Common use of Temporary Waiver and Forbearance Clause in Contracts

Temporary Waiver and Forbearance. Without limiting any other commitment in this Section 4.01, each Consenting Stakeholder, during the Agreement Effective Period, hereby temporarily waives and forbears from taking action with respect to any default or event of default by the Company Parties under any Finance Document which arises or may arise, subject to any applicable cure or grace periods under the Finance Documents, as a result or in respect of (i) the commencement of the Restructuring Proceedings contemplated hereby, (ii) the failure to make any payment of principal, amortization, interest, premiums or other amounts due under the Finance Documents to any Agent or Consenting Stakeholder or under the U.S. Notes Indentures, (iii) the specific actions or transactions required by or undertaken pursuant to this Agreement (but excluding, for the avoidance of doubt, any breach of this Agreement or any other Restructuring Document), (iv) any Company Party not satisfying the obligation to deliver any audited annual financial statements and related audit letter and opinion thereon for the fiscal year ended December 31, 2017, (v) any failure to maintain the financial ratios pursuant to Sections 5.16, 5.18 and 6.3(b) of the respective Credit Agreements, provided, for the avoidance of doubt, the DSRA Accounts will remain topped up in full in accordance with the terms of the Cash Collateral Agreements, and no Company Party shall have taken any action inconsistent therewith, (vi) the granting of the security interest in Star International pursuant to section 4.19 of the Existing 2024 Notes Indenture, (vii) the definition of “Change of Control” in the Existing 2024 Notes Indenture and the related obligations thereto under Section 4.15 of the Existing 2024 Notes Indenture, or (viii) the expiration of Petrobras charters.

Temporary Waiver and Forbearance. Without limiting any other commitment in this Section 4.01, each Consenting Stakeholder, during the Agreement Effective Period, hereby temporarily waives and forbears from taking action with respect to any default or event of default by the Company Parties under any Finance Document which arises or may arise, subject to any applicable cure or grace periods under the Finance Documents, as a result or in respect of the (i) the commencement of the Restructuring Proceedings contemplated hereby, (ii) the failure to make any payment of principal, amortization, interest, premiums or other amounts due under the Finance Documents to any Agent or Consenting Stakeholder or under the U.S. Notes Indentures, (iii) the specific actions or transactions required by or undertaken pursuant to this Agreement (but excluding, for the avoidance of doubt, any breach of this Agreement or any other Restructuring Document), (iv) with respect to the Consenting Lenders, any Company Party not satisfying the obligation to deliver any the audited annual financial statements statement and related audit letter and opinion thereon for the fiscal year ended December 31, 20172017 pursuant to Section 5.1(b) of the respective Credit Agreements, (v) any failure to maintain the financial ratios pursuant to Sections 5.16, 5.18 and 6.3(b) of the respective Credit Agreements, provided, for the avoidance of doubt, the DSRA Accounts will remain topped up in full in accordance with the terms of the Cash PRIVILEGED & CONFIDENTIAL ATTORNEY WORK PRODUCT Collateral Agreements, and no Company Party shall have taken any action inconsistent therewith, or (vi) the granting of the security interest in Star International pursuant to section 4.19 of the Existing 2024 Notes Indenture, (vii) the definition of “Change of Control” in the Existing 2024 Notes Indenture and the related obligations thereto under Section 4.15 of the Existing 2024 Notes Indenture, or (viii) the expiration of Petrobras charters.

Temporary Waiver and Forbearance. Without limiting any other commitment in this Section 4.01, each Consenting Stakeholder, during the Agreement Effective Period, hereby temporarily waives and forbears from taking action with respect to any default or event of default by the Company Parties under any Finance Document which arises or may arisearise (or arose as a result of the RJ Filing Date), subject to any applicable cure or grace periods under the Finance Documents, as a result or in respect of (i) the commencement of the Restructuring Proceedings contemplated hereby, (ii) the failure to make any payment of principal, amortization, interest, premiums or other amounts due under the Finance Documents to any Agent or Consenting Stakeholder or under the U.S. Notes Indentures, (iii) the specific actions or transactions required by or undertaken pursuant to this Agreement (but excluding, for the avoidance of doubt, any breach of this Agreement or any other Restructuring Document), (iv) any Company Party not satisfying the obligation to deliver any audited annual financial statements and related audit letter and opinion thereon for the fiscal year ended December 31, 2017, (v) any failure to maintain the financial ratios pursuant to Sections 5.16, 5.18 and 6.3(b) of the respective Credit Agreements, provided, for the avoidance of doubt, the DSRA Accounts will remain topped up in full in accordance with the terms of the Cash Collateral Agreements, and no Company Party shall have taken any action inconsistent therewith, (vi) the granting of the security interest in Star International pursuant to section 4.19 of the Existing 2024 Notes Indenture, (vii) the definition of “Change of Control” in the Existing 2024 Notes Indenture and the related obligations thereto under Section 4.15 of the Existing 2024 Notes Indenture, or (viii) the expiration of Petrobras charters. Notwithstanding the foregoing, any applicable cure or grace periods applicable to any such default or event of default under the Finance Documents will not be tolled during the Agreement Effective Period.