) or the trustee under the Unsecured Note Indentures or the Unsecured Notes or otherwise, including, without limitation, any action to accelerate, or join in any request for acceleration of, the Unsecured Notes (“Remedial Action”) under the Unsecured Note Indentures or the Unsecured Notes with respect to any defaults or events of default set forth on Schedule A hereto. The Participant Lenders Consenting Noteholders hereby request that during the Plan Support Period any applicable administrative agent or indenture trustee not take, and direct such administrative agent or indenture trustee not to take, any Remedial Action with respect to any defaults or events of default set forth on Schedule A hereto, and shall, upon request of the Memorial Parties, provide such further direction to any administrative agent or indenture trustee as may be necessary to effectuate the intent of the foregoing. The Consenting Noteholders further agree that until if any applicable administrative agent or indenture trustee takes any action inconsistent with such Consenting Noteholder’s obligations under this Plan Support Agreement, such Consenting Noteholder shall use its commercially reasonable efforts to require such administrative agent or indenture trustee to cease and refrain from taking any such action (including, by written notice to the expiration indenture trustee, rescinding and canceling such acceleration to the fullest extent permitted under the Unsecured Note Indentures). The foregoing forbearance shall not be construed to impair the ability of the Forbearance Consenting Noteholders or the indenture trustee to exercise any rights or remedies under the Unsecured Note Indentures or take any Remedial Action (x) at any time after the Plan Support Period or (y) during the Plan Support Period, for defaults or events of default other than the Participant Lenders will temporarily forbear (subject to the terms hereof) from defaults or events of default set forth on Schedule A hereto, and, except as provided herein, nothing shall restrict, impair, or otherwise affect the exercise of their default-related remedies the Consenting Noteholders’ or the indenture trustee’s rights under this Plan Support Agreement, the Credit Agreements, Loan Documents Unsecured Note Indentures or otherwise, against the Borrower and the Subsidiary Guarantors solely Unsecured Notes. With respect to the extent the availability of such remedies arises exclusively from the Specified Defaults; foregoing forbearance, each Consenting Noteholder’s agreements, as provided that the Borrower and the Subsidiary Guarantors shall comply during the Forbearance Period with all provisionsherein, limitations, restrictions or prohibitions that would otherwise be effective or applicable under any of the Loan Documents during the continuance of any Default or Event of Default; provided further that the agreement of the Participant Lenders temporarily to forbear shall not apply to nor preclude any remedy available to the Administrative Agent or the Lenders in connection with any proceeding commenced under any bankruptcy or insolvency law, including without limitation, to any relief in respect of adequate protection or relief from any stay imposed under such law. (b) Upon a Termination Event, the agreement of the Participant Lenders hereunder to forbear from exercising their default-related remedies shall immediately terminate without the requirement for any notice, demand, or presentment of any demandkind after the Plan Support Period, presentment, protest or notice of any kind, all of which the Borrower and the Subsidiary Guarantors hereby waive. The Borrower Memorial Parties at that time shall be obligated to comply with and perform all terms, conditions, and provisions of the Unsecured Note Indentures and the Subsidiary Guarantors agree that Unsecured Notes without giving effect to the Administrative Agent forbearance, and the Lenders indenture trustee and the Consenting Noteholders may at any time thereafter proceed to exercise any and all of their respective rights and remedies under any or all of the Loan Documents and/or applicable lawremedies, including, without limitation, their respective rights and remedies in connection with any defaults or all events of default under the Defaults and Events of DefaultUnsecured Note Indentures or rights under this Plan Support Agreement, including, without limitation, to the Specified Defaults. (c) extent continuing. For the avoidance of doubt, nothing herein limits the right of the Administrative Agent or the Lenders, including during the Forbearance Period, to take any action to preserve or exercise rights or remedies against parties other than the Borrower and the Subsidiary Guarantors ("Third Party Rights"). For purposes of the foregoing, the Borrower and the Subsidiary Guarantors acknowledge and agree that execution and delivery of forbearance set forth in this Agreement shall constitute the making of any necessary demand or the giving of any necessary notice for purposes of preserving and/or permitting the exercise of any such Third Party Rights of the Administrative Agent and the Lenders. (dSection 4(e) Execution of this Agreement constitutes a direction by the Participant Lenders that the Administrative Agent act in accordance with its terms. Each Participant Lender agrees that, notwithstanding anything to the contrary in the Credit Agreements, the Administrative Agent shall not be required to act if directed against the Borrower by implication or the Subsidiary Guarantors if such action is contrary to the terms of this Agreement. (e) The Borrower and the Subsidiary Guarantors acknowledge and agree that the agreement of the Participant Lenders hereunder to forbear from exercising their default-related remedies with respect to the Specified Defaults shall not otherwise limit, impair, constitute a waiver of such Specified Defaults and that or otherwise affect the Lenders expressly reserve all rights and remedies that of the Administrative Agent Consenting Noteholders or the trustee under the Unsecured Note Indentures or Unsecured Notes and shall not, except as expressly set forth herein, alter, modify, amend, or in any way affect any of the Lenders now terms, conditions, obligations, covenants, or may agreements contained in the future have under Unsecured Note Indentures or the Unsecured Notes or any other provision of the Unsecured Note Indentures or the Unsecured Notes, all of which are ratified and affirmed in all respects and shall continue in full force and effect. The forbearance set forth in this Section 4(e) shall not bar any Consenting Noteholder from filing a proof of claim or taking action to establish the Loan Documents and/or applicable law in connection with amount of its Claim. If the transactions contemplated hereby are not consummated or if this Plan Support Agreement is terminated for any reason, the Parties fully reserve any and all Defaults and Events of Default (including without limitation the Specified Defaults)their rights.

Appears in 1 contract

Sources: Plan Support Agreement (Memorial Production Partners LP)

Forbearance. Bank agrees to forebear until March 31, 2005 (the “Forbearance Period”) from exercising its rights and remedies under the Existing Loan Documents and under applicable law (“Default Rights”), notwithstanding Borrower’s existing default under the Loan Agreement as a result of Borrower’s failure to maintain the minimum Adjusted Tangible Net Worth required by Section 5 of the Schedule to the Loan Agreement (the foregoing being referred to as the “Existing Default”). The Existing Loan Documents, as modified by this Agreement are hereinafter collectively called the “Loan Documents”). By signing below, Borrower acknowledges that it is currently in default and as a result of such default, Bank is entitled to exercise the Default Remedies. Nothing in this Agreement in any way shall constitute Bank’s waiver of Borrower’s Existing Default. Borrower further agrees that the exercise of any Default Rights by Bank upon termination of the Forbearance Period shall not be affected by reason of this Agreement, and the Borrower shall not assert as a defense thereto the passage of time, estoppel, laches or any statute of limitations to the extent that the exercise of any Default Rights was precluded by this Agreement. The Forbearance Period shall be immediately terminated, without notice, if (a) The Participant Lenders agree that Borrower breaches of any of the terms set forth in this Agreement, (b) the occurrence of any default (other than the Existing Default) under the Existing Loan Documents, or (c) if any recital, representation or warranty made herein, in any document executed and delivered in connection herewith, or in any report, certificate, financial statement or other instrument or document previously, now or hereafter furnished by or on behalf of the Borrower in connection with this Agreement or any other document executed and delivered in connection with this Agreement, shall prove to have been false, incomplete or misleading in any material respect on the date as of which it was made (collectively, a “Default”), whereupon Bank, at its option, without any notice to Borrower, may immediately cease making any Loans and may immediately exercise any Default Remedies. Upon termination of the Forbearance Period described above, without any notice to Borrower, Bank may exercise any remedies available to Bank under the Loan Documents and under applicable law. In addition, Bank’s agreement to continue to forbear from enforcing its remedies under the Existing Loan Documents until the expiration end of the Forbearance Period, the Participant Lenders will temporarily forbear (subject to the terms hereof) from the exercise of their default-related remedies notwithstanding Borrower’s Existing Default under the Credit AgreementsExisting Loan Documents, Loan Documents or otherwise, against the Borrower and the Subsidiary Guarantors solely (a) in no way shall be deemed an agreement by Bank to the extent the availability of such remedies arises exclusively from the Specified Defaults; provided that the Borrower and the Subsidiary Guarantors shall comply during the Forbearance Period waive Borrower’s compliance with all provisions, limitations, restrictions or prohibitions that would otherwise be effective or applicable under any other terms of the Existing Loan Documents during the continuance of any Default or Event of Default; provided further that the agreement of the Participant Lenders temporarily to forbear shall not apply to nor preclude any remedy available to the Administrative Agent or the Lenders in connection with any proceeding commenced under any bankruptcy or insolvency lawDocuments, including without limitation, to any relief in respect of adequate protection or relief from any stay imposed under such law. as modified by this Agreement and (b) Upon a Termination Event, the agreement shall not limit or impair Bank’s right to demand strict performance of the Participant Lenders hereunder to forbear from exercising their default-related remedies shall immediately terminate without the requirement all other terms and covenants as of any demand, presentment, protest or notice of any kind, all of which the Borrower and the Subsidiary Guarantors hereby waive. The Borrower and the Subsidiary Guarantors agree that the Administrative Agent and the Lenders may at any time thereafter proceed to exercise any and all of their respective rights and remedies under any or all of the Loan Documents and/or applicable law, including, without limitation, their respective rights and remedies in connection with any or all of the Defaults and Events of Default, including, without limitation, the Specified Defaultsdate. (c) For the avoidance of doubt, nothing herein limits the right of the Administrative Agent or the Lenders, including during the Forbearance Period, to take any action to preserve or exercise rights or remedies against parties other than the Borrower and the Subsidiary Guarantors ("Third Party Rights"). For purposes of the foregoing, the Borrower and the Subsidiary Guarantors acknowledge and agree that execution and delivery of this Agreement shall constitute the making of any necessary demand or the giving of any necessary notice for purposes of preserving and/or permitting the exercise of any such Third Party Rights of the Administrative Agent and the Lenders. (d) Execution of this Agreement constitutes a direction by the Participant Lenders that the Administrative Agent act in accordance with its terms. Each Participant Lender agrees that, notwithstanding anything to the contrary in the Credit Agreements, the Administrative Agent shall not be required to act if directed against the Borrower or the Subsidiary Guarantors if such action is contrary to the terms of this Agreement. (e) The Borrower and the Subsidiary Guarantors acknowledge and agree that the agreement of the Participant Lenders hereunder to forbear from exercising their default-related remedies with respect to the Specified Defaults shall not constitute a waiver of such Specified Defaults and that the Lenders expressly reserve all rights and remedies that the Administrative Agent and the Lenders now or may in the future have under any or all of the Loan Documents and/or applicable law in connection with all Defaults and Events of Default (including without limitation the Specified Defaults).

Appears in 1 contract

Sources: Loan Modification and Forbearance Agreement (Comdial Corp)

Forbearance. (a) The Participant Administrative Agent, the Lenders and the Borrower hereby acknowledge the existence, as of the date hereof, of the Existing Events of Default, and hereby acknowledge the future occurrence, on the dates described on Schedule I hereto, of the Anticipatory Events of Default. Subject to the satisfaction of the conditions set forth in Section 3 hereof and so long as no Event of Default (other than the Forbearance Events of Default) shall have occurred and be continuing under the Credit Agreement, the Administrative Agent and the Lenders hereby agree that to forbear, until the expiration of the Forbearance Period, the Participant Lenders will temporarily forbear (subject from commencing any lawsuit or taking any action to the terms hereof) from the exercise enforce any of their default-related respective and remedies under the Credit Agreements, Loan Documents (including, without limitation, disposing of or otherwise, against collecting upon any Collateral granted to secure payment under the Borrower and the Subsidiary Guarantors solely to the extent the availability of such remedies arises exclusively from the Specified Defaults; provided that the Borrower and the Subsidiary Guarantors shall comply during Loan Documents) in connection with the Forbearance Period with all provisions, limitations, restrictions or prohibitions that would otherwise be effective or applicable under any of the Loan Documents during the continuance of any Default or Event Events of Default; provided further PROVIDED, HOWEVER, that such forbearance shall extend only to the agreement foregoing specific Forbearance Events of Default and not to any other Defaults or Events of Default now existing or occurring after the Participant Lenders temporarily to forbear Amendment No. 3 Effective Date and shall not apply to nor preclude in any remedy available to way or manner restrict the Administrative Agent or the Lenders in connection with from exercising any proceeding commenced under any bankruptcy rights or insolvency law, including without limitation, to any relief in respect remedies they may have after the expiration or termination of adequate protection or relief from any stay imposed under such lawthe Forbearance Period. (b) Upon a Termination Event, the agreement of the Participant Lenders hereunder to forbear from exercising their default-related remedies shall immediately terminate without the requirement of any demand, presentment, protest or notice of any kind, all of which the Borrower and the Subsidiary Guarantors hereby waive. The Borrower and the Subsidiary Guarantors agree that the Administrative Agent and the Lenders may at any time thereafter proceed to exercise any and all of their respective rights and remedies under any or all of the Loan Documents and/or applicable law, including, without limitation, their respective rights and remedies in connection with any or all of the Defaults and Events of Default, including, without limitation, the Specified Defaults. (c) For the avoidance of doubt, nothing herein limits the right of the Administrative Agent or the Lenders, including hereby agree that during the Forbearance Period, to take any action to preserve or exercise rights or remedies against parties other than the Borrower provisions of Section 3.1(b) of the Credit Agreement shall not apply and the Subsidiary Guarantors ("Third Party Rights"). For purposes default rate of the foregoing, the Borrower interest described in such section shall not accrue and the Subsidiary Guarantors acknowledge and agree that execution and delivery of this Agreement shall constitute the making of any necessary demand or the giving of any necessary notice for purposes of preserving and/or permitting the exercise of any such Third Party Rights of the Administrative Agent and the Lenders. (d) Execution of this Agreement constitutes a direction by the Participant Lenders that the Administrative Agent act in accordance with its terms. Each Participant Lender agrees that, notwithstanding anything to the contrary in the Credit Agreements, the Administrative Agent shall not be required deemed to act if directed against have accrued, at any time prior to or during the Borrower Forbearance Period (although interest shall continue to accrue at the rates otherwise applicable) as to any amounts payable or outstanding under the Subsidiary Guarantors if such action is contrary Credit Agreement; PROVIDED, that during the Forbearance Period all Revolving Loans shall be maintained as ABR Advances and may not be converted to the terms of this AgreementEurodollar Advances. (e) The Borrower and the Subsidiary Guarantors acknowledge and agree that the agreement of the Participant Lenders hereunder to forbear from exercising their default-related remedies with respect to the Specified Defaults shall not constitute a waiver of such Specified Defaults and that the Lenders expressly reserve all rights and remedies that the Administrative Agent and the Lenders now or may in the future have under any or all of the Loan Documents and/or applicable law in connection with all Defaults and Events of Default (including without limitation the Specified Defaults).

