Request for Certain Forbearance and Loan Modifications. Borrower initially requested that Banks forbear from exercising their rights and remedies with respect to certain of the "Identified Defaults" through December 31, 2000, or, if extended pursuant to the terms of this Forbearance Agreement, through January 31, 2001 (the "Forbearance Period"). In addition, Borrower requested that Banks modify certain terms and conditions of the Credit Documents. Banks granted Borrower's initial request for forbearance by agreeing to the terms and conditions of the Forbearance Agreement. Borrower asked for an initial extension of the Forbearance Period through March 31, 2001. Banks granted Borrower's initial request for an extension of the Forbearance Agreement by agreeing to the terms and conditions of the "First Amendment To Forbearance And Modification Agreement" dated as of February 1, 2001 (the "First Amendment"). Borrower now requests from Banks additional forbearance and additional modifications to the Credit Documents, to the Forbearance Agreement, and to the First Amendment. Although Banks are under no obligation to do so, Banks are willing to provide Borrower with additional limited forbearance, and Banks are willing to provide additional limited modification of the Credit Documents, the Forbearance Agreement, and the First Amendment upon the terms and conditions set forth herein. The forbearance under this Second Amendment, like the forbearance provided in the Forbearance Agreement and the First Amendment, is being provided by Banks to allow Borrower to secure replacement financing to satisfy indefeasibly the entire amount of the Obligations owing to Banks under the Credit Documents.
Request for Certain Forbearance and Loan Modifications. Borrower has requested that Banks forbear from exercising their rights and remedies with respect to the "Identified Defaults" through December 31, 2000, or, if extended pursuant to the terms of this Forbearance Agreement, through January 31, 2001. In addition, Borrower has requested that Banks modify certain terms and conditions of the Credit Documents. Although Banks are under no obligation to do so, Banks are willing to provide Borrower with limited forbearance, and Banks are willing to provide limited modification of the Credit Documents upon the terms and conditions set forth herein. The forbearance is being provided by Banks to allow Borrower to secure replacement financing to satisfy indefeasibly the entire amount of the Obligations owing to Banks under the Credit Documents.
Request for Certain Forbearance and Loan Modifications. Borrower initially requested that Banks forbear from exercising their rights and remedies with respect to certain of the "Identified Defaults" through December 31, 2000, or, if extended pursuant to the terms of this Forbearance Agreement, through January 31, 2001. In addition, Borrower requested that Banks modify certain terms and conditions of the Credit Documents. Borrower now requests from Banks additional forbearance and additional modifications to the Credit Documents and to the Forbearance Agreement. Although Banks are under no obligation to do so, Banks are willing to provide Borrower with additional limited forbearance, and Banks are willing to provide additional limited modification of the Credit Documents and the Forbearance Agreement upon the terms and conditions set forth herein. The forbearance under this First Amendment, like the forbearance provided in the Forbearance Agreement, is being provided by Banks to allow Borrower to secure replacement financing to satisfy indefeasibly the entire amount of the Obligations owing to Banks under the Credit Documents.
