Grant of Forbearance Sample Clauses

Grant of Forbearance. Subject to the terms and conditions, and satisfaction of the Effectiveness Conditions of this Agreement, through the Termination Date (as defined below), Lender shall forbear from taking any action or exercising any rights or remedies under the Existing Loan Documents against Borrowers, Borrowers' property or the Collateral, because of the Existing Defaults as such term is defined in the Forbearance Agreement ("Existing Defaults"). On the Termination Date, all forbearance with respect to the Existing Defaults shall cease and, thereupon, Lender may, in its discretion, and apart from any rights as a result of any new Event of Default, exercise rights and remedies against Borrowers, Borrowers' property and the Collateral. The Termination Date shall be the date that is the earlier to occur of either (i) the occurrence of an Event of Default (other than the Existing Defaults as defined in the ) or (ii) the occurrence of a Termination Event (as defined below).
Sample 1
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Grant of Forbearance. Subject to the terms and conditions, and satisfaction of the EFFECTIVENESS CONDITIONS of this Agreement, during the Forbearance Period and through the Termination Date (as defined below), Lender shall forbear from taking any action or exercising any rights or remedies under the Existing Loan Documents against Borrower, Borrower's property, Guarantor or the Collateral, due solely to the Existing Default. On the Termination Date, all forbearance with respect to the Existing Default shall cease and Lender may, in its discretion, and apart from its rights as a result of any new Event of Default, exercise rights and
Sample 1
Grant of Forbearance. Subject to the terms and conditions of this Agreement, and satisfaction of the Effectiveness Conditions of this Agreement, through the Termination Date (as defined below), Agent shall forbear from taking any action or exercising any rights or remedies under the Existing Loan Documents or otherwise existing at law or in equity against Borrower, Borrower's property or the Collateral, because of the Existing Defaults. On the Termination Date, all forbearance with respect to the Existing Defaults shall cease and, thereupon, Lender may, in its discretion, and apart from its rights as a result of any new Event of Default, exercise rights and remedies against Borrower, Borrower's property and the Collateral. The Termination Date shall be the date that is the earlier to occur of: (i) the occurrence of an Event of Default (other than the Existing Defaults); (ii) the occurrence of any breach or default by Borrower of any covenant or obligation under this Agreement or any Existing Loan Document; or (iii) June 24, 2003.
Sample 1
Grant of Forbearance. Subject to the terms and conditions, and satisfaction of the Effectiveness Conditions of this Agreement, during the Forbearance Period and through the Termination Date (both as defined below), Lender shall forbear from taking any action or exercising any rights or remedies under the Financing Agreements against Borrower, Borrower’s property, or the Collateral, due solely to the Existing Defaults. On the Termination Date, all forbearance with respect to the Existing Defaults shall cease and Lender may, in its discretion, and apart from its rights as a result of any new Event of Default, exercise its rights and remedies against Borrower, Borrower’s property, the Collateral and any guarantees, pledges or undertakings of third parties with respect to the Obligations. The ‘Termination Date” shall be the date that is the earliest to occur of: (i) the occurrence of an Event of Default (other than the Existing Defaults), (ii) the occurrence of any breach or default by Borrower or any guarantor of any covenant or obligation under this Agreement or any of the Financing Agreements, (iii) the failure or non-performance of any of the Effectiveness Conditions, (iii) full and final payment of all Obligations, or (v) September 30, 2016, subject to the right of Lender, in its sole and exclusive discretion, to renew or extend the term of this Agreement. The term “Forbearance Period” shall mean the period commencing the date of this Agreement and expiring on the Termination Date. For the avoidance of doubt, all Obligations (including, without limitation, the Termination Fee and all other fees and expenses provided for under the Financing Agreements) shall be due and payable on the Termination Date.
Sample 1

Related to Grant of Forbearance

  • Filing of Form 8-K On or before the date which is four (4) Trading Days after the Execution Date, the Company shall file a Current Report on Form 8-K with the SEC describing the terms of the transaction contemplated by the Registered Offering Transaction Documents in the form required by the 1934 Act, if such filing is required.

  • NOTICE OF FORMAL PROCEEDINGS The Trust, MFS, and the Company agree that each such party shall promptly notify the other parties to this Agreement, in writing, of the institution of any formal proceedings brought against such party or its designees by the NASD, the SEC, or any insurance department or any other regulatory body regarding such party's duties under this Agreement or related to the sale of the Policies, the operation of the Accounts, or the purchase of the Shares.