Appears in 1 contract

Sources: Revolving Credit Agreement (Robotic Vision Systems Inc)

Forbearance. From and after the Effective Date (aas defined below) The Participant Lenders agree and through the earlier of: (i) 6:30 p.m. Eastern Daylight Time on the first business day that until is fifteen (15) calendar days after the expiration Effective Date, and (ii) the occurrence and continuance of a Triggering Event (as defined herein) (the “Forbearance Period”), each of the Participating Counterparties shall and hereby agrees to forbear from exercising any of its rights or remedies, as applicable, under its respective Applicable Agreements in respect of the Acknowledged Events of Default; provided that, without limiting and subject to the foregoing, each Participating Counterparty shall be permitted during the Forbearance Period to request, demand, or provide notice of margin, collateral or payments under the Applicable Agreements or other applicable law; provided further that nothing contained herein will prevent a Participating Counterparty from exercising any such rights or remedies that are required by FINRA Rule 4210 as long as the applicable Participating Counterparty has exercised good faith efforts to obtain a waiver of, an extension pursuant to, or to otherwise excuse compliance with, FINRA Rule 4210. Except as expressly set forth in this Agreement, nothing contained in this Agreement shall be deemed to constitute a waiver of any Acknowledged Event of Default or any other default, event of default or termination event under any of the Applicable Agreements or an amendment, supplement or modification of any term or condition of any of the Applicable Agreements. Upon the termination of the Forbearance Period, the Participant Lenders will temporarily forbear (subject to the terms hereof) from the exercise of their default-related remedies under the Credit Agreements, Loan Documents or otherwise, against the Borrower and the Subsidiary Guarantors solely to the extent the availability of such remedies arises exclusively from the Specified Defaults; provided that the Borrower and the Subsidiary Guarantors shall comply during the Forbearance Period with all provisions, limitations, restrictions or prohibitions that would otherwise be effective or applicable under any of the Loan Documents during the continuance of any Default or Event of Default; provided further that the agreement of the Participant Lenders temporarily Participating Counterparties to forbear as set forth in this Section 1 shall not apply to nor preclude any remedy available to the Administrative Agent or the Lenders in connection with any proceeding commenced under any bankruptcy or insolvency law, including without limitation, to any relief in respect of adequate protection or relief from any stay imposed under such law. (b) Upon a Termination Event, the agreement of the Participant Lenders hereunder to forbear from exercising their default-related remedies shall be void ab initio and immediately terminate without the requirement of any demand, presentment, protest protest, or notice of any kindkind (including any written notice of such termination or any obligation to provide notice of any default, event of default, termination event or exercise of remedies that may be required under such Applicable Agreement), all of which are hereby waived by the Borrower and the Subsidiary Guarantors hereby waiveCompanies. The Borrower Companies hereby acknowledge and agree that, upon the Subsidiary Guarantors agree termination of the Forbearance Period, the Participating Counterparties that the Administrative Agent and the Lenders are party hereto may at any time, and from time thereafter proceed to time, in their sole and absolute discretion, with respect to the Acknowledged Events of Default or any other default or event of default that may have occurred under the Applicable Agreements, exercise against any applicable Seller Entity (and its properties) any and all of their respective rights rights, remedies, powers and remedies privileges under any or all of the Loan Documents and/or applicable law, including, without limitation, their respective rights and remedies in connection with any or all of the Defaults and Events of Default, including, without limitation, the Specified Defaults. (c) For the avoidance of doubt, nothing herein limits the right of the Administrative Agent or the Lenders, including during the Forbearance Period, to take any action to preserve or exercise rights or remedies against parties other than the Borrower and the Subsidiary Guarantors ("Third Party Rights"). For purposes of the foregoing, the Borrower and the Subsidiary Guarantors acknowledge and agree that execution and delivery of this Agreement shall constitute the making of any necessary demand or the giving of any necessary notice for purposes of preserving and/or permitting the exercise of any such Third Party Rights of the Administrative Agent and the Lenders. (d) Execution of this Agreement constitutes a direction by the Participant Lenders that the Administrative Agent act in accordance with its terms. Each Participant Lender agrees that, notwithstanding anything to the contrary in the Credit such Applicable Agreements, the Administrative Agent shall not be required to act if directed against the Borrower or the Subsidiary Guarantors if such action is contrary to the terms applicable law and/or equity, all of this Agreement. (e) The Borrower which rights, remedies, powers and the Subsidiary Guarantors acknowledge and agree that the agreement privileges are fully reserved by each of the Participant Lenders hereunder Participating Counterparties, and without regard to forbear from exercising their default-related remedies with respect to the Specified Defaults shall not constitute a waiver of any grace or notice periods provided under such Specified Defaults and that the Lenders expressly reserve all rights and remedies that the Administrative Agent and the Lenders now or may in the future have under any or Applicable Agreements, all of the Loan Documents and/or applicable law in connection with all Defaults and Events of Default (including without limitation the Specified Defaults)which shall be deemed to have expired.

Appears in 1 contract

Sources: Forbearance Agreement (Mfa Financial, Inc.)

Forbearance. Subject to, and effective as of, the Forbearance Effective Date: (a) The Participant Lenders agree Each Holder Counterparty hereby agrees that until the expiration of the Forbearance Period, the Participant Lenders will temporarily forbear (subject to the terms hereof) from the exercise of their default-related remedies under the Credit Agreements, Loan Documents or otherwise, against the Borrower and the Subsidiary Guarantors solely to the extent the availability of such remedies arises exclusively from the Specified Defaults; provided that the Borrower and the Subsidiary Guarantors shall comply during the Forbearance Period with all provisions, limitations, restrictions or prohibitions that would otherwise be effective or applicable under it will (i) not take any of the Loan Documents during the continuance of any Default or Event of Default; provided further that the agreement of the Participant Lenders temporarily to forbear shall not apply to nor preclude any remedy available to the Administrative Agent or the Lenders Remedial Action in connection with the Anticipated Defaults and (ii) direct the Trustee not to take any proceeding commenced under any bankruptcy or insolvency lawRemedial Action in connection with the Anticipated Default, including without limitation, and the Trustee has agreed to any relief act in respect of adequate protection or relief from any stay imposed under accordance with such lawdirection. (b) Upon a Termination EventUnless earlier terminated in accordance with the terms of this Agreement, the agreement Counterparties’ forbearance, as provided herein, shall immediately cease without requirement for any notice, demand or presentment of any kind on the Forbearance Termination Date, and the Company at that time shall be obligated to comply with and perform all terms, conditions and provisions of the Participant Lenders hereunder Indenture without giving effect to forbear from exercising their default-related remedies shall immediately terminate without the requirement of any demandforbearance set forth herein, presentment, protest or notice of any kind, all of which the Borrower and the Subsidiary Guarantors hereby waive. The Borrower and the Subsidiary Guarantors agree that the Administrative Agent and the Lenders Counterparties may at any time thereafter proceed to exercise any and all of their respective applicable rights and remedies under any or all of the Loan Documents and/or applicable lawremedies, including, including without limitation, their respective any applicable rights and remedies in connection with any or all of the Anticipated Defaults and any other defaults or Events of Default, including, without limitation, Default under the Specified DefaultsIndenture or rights under this Agreement. (c) For The Counterparties’ forbearance is further expressly subject to and conditioned upon the avoidance of doubt, nothing herein limits the right of the Administrative Agent or the Lenders, including during the Forbearance Period, to take any action to preserve or exercise rights or remedies against parties other than the Borrower Company’s compliance with each and the Subsidiary Guarantors ("Third Party Rights"). For purposes of the foregoing, the Borrower every term and the Subsidiary Guarantors acknowledge and agree that execution and delivery of this Agreement shall constitute the making of any necessary demand or the giving of any necessary notice for purposes of preserving and/or permitting the exercise of any such Third Party Rights of the Administrative Agent and the Lenders. (d) Execution of this Agreement constitutes a direction by the Participant Lenders that the Administrative Agent act in accordance with its terms. Each Participant Lender agrees that, notwithstanding anything to the contrary in the Credit Agreements, the Administrative Agent shall not be required to act if directed against the Borrower or the Subsidiary Guarantors if such action is contrary to the terms provision of this Agreement. (ed) The Borrower Trustee and Counterparties have not waived, are not by this Agreement waiving, and have no intention of waiving, any Events of Default which may be continuing on the Subsidiary Guarantors acknowledge date hereof or any Events of Default which may occur after the date hereof (whether such Events of Default are the same or similar to the Anticipated Defaults or otherwise), and agree that the agreement of the Participant Lenders hereunder Trustee and Counterparties have not agreed to forbear from exercising with respect to any of their default-related rights or remedies concerning any Events of Default (other than, during the Forbearance Period, the Anticipated Defaults to the extent expressly set forth herein) occurring at any time. Subject to the rest of this section 2 (solely with respect to the Specified Defaults shall not constitute a waiver of such Specified Defaults Anticipated Defaults), Trustee and that Counterparties reserve the Lenders expressly reserve all rights and remedies that the Administrative Agent and the Lenders now or may right, in the future have under their discretion, to exercise any or all of their rights and remedies under the Loan Documents and/or applicable law in connection with all Defaults Indenture and the Notes as a result of any other Events of Default (including without limitation the Specified Defaults)occurring at any time. Trustee and Counterparties have not waived any of such rights or remedies, and nothing in this Agreement, and no delay on their part in exercising any such rights or remedies, may or will be construed as a waiver of any such rights or remedies.

Appears in 1 contract

Sources: Forbearance Agreement (Accelerate Diagnostics, Inc)

Forbearance. (a) Lender agrees to forebear until July 31, 2004 (the "Forbearance Period") from exercising its rights and remedies under the Existing Loan Documents and under applicable law ("Default Rights"), notwithstanding the Anticipated Default. (b) By signing below, Borrower acknowledges that it is currently in default and as a result of the Defaults will be in default as result of the Anticipated Defaults and accordingly Lender is entitled to exercise the Default Remedies. Nothing in this Agreement in any way shall constitute Lender's waiver of the Anticipated Default. Borrower further agrees that the exercise of any Default Rights by Lender upon termination of the Forbearance Period shall not be affected by reason of this Agreement, and the Borrower shall not assert as a defense thereto the passage of time, estoppel, laches or any statute of limitations to the extent that the exercise of any Default Rights was precluded by this Agreement. (c) The Participant Lenders agree that Forbearance Period shall be immediately terminated, without notice, if (a) Borrower breaches any of the terms set forth in this Agreement, (b) the occurrence of any default (other than the Defaults and the Anticipated Default) under the Existing Loan Documents, or (c) if any recital, representation or warranty made herein, in any document executed and delivered in connection herewith, or in any report, certificate, financial statement or other instrument or document previously, now or hereafter furnished by or on behalf of the Borrower in connection with this Agreement or any other document executed and delivered in connection with this Agreement, shall prove to have been false, incomplete or misleading in any material respect on the date as of which it was made (collectively, a "Default"), whereupon Lender, at its option, without any notice to Borrower, may immediately exercise any Default Remedies. (d) Upon termination of the Forbearance Period described above, without any notice to Borrower, Lender may exercise the Default Remedies. In addition, Lender's agreement to continue to forbear from enforcing its remedies under the Existing Loan Documents until the expiration end of the Forbearance Period, the Participant Lenders will temporarily forbear (subject to the terms hereof) from the exercise of their default-related remedies notwithstanding Borrower's Anticipated Default under the Credit AgreementsExisting Loan Documents, Loan Documents or otherwise, against the Borrower and the Subsidiary Guarantors solely (a) in no way shall be deemed an agreement by Lender to the extent the availability of such remedies arises exclusively from the Specified Defaults; provided that the Borrower and the Subsidiary Guarantors shall comply during the Forbearance Period waive Borrower's compliance with all provisions, limitations, restrictions or prohibitions that would otherwise be effective or applicable under any other terms of the Existing Loan Documents during the continuance of any Default or Event of Default; provided further that the agreement of the Participant Lenders temporarily to forbear shall not apply to nor preclude any remedy available to the Administrative Agent or the Lenders in connection with any proceeding commenced under any bankruptcy or insolvency lawDocuments, including without limitation, to any relief in respect of adequate protection or relief from any stay imposed under such law. as modified by this Agreement and (b) Upon a Termination Event, the agreement shall not limit or impair Lender's right to demand strict performance of the Participant Lenders hereunder to forbear from exercising their default-related remedies shall immediately terminate without the requirement all other terms and covenants as of any demand, presentment, protest or notice of any kind, all of which the Borrower and the Subsidiary Guarantors hereby waive. The Borrower and the Subsidiary Guarantors agree that the Administrative Agent and the Lenders may at any time thereafter proceed to exercise any and all of their respective rights and remedies under any or all of the Loan Documents and/or applicable law, including, without limitation, their respective rights and remedies in connection with any or all of the Defaults and Events of Default, including, without limitation, the Specified Defaultsdate. (c) For the avoidance of doubt, nothing herein limits the right of the Administrative Agent or the Lenders, including during the Forbearance Period, to take any action to preserve or exercise rights or remedies against parties other than the Borrower and the Subsidiary Guarantors ("Third Party Rights"). For purposes of the foregoing, the Borrower and the Subsidiary Guarantors acknowledge and agree that execution and delivery of this Agreement shall constitute the making of any necessary demand or the giving of any necessary notice for purposes of preserving and/or permitting the exercise of any such Third Party Rights of the Administrative Agent and the Lenders. (d) Execution of this Agreement constitutes a direction by the Participant Lenders that the Administrative Agent act in accordance with its terms. Each Participant Lender agrees that, notwithstanding anything to the contrary in the Credit Agreements, the Administrative Agent shall not be required to act if directed against the Borrower or the Subsidiary Guarantors if such action is contrary to the terms of this Agreement. (e) The Borrower and the Subsidiary Guarantors acknowledge and agree that the agreement of the Participant Lenders hereunder to forbear from exercising their default-related remedies with respect to the Specified Defaults shall not constitute a waiver of such Specified Defaults and that the Lenders expressly reserve all rights and remedies that the Administrative Agent and the Lenders now or may in the future have under any or all of the Loan Documents and/or applicable law in connection with all Defaults and Events of Default (including without limitation the Specified Defaults).

Appears in 1 contract

Sources: Loan Modification Agreement (Daleen Technologies Inc)

Forbearance. (a) The Participant Lenders Notwithstanding the Forbearance Defaults, and subject to the provisions of this Agreement, the Lender Parties agree that that, until the expiration or earlier termination of the Forbearance Period (as defined below), the Lender Parties will forbear from exercising their rights and remedies under the Loan Documents and/or applicable law solely with respect to the Forbearance Defaults; provided, however, that nothing herein shall restrict, impair or otherwise affect the exercise of the Lender Parties’ rights under this Agreement; and provided, further, that no such forbearance shall constitute a waiver with respect to the Forbearance Defaults (other than as set forth in the following sentence) and during the Forbearance Period, to the extent permitted by the Loan Documents, Lender shall be entitled to cure Mortgage Loan Events of Default and make any protective advances (except to the extent that Mortgage Lender is forbearing from taking action with respect to such Forbearance Defaults pursuant to a forbearance agreement acceptable to Lender). Notwithstanding anything to the contrary contained herein, if, on or prior to the expiration (but not earlier termination) of the Forbearance Period, the Participant Lenders will temporarily forbear (subject Borrower Parties have satisfied the conditions to the terms hereof) from the exercise of their default-related remedies under the Credit Agreements, Loan Documents or otherwise, against the Borrower such forbearance set forth in Section 4 below and the Subsidiary Guarantors solely to the extent the availability of such remedies arises exclusively from the Specified Defaults; provided that the Borrower and the Subsidiary Guarantors shall comply during Mortgage Lender has waived the Forbearance Period with all provisions, limitations, restrictions or prohibitions Defaults that would otherwise be effective or applicable under any arise as a result of the Mortgage Loan Documents during the continuance of any Default or Event of Default; provided further that the agreement of the Participant Lenders temporarily to forbear shall not apply to nor preclude any remedy available to the Administrative Agent or the Lenders in connection with any proceeding commenced under any bankruptcy or insolvency law, including without limitation, to any relief in respect of adequate protection or relief from any stay imposed under such law. (b) Upon a Termination EventDefaults, the agreement of Lender Parties shall be deemed to have waived the Participant Lenders hereunder to forbear from exercising their default-related remedies Forbearance Defaults and shall immediately terminate without the requirement of any demand, presentment, protest or notice of any kind, all of which the Borrower and the Subsidiary Guarantors hereby waive. The Borrower and the Subsidiary Guarantors agree that the Administrative Agent and the Lenders may at any time thereafter proceed have no right to exercise any and all of their respective rights and remedies under any or all of the Loan Documents and/or applicable law, including, without limitation, their respective rights and remedies in connection with any or all of the Defaults and Events of Default, including, without limitation, the Specified Defaults. (c) For the avoidance of doubt, nothing herein limits the right of the Administrative Agent or the Lenders, including during the Forbearance Period, to take any action to preserve or exercise rights or remedies against parties other than the Borrower and the Subsidiary Guarantors ("Third Party Rights"). For purposes of the foregoing, the Borrower and the Subsidiary Guarantors acknowledge and agree that execution and delivery of this Agreement shall constitute the making of any necessary demand or the giving of any necessary notice for purposes of preserving and/or permitting the exercise of any such Third Party Rights of the Administrative Agent and the Lenders. (d) Execution of this Agreement constitutes a direction by the Participant Lenders that the Administrative Agent act in accordance with its terms. Each Participant Lender agrees that, notwithstanding anything to the contrary in the Credit Agreements, the Administrative Agent shall not be required to act if directed against the Borrower or the Subsidiary Guarantors if such action is contrary to the terms of this Agreement. (e) The Borrower and the Subsidiary Guarantors acknowledge and agree that the agreement of the Participant Lenders hereunder to forbear from exercising their default-related remedies with respect to the Specified Defaults shall not constitute a waiver of such Specified Defaults and that the Lenders expressly reserve all rights and remedies that the Administrative Agent and the Lenders now or may in the future have under any or all of the Loan Documents and/or applicable law solely with respect to the Forbearance Defaults; provided that to the extent that any Borrower Party makes any payment(s) to the Lender Parties which payment(s) or any portion thereof is subsequently invalidated, declared to be fraudulent or preferential, set aside or required, in connection with all any bankruptcy, insolvency, reorganization, dissolution, liquidation or other like proceeding or for any other ​ ​ reason, to be repaid or paid over to a custodian, trustee, receiver or any other party under any bankruptcy act, state or federal law, common law or equitable cause, then to the extent of such payment or repayment, the obligation or part thereof intended to be satisfied shall be revived and continue in full force and effect as if such payment(s) had not been made and the Borrower Parties shall be primarily liable for the revived obligations. The foregoing sentence shall not be construed and is not intended to preclude the Lender Parties from exercising their rights and remedies under the Loan Documents and/or applicable law with respect to the existence of the Forbearance Defaults and Events after the expiration (other than expiration after satisfaction of Default (including without limitation the Specified Defaults)conditions to forbearance as set forth above) or earlier termination of the Forbearance Period.

