FORBEARANCE AGREEMENTForbearance Agreement • May 30th, 2008 • Industrial Enterprises of America, Inc. • Miscellaneous products of petroleum & coal • Pennsylvania
This FORBEARANCE AGREEMENT (the “Agreement”) is made this as of the 23rd day of May, 2008 (the “Forbearance Effective Date”), by and among SOVEREIGN BANK (the “Lender”), INDUSTRIAL ENTERPRISES OF AMERICA, INC. (the “Parent”), UNIFIDE INDUSTRIES, LIMITED LIABILITY COMPANY (“Unifide”), PITT PENN OIL CO., LLC, (“Pitt Penn”), EMC PACKAGING, INC. (“EMC”), TODAYS WAY MANUFACTURING LLC (“Today’s Way”), and PITT PENN HOLDING CO., LLC (“Pitt Holding”, together with Parent, Unifide, Pitt Penn, EMC and Todays Way, each a “Borrower” and collectively, the “Borrowers”).