  • Effect of Force Majeure No Party shall be liable for any loss or damage that arises directly or indirectly through or as a result of any delay in the fulfilment of or failure to fulfil its obligations in whole or in part (other than the payment of money as may be owed by a Party) under this Agreement where the delay or failure is due to Force Majeure. The obligations of the Party affected by the event of Force Majeure (the "AFFECTED PARTY") shall be suspended, to the extent that those obligations are affected by the event of Force Majeure, from the date the Affected Party first gives notice in respect of that event of Force Majeure until cessation of that event of Force Majeure (or the consequences thereof).

  • DEFINITION OF "FOR CAUSE For purposes of Section 6.1, the phrase "

  • Acceleration of Rent By notice to Tenant, Landlord shall have the right to accelerate all Fixed Rent and all expense installments due hereunder and otherwise payable in installments over the remainder of the Term, and, at Landlord’s option, any other Additional Rent to the extent that such Additional Rent can be determined and calculated to a fixed sum; and the amount of accelerated rent to the termination date, without further notice or demand for payment, shall be due and payable by Tenant within five (5) days after Landlord has so notified Tenant, such amount collected from Tenant shall be discounted to present value using an interest rate of six percent (6%) per annum. Additional Rent which has not been included, in whole or in part, in accelerated rent, shall be due and payable by Tenant during the remainder of the Term, in the amounts and at the times otherwise provided for in this Lease. Notwithstanding the foregoing or the application of any rule of law based on election of remedies or otherwise, if Tenant fails to pay the accelerated rent in full when due, Landlord thereafter shall have the right by notice to Tenant, (i) to terminate Tenant’s further right to possession of the Premises and (ii) to terminate this Lease under subparagraph (b) below; and if Tenant shall have paid part but not all of the accelerated rent, the portion thereof attributable to the period equivalent to the part of the Term remaining after Landlord’s termination of possession or termination of this Lease shall be applied by Landlord against Tenant’s obligations owing to Landlord, as determined by the applicable provisions of subparagraphs (c) and (d) below.

  • Event of Force Majeure The Recipient will not be in default by reason only of any failure in the performance of the Project in accordance with Schedule 1 – Statement of Work if such failure arises without the fault or negligence of the Recipient and is caused by any event of Force Majeure.

  • DEFINITION OF "FOR GOOD REASON For purposes of Section 6, the phrase “for good reason” means: (a) the Employer’s material breach of this Agreement; or (b) a material reduction in Executive’s position, duties and responsibilities from those described in Section 2.3 of this Agreement.

  • Definition of Force Majeure The term “Force Majeure” as used in this Agreement shall mean any cause or causes not reasonably within the control of the Party claiming relief and which, by the exercise of reasonable diligence, such Party is unable to prevent or overcome, including acts of God; strikes, lockouts or other industrial disturbances; acts of the public enemy, acts of terror, sabotage, wars, blockades, military action, insurrections or riots; epidemics; landslides, subsidence, lightning, earthquakes, fires, storms or storm warnings; crevasses, floods or washouts; civil disturbances; explosions, breakage or accident to xxxxx, machinery, equipment or lines of pipe; the necessity for testing or making repairs or alterations to xxxxx, machinery, equipment or lines of pipe; freezing of xxxxx, equipment or lines of pipe; inability of any Party hereto to obtain, after the exercise of reasonable diligence, necessary materials, supplies, rights of way or Permits; or any action or restraint by any Governmental Authority (so long as the Party claiming relief has not applied for or assisted in the application for, and has opposed where and to the extent reasonable, such action or restraint, and as long as such action or restraint is not the result of a failure by the claiming Party to comply with Applicable Law).

  • Notice of Force Majeure Each Party agrees to give the other Party prompt written notice of the occurrence of any Force Majeure Event, the nature thereof, and the extent to which the affected Party will be unable fully to perform its obligations hereunder. Each Party further agrees to use reasonable efforts to correct the Force Majeure Event as quickly as possible and to give the other Party prompt written notice when it is again fully able to perform such obligations.

  • Suspension of Rent If the Property (or the means of access thereto) are unfit for occupation and use because of damage by an Insured Risk then (save to the extent that payment of the loss of rent insurance moneys is refused due to the act or default of the Tenant) the Principal Rent (or a fair proportion according to the nature and extent of the damage) shall be suspended until the date on which the Property is again fit for occupation and use and/or accessible.

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