Appears in 1 contract

Sources: Forbearance Agreement (Trinity Place Holdings Inc.)

Forbearance. (a) The Participant Lenders agree that Commencing on the Agreement Effective Date, each Consenting Creditor agrees to forbear, until the expiration of date that is one day after the Forbearance PeriodPetition Date, the Participant Lenders will temporarily forbear (subject to the terms hereof) from the exercise of their defaultits rights (including any right of set-related off) or remedies it may have under the Credit AgreementsAgreement and Notes Indenture, Loan Documents as applicable, in each case, solely with respect to the Company Parties’ current or otherwiseanticipated defaults as set forth on Schedule 2 to this Agreement (the “Specified Defaults”) and on no other basis. Each Consenting Creditor further agrees that if any applicable indenture trustee, against administrative agent or collateral agent takes any action inconsistent with any such Consenting Creditor’s obligations under this Agreement, such Consenting Creditor shall direct and use commercially reasonable efforts to cause such indenture trustee, administrative agent or collateral agent to cease and refrain from taking such actions. For the Borrower avoidance of doubt, the Credit Agreement and the Subsidiary Guarantors solely Notes Indenture shall remain in full force and effect, and 19 EXECUTION VERSION are hereby ratified and confirmed, except, in each case, as expressly modified in this Section 4.03. The forbearance set forth in this Section 4.03 shall not constitute a waiver with respect to any default or event of default under the extent Credit Agreement or Notes Indenture (other than the availability Specified Defaults during the term of the Agreement Effective Period) and shall not bar any Consenting Creditor from filing a proof of claim or taking action to establish the amount of such remedies arises exclusively from claim. Upon the Specified Defaults; provided that the Borrower and the Subsidiary Guarantors shall comply during the Forbearance Period with all provisions, limitations, restrictions or prohibitions that would otherwise be effective or applicable under any termination of the Loan Documents during the continuance of any Default or Event of Default; provided further that the agreement of the Participant Lenders temporarily to forbear shall not apply to nor preclude any remedy available to the Administrative Agent or the Lenders in connection with any proceeding commenced under any bankruptcy or insolvency law, including without limitation, to any relief in respect of adequate protection or relief from any stay imposed under such law. (b) Upon a Termination Eventthis Agreement, the agreement of the Participant Lenders hereunder Consenting Creditors to forbear from exercising their default-related rights and remedies in accordance with this Section 4.03 shall immediately terminate without the requirement of any demand, presentment, presentment or protest or notice of any kind, all of which the Borrower and the Subsidiary Guarantors Company Parties hereby waive. The Borrower Section 5. Additional Provisions Regarding the Consenting Creditors’ Commitments. Notwithstanding anything to the contrary in this Agreement, and notwithstanding any delivery of a consent or vote to accept the Plan by any Consenting Creditor, or any acceptance of the Plan by any class of creditors, nothing in this Agreement shall: (a)be construed to prohibit any Consenting Creditor from contesting whether any matter, fact, or thing is a breach of, or is inconsistent with, this Agreement, the Definitive Documents or the Restructuring; (b) be construed to prohibit any Consenting Creditor from appearing as a party-in-interest in any matter to be adjudicated in a Chapter 11 Case, so long as such appearance and the Subsidiary Guarantors agree that positions advocated in connection therewith are not materially inconsistent with this Agreement or the Administrative Agent Restructuring, and are not for the Lenders may at purpose of delaying, interfering, impeding, or taking any time thereafter proceed other action to exercise delay, interfere with or impede, directly or indirectly, the Restructuring; (c) affect the ability of any and all Consenting Creditor to consult with any other Consenting Creditor, the Company Parties, Ascent or any other party in interest; (d) impair or waive the rights of their respective any Consenting Creditor to assert or raise any objection not prohibited under or inconsistent with this Agreement; (e) prevent any Consenting Creditor from enforcing this Agreement and/or any of the Definitive Documents; (f) prevent any Consenting Creditor from exercising any of its rights and remedies under any or all of the Loan Documents and/or applicable lawDefinitive Documents; (g) obligate a Consenting Creditor to deliver a vote to support the Plan or prohibit a Consenting Creditor from withdrawing such vote, including, without limitation, their respective rights in each case from and remedies in connection with any or all after the Termination Date (other than a Termination Date as a result of the Defaults and Events of Default, including, without limitation, the Specified Defaults. (c) For the avoidance of doubt, nothing herein limits the right occurrence of the Administrative Agent or Plan Effective Date); provided that upon the Lenders, including during the Forbearance Period, to take any action to preserve or exercise rights or remedies against parties other than the Borrower and the Subsidiary Guarantors ("Third Party Rights"). For purposes of the foregoing, the Borrower and the Subsidiary Guarantors acknowledge and agree that execution and delivery of this Agreement shall constitute the making of any necessary demand or the giving of any necessary notice for purposes of preserving and/or permitting the exercise withdrawal of any such Third Party Rights vote after the Termination Date (other than a Termination Date as a result of the Administrative Agent and the Lenders. (d) Execution of this Agreement constitutes a direction by the Participant Lenders that the Administrative Agent act in accordance with its terms. Each Participant Lender agrees that, notwithstanding anything to the contrary in the Credit Agreements, the Administrative Agent shall not be required to act if directed against the Borrower or the Subsidiary Guarantors if such action is contrary to the terms of this Agreement. (e) The Borrower and the Subsidiary Guarantors acknowledge and agree that the agreement occurrence of the Participant Lenders hereunder Plan Effective Date), such vote shall be deemed void ab initio and such Consenting Creditor shall have the opportunity to forbear from exercising their default-related remedies with respect to the Specified Defaults shall not constitute a waiver of such Specified Defaults and that the Lenders expressly reserve all rights and remedies that the Administrative Agent and the Lenders now or may in the future have under any or all of the Loan Documents and/or applicable law in connection with all Defaults and Events of Default (including without limitation the Specified Defaults).change its vote; 20

Appears in 1 contract

Sources: Restructuring Support Agreement (Ascent Capital Group, Inc.)

Forbearance. Subject to the terms and conditions contained herein and subject to performance by Borrower of all of the terms of this Agreement and the Loan Agreement and Loan Documents after the date hereof, Lender shall forbear from exercising any remedies that Lender has against Borrower as a result of the occurrence of the Existing Non-Compliance Event, until the earlier of the following dates (the “Forbearance Period”): (i) July 31, 2020 or (ii) the date any of the following (an “Additional Non-Compliance Event”) shall occur: (a) The Participant Lenders agree an Event of Default under the Loan Agreement or any Loan Document occurs (including, without limitation, any Event of Default consisting of the non-compliance with the financial covenant set forth in Recital C for any periods other than the period specified therein, and any Default or Event of Default which has occurred as of this date which is not an Existing Non-Compliance Event) or (b) Borrower fails to pay any amount due under this Agreement or to perform any covenant or other agreement contained in this Agreement or any other document entered into pursuant hereto, or any breach by Borrower of any representation or warranty of this Agreement. This forbearance shall not be deemed a continuing waiver or forbearance with respect to any Event of Default of a nature similar to the Existing Non-Compliance Event that until may have occurred before or may occur after the expiration date of this Agreement. At the end of the Forbearance Period, the Participant Lenders will temporarily forbear (Forbearance Period under this Agreement shall expire automatically, immediately, and without notice or demand, and subject to Section 4 below, Lender shall be entitled to the terms hereof) from the immediate exercise of their default-related all the rights and remedies available to it under the Credit Agreements, Loan Documents or otherwise, against the Borrower and the Subsidiary Guarantors solely to the extent the availability of such remedies arises exclusively from the Specified Defaults; provided that the Borrower and the Subsidiary Guarantors otherwise at law. Nothing in this Agreement shall comply during the Forbearance Period with all provisions, limitations, restrictions or prohibitions that would otherwise be effective or applicable under any of the Loan Documents during the continuance constitute a waiver of any Default or Event of Default; provided further that Default under the agreement Loan Documents or of the Participant Lenders temporarily to forbear shall not apply to nor preclude any remedy available to the Administrative Agent Lender’s rights or the Lenders in connection with any proceeding commenced under any bankruptcy or insolvency law, including without limitation, to any relief in respect of adequate protection or relief from any stay imposed under such law. (b) Upon a Termination Event, the agreement of the Participant Lenders hereunder to forbear from exercising their default-related remedies shall immediately terminate without the requirement of any demand, presentment, protest or notice of any kind, all of which the Borrower and the Subsidiary Guarantors hereby waive. The Borrower and the Subsidiary Guarantors agree that the Administrative Agent and the Lenders may at any time thereafter proceed to exercise any and all of their respective rights and remedies under any other indebtedness now or all of hereafter existing between the Loan Documents and/or applicable law, including, without limitation, their respective rights and remedies in connection with any or all of the Defaults and Events of Default, including, without limitation, the Specified Defaults. (c) For the avoidance of doubt, nothing herein limits the right of the Administrative Agent or the Lenders, including during the Forbearance Period, to take any action to preserve or exercise rights or remedies against parties other than the Borrower Lender and the Subsidiary Guarantors ("Third Party Rights")Borrower. For purposes of the foregoing, the Borrower and the Subsidiary Guarantors acknowledge and agree that execution and delivery of this Agreement shall constitute the making of any necessary demand or the giving of any necessary notice for purposes of preserving and/or permitting the exercise of any such Third Party Rights of the Administrative Agent and the Lenders. (d) Execution of this Agreement constitutes a direction This agreement is being executed by the Participant Lenders Lender to accommodate the request of Borrower, and Borrower understands and agrees that the Administrative Agent act in accordance with its terms. Each Participant Lender agrees that, notwithstanding anything has no obligation to the contrary grant further forbearances in the Credit Agreements, the Administrative Agent shall not be required to act if directed against the Borrower or the Subsidiary Guarantors if such action is contrary to the terms of this Agreementfuture. (e) The Borrower and the Subsidiary Guarantors acknowledge and agree that the agreement of the Participant Lenders hereunder to forbear from exercising their default-related remedies with respect to the Specified Defaults shall not constitute a waiver of such Specified Defaults and that the Lenders expressly reserve all rights and remedies that the Administrative Agent and the Lenders now or may in the future have under any or all of the Loan Documents and/or applicable law in connection with all Defaults and Events of Default (including without limitation the Specified Defaults).

Appears in 1 contract

Sources: Loan and Security Agreement (Biolase, Inc)

Forbearance. (a) The Participant Lenders agree that From the Agreement Effective Date until the expiration RSA Termination Date, each Supporting Creditor, severally (and neither jointly nor jointly and severally), further agrees and covenants: with respect to all Standstill Debt held by or beneficially owned by such Supporting Creditor, that such Supporting Creditor shall (A) forbear and refrain from exercising any of its rights or remedies, including with respect to any acceleration, under the Forbearance Periodapplicable Debt Documents or applicable law with respect to any Defaults or Events of Default (howsoever described in the relevant Debt Documents) listed in Schedule 2 (the “Specified Defaults”), as such schedule may be amended, supplemented, or otherwise modified from time to time to include additional Defaults or Events of Default as Specified Defaults by written agreement between the Participant Lenders will temporarily Company and Supporting Creditors holding the requisite amount of Debt under the applicable Debt Documents necessary to forbear (subject to the terms hereof) from the exercise of their default-related rights or remedies with respect to such Defaults or Events of Default (which may be provided by email from counsel) and (B) instruct any Relevant Representative to forbear from (and not consent to its) exercising its rights and remedies under the Credit Agreements, Loan applicable Debt Documents or otherwise, against the Borrower and the Subsidiary Guarantors solely applicable law with respect to the extent the availability of such remedies arises exclusively from the Specified Defaults; provided and, in the event that the Borrower and the Subsidiary Guarantors shall comply during the Forbearance Period with all provisions, limitations, restrictions any such Relevant Representative or prohibitions that would otherwise be effective any lender or applicable under any of the Loan Documents during the continuance of any Default holder (or Event of Default; provided further that the agreement of the Participant Lenders temporarily to forbear shall not apply to nor preclude any remedy available to the Administrative Agent or the Lenders in connection with any proceeding commenced under any bankruptcy or insolvency law, including without limitation, to any relief in respect of adequate protection or relief from any stay imposed under such law. (bgroup thereof) Upon a Termination Event, the agreement of the Participant Lenders hereunder to forbear from exercising their default-related remedies shall immediately terminate without the requirement of any demand, presentment, protest or notice of any kind, all of which the Borrower and the Subsidiary Guarantors hereby waive. The Borrower and the Subsidiary Guarantors agree that the Administrative Agent and the Lenders may at any time thereafter proceed to exercise any and all of their respective rights and remedies under any or all of the Loan Documents and/or applicable law, including, without limitation, their respective rights and remedies in connection with any or all of the Defaults and Events of Default, including, without limitation, the Specified Defaults. (c) For the avoidance of doubt, nothing herein limits the right of the Administrative Agent or the Lenders, including during the Forbearance Period, to take takes any action to preserve that results in an acceleration or exercise rights or remedies against parties other than the Borrower and the Subsidiary Guarantors ("Third Party Rights"). For purposes of the foregoing, the Borrower and the Subsidiary Guarantors acknowledge and agree that execution and delivery of this Agreement shall constitute the making of any necessary demand or the giving of any necessary notice for purposes of preserving and/or permitting the exercise of any such Third Party Rights of the Administrative Agent and the Lenders. (d) Execution of this Agreement constitutes a direction by the Participant Lenders that the Administrative Agent act in accordance with its terms. Each Participant Lender agrees that, notwithstanding anything to the contrary in the Credit Agreements, the Administrative Agent shall not be required to act if directed against the Borrower or the Subsidiary Guarantors if such action is contrary to the terms of this Agreement. (e) The Borrower and the Subsidiary Guarantors acknowledge and agree that the agreement of the Participant Lenders hereunder to forbear from exercising their default-related remedies with respect to the Specified Defaults shall not constitute a waiver Defaults, such Supporting Creditor shall, as soon as reasonably practicable after becoming aware of the occurrence of such Specified Defaults action, deliver written notice to the Relevant Representative to rescind such acceleration and its consequences and take all other commercially reasonable action in its power to cause such acceleration to be rescinded and annulled, and such Supporting Creditor shall provide any and all instructions, proxies, directions, consents, notices and other similar actions reasonably necessary to give effect to such forbearance, in each case solely with respect to any Standstill Debt (the “Forbearance”); and (1) that, notwithstanding anything herein or in any Loan Document (as defined in any Credit Agreement) or Note Document (as defined in any Indenture) to the contrary (i) (w) each of the transactions contemplated by that certain document titled “Indicative Terms and Conditions for Operating Equipment Lease”, dated as of March 4, 2026 (the Lenders expressly reserve all rights “Turbine and remedies Intermediation Facility Term Sheet”), (x) each of the transactions contemplated by that certain document titled “Term Sheet Summary of Principal Terms and Conditions,” dated as of March 15, 2026, relating to the Administrative Agent loans under that certain EB-5 Loan Agreement, dated as of July 21, 2023 between ZeroPark I LLC and the Lenders now or may in lender referred to therein (the future have under any or all “ZeroParks Term Sheet”), (y) each of the Loan Documents and/or applicable law transactions contemplated by that certain NFE Restructuring Support Agreement, dated as of March 8, 2026, by and between the charter entities and their affiliates party thereto, and the Company and certain of its affiliates party thereto, (the “Charter Amendment Agreement”), and (z) any extension of the maturity date under the Letter of Credit Facility so long as such extensions do not involve economic consideration (other than customary payments of out-of-pocket fees and expenses), are permitted in all respects, and (ii) each Supporting Creditor shall, in each case, subject to compliance with the consent rights set forth in Section 8 hereof, execute and deliver, or cause to be executed and delivered, such additional instruments, certificates or documents, and take such actions, as the Company may reasonably request in connection with the consent described in this Section 2(b)(2) for the purposes of giving full effect to such arrangement (including, as applicable, directing their Relevant Representative to execute and deliver, or cause the execution and delivery of, all Defaults applications, certifications, instruments and Events other documents and papers that the Company may be reasonably required to obtain from the Relevant Representative or any Creditor) and, in furtherance of Default the foregoing, the provisions of this Section 2(b)(2) shall be deemed to constitute a Loan Document (including without limitation or the Specified Defaults)equivalent term) with respect to each of the Debt Documents.

