Termination of Forbearance Period Clause Samples
The 'Termination of Forbearance Period' clause defines the conditions under which a previously agreed period of forbearance—where one party temporarily refrains from enforcing its rights or remedies—comes to an end. This clause typically specifies events or timeframes that trigger the conclusion of the forbearance, such as the borrower resuming payments, a default occurring, or the expiration of a set period. Its core practical function is to provide clear guidelines for both parties on when normal contractual obligations and enforcement rights resume, thereby reducing uncertainty and managing expectations during and after the forbearance period.
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Termination of Forbearance Period. The Forbearance Period shall terminate upon the earlier to occur of: (1) 5:00 pm (New York City Time) on August 31, 2009; (2) the Borrower shall fail to observe, perform, or comply with any of the terms, conditions or provisions of this Letter Agreement as and when required and/or any other Event of Default (other than the Existing Defaults occurring prior to the date hereof) shall occur under the Notes or any of the Loan Documents or any other agreement between the Borrower and the Lender (or its affiliates) or any other indebtedness issued by the Borrower to the Lender or its affiliates; (3) any 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 now or hereafter furnished by or on behalf of the Borrower in connection with this Letter Agreement, shall prove to have been false, incomplete or misleading in any material respect on the date as of which it was made; (4) any suit preceding or other action is commenced by any other creditor against the Company; or (5) a court of competent jurisdiction shall enter an order for relief or take any similar action in respect of the Borrower in an involuntary case under any applicable bankruptcy, insolvency, reorganization, moratorium or similar law now or hereafter in effect or a petition for relief under any applicable bankruptcy, insolvency, reorganization, moratorium or other similar law shall be filed by or against the Borrower.
Termination of Forbearance Period. Upon the occurrence of the Forbearance Termination Date, the agreement of the Holders to comply with any of their obligations hereunder, including the agreement to forbear, shall automatically and without any further action or notice terminate and be of no force and effect; it being expressly agreed that the effect of the termination of the Forbearance Period will be to permit the Holders to exercise, or cause the exercise of, any rights, remedies, powers, privileges and defenses available to any of them under the Indenture, the other Notes Documents or applicable law, immediately, without any further notice, demand, passage of time, presentment, protest or forbearance of any kind (all of which each Credit Party waives).
Termination of Forbearance Period. The Issuer acknowledges and agrees that upon the occurrence of the Forbearance Termination Date, the provisions of this Section 3 shall automatically and immediately terminate without any further action by, or notice being due from, the Trustee, the Collateral Trustee or any Holder, and the Initial Forbearing Holders may proceed (but are not required), to the extent an Event of Default is then continuing, to exercise any and all rights and remedies which such Holders may have upon the occurrence of an Event of Default to the extent an Event of Default is then continuing, including, if an Event of Default is then continuing, declaring the Notes to be immediately due and payable in accordance with the Indenture.
Termination of Forbearance Period. Upon the termination of the Forbearance Period, all forbearances, deferrals and indulgences granted by the Agents and Lenders in Section 2(a) above shall automatically terminate, and the Agents and Lenders shall thereupon have, and shall be entitled to exercise, any and all rights and remedies which the Agents and/or Lenders may have upon the occurrence of an Event of Default, including, without limitation, the Specified Defaults, without any further notice.
Termination of Forbearance Period. Upon the termination of the Forbearance Period pursuant to any of clauses (i) through (ii) of paragraph (a) above, all forbearances, deferrals and indulgences granted by Agent and Lenders in paragraph (a) above shall immediately terminate and Agent and Lenders shall thereupon have, and shall be entitled to exercise, any and all rights and remedies which Agent and Lenders may have upon the occurrence of an Event of Default, including, without limitation, the Designated Events of Default, and the Obligations shall become immediately due and payable.
Termination of Forbearance Period. Upon the termination of the Forbearance Period, Administrative Agent’s and ▇▇▇▇▇▇’s agreement to forbear as set forth in Section 6(a) hereof shall automatically terminate, and thereafter Administrative Agent and Lenders may exercise any and all of the rights and remedies available to them under the Credit Agreement and the Loan Documents or otherwise under applicable law or in equity.
Termination of Forbearance Period. Upon the occurrence of any Termination Event the Requisite Forbearing Noteholders shall have the right upon providing written notice to the Company to terminate the Forbearance Period; provided, however, that notwithstanding the foregoing, upon the occurrence of a Termination Event described in Section 6.1(F) above, the Forbearance Period will automatically terminate without notice of any kind.
Termination of Forbearance Period. In the sole and absolute discretion of the Lender, upon the occurrence of any Default at any time during the Forbearance Period, or upon the expiration of the Forbearance Period:
(a) all of the Obligations, including without limitation all of the Indebtedness and all other amounts payable hereunder, shall become immediately due and payable without further notice, presentment, demand or request;
(b) any or all of the rights and remedies available to the Lender, under the Existing Security or otherwise, may be immediately exercised; and
(c) each of the Debtors shall forthwith perform and make payment in full of all of the Obligations which remain outstanding at that time, including without limitation all of the Indebtedness including all amounts payable hereunder together with all accrued interest and accruing interest thereon, without any further notice, presentment, demand or request for payment from the Lender, failing which each of the Debtors hereby consent to the immediate enforcement by the Lender of all of the Existing Security, without any further notice, presentment, demand or request for payment, and each of the Debtors hereby further agrees to assign any or all of the Debtors into bankruptcy or to consent to the making of an interim or final receiving order against any or all of the Debtors if so requested by the Lender; PROVIDED THAT NO FORBEARANCE ON THE PART OF THE LENDER WITH RESPECT TO ANY OCCURRENCE OF ANY DEFAULT HEREIN SPECIFIED WILL CONSTITUTE OR BE DEEMED OR IMPLIED TO BE A WAIVER BY THE LENDER OF SUCH DEFAULT OR ANY OTHER, SUBSEQUENT OR SIMILAR DEFAULT.
Termination of Forbearance Period. At the conclusion of the Forbearance Period the remaining amount of all principal, interest and other amounts due Lender shall be immediately due and payable. Any amounts due under the FLOC if one is made available shall be paid prior to any payments to be made toward the Term Loan and the RLOC Loan.
Termination of Forbearance Period. Debtor agrees that the Forbearance Period automatically, and without notice, shall be terminated upon the earlier of:
(a) the discharge of the Indebtedness in accordance with Exhibit A, or
(b) occurrence of any Termination Event, as defined above. Upon termination of the Forbearance Period due to the occurrence of a Termination Event, the entire amount of the Indebtedness outstanding at that time, plus Costs, shall be immediately due and payable, and PMC shall be under no obligation to forbear in any respect and shall be entitled immediately to exercise all of its rights and remedies under the Lease and Guaranty, all without further notice to Debtor.