First Forbearance Agreement definition

First Forbearance Agreement means that certain Forbearance Agreement dated as of July 2, 2009.

Split View

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Get StartedBook a Demo

First Forbearance Agreement means the Forbearance Agreement dated April 9, 2021, as amended by the First Amendment, Second Amendment, Third Amendment, Fourth Amendment, Fifth Amendment, Sixth Amendment, Seventh Amendment, Eighth Amendment, Ninth Amendment, the Tenth Amendment, and the Eleventh Amendment. ▇▇▇▇▇▇▇▇ subsequently requested that Agent and Lenders Waive the Specified Events of Default and amend certain other terms and conditions of the Credit Agreement. The Agent and Lenders were willing to do so on the terms and conditions of a Waiver and Ninth Amendment to Credit Agreement dated November 7, 2022 (the “Ninth Amendment to Credit Agreement”). ▇▇▇▇▇▇▇▇ subsequently requested that the Agent and Lenders Extend the Repayment Date set forth in Section 7A of the Credit Agreement. The Agent and Lenders were willing to do so on the terms and conditions set forth in a Tenth Amendment to Credit Agreement dated February 3, 2023 (the “Tenth Amendment to Credit Agreement”). Obligors have again defaulted under the terms and conditions of the Credit Agreement in that (i) the Repayment Date has passed and the Obligors have not repaid the Loans as required by Section 7A of the Credit Agreement; (ii) the Obligors did not make the quarterly principal payment on the Amortizing Loans due March 31, 2023; (iii) the Obligors have not timely provided financial statements in violation of Section 6.1 of the Credit Agreement; and (iv) Obligors provided inaccurate financial statements for November, 2022 as disclosed on Schedule 18, attached hereto (clauses (i) through (iv) are collectively the “Third Specified Events of Default”). Specific enumeration of the aforesaid Third Specified Events of Default shall not be interpreted as a waiver of any other Default or Event of Default that may exist under the Loan Documents. As a result of the Third Specified Events of Default the Agent is entitled to exercise its rights and remedies under the Loan Documents, including but not limited to, accelerating the due date of each of the Loans, commencing litigation against the Guarantors to collect the Loans, or exercising its rights with respect to any security for repayment of the Loans. In connection with addressing the Third Specified Events of Default, Obligors, Agent, General Motors LLC, for itself and on behalf of its subsidiaries and affiliates (“GM”), FCA US LLC, for itself and on behalf of its subsidiaries and affiliates (“FCA US”), Yanfeng Automotive Interior Systems Co., for itself and on behalf of its su...

First Forbearance Agreement has the meaning set out in the recitals hereto;

Examples of First Forbearance Agreement in a sentence

• This Agreement, together with all Applicable Agreements to which the parties are bound, the First Forbearance Agreement, the Second Forbearance Agreement, and the Security Documents constitute the entire agreement of the parties hereto with respect to the subject matter hereof and supersede all prior and contemporaneous agreements and understandings relating to any Acknowledged Events of Default.

• For the avoidance of doubt, during the Forbearance Period, in no event shall any Participating Counterparty have any contractual rights to enforce any provisions of any Collateral Contract to which such Participating Counterparty is not a party, and the Participating Counterparties’ rights with respect to the Collateral Contracts (as defined in the First Forbearance Agreement) to which they are not a party are solely rights to receive what Companies receive under such Collateral Contracts.

• Pursuant and subject to the terms of the First Forbearance Agreement and the Security and Collateral Agency Agreement, the Companies granted a security interest in the Designated Assets (as defined in the First Forbearance Agreement) to the Collateral Agent and its successors and assigns, for the benefit of the First Forbearance Counterparties in accordance with their respective Pro Rata Realized Losses.

• Nothing herein shall constitute or be deemed to constitute a waiver of any conditions precedent set forth in Section 5.01 of the Credit Agreement, the First Forbearance Agreement or the Second Forbearance Agreement with respect to any Credit Event.

• For the further avoidance of doubt, this Agreement constitutes an “Additional Forbearance Agreement” as such term is defined in the First Forbearance Agreement and in the Security and Collateral Agency Agreement.

• You acknowledge that you have not satisfied all applicable conditions precedent set forth in Section 5.01 of the Credit Agreement by virtue of, inter alia, the occurrence of such a material adverse change and the continuance of the Existing Events of Default, and you further acknowledge that you have not complied with all of the representations, warranties, terms, covenants and conditions contained in the First Forbearance Agreement and the Second Forbearance Agreement.

• This Agreement, together with all Applicable Agreements to which the parties are bound, the First Forbearance Agreement, the Second Forbearance Agreement, the Third Forbearance Agreement, and the Security Documents constitute the entire agreement of the parties hereto with respect to the subject matter hereof and supersede all prior and contemporaneous agreements and understandings relating to any Effective Date Events of Default.

• The employer further agrees that such an absence shall not be used for discipline or any other purpose under the employer’s attendance program.

• Bank and Borrowers have entered into that certain Loan and Security Agreement dated as of November 12, 2004 (as the same has been amended by the First Forbearance Agreement referred to below and as the same may from time to time be further amended, modified, supplemented or restated, the “Loan Agreement”).

• Capitalized terms used herein, but not defined herein, shall have the meaning ascribed to them in the Credit Agreement or the First Forbearance Agreement, as applicable.