Appears in 1 contract

Sources: Restructuring Support Agreement (New Fortress Energy Inc.)

Forbearance. (a) The Participant Lenders agree that until Each Credit Party specifically acknowledges the expiration existence and continuation of the Forbearance PeriodSpecified Default as of the date that the Specified Default occurs. In reliance on the representations, the Participant Lenders will temporarily forbear (warranties, covenants and agreements contained in this Agreement, and subject to the terms hereof) from satisfaction of each condition precedent set forth in Section 4 hereof but only so long as the exercise of their default-related remedies under Termination Date shall not have occurred and except as permitted by this Agreement, the Credit AgreementsAdministrative Agent, Loan Documents or otherwise, against the Borrower Issuing Bank and the Subsidiary Guarantors solely Lenders party hereto hereby agree to forbear (and, in the extent the availability case of such remedies arises exclusively from Lenders, hereby direct the Specified Defaults; provided that the Borrower and the Subsidiary Guarantors shall comply Administrative Agent to forbear) during the Forbearance Period with all provisions, limitations, restrictions or prohibitions that would otherwise be effective or applicable from exercising their rights and remedies under any of the Loan Documents during and applicable law arising as a result of the occurrence or continuance of the Specified Default; provided, however, that, notwithstanding the foregoing, commencing on the Forbearance Effective Date and continuing so long as any Event of Default exists, (i) all Loans outstanding shall bear interest in accordance with Section 3.2 of this Agreement and (ii) each Eurodollar Borrowing shall be converted to an ABR Borrowing at the end of the Interest Period applicable thereto in accordance with Section 2.04(e) of the Credit Agreement. Notwithstanding the foregoing, the forbearance granted by the Administrative Agent, the Issuing Bank and the Lenders shall not constitute, and shall not be deemed to constitute a waiver of the Specified Default or of any other Default or Event of Default; provided further that Default under the Loan Documents. On and after the Termination Date, the Administrative Agent’s, the Issuing Bank’s and the Lenders’ agreement of the Participant Lenders temporarily hereunder to forbear shall not apply to nor preclude terminate automatically without further act or action by any remedy available to of such Persons, and the Administrative Agent or the Lenders in connection with any proceeding commenced under any bankruptcy or insolvency law, including without limitation, to any relief in respect of adequate protection or relief from any stay imposed under such law. (b) Upon a Termination EventAgent, the agreement of the Participant Lenders hereunder to forbear from exercising their default-related remedies shall immediately terminate without the requirement of any demand, presentment, protest or notice of any kind, all of which the Borrower and the Subsidiary Guarantors hereby waive. The Borrower and the Subsidiary Guarantors agree that the Administrative Agent Issuing Bank and the Lenders may at any time thereafter proceed shall be entitled to exercise any and all of their respective rights and remedies available to them under this Agreement or the other Loan Documents, at law, in equity or otherwise without any further lapse of time, expiration of applicable grace periods or requirements of notice, all of the Loan Documents and/or applicable law, including, without limitation, their respective rights and remedies in connection with any or all of the Defaults and Events of Default, including, without limitation, the Specified Defaults. (c) which are hereby expressly waived by each Credit Party. For the avoidance of doubt, nothing herein limits the right foregoing forbearance shall not prohibit the Administrative Agent from delivering notices relating to any other Defaults, Events of Default (other than the Specified Default) or a Termination Event. For the avoidance of doubt, to the extent that the Administrative Agent or any Lenders or any of their Affiliates is a party to any Swap Agreement with any Credit Party, the LendersAdministrative Agent and such Lenders are signing this Agreement solely in their capacity as the Administrative Agent or a Lender under the Loan Documents, as applicable, and nothing in this Agreement shall prohibit any party to any Swap Agreement with a Credit Party to exercise any rights or remedies it may have under any such Swap Agreement (including setoff rights against the Loans or otherwise) at any time (including during the Forbearance Period, to take any action to preserve or exercise rights or remedies against parties other than the Borrower and the Subsidiary Guarantors ("Third Party Rights"). For purposes of the foregoing, the Borrower and the Subsidiary Guarantors acknowledge and agree that execution and delivery of this Agreement shall constitute the making of any necessary demand or the giving of any necessary notice for purposes of preserving and/or permitting the exercise of any such Third Party Rights of the Administrative Agent and the Lenders. (d) Execution of this Agreement constitutes a direction by the Participant Lenders that the Administrative Agent act in accordance with its terms. Each Participant Lender agrees that, notwithstanding anything to the contrary in the Credit Agreements, the Administrative Agent shall not be required to act if directed against the Borrower or the Subsidiary Guarantors if such action is contrary to the terms of this Agreement. (e) The Borrower and the Subsidiary Guarantors acknowledge and agree that the agreement of the Participant Lenders hereunder to forbear from exercising their default-related remedies with respect to the Specified Defaults shall not constitute a waiver of such Specified Defaults and that the Lenders expressly reserve all rights and remedies that the Administrative Agent and the Lenders now or may in the future have under any or all of the Loan Documents and/or applicable law in connection with all Defaults and Events of Default (including without limitation the Specified Defaults).

Appears in 1 contract

Sources: Limited Forbearance Agreement (Chaparral Energy, Inc.)

Forbearance. Subject to the conditions and upon the terms set forth in this Forbearance: 3.1 Each of the Borrowers and the other Credit Parties agrees and acknowledges that (i) each of the Specified Events of Default has occurred and is continuing, (ii) each of the Specified Events of Defaults is incurable and is not subject to any grace or cure period, (iii) except for the Specified Events of Default and the Waived Event of Default, no other Defaults or Events of Default have occurred and are continuing as of the date hereof, and (iv) but for this Forbearance Agreement, each Specified Event of Default would relieve Agent and Lenders from any obligation to make any Loans or provide other financial accommodations under the Credit Agreement and other Loan Documents, and in accordance with the terms of the Loan Documents would entitle Agent, Lenders and/or the Requisite Lenders, as applicable, to, among other things, (A) suspend or terminate any commitment to provide Swing Line Loans, Revolving Loans, Term Loans or UK Revolving Loans or provide other financial accommodations, including Letters of Credit, under any or all of the Credit Agreement and the other Loan Documents, (B) declare all Obligations to be immediately due and payable and without notice or demand, and/or (C) take any and all enforcement actions (including, without limitation, the enforcement of liens and security interests in the Collateral) or otherwise exercise any or all rights and remedies provided for by any or all of the Credit Agreement or other Loan Documents or applicable law. 3.2 Provided that no Forbearance Default occurs, each of the Agent and the Lenders agrees that, (a) The Participant Lenders agree that until the expiration of the Forbearance PeriodPeriod and except as set forth in this Forbearance, the Participant Lenders it will temporarily forbear (subject to the terms hereof) from the exercise of their default-related remedies under the Credit Agreements, Loan Documents or otherwise, against the Borrower and the Subsidiary Guarantors solely to the extent the availability of such remedies arises exclusively from the Specified Defaults; provided that the Borrower and the Subsidiary Guarantors shall comply during the Forbearance Period with all provisions, limitations, restrictions or prohibitions that would otherwise be effective or applicable under any of the Loan Documents during the continuance of any Default or Event of Default; provided further that the agreement of the Participant Lenders temporarily to forbear shall not apply to nor preclude any remedy available to the Administrative Agent or the Lenders in connection with any proceeding commenced under any bankruptcy or insolvency law, including without limitation, to any relief in respect of adequate protection or relief from any stay imposed under such law. (b) Upon a Termination Event, the agreement of the Participant Lenders hereunder to forbear from exercising their default-related remedies shall immediately terminate without the requirement of any demand, presentment, protest or notice of any kind, all of which the Borrower and the Subsidiary Guarantors hereby waive. The Borrower and the Subsidiary Guarantors agree that the Administrative Agent and the Lenders may at any time thereafter proceed to exercise any and all of their respective rights and remedies under any or all of the Loan Documents and/or applicable law, including, without limitation, their respective rights and remedies in connection with any or all of the Defaults and Events of Default, including, without limitation, the Specified Defaults. (c) For the avoidance of doubt, nothing herein limits the right of the Administrative Agent or the Lenders, including during the Forbearance Period, to take any action to preserve or exercise rights or remedies against parties other than the Borrower and the Subsidiary Guarantors ("Third Party Rights"). For purposes of the foregoing, the Borrower and the Subsidiary Guarantors acknowledge and agree that execution and delivery of this Agreement shall constitute the making of any necessary demand or the giving of any necessary notice for purposes of preserving and/or permitting the exercise of any such Third Party Rights of the Administrative Agent and the Lenders. (d) Execution of this Agreement constitutes a direction by the Participant Lenders that the Administrative Agent act in accordance with its terms. Each Participant Lender agrees that, notwithstanding anything to the contrary in the Credit Agreements, the Administrative Agent shall not be required to act if directed against the Borrower or the Subsidiary Guarantors if such action is contrary to the terms of this Agreement. (e) The Borrower and the Subsidiary Guarantors acknowledge and agree that the agreement of the Participant Lenders hereunder to forbear from exercising their default-related remedies with respect to the Obligations against Borrowers or any other Credit Party under the Credit Agreement or any other Loan Document (“Default-related Remedies”) solely with respect to the Specified Defaults shall not constitute a waiver Events of such Specified Defaults Default; and that (b) during the Forbearance Period, the Lenders expressly reserve all rights agree to continue to advance Loans subject to the terms and remedies that the Administrative Agent conditions set forth herein and the Lenders now or may in the future have under any or all terms and conditions of the Credit Agreement and the other Loan Documents and/or applicable law in connection with all Defaults Documents; provided, however, from and Events after the date of Default (including without limitation this Forbearance, the Specified Defaults)Lenders shall have no obligation to make LIBOR Loans or convert any US Index Rate Loans into LIBOR Loans.

Appears in 1 contract

Sources: Forbearance Agreement (Westaff Inc)

Forbearance. Provided the Obligors strictly comply with all of the terms of this Agreement and no Forbearance Event of Default occurs: (a) The Participant Lenders agree that until the expiration of the Forbearance Period, the Participant Lenders will temporarily Lender agrees to forbear (subject to the terms hereof) from the exercise of their default-related remedies under the Credit Agreements, Loan Documents or otherwise, against the Borrower and the Subsidiary Guarantors solely to the extent the availability of such remedies arises exclusively from the Specified Defaults; provided that the Borrower and the Subsidiary Guarantors shall comply during the Forbearance Period with all provisions, limitations, restrictions or prohibitions that would otherwise be effective or applicable under from seeking immediate payment of the full amount of the Obligations and exercising any other rights and remedies against any of the Loan Documents during Obligors or the continuance Collateral. The Lender’s agreement contained herein shall not nullify, extinguish, satisfy, release, discharge or otherwise effect the Obligors’ obligations to the Lender, or constitute a waiver of any Default or Event of Default; provided further . The Obligors acknowledge and agree that there is no promise, express or implied, on the agreement part of the Participant Lenders temporarily Lender to forbear forebear beyond October 31, 2009, and the Obligors further agree that if any of the terms or conditions of this Agreement are not satisfied within the sole discretion of the Lender, or any Forbearance Event of Default occurs, the Lender’s agreement to forebear shall, at the election of the Lender, immediately terminate and the Forbearance Period shall not apply to nor preclude any remedy available to terminate. As of the Administrative Agent or end of the Lenders in connection with any proceeding commenced under any bankruptcy or insolvency lawForbearance Period the Lender shall have all of its rights and remedies, including without limitation, the right to any relief demand immediate payment in respect full of adequate protection or relief from any stay imposed under such lawthe Obligations. (b) Upon a Termination EventThe Lender will consider requests for additional Revolving Loans during the Forbearance Period in accordance with the terms of the Financing Agreement, as amended herein; provided, however, that if any of the terms or conditions of this Agreement are not satisfied within the sole discretion of the Lender, or any Forbearance Event of Default occurs, the agreement of the Participant Lenders hereunder to forbear from exercising their default-related remedies shall immediately terminate without the requirement of any demand, presentment, protest or notice of any kind, all of which the Borrower and the Subsidiary Guarantors hereby waive. The Borrower and the Subsidiary Guarantors agree that the Administrative Agent and the Lenders Lender may at any time thereafter proceed time, within its sole discretion, decline to exercise any make further Revolving Loans in accordance with the Financing Agreement and all of their respective rights and remedies under any or all of the Loan Documents and/or applicable law, including, without limitation, their respective rights and remedies in connection with any or all of the Defaults and Events of Default, including, without limitation, the Specified Defaults. (c) For the avoidance of doubt, nothing herein limits the right of the Administrative Agent or the Lenders, including during the Forbearance Period, to take any action to preserve or exercise rights or remedies against parties other than the Borrower and the Subsidiary Guarantors ("Third Party Rights"). For purposes of the foregoing, the Borrower and the Subsidiary Guarantors acknowledge and agree that execution and delivery of this Agreement shall constitute the making of any necessary demand or the giving of any necessary notice for purposes of preserving and/or permitting the exercise of any such Third Party Rights of the Administrative Agent and the Lenders. (d) Execution of this Agreement constitutes a direction by the Participant Lenders that the Administrative Agent act in accordance with its terms. Each Participant Lender agrees that, notwithstanding anything to the contrary in the Credit Agreements, the Administrative Agent Revolving Loans shall not be required deemed to act if directed against the Borrower or the Subsidiary Guarantors if such action is contrary to the terms of this Agreement. (e) The Borrower and the Subsidiary Guarantors acknowledge and agree that the agreement of the Participant Lenders hereunder to forbear from exercising their default-related remedies with respect to the Specified Defaults shall not constitute be a waiver of such Specified Defaults and that the Lenders expressly reserve all rights and remedies that the Administrative Agent and the Lenders now or may in the future have under any or all of the Loan Documents and/or applicable law in connection with all Defaults and Events of Default (including without limitation the Specified Defaults)its right to refuse to make further Revolving Loans.

Appears in 1 contract

Sources: Forbearance Agreement (Fushi Copperweld, Inc.)

Forbearance. (a) The Participant Lenders agree Each of the Class A-1 Certificateholders agrees that until the expiration of the Forbearance PeriodPeriod (as defined below), it will not, as part of a majority in interest of Fractional Undivided Interests in the Participant Lenders will temporarily forbear (subject Class A-1 Trust or in any other capacity direct the Class A-1 Trustee, when the Class A-1 Trustee is the Controlling Party or otherwise, to cause the terms hereof) from Subordination Agent and the Mortgagees to exercise any of their default-related remedies under the Credit Agreements, Loan Documents or otherwise, against the Borrower and the Subsidiary Guarantors Atlas solely to the extent the availability of such remedies arises exclusively from the Specified Defaults; provided Defaults (the "CLASS A-1 FORBEARANCE"). Each of the Class A-1 Certificateholders further agrees (i) to join in executing and causing to be delivered to the Class A-1 Trustee, with a copy to the Subordination Agent and Mortgagees, at or about the time that a Specified Default occurs, a letter (a "FORBEARANCE INSTRUCTION LETTER") instructing the Borrower Class A-1 Trustee to instruct the Subordination Agent and Mortgagees (an "INSTRUCTION LETTER TO SUBORDINATION AGENT AND MORTGAGEES") to forbear from exercising any default-related remedies until the Subsidiary Guarantors shall comply Subordination Agent or Mortgagees receive instructions to the contrary ("CONTRARY INSTRUCTIONS") from the Class A-1 Trustee, which Forbearance Instruction Letter will instruct the Class A-1 Trustee not to give any such Contrary Instructions during the Forbearance Period with all provisionsunless it is directed to do so by the holders of a majority in interest of Fractional Undivided Interests in the Class A-1 Trust, limitations(ii) to refrain from directing the Class A-1 Trustee to give any such Contrary Instructions during the Forbearance Period, restrictions or prohibitions that would otherwise be effective or applicable under any and (iii) to provide to Atlas a copy of the Loan Documents during Forbearance Instruction Letter (and, if such Class A-1 Certificateholder receives a copy of an Instruction Letter to Subordination Agent and Mortgagees, a copy of such letter) and a return receipt or other evidence indicating the continuance of any Default or Event of Default; provided further that the agreement delivery of the Participant Lenders temporarily Forbearance Instruction Letter to forbear the Class A-1 Trustee, provided that, (w) nothing in the Forbearance Instruction Letter, the Instruction Letter to Subordination Agent and Mortgagees, or in this Agreement is intended to or shall prevent any Mortgagee, Subordination Agent, Class A-1 Trustee, Class A-1 Certificateholder or other person from (A) giving notice of the occurrence of a Default under a Lease or Indenture (it being understood that, except for providing that notice of a Default may be given, this clause (A) does not limit or affect in any way the agreements of the Class A-1 Certificateholders that are set forth above in this Section 2(a), or (B) exercising its right to cause one or more LTV Appraisals to be obtained pursuant to the Intercreditor Agreement, (x) the Class A-1 Certificateholders shall not apply be required to nor preclude obtain any remedy available acknowledgement or agreement from the Class A-1 Trustee with respect to the Administrative Forbearance Instruction Letter and the Class A-1 Trustee shall not be required to obtain any acknowledgement or agreement from the Mortgagees or Subordination Agent with respect to the Instruction Letter to Subordination Agent and Mortgagees, (y) the Class A-1 Certificateholders shall not be required to provide any indemnity or other inducement for the Lenders Class A-1 Trustee, Subordination Agent, or Mortgagees to comply with such Forbearance Instruction Letter or Instruction Letter to Subordination Agent and Mortgagees, and (z) the Class A-1 Certificateholders give no representation or warranty as to the effect of such Forbearance Instruction Letter or Instruction Letter to Subordination Agent and Mortgagees or as to whether the Class A-1 Trustee will in connection with any proceeding commenced under any bankruptcy or insolvency law, including without limitation, fact send such Instruction Letter to any relief in respect of adequate protection or relief from any stay imposed under such lawSubordination Agent and Mortgagees. (b) Upon Each of the dates and events referred to in clauses (i) through (viii) below in this Section 2(b) is referred to herein as a "TERMINATION EVENT". As used herein, "FORBEARANCE PERIOD" means the period beginning on the date hereof and ending on the earliest to occur of (x) a Termination EventEvent listed in clause (i), (v), or (vii) below in this Section 2(b) (it being understood that no notice is required in order for the Forbearance Period to terminate immediately and automatically upon the occurrence of any Termination Event listed in clause (i), (v), or (vii) below in this Section 2(b)), or (y) the date three (3) business days after any Class A-1 Certificateholder (or such Class A-1 Certificateholder's counsel) gives notice to Atlas that a Termination Event listed in clause (ii), (iii), (iv), (vi) or (viii) of this Section 2(b) has occurred and that, as a result thereof, the agreement of the Participant Lenders hereunder to forbear from exercising their default-related remedies Forbearance Period shall immediately terminate without the requirement of any demand, presentment, protest or notice of any kind, all of which the Borrower and the Subsidiary Guarantors hereby waiveend. The Borrower and the Subsidiary Guarantors agree that the Administrative Agent and the Lenders may at any time thereafter proceed to exercise any and all of their respective rights and remedies under any or all of the Loan Documents and/or applicable law, including, without limitation, their respective rights and remedies in connection with any or all of the Defaults and Termination Events of Default, including, without limitation, the Specified Defaults. (c) For the avoidance of doubt, nothing herein limits the right of the Administrative Agent or the Lenders, including during the Forbearance Period, to take any action to preserve or exercise rights or remedies against parties other than the Borrower and the Subsidiary Guarantors ("Third Party Rights"). For purposes of the foregoing, the Borrower and the Subsidiary Guarantors acknowledge and agree that execution and delivery of this Agreement shall constitute the making of any necessary demand or the giving of any necessary notice for purposes of preserving and/or permitting the exercise of any such Third Party Rights of the Administrative Agent and the Lenders. (d) Execution of this Agreement constitutes a direction by the Participant Lenders that the Administrative Agent act in accordance with its terms. Each Participant Lender agrees that, notwithstanding anything to the contrary in the Credit Agreements, the Administrative Agent shall not be required to act if directed against the Borrower or the Subsidiary Guarantors if such action is contrary to the terms of this Agreement. (e) The Borrower and the Subsidiary Guarantors acknowledge and agree that the agreement of the Participant Lenders hereunder to forbear from exercising their default-related remedies with respect to the Specified Defaults shall not constitute a waiver of such Specified Defaults and that the Lenders expressly reserve all rights and remedies that the Administrative Agent and the Lenders now or may in the future have under any or all of the Loan Documents and/or applicable law in connection with all Defaults and Events of Default (including without limitation the Specified Defaults).are as follows:

Appears in 1 contract

Sources: Forbearance Agreement (Atlas Air Worldwide Holdings Inc)

Forbearance. (a) The Participant Lenders agree that until In reliance upon the expiration representations, warranties and covenants of the Forbearance PeriodBorrower contained in this Agreement, the Participant Lenders will temporarily forbear (and subject to the terms hereof) from the exercise and conditions of their default-related remedies under the Credit Agreementsthis Agreement, Loan Documents or otherwiseAgent and Lenders agree to forbear, against the Borrower and the Subsidiary Guarantors solely to the extent the availability of such remedies arises exclusively from the Specified Defaults; provided that the Borrower and the Subsidiary Guarantors shall comply during until the Forbearance Period with all provisionsTermination Date, limitations, restrictions or prohibitions that would otherwise be effective or applicable under any of the Loan Documents during the continuance of any Default or Event of Default; provided further that the agreement of the Participant Lenders temporarily to forbear shall not apply to nor preclude any remedy available to the Administrative Agent or the Lenders in connection with any proceeding commenced under any bankruptcy or insolvency law, including without limitation, to any relief in respect of adequate protection or relief from any stay imposed under such law. (b) Upon a Termination Event, the agreement of the Participant Lenders hereunder to forbear from exercising their default-related remedies shall immediately terminate without the requirement of any demand, presentment, protest or notice of any kind, all of which the Borrower and the Subsidiary Guarantors hereby waive. The Borrower and the Subsidiary Guarantors agree that the Administrative Agent and the Lenders may at any time thereafter proceed to exercise any and all of their respective rights and remedies under any the Financing Agreements or all applicable law due to the occurrence of the Loan Documents and/or applicable law, including, without limitation, their respective rights and remedies in connection with any or all of the Defaults and Events of Default, including, without limitation, the Specified Defaults. (cb) For the avoidance of doubt, nothing herein limits the right Borrower agrees that all of the Administrative Obligations shall, if not sooner paid in accordance with the Financing Agreements, be absolutely and unconditionally due and payable in full in cash by the Borrower to Agent or the Lenders, including during and Lenders on the Forbearance Period, to take any action to preserve or exercise rights or remedies against parties other than the Borrower and the Subsidiary Guarantors ("Third Party Rights"). For purposes of the foregoing, the Borrower and the Subsidiary Guarantors acknowledge and agree that execution and delivery of this Agreement shall constitute the making of any necessary demand or the giving of any necessary notice for purposes of preserving and/or permitting the exercise of any such Third Party Rights of the Administrative Agent and the LendersTermination Date. (dc) Execution of this Agreement constitutes a direction by Upon the Participant Lenders that the Administrative Agent act in accordance with its terms. Each Participant Lender agrees thatForbearance Termination Date, notwithstanding anything to the contrary in the Credit Agreements, the Administrative Agent shall not be required to act if directed against the Borrower or the Subsidiary Guarantors if such action is contrary to the terms of this Agreement. (e) The Borrower and the Subsidiary Guarantors acknowledge and agree that the agreement of the Participant Agent and Lenders hereunder to forbear from exercising their default-related remedies with respect to the Specified Defaults shall not constitute a waiver automatically and without further action terminate and be of no force and effect, it being understood and agreed that the effect of such Specified Defaults termination will be to permit Agent and that the Lenders expressly reserve to immediately exercise, without any further notice or forbearance of any kind, all of their rights and remedies that under the Administrative Agent Financing Agreements, applicable law or otherwise with respect to the Specified Defaults or any other Event of Default which shall exist or shall have occurred and the Lenders now or may in the future have under any or all be continuing at such time. (d) No termination of the Loan Documents and/or applicable law Financing Agreements shall relieve or discharge Borrower of its duties, covenants and obligations under the Financing Agreements until all Obligations have been indefeasibly paid and satisfied in connection with all Defaults full in immediately available funds on terms and Events conditions acceptable to Agent. Borrower hereby expressly waives any right to receive notification under Section 9-611 of Default (including without limitation the Specified Defaults)UCC or otherwise of any disposition of any Collateral by Agent, any Lender or their designees, and waives any rights under Sections 9-620(e) and 9-623 of the UCC.

Appears in 1 contract

Sources: Forbearance Agreement (Trailer Bridge Inc)

Forbearance. (a) The Participant Lenders agree that until the expiration of the Forbearance Period, the Participant Lenders will temporarily forbear (subject Subject to the terms hereof) and conditions of this Agreement, including but not limited to Lender’s receipt of a payment of all remaining amounts outstanding, including interest, fees and expenses and any other amounts owed to the Lender from or on behalf of the exercise of their default-related Borrower on or before December 31, 2009, Lender agrees to forbear from exercising its rights and remedies under the Credit Financing Agreements, Loan Documents applicable law or otherwiseotherwise until the earliest to occur of (a) December 31, against 2009, (b) the Borrower third day following any Fundamental Transaction (as defined in the Bridge Note), and the Subsidiary Guarantors solely to the extent the availability (c) Borrower’s breach of such remedies arises exclusively from the Specified Defaults; provided that the Borrower and the Subsidiary Guarantors shall comply during the Forbearance Period with all provisions, limitations, restrictions or prohibitions that would otherwise be effective or applicable under any of the Loan Documents during the continuance terms and provisions of this Agreement or any Default or Event of Default; provided further that Default under and as defined in the agreement of Bridge Note (other than pursuant to Section 6(a)(i) thereof) (the Participant Lenders temporarily to forbear shall not apply to nor preclude any remedy available to the Administrative Agent or the Lenders in connection with any proceeding commenced under any bankruptcy or insolvency law, including without limitation, to any relief in respect of adequate protection or relief from any stay imposed under such law“Termination Date”). (b) Upon a the Termination EventDate, the agreement of the Participant Lenders hereunder Lender to forbear from exercising their default-related remedies shall immediately terminate automatically and without the requirement of any demand, presentment, protest further action or notice terminate and be of no force and effect, it being understood and agreed that the effect of such termination will be to permit Lender to exercise such rights and remedies immediately, including, but not limited to the foreclosure of all collateral as described in the Financing Agreements; in each case without any further notice, passage of time or forbearance of any kind, all of which the Borrower and the Subsidiary Guarantors hereby waive. The Borrower and the Subsidiary Guarantors agree that the Administrative Agent and the Lenders may at any time thereafter proceed to exercise any and all of their respective rights and remedies under any or all of the Loan Documents and/or applicable law, including, without limitation, their respective rights and remedies in connection with any or all of the Defaults and Events of Default, including, without limitation, the Specified Defaults. (c) For the avoidance of doubt, nothing herein limits the right Borrower agrees that all of the Administrative Agent Obligations under the Bridge Note shall, if not sooner paid, be absolutely and unconditionally due and payable in full in cash or other immediately available funds by Borrower to Lender on the Termination Date. No termination of any of the Financing Agreements or any provisions thereof shall relieve or discharge Borrower, or the LendersEnvision Guarantors, including during of their duties, covenants and obligations under the Forbearance Period, to take any action to preserve or exercise rights or remedies against parties other than the Borrower Financing Agreements and the Subsidiary Guarantors ("Third Party Rights"). For purposes of the foregoing, the Borrower and the Subsidiary Guarantors acknowledge and agree that execution and delivery of this Agreement shall constitute the making of any necessary demand until all Obligations have been finally paid in full in cash or the giving of any necessary notice for purposes of preserving and/or permitting the exercise of any such Third Party Rights of the Administrative Agent and the Lendersother immediately available funds. (d) Execution If after the date hereof the Company and/or its Subsidiaries in one or more transactions issues any debt or equity securities or otherwise obtains a loan for borrowed money in connection with any capital raising transaction (“Capital Raising Transaction”) in excess of this Agreement constitutes $500,000 in the aggregate for all such transactions, the Company shall repay a direction portion of the outstanding principal amount, and accrued interest thereon, hereunder at least equal to 25% of the gross proceeds (net of broker’s commissions) received by the Participant Lenders that the Administrative Agent act Company or such Subsidiary in accordance with its termssuch transaction(s). Each Participant Lender agrees that, notwithstanding anything to such repayment shall be made with one (1) Business Day following the contrary in date of receipt by the Credit Agreements, the Administrative Agent shall not be required to act if directed against the Borrower or the Subsidiary Guarantors if Company of such action is contrary to the terms of this Agreementproceeds. (e) The Beginning on April 12, 2009, the Note Amount (together with any capitalized interest thereon pursuant to the terms hereof) owed by Borrower to Lender shall bear interest at a rate of 15% per year. Such interest shall be payable monthly in arrears beginning on the first business day of each calendar month commencing the first calendar month after which the Borrower raises $100,000 in the aggregate (net of brokers’ commissions) for all Capital Raising Transactions. Any amounts of accrued interest not paid on the first business day for any calendar month after April 12, 2009 shall be compounded and added to the Subsidiary Guarantors acknowledge and agree that principal amount then outstanding under the agreement Bridge Note. (f) As additional consideration for the Lender agreeing to this Agreement, the Borrower shall issue 10,000 shares of common stock of the Participant Lenders hereunder to forbear from exercising their default-related remedies with respect Borrower to the Specified Defaults Lender. Such shares of common stock shall not constitute a waiver be duly and validly issued, fully paid and nonassessable, and free and clear of such Specified Defaults all Liens and that shall be delivered to the Lenders expressly reserve all rights and remedies that Lender within 5 business days after the Administrative Agent and the Lenders now or may in the future have under any or all signing of the Loan Documents and/or applicable law in connection with all Defaults and Events of Default (including without limitation the Specified Defaults)this Agreement.

Appears in 1 contract

Sources: Forbearance Agreement (Casita Enterprises, Inc.)

Forbearance. (a) The Participant Lenders agree that until In reliance upon the expiration representations, warranties and covenants of the Forbearance PeriodCredit Parties contained in this Agreement, the Participant Lenders will temporarily forbear (subject to the terms hereof) from the exercise of their default-related remedies under the Credit Agreements, Loan Documents or otherwise, against the Borrower and the Subsidiary Guarantors solely to the extent the availability of such remedies arises exclusively from the Specified Defaults; provided that the Borrower and the Subsidiary Guarantors shall comply during the Forbearance Period with all provisions, limitations, restrictions or prohibitions that would otherwise be effective or applicable under any of the Loan Documents during the continuance of any Default or Event of Default; provided further that the agreement of the Participant Lenders temporarily to forbear shall not apply to nor preclude any remedy available to the Administrative Agent or the Lenders in connection with any proceeding commenced under any bankruptcy or insolvency law, including without limitation, to any relief in respect of adequate protection or relief from any stay imposed under such law. (b) Upon a Termination Event, the agreement of the Participant Lenders hereunder to forbear from exercising their default-related remedies shall immediately terminate without the requirement of any demand, presentment, protest or notice of any kind, all of which the Borrower and the Subsidiary Guarantors hereby waive. The Borrower and the Subsidiary Guarantors agree that the Administrative Agent and the Lenders may at any time thereafter proceed to exercise any and all of their respective rights and remedies under any or all of the Loan Documents and/or applicable law, including, without limitation, their respective rights and remedies in connection with any or all of the Defaults and Events of Default, including, without limitation, the Specified Defaults. (c) For the avoidance of doubt, nothing herein limits the right of the Administrative Agent or the Lenders, including during the Forbearance Period, to take and without waiving the Acknowledged Events of Default or any action to preserve other Default or exercise rights Event of Default that may now exist or remedies against parties other than the Borrower and the Subsidiary Guarantors ("Third Party Rights"). For purposes of the foregoingwhich may occur hereafter, the Borrower and the Subsidiary Guarantors acknowledge and agree that execution and delivery of this Agreement shall constitute the making of any necessary demand or the giving of any necessary notice for purposes of preserving and/or permitting the exercise of any such Third Party Rights each of the Administrative Agent and the Lenders. (d) Execution of this Agreement constitutes a direction by the Participant Forbearing Lenders that the Administrative Agent act in accordance with its terms. Each Participant Lender agrees that, notwithstanding anything to the contrary in the Credit Agreements, the Administrative Agent shall not be required to act if directed against the Borrower or the Subsidiary Guarantors if such action is contrary subject to the terms and conditions of this Agreement. (e) The Borrower and the Subsidiary Guarantors acknowledge and agree that the agreement of the Participant Lenders hereunder to forbear from exercising their default-related remedies with respect to the Specified Defaults shall not constitute a waiver of such Specified Defaults and that the Lenders expressly reserve all rights and remedies that , the Administrative Agent and the Forbearing Lenders now shall forbear from exercising any remedies that it or they may in have against the future have under Borrower or any other Credit Party or all their respective assets and properties solely as a result of the Loan Documents and/or applicable law in connection with all Defaults and occurrence of the Acknowledged Events of Default. Such forbearance does not apply to any Default, Event of Default (including other than the Acknowledged Events of Default) or other failure by the Borrower or any other Credit Party to perform in accordance with the Credit Agreement or any other Credit Document (including, without limitation limitation, this Agreement). Notwithstanding the Specified Defaults)foregoing forbearance with respect to each Acknowledged Event of Default during the Forbearance Period, for the avoidance of doubt, an Event of Default, to the extent having occurred and continuing, shall continue to exist for all purposes under the Credit Agreement and the other Credit Documents, and, as a result, (i) the Borrower may not give any Notice of Borrowing or make any Letter of Credit Request, and no Notice of Borrowing or Letter of Credit Request shall be honored during the Forbearance Period and (ii) no Auto-Extension Letter of Credit may be renewed or extended during the Forbearance Period to the extent that the Non-Extension Notice Date under any such Auto-Extension Letter of Credit occurs five (5) or more Business Days after the date hereof. The Administrative Agent, the Borrower and each Letter of Credit Issuer hereby agrees that, pursuant to Section 3.2(b) of the Credit Agreement, this Agreement shall constitute written notice that one or more applicable conditions specified in Article VIII of the Credit Agreement cannot be satisfied during the Forbearance Period and, therefore, no Letter of Credit Issuer shall permit the extension of any such Auto-Extension Letter of Credit to the extent that the Non-Extension Notice Date thereunder occurs during the Forbearance Period and not less than five (5) Business Days after the date hereof.

Appears in 1 contract

Sources: Forbearance Agreement (California Resources Corp)

Forbearance. (a) The Participant Lenders Notwithstanding the Existing Defaults, and subject to the provisions of this Agreement, the Lender Parties agree that that, until the expiration or earlier termination of the Forbearance Period (as defined below), the Lender Parties will forbear from exercising their rights and remedies under the Loan Documents and/or applicable law solely with respect to the Existing Defaults; provided, however, that nothing herein shall restrict, impair or otherwise affect the exercise of the Lender Parties’ rights under this Agreement; and provided, further, that no such forbearance shall constitute a waiver with respect to the Existing Defaults (other than as set forth in the following sentence). Notwithstanding anything to the contrary contained herein, if, on or prior to the expiration (but not earlier termination) of the Forbearance Period, the Participant Lenders will temporarily forbear (subject Borrower Parties have satisfied the conditions to the terms hereof) from the exercise of their default-related remedies under the Credit Agreements, Loan Documents or otherwise, against the Borrower and the Subsidiary Guarantors solely to the extent the availability of such remedies arises exclusively from the Specified Defaults; provided that the Borrower and the Subsidiary Guarantors shall comply during the Forbearance Period with all provisions, limitations, restrictions or prohibitions that would otherwise be effective or applicable under any of the Loan Documents during the continuance of any Default or Event of Default; provided further that the agreement of the Participant Lenders temporarily to forbear shall not apply to nor preclude any remedy available to the Administrative Agent or the Lenders forbearance set forth in connection with any proceeding commenced under any bankruptcy or insolvency law, including without limitation, to any relief in respect of adequate protection or relief from any stay imposed under such law. (b) Upon a Termination EventSection 4 below, the agreement of Lender Parties shall be deemed to have waived the Participant Lenders hereunder to forbear from exercising their default-related remedies Existing Defaults and shall immediately terminate without the requirement of any demand, presentment, protest or notice of any kind, all of which the Borrower and the Subsidiary Guarantors hereby waive. The Borrower and the Subsidiary Guarantors agree that the Administrative Agent and the Lenders may at any time thereafter proceed have no right to exercise any and all of their respective rights and remedies under any or all of the Loan Documents and/or applicable law, including, without limitation, their respective rights and remedies in connection with any or all of the Defaults and Events of Default, including, without limitation, the Specified Defaults. (c) For the avoidance of doubt, nothing herein limits the right of the Administrative Agent or the Lenders, including during the Forbearance Period, to take any action to preserve or exercise rights or remedies against parties other than the Borrower and the Subsidiary Guarantors ("Third Party Rights"). For purposes of the foregoing, the Borrower and the Subsidiary Guarantors acknowledge and agree that execution and delivery of this Agreement shall constitute the making of any necessary demand or the giving of any necessary notice for purposes of preserving and/or permitting the exercise of any such Third Party Rights of the Administrative Agent and the Lenders. (d) Execution of this Agreement constitutes a direction by the Participant Lenders that the Administrative Agent act in accordance with its terms. Each Participant Lender agrees that, notwithstanding anything to the contrary in the Credit Agreements, the Administrative Agent shall not be required to act if directed against the Borrower or the Subsidiary Guarantors if such action is contrary to the terms of this Agreement. (e) The Borrower and the Subsidiary Guarantors acknowledge and agree that the agreement of the Participant Lenders hereunder to forbear from exercising their default-related remedies with respect to the Specified Defaults shall not constitute a waiver of such Specified Defaults and that the Lenders expressly reserve all rights and remedies that the Administrative Agent and the Lenders now or may in the future have under any or all of the Loan Documents and/or applicable law solely with respect to the Existing Defaults; provided that to the extent that any Borrower Party makes any payment(s) to the Lender Parties which payment(s) or any portion thereof is subsequently invalidated, declared to be fraudulent or preferential, set aside or required, in connection with all any bankruptcy, insolvency, reorganization, dissolution, liquidation or other like proceeding or for any other reason, to be repaid or paid over to a custodian, trustee, receiver or any other party under any bankruptcy act, state or federal law, common law or equitable cause, then to the extent of such payment or repayment, the obligation or part thereof intended to be satisfied shall be revived and continue in full force and effect as if such payment(s) had not been made and the Borrower Parties shall be primarily liable for the revived obligations. The foregoing sentence shall not be construed and is not intended to preclude the Lender Parties from exercising their rights and remedies under the Loan Documents and/or applicable law with respect to the existence of the Existing Defaults and Events after the expiration (other than expiration after satisfaction of Default (including without limitation the Specified Defaults).conditions to forbearance as set forth above) or earlier termination of the Forbearance Period. ​

Appears in 1 contract

Sources: Forbearance Agreement (Trinity Place Holdings Inc.)

Forbearance. (a) The Participant Credit Parties have informed the Agents and the Lenders that certain Events of Default in respect of compliance with financial covenants set forth in Section 6.7 of the Credit Agreement for the applicable periods endings March 31, 2009 could occur (the “Prospective Events of Default”). Although under the Credit Agreement, upon the occurrence and continuation of any such Prospective Event of Default, (i) the Lenders would have no obligation to fund any Loans requested by the Borrower and (ii) the Administrative Agent may, and if so requested by the Requisite Lenders, the Administrative Agent must, terminate the Commitments, accelerate all of the Obligations, and exercise all of its rights and remedies under the Credit Documents and applicable law (collectively, the “Remedies”), the Credit Parties have requested the Agents and the Lenders to continue to fund Loans and forbear from exercising any Remedies and, subject to the terms and conditions set forth herein, the Agents and the Lenders are willing to continue to fund Loans and to forbear from exercising any Remedies with respect to the Prospective Events of Default during the Forbearance Period (as hereinafter defined). (b) Notwithstanding the occurrence of the Prospective Events of Default, but subject to the conditions set forth herein, the Agents and the Lenders hereby agree that until (i) to continue to fund Loans to the expiration of Borrower during the Forbearance Period, provided that the Participant Lenders will temporarily forbear (Lenders’ agreement to continue to fund Loans is subject to the terms hereof) from the exercise conditions set forth in Section 2 and Section 3.2 of their default-related remedies under the Credit Agreements, Loan Documents or otherwise, against Agreement (other than (A) the Borrower and the Subsidiary Guarantors solely to the extent the availability of such remedies arises exclusively from the Specified Defaults; provided that the Borrower and the Subsidiary Guarantors shall comply during the Forbearance Period with all provisions, limitations, restrictions or prohibitions that would otherwise be effective or applicable under any of the Loan Documents during the continuance absence of any Default or Event of Default to the extent such Default or Event of Default is a Prospective Event of Default; provided further that , and (B) the agreement accuracy of all representations and warranties to the extent any such representation or warranty is incorrect solely by reason of the Participant Lenders temporarily to forbear shall not apply to nor preclude occurrence and continuance of any remedy available to the Administrative Agent or the Lenders in connection with any proceeding commenced under any bankruptcy or insolvency lawProspective Event of Default), including without limitation, to any relief in respect of adequate protection or relief from any stay imposed under such law. and (bii) Upon a Termination Event, the agreement of the Participant Lenders hereunder to forbear from exercising their default-related remedies shall immediately terminate without the requirement of any demand, presentment, protest or notice of any kind, all of which the Borrower and the Subsidiary Guarantors hereby waive. The Borrower and the Subsidiary Guarantors agree that the Administrative Agent and the Lenders may at any time thereafter proceed to exercise any and all of their respective rights and remedies under any or all of the Loan Documents and/or applicable lawRemedies during the Forbearance Period, including, without limitation, their respective rights and remedies in connection but solely with respect to any or all of the Defaults and Events such Prospective Event of Default, including, without limitation, the Specified Defaults. (c) For The forbearance granted herein (the avoidance “Forbearance”) shall commence on the Twenty-Second Amendment Effective Date (as hereinafter defined) and continue until the earlier of doubt(i) the occurrence of a Default or an Event of Default (other than any Prospective Event of Default) and (ii) May 15, nothing herein limits 2009 (the right of the Administrative Agent or the Lenders, including during the Forbearance Period, to take any action to preserve or exercise rights or remedies against parties other than the Borrower and the Subsidiary Guarantors ("Third Party Rights"). For purposes of the foregoing, the Borrower and the Subsidiary Guarantors acknowledge and agree that execution and delivery of this Agreement shall constitute the making of any necessary demand or the giving of any necessary notice for purposes of preserving and/or permitting the exercise of any such Third Party Rights of the Administrative Agent and the Lenders. (d) Execution All periods of this Agreement constitutes a direction limitations specified by the Participant Lenders that the Administrative Agent act in accordance with its terms. Each Participant Lender agrees that, notwithstanding anything statutes and all defenses of laches or waiver as to the contrary in the Credit Agreements, the Administrative Agent shall not be required to act if directed against the Borrower or the Subsidiary Guarantors if such action is contrary to the terms of this Agreement. (e) The Borrower and the Subsidiary Guarantors acknowledge and agree that the agreement of the Participant Lenders hereunder to forbear from exercising their default-related remedies with respect to the Specified Defaults shall not constitute a waiver of such Specified Defaults and that the Lenders expressly reserve all rights and remedies that the Administrative Agent and the Lenders now or may in the future have under any or all of the Loan Documents and/or applicable law in connection with all Defaults and Prospective Events of Default (including without limitation will be tolled and otherwise suspended during the Specified Defaults)Forbearance Period.

Appears in 1 contract

Sources: Credit Agreement (Proliance International, Inc.)

Forbearance. Subject to, and effective as of, the Forbearance Effective Date: (a) The Participant Lenders agree Each Holder hereby agrees that until during the expiration Forbearance Period it will not (x) take any Remedial Action under the Notes or the Indenture solely with respect to the Specified Default or (y) sell, pledge, hypothecate or otherwise transfer any Notes, except to (A) a purchaser or other entity who agrees in writing with the transferor (with a copy to and for the benefit of the Forbearance PeriodNote Parties) prior to such transfer to be bound by all of the terms of this Agreement with respect to the relevant Notes being transferred to such purchaser, (B) a party who is already a signatory hereto, or (C) an any entity that, as of the Participant Lenders will temporarily forbear (date hereof, was, and as of the date of transfer, continues to be an entity that controls, is controlled by or is under common control with the transferor, provided, however, that such entity shall automatically be subject to the terms hereof) of this Agreement and deemed a party hereto. This Agreement shall in no way be construed to preclude any Holder from acquiring additional Notes to the extent permitted by applicable law. However, such Holder shall, automatically and without further action, remain subject to this Agreement with respect to any Notes so acquired. The foregoing limited forbearance shall not be construed to impair the ability of the Holders or the Trustee to exercise of their default-related any rights or remedies under the Credit AgreementsIndenture or take any Remedial Action at any time after the Forbearance Period (regardless of whether or not such Remedial Action is related to actions taken or payments received during the Forbearance Period), Loan Documents or otherwise, against the Borrower and the Subsidiary Guarantors solely to the extent the availability of such remedies arises exclusively from the Specified Defaults; provided that the Borrower and the Subsidiary Guarantors shall comply during the Forbearance Period with all provisionsfor Defaults or Events of Default other than the Specified Default, limitationsand, restrictions except as provided herein, nothing shall restrict, impair or prohibitions that would otherwise be effective or applicable under any affect the exercise of the Loan Documents during Holders’ rights under this Agreement, the continuance of any Default or Event of Default; provided further that the agreement of the Participant Lenders temporarily to forbear shall not apply to nor preclude any remedy available to the Administrative Agent Indenture or the Lenders in connection with any proceeding commenced under any bankruptcy or insolvency law, including without limitation, to any relief in respect of adequate protection or relief from any stay imposed under such lawNotes. (b) Upon a Termination EventUnless earlier terminated in accordance with the terms of this Agreement, the agreement of the Participant Lenders hereunder to forbear from exercising their default-related remedies Holders’ agreements, as provided herein, shall immediately terminate without the requirement for any notice, demand or presentment of any demandkind on the Forbearance Termination Date, presentment, protest or notice of any kind, all of which the Borrower and the Subsidiary Guarantors hereby waive. The Borrower Note Parties at that time shall be obligated to comply with and perform all terms, conditions and provisions of the Indenture and the Subsidiary Guarantors agree that Notes without giving effect to the Administrative Agent forbearance set forth herein, and the Lenders Trustee and the Holders may at any time thereafter proceed to exercise any and all of their respective rights and remedies under any or all of the Loan Documents and/or applicable lawremedies, including, including without limitation, their respective rights and remedies in connection with the Specified Default and any other Defaults or all of the Defaults and Events of Default, including, without limitation, Default under the Specified DefaultsIndenture or rights under this Agreement. (c) For The Holders hereby request that the avoidance of doubt, nothing herein limits the right of the Administrative Agent or the Lenders, including during the Forbearance Period, to Trustee not take any action to preserve or exercise rights or remedies against parties other than the Borrower and the Subsidiary Guarantors ("Third Party Rights"). For purposes of the foregoing, the Borrower and the Subsidiary Guarantors acknowledge and agree that execution and delivery of this Agreement shall constitute the making of any necessary demand or the giving of any necessary notice for purposes of preserving and/or permitting the exercise of any such Third Party Rights of the Administrative Agent and the Lenders. (d) Execution of this Agreement constitutes a direction by the Participant Lenders that the Administrative Agent act in accordance with its terms. Each Participant Lender agrees that, notwithstanding anything to the contrary in the Credit Agreements, the Administrative Agent shall not be required to act if directed against the Borrower or the Subsidiary Guarantors if such action is contrary to the terms of this Agreement. (e) The Borrower and the Subsidiary Guarantors acknowledge and agree that the agreement of the Participant Lenders hereunder to forbear from exercising their default-related remedies Remedial Action with respect to the Specified Defaults shall not constitute a waiver of such Specified Defaults and Default during the Forbearance Period. In the event that the Lenders expressly reserve all rights and remedies that the Administrative Agent and the Lenders now or may in the future have under Trustee takes any or action to declare all of the Loan Documents and/or applicable law in connection with all Defaults Notes immediately due and Events payable pursuant to Section 6.02 of Default (including without limitation the Indenture during the Forbearance Period solely due to the Specified Defaults)Default, the Holders agree to promptly rescind and cancel such acceleration in accordance with and subject to Section 6.02 of the Indenture.

Appears in 1 contract

Sources: Forbearance Agreement (Aquilex Holdings LLC)

Forbearance. Subject to the terms and conditions of this Agreement, L2 is willing to postpone pursuing its rights and remedies under the Transaction Documents, in particular and without limitation with respect to the acceleration of the Note and immediate payment of the Default Amount (as defined in the Note), with respect to the Claimed Registration Default and the Merger Default (“Forbearance”), on the following terms: (a) The Participant Lenders agree that until Subject to AIPT’s compliance with the expiration terms of this Agreement, the Forbearance will commence on the Effective Date and will expire at 11:59 p.m., on March 31, 2019, time being of the essence (the “Forbearance Period”), or earlier as provided herein. During the Forbearance Period, the Participant Lenders will temporarily forbear (acceleration of the Note and payment of the Default Amount shall be deemed suspended with respect to the Claimed Registration Default and Merger Default, subject to the terms hereof) from the ability of L2 hereunder to immediately exercise of their default-related its rights and remedies under the Credit Agreements, Loan Documents or otherwise, against the Borrower this Agreement and the Subsidiary Guarantors solely Transaction Documents, including but not limited to the extent the availability of such remedies arises exclusively from the Specified Defaults; provided that the Borrower and the Subsidiary Guarantors shall comply during the Forbearance Period with all provisions, limitations, restrictions or prohibitions that would otherwise be effective or applicable under any acceleration of the Loan Documents during the continuance Note and enforcement of any Default or Event of Default; provided further that the agreement payment of the Participant Lenders temporarily to forbear shall not apply to nor preclude any remedy available to the Administrative Agent or the Lenders in connection with any proceeding commenced under any bankruptcy or insolvency law, including without limitation, to any relief in respect of adequate protection or relief from any stay imposed under such lawDefault Amount. (b) Upon a Termination Event, If AIPT does not receive the agreement required stockholder approval of the Participant Lenders hereunder to forbear from exercising their default-related remedies shall Merger on or before March 31, 2019 (a “Vote Failure”), then the Forbearance Period will immediately terminate without the requirement of any demandterminate, presentment, protest or notice of any kind, all of which the Borrower and the Subsidiary Guarantors hereby waive. The Borrower and the Subsidiary Guarantors agree that the Administrative Agent and the Lenders L2 may at any time thereafter proceed to immediately exercise any and all of their respective its rights and remedies provided for under any or all the Transaction Documents, including but not limited to the acceleration of the Loan Documents and/or applicable lawNote (and as amended, including, without limitation, their respective rights the Amended Note) and remedies in connection with any or all enforcement of payment of the Defaults and Events of Default, including, without limitation, the Specified DefaultsDefault Amount. (c) For If at any time after the avoidance of doubt, nothing herein limits the right Effective Date: (i) AIPT fails to abide by any of the Administrative Agent or the Lenders, including during the Forbearance Period, to take any action to preserve or exercise rights or remedies against parties other than the Borrower terms and the Subsidiary Guarantors ("Third Party Rights"). For purposes of the foregoing, the Borrower and the Subsidiary Guarantors acknowledge and agree that execution and delivery conditions of this Agreement shall constitute the making Agreement; or (ii) AIPT fails to comply with any of any necessary demand or the giving of any necessary notice for purposes of preserving and/or permitting the exercise of any such Third Party Rights of the Administrative Agent and the Lenders. (d) Execution of this Agreement constitutes a direction by the Participant Lenders that the Administrative Agent act in accordance with its terms. Each Participant Lender agrees that, notwithstanding anything to the contrary in the Credit Agreements, the Administrative Agent shall not be required to act if directed against the Borrower or the Subsidiary Guarantors if such action is contrary to the terms of this Agreement. (e) The Borrower and the Subsidiary Guarantors acknowledge and agree that the agreement any of the Participant Lenders hereunder other Transaction Documents; or (iii) AIPT fails to forbear from exercising their default-related remedies with respect timely make the payments required under the Amended Note; or (iv) any Events of Default, in addition to the Specified Defaults shall Claimed Registration Default and Merger Default, occur, including but not constitute limited to bankruptcy proceedings that would be a waiver default under Section 3.7 of such Specified Defaults the Note (and that as amended, the Lenders expressly reserve all Amended Note), then the Forbearance Period will immediately terminate, and L2 may immediately exercise any of its rights and remedies that provided for under the Administrative Agent and Transaction Documents, including but not limited to the Lenders now or may in the future have under any or all acceleration of the Loan Documents and/or applicable law in connection with all Defaults Note (and Events as amended, the Amended Note) and enforcement of payment of the Default (including without limitation the Specified Defaults)Amount.

Appears in 1 contract

Sources: Forbearance Agreement (Precision Therapeutics Inc.)

Forbearance. So long as this Agreement shall remain in effect and subject to the continued satisfaction of all material terms and conditions of the Term Sheet, each Consenting Holder hereby severally agrees to forebear (and where necessary cause the forbearance, including by giving all necessary instructions to the Old Notes Trustee and/or Administrative Agent in accordance with the Indenture and/or Existing Senior Credit Agreement) during the period commencing on the date hereof and ending on the earliest to occur of: (a) The Participant Lenders agree the Effective Date (as defined in the Term Sheet) (it being understood that until such forbearance applies to any defaults caused solely by the expiration commencement of the Forbearance PeriodChapter 11 Case filed to implement the Financial Restructuring); (b) the date on which the obligations of the Consenting Holders hereunder are terminated pursuant to SECTION 9 hereof; or (c) the date on which any action against the Debtor, any Consenting Holder or any Equity Released Party (as defined in the Participant Lenders will temporarily forbear Term Sheet) in respect of any Equityholder Released Claim (subject to as defined in the terms hereofTerm Sheet) is commenced in any court: (1) in the case of any Old Notes comprising all or part of the Relevant Claim of such Consenting Holder, from the exercise of their default-related (x) exercising any rights or remedies it may have under the Credit AgreementsIndenture and all related documents, Loan Documents applicable law, or otherwise, against the Borrower and the Subsidiary Guarantors solely to the extent the availability of such remedies arises exclusively from the Specified Defaults; provided that the Borrower and the Subsidiary Guarantors shall comply during the Forbearance Period with all provisions, limitations, restrictions or prohibitions that would otherwise be effective or applicable under any of the Loan Documents during the continuance of any Default or Event of Default; provided further that the agreement of the Participant Lenders temporarily to forbear shall not apply to nor preclude any remedy available to the Administrative Agent or the Lenders in connection with any proceeding commenced under any bankruptcy or insolvency law, including without limitation, to any relief in respect of adequate protection or relief from any stay imposed under such law. (b) Upon a Termination Event, the agreement of the Participant Lenders hereunder to forbear from exercising their default-related remedies shall immediately terminate without the requirement of any demand, presentment, protest or notice of any kind, all of which the Borrower and the Subsidiary Guarantors hereby waive. The Borrower and the Subsidiary Guarantors agree that the Administrative Agent and the Lenders may at any time thereafter proceed to exercise any and all of their respective rights and remedies under any or all of the Loan Documents and/or applicable law, including, without limitation, their respective rights and remedies in connection with any or all of the Defaults and Events of Default, including, without limitation, the Specified Defaults.filing of an involuntary petition against the Company), with respect to any existing default as of the date hereof and including, without limitation, any default that has arisen or event of default that may arise from the Company's failure to pay interest on the principal amount of the Old Notes that was due and payable on May 1, 2002 under the Indenture and all related documents; and (y) commencing any action in any court against the Debtor, any Equity Released Party or any Consenting Holder in respect of any Equity Released Claim (as defined in the Term Sheet); and (c2) For in the avoidance case of doubt, nothing herein limits the right any Existing Senior Debt comprising all or part of the Administrative Agent Relevant Claim of such Consenting Holder, from (a) exercising any rights and remedies it may have under the Existing Senior Credit Agreement and all related documents, applicable law and otherwise against the Debtor or the Lenders, including during Non-Filing Subsidiaries with respect to any existing Default or Event of Default (each as defined in the Forbearance Period, to take any action to preserve or exercise rights or remedies against parties other than the Borrower and the Subsidiary Guarantors ("Third Party Rights"). For purposes Existing Senior Credit Agreement) as of the foregoingdate of hereof, and after the Borrower and the Subsidiary Guarantors acknowledge and agree that execution and delivery date hereof (x)(i) any Default or Event of this Agreement shall constitute the making of any necessary demand or the giving of any necessary notice for purposes of preserving and/or permitting the exercise of any such Third Party Rights Default arising under Section 9.03(a) of the Administrative Agent and the Lenders. (d) Execution Existing Senior Credit Agreement as a result of this Agreement constitutes a direction by the Participant Lenders that the Administrative Agent act in accordance Holdings failure to comply with its terms. Each Participant Lender agrees that, notwithstanding anything to the contrary in the Credit Agreements, the Administrative Agent shall not be required to act if directed against the Borrower Section 8.10 or the Subsidiary Guarantors if such action is contrary to the terms of this Agreement. (e) The Borrower and the Subsidiary Guarantors acknowledge and agree that the agreement 8.11 of the Participant Lenders hereunder Existing Senior Credit Agreement, (ii) any Default or Event of Default arising under Section 9.03(b) of the Existing Senior Credit Agreement as a result of Holdings failure to forbear from exercising their default-related remedies deliver the certification by independent certified public accountants described in Section 7.01(c) of the Existing Senior Credit Agreement with respect to the Specified Defaults shall not constitute annual financial statements of Holdings' and its subsidiaries for the years ending December 31, 2000 and December 31, 2001 and (iii) any Default or Event of Default arising under Section 9.04 of the Existing Senior Credit Agreement as a waiver result of the failure of DBI (I) to pay interest on the Old Notes or (II) to file with the SEC and the Notes Trustee, pursuant to Section 4.08 of the Indenture, annual reports on Form 10K for the years ending December 31, 2000 and December 31, 2001 and quarterly reports on Form 10Q for the quarters ending March 31, 2001, June 30, 2001, September 30, 2001 and March 31, 2002 (it being understood that such forbearance under the Existing Senior Credit Agreement applies to any defaults (subject to the terms and conditions of the Fourth Amendment to the Existing Senior Credit Agreement (as defined below)) caused solely by the commencement of the Chapter 11 Case filed to implement the Financial Restructuring) and (b) commencing any action in any court against the Debtor, any Equity Released Party or any Consenting Holder in respect of any Equity Released Claim; and (3) in the case of any B Revolving Loan comprising all or part of the Relevant Claim of such Specified Defaults and that the Lenders expressly reserve all Consenting Holder, from exercising any rights and remedies that the Administrative Agent and the Lenders now or it may in the future have under any or all on account of the Loan Documents and/or applicable law B Revolving Loans, subject to and in connection accordance with all Defaults the terms of Fourth Amendment to and Events Waiver under the Existing Senior Credit Agreement dated as of Default the date hereof (including without limitation the Specified Defaults"FOURTH AMENDMENT").

Appears in 1 contract

Sources: Lock Up, Voting and Consent Agreement (Dade Behring Holdings Inc)

Forbearance. The Servicer is hereby authorized to forbear in connection with its enforcement of Tax Liens, provided that the subject Property Owners comply with the individual terms and conditions of forbearance established by the Servicer in its sole discretion, but which shall include (a) The Participant Lenders agree that until the expiration repayment in full of the Forbearance PeriodAdjusted Redemptive Value of the applicable Tax Lien over a period ending no later than thirty-six (36) months from the applicable Conveyance Date, unless it is determined by the Servicer that an extension of the repayment period is in the best economic interest of the Issuer and/or the PACE Charge Lien Owner, as applicable, but in no event shall the repayment period exceed thirty-six (36) months from the due date of the first forbearance payment, (b) payments on a periodic basis directly to the Collateral Agent and Custodian for deposit to the MTAG Issuer Lockbox, (c) the requirement that all required payments accruing subsequently to the subject Tax Lien for the subject Property that if not paid could result in the creation of a further “tax lien” (as defined in the Section 11-301 of the City Admin. Code) on such Property (the “Subsequent Taxes and Assessments”) remain current, (d) an acknowledgement of the amount due with respect to the Tax Lien that is the subject of such forbearance, a waiver of any waivable defenses to any foreclosure action and any other similar stipulations deemed necessary or desirable by the Servicer, (e) other than with respect to Properties classified by the City as within Tax Class 1, the Participant Lenders will temporarily forbear (subject Property Owner agrees to permit access to the terms hereof) from the exercise of their default-related remedies under the Credit Agreements, Loan Documents or otherwise, against the Borrower and the Subsidiary Guarantors solely to the extent the availability of such remedies arises exclusively from the Specified Defaults; provided that the Borrower and the Subsidiary Guarantors shall comply during the Forbearance Period with all provisions, limitations, restrictions or prohibitions that would otherwise be effective or applicable under any of the Loan Documents during the continuance Property for purposes of any Default or Event of Default; provided further Environmental Assessment relating thereto, (f) the Property Owner agrees that the agreement of the Participant Lenders temporarily to forbear shall not apply to nor preclude any remedy available to the Administrative Agent or the Lenders in connection with any proceeding commenced under any bankruptcy or insolvency lawforeclosure action relating to the Property, including without limitationthe holder of the related Tax Lien shall have the right to appoint a receiver, and (g) such forbearance is evidenced by a written agreement executed by each of the Servicer and the Property Owner; provided, however, that the Servicer may not agree to any relief such forbearance (in respect of adequate protection writing or relief from any stay imposed under such law. (botherwise) Upon a Termination Event, until after the agreement of the Participant Lenders hereunder to forbear from exercising their default-related remedies shall immediately terminate without the requirement of any demand, presentment, protest or notice of any kind, all of which the Borrower and the Subsidiary Guarantors hereby waiveapplicable Closing Date. The Borrower details of such forbearance shall be maintained in the Servicer’s collection system. The Servicer shall provide the City and the Subsidiary Guarantors agree that the Administrative Agent and the Lenders may at any time thereafter proceed its representatives with access to exercise any and all of their respective rights and remedies under any or all of the Loan Documents and/or applicable law, including, without limitation, their respective rights and remedies in connection with any or all of the Defaults and Events of Default, including, without limitation, the Specified Defaults. (c) For the avoidance of doubt, nothing herein limits the right of the Administrative Agent or the Lenders, including such information during the Forbearance PeriodServicer’s customary business hours, to take any action to preserve or exercise rights or remedies against parties other than at the Borrower and the Subsidiary Guarantors ("Third Party Rights")City’s request. For purposes of the foregoing, the Borrower and the Subsidiary Guarantors acknowledge and agree that execution and delivery of this Agreement shall constitute the making of any necessary demand or the giving of any necessary notice for purposes of preserving and/or permitting the exercise of any such Third Party Rights of the Administrative Agent and the Lenders. (d) Execution of this Agreement constitutes a direction Any reasonable expenses incurred by the Participant Lenders that the Administrative Agent act Servicer in accordance with its terms. Each Participant Lender agrees that, notwithstanding anything to the contrary in the Credit Agreements, the Administrative Agent shall not be required to act if directed against the Borrower or the Subsidiary Guarantors if such action is contrary to negotiating and monitoring the terms and conditions of this Agreementforbearance shall be considered Lien Administration Expenses. (e) The Borrower and the Subsidiary Guarantors acknowledge and agree that the agreement of the Participant Lenders hereunder to forbear from exercising their default-related remedies with respect to the Specified Defaults shall not constitute a waiver of such Specified Defaults and that the Lenders expressly reserve all rights and remedies that the Administrative Agent and the Lenders now or may in the future have under any or all of the Loan Documents and/or applicable law in connection with all Defaults and Events of Default (including without limitation the Specified Defaults).

Appears in 1 contract

Sources: Servicing Agreement

Forbearance. (a) The Participant Lenders agree that until 1. For the expiration period beginning as of the date first above written (the “Commencement Date”) and ending 5:00 p.m., New York time, on May 15, 2003 (hereinafter referred to as the “Forbearance Period”), the Participant Lenders will temporarily forbear (subject to the terms hereof) from the exercise of their default-related remedies under the Credit Agreements, Loan Documents or otherwise, against the Borrower and the Subsidiary Guarantors solely to the extent the availability of such remedies arises exclusively from the Specified Defaults; provided that the Borrower and the Subsidiary Guarantors shall comply during the Forbearance Period with all provisions, limitations, restrictions or prohibitions that would otherwise be effective or applicable under any of the Loan Documents during the continuance of any Default or Event of Default; provided further that the agreement of the Participant Lenders temporarily to forbear shall not apply to nor preclude any remedy available to the Administrative Agent or the Lenders in connection with any proceeding commenced under any bankruptcy or insolvency law, including without limitation, to any relief in respect of adequate protection or relief from any stay imposed under such law. (b) Upon a Termination Event, the agreement of the Participant Lenders hereunder to forbear from exercising their default-related remedies shall immediately terminate without the requirement of any demand, presentment, protest or notice of any kind, all of which the Borrower and the Subsidiary Guarantors hereby waive. The Borrower and the Subsidiary Guarantors agree that the Administrative Agent and the Requisite Lenders, for each Requisite Class Lender, without waiving, curing or ceasing the continuance of the Specified Events of Default, hereby agree to forbear from the exercise of any of their rights and remedies available under the Credit Agreement and the Credit Documents on account of the Specified Events of Default. The Administrative Agent’s and Lenders’ forbearance provided for herein shall be effective only with respect to the Specified Events of Default and shall automatically terminate and cease to be of force and effect, and the Administrative Agent and Lenders may at any time thereafter proceed to exercise any and all of their respective rights and remedies as may be available under any or all of the Loan Documents and/or Credit Agreement and under applicable law, includingupon or after the occurrence of any other Event of Default or a default under the terms of this Forbearance Agreement (individually a “Forbearance Default” and, without limitationcollectively, their respective rights the “Forbearance Defaults”). 2. The Requisite Lenders’ agreement to forbear as set forth above is subject to the following conditions, which shall be applicable throughout the Forbearance Period, and remedies in connection the failure to comply with any or all of the Defaults and Events of these conditions shall be deemed to be a Forbearance Default, including, without limitation, the Specified Defaults.: (ca) For the avoidance of doubt, nothing herein limits the right of the Administrative Agent or the Lenders, including The Credit Parties agree that during the Forbearance Period, no Credit Parity, nor its Subsidiaries, shall directly or indirectly, declare, order, pay, make or set apart any sum to take effectuate any action payment to preserve or exercise rights or remedies against parties other than the Borrower and the Subsidiary Guarantors ("Third Party Rights"). For purposes holders of the foregoingSubordinated Indebtedness; and (b) No later than May 7, 2003 at 9:00 a.m. New York Time, the Borrower agrees to deliver to the Agent and its counsel a revised version of the Subsidiary Guarantors acknowledge 2003-2007 Plan (the “Revised Business Plan”), which Revised Business Plan shall incorporate cost savings and other reductions that the Credit Parties’ management has identified; and (c) The Credit Parties agree that execution and delivery of this Agreement shall constitute the making of any necessary demand or the giving of any necessary notice for purposes of preserving and/or permitting the exercise of any such Third Party Rights of to deliver to the Administrative Agent (i) on May 2, 2003 a thirteen (13) week budget for the Credit Parties, (ii) on May 9, 2003 an updated (13) week budget and (iii) on May 13, 2003, a summary of the Lenders.disbursements made by the Credit Parties during the week ending May 9, 2003; and (d) Execution No additional Defaults or Events of this Agreement constitutes a direction by Default other than the Participant Lenders that the Administrative Agent act in accordance with its terms. Each Participant Lender agrees that, notwithstanding anything to the contrary in Specified Events of Default shall occur or exist under the Credit Agreements, the Administrative Agent shall not be required to act if directed against the Borrower Agreement or the Subsidiary Guarantors if such action is contrary to the terms of this Agreement.any other Credit Documents; and (e) The Borrower and Guarantors shall throughout the Subsidiary Guarantors acknowledge term of this Agreement continue to make a full and complete disclosure of all material aspects of their financial condition and business operations in accordance with the terms of the Credit Agreement. 3. During the Forbearance Period and provided no Forbearance Default exists, and further provided that the terms and conditions of this Forbearance Agreement are satisfied, the Requisite Lenders agree that they will not accelerate, or will not direct the agreement Administrative Agent to accelerate, the indebtedness owed to the Lenders under the Credit Agreement or otherwise exercise any of their rights and remedies, in each case, as a result of the Participant Lenders hereunder to forbear from exercising their default-related remedies with respect Specified Events of Default outlined herein. Notwithstanding any of the foregoing or any other provision herein which may be construed to the Specified Defaults shall contrary, although at this time the Requisite Lenders have elected not constitute a waiver to charge interest at the default rate as set forth in Section 2.7 of such Specified Defaults and that the Credit Agreement, the Lenders expressly reserve all rights and remedies that to do so at any time after the Administrative Agent and the Lenders now or may in the future have under any or all termination of the Loan Documents and/or applicable law in connection with all Defaults and Forbearance Period, which default rate of interest may be charged retroactively to the date of the Specified Events of Default (including without limitation the Specified Defaults)Default.

Appears in 1 contract

Sources: Forbearance Agreement (Allegiance Telecom Inc)

Forbearance. (a) The Participant Lenders agree that until Each Loan Party specifically acknowledges the expiration existence and continuation of the Forbearance PeriodLiquidity Period and the Specified Default. In reliance on the representations, the Participant Lenders will temporarily forbear (warranties, covenants and agreements contained in this Agreement, and subject to the terms hereof) from satisfaction of each condition precedent set forth in Section 4 hereof but only so long as the exercise of their default-related remedies under Forbearance Termination Date shall not have occurred and except as permitted by this Agreement, the Credit AgreementsAdministrative Agent, Loan Documents or otherwisethe Swingline Lender, against the Borrower Issuing Bank and the Subsidiary Guarantors solely Lenders hereby agree to the extent the availability of such remedies arises exclusively from the Specified Defaults; provided that the Borrower and the Subsidiary Guarantors shall comply forbear during the Forbearance Period with all provisions, limitations, restrictions or prohibitions that would otherwise be effective or applicable from exercising their rights and remedies under any of the Loan Documents during and applicable law arising as a result of the occurrence or continuance of the Specified Default and the Potential Defaults. Notwithstanding the foregoing, the forbearance granted by the Administrative Agent, the Swingline Lender, the Issuing Bank, and the Lenders shall not constitute, and shall not be deemed to constitute, (a) a waiver of the Specified Default, the Potential Defaults, or of any other Default or Event of Default; provided further that Default under the agreement Loan Documents or (b) a waiver of any rights or remedies arising under the Loan Documents as a result of the Participant Lenders temporarily existence and continuance of the Liquidity Period. On and after the Forbearance Termination Date, the Administrative Agent’s, the Swingline Lender’s, the Issuing Bank’s and the Lenders’ agreement hereunder to forbear shall not apply to nor preclude terminate automatically without further act or action by any remedy available to such Persons, and the Administrative Agent or the Lenders in connection with any proceeding commenced under any bankruptcy or insolvency law, including without limitation, to any relief in respect of adequate protection or relief from any stay imposed under such law. (b) Upon a Termination EventAgent, the agreement of Swingline Lender, the Participant Lenders hereunder to forbear from exercising their default-related remedies shall immediately terminate without the requirement of any demand, presentment, protest or notice of any kind, all of which the Borrower and the Subsidiary Guarantors hereby waive. The Borrower and the Subsidiary Guarantors agree that the Administrative Agent Issuing Bank and the Lenders may at any time thereafter proceed shall be entitled to exercise any and all of their respective rights and remedies available to them under this Agreement or the other Loan Documents, at law, in equity or otherwise without any further lapse of time, expiration of applicable grace periods or requirements of notice, all of the which are hereby expressly waived by each Loan Documents and/or applicable law, including, without limitation, their respective rights and remedies in connection with any or all of the Defaults and Events of Default, including, without limitation, the Specified Defaults. (c) Party. For the avoidance of doubt, nothing herein limits (i) the right of foregoing forbearance shall not prohibit the Administrative Agent from delivering notices relating to the Borrowing Base or the Lendersnotices of any other Defaults, including during the Events of Default or a Forbearance PeriodTermination Event, to take (ii) any action to preserve or exercise rights or remedies against parties other than the Borrower and the Subsidiary Guarantors ("Third Party Rights"). For purposes Overadvance that occurs under Section 2.24 of the foregoing, the Borrower and the Subsidiary Guarantors acknowledge and agree that execution and delivery of this Credit Agreement shall constitute not be subject to forbearance, and (iii) the making of any necessary demand foregoing forbearance shall not limit or the giving of any necessary notice for purposes of preserving and/or permitting the exercise of any such Third Party Rights of prohibit the Administrative Agent and the Lenders. (d) Execution from making Protective Advances in its discretion pursuant to Section 2.25 of this Agreement constitutes a direction by the Participant Lenders that the Administrative Agent act in accordance with its terms. Each Participant Lender agrees that, notwithstanding anything to the contrary in the Credit Agreements, the Administrative Agent shall not be required to act if directed against the Borrower or the Subsidiary Guarantors if such action is contrary to the terms of this Agreement. (e) The Borrower and the Subsidiary Guarantors acknowledge and agree that the agreement of the Participant Lenders hereunder to forbear from exercising their default-related remedies with respect to the Specified Defaults shall not constitute a waiver of such Specified Defaults and that the Lenders expressly reserve all rights and remedies that the Administrative Agent and the Lenders now or may in the future have under any or all of the Loan Documents and/or applicable law in connection with all Defaults and Events of Default (including without limitation the Specified Defaults).

Appears in 1 contract

Sources: Limited Forbearance Agreement (Tuesday Morning Corp/De)

Forbearance. (a) The Participant 2.1 Effective as of the date hereof, Administrative Agent and the Lenders signatory hereto, constituting Required Lenders, hereby agree that until the expiration or termination of the Forbearance Period, the Participant Lenders they will temporarily forbear from exercising default-related rights and remedies against the Borrowers or any other Obligor solely with respect to (i) the Alleged Asset Coverage Ratio Default; (ii) the accuracy of any Compliance Certificate insofar as it concerns the Asset Coverage Ratio as of March 31, 2016; and (iii) any cross-default to the Term Loan Agreement arising from matters that are subject to the terms hereof) from Term Loan Forbearance Agreement for so long as such agreement shall remain ine effect (collectively, the exercise of their default-related remedies under the Credit Agreements“Subject Defaults”); provided, Loan Documents however, that nothing herein shall restrict, impair or otherwise, against the Borrower and the Subsidiary Guarantors solely to the extent the availability of such remedies arises exclusively from the Specified Defaults; provided that the Borrower and the Subsidiary Guarantors shall comply during the Forbearance Period with all provisions, limitations, restrictions otherwise affect any Lender’s or prohibitions that would otherwise be effective or applicable under any of the Loan Documents during the continuance of any Default or Event of Default; provided further that the agreement of the Participant Lenders temporarily to forbear shall not apply to nor preclude any remedy available to the Administrative Agent or the Lenders in connection with any proceeding commenced under any bankruptcy or insolvency law, including without limitation, to any relief in respect of adequate protection or relief from any stay imposed under such law. (b) Upon a Termination Event, the agreement of the Participant Lenders hereunder to forbear from exercising their default-related remedies shall immediately terminate without the requirement of any demand, presentment, protest or notice of any kind, all of which the Borrower and the Subsidiary Guarantors hereby waive. The Borrower and the Subsidiary Guarantors agree that the Administrative Agent and the Lenders may at any time thereafter proceed to exercise any and all of their respective Agent’s rights and remedies under any agreements (including, without limitation, the Intercreditor Agreement) containing subordination provisions in favor of any or all of the Lenders or the Administrative Agent (including, without limitation, any rights or remedies available to the Lenders or the Administrative Agent as a result of the occurrence or continuation of the Alleged Asset Coverage Ratio Default) or amend or modify any provision thereof. 2.2 As used herein, the term “Forbearance Period” shall mean the period beginning on the date hereof and ending on the earlier to occur of (the occurrence of clause (i) or (ii), a “Termination Event”): (i) any Forbearance Default (as hereinafter defined) or (ii) June 6, 2016, at 11:59 p.m. New York time. As used herein, the term “Forbearance Default” shall mean (A) the occurrence of any Default or an Event of Default other than the Subject Defaults, (B) the failure of any Borrower or any other Obligor to comply timely with any term, condition, or covenant set forth in this Agreement, (C) the failure of any representation or warranty made by any Borrower or any other Obligor under or in connection with this Agreement to be true and complete in all material respects as of the date hereof, (D) the repudiation and/or assertion of any defense by any Obligor with respect to this Agreement or any Loan Documents Document or the pursuit of any claim by any Obligor against the Administrative Agent, any Issuing Bank, any Lender, or any other Indemnitee of any of the foregoing, and/or applicable law(E) the termination or expiration of any other forbearance granted by another creditor of any of the Obligors (including of the forbearance pursuant to the Term Loan Forbearance Agreement) or taking of an enforcement action or other exercise of any or all rights and remedies (including delivery of any notice of default or event of default or similar notice) by any such creditor (including by the Term Loan Agent, any “Lender” under (and as defined in) the Term Loan Credit Agreement or any other holder of obligations under the Term Loan Credit Agreement or by any holder of obligations under the Senior Notes Indenture) or acceleration by such creditor of indebtedness owing to such creditor, including, without limitation, their respective rights and remedies in connection with any or all of the Defaults and Events of Default, including, without limitation, the Specified Defaults. (c) For the avoidance of doubt, nothing herein limits the right of the Administrative Agent or the Lenders, including during the Forbearance Period, to take any action to preserve or exercise rights or remedies against parties other than the Borrower and the Subsidiary Guarantors ("Third Party Rights"). For purposes of the foregoing, the Borrower and the Subsidiary Guarantors acknowledge and agree that execution and delivery of this Agreement shall constitute the making of any necessary demand or the giving of any necessary notice for purposes of preserving and/or permitting the exercise of any such Third Party Rights of the Administrative Agent and the Lenders. (d) Execution of this Agreement constitutes a direction by the Participant Lenders that Term Loan Agent, any “Lender” under (and as defined in) the Administrative Agent act in accordance with its terms. Each Participant Lender agrees that, notwithstanding anything to Term Loan Credit Agreement or any other holder of obligations under the contrary in Term Loan Credit Agreement or by an holder of obligations under the Credit Agreements, the Administrative Agent shall not be required to act if directed against the Borrower or the Subsidiary Guarantors if such action is contrary to the terms of this AgreementSenior Notes Indenture. (e) The Borrower and the Subsidiary Guarantors acknowledge and agree that the agreement of the Participant Lenders hereunder to forbear from exercising their default-related remedies with respect to the Specified Defaults shall not constitute a waiver of such Specified Defaults and that the Lenders expressly reserve all rights and remedies that the Administrative Agent and the Lenders now or may in the future have under any or all of the Loan Documents and/or applicable law in connection with all Defaults and Events of Default (including without limitation the Specified Defaults).

Appears in 1 contract

Sources: Loan Agreement (Key Energy Services Inc)