Forbearance. As defined in Section 3.07(a).
Forbearance means an extension of time for making loan payments or the acceptance of smaller payments than were previously scheduled to prevent a borrower from defaulting on his or her payment obligations. A lender or hold- er must notify each borrower of the right to request forbearance.
Forbearance. (SAL/SALT only) means a GSFA approved period of time, not to exceed twenty-four (24) cumulative months, during which the Borrower, upon meeting certain conditions, is permitted to temporarily cease making payments on the loan based on extenuating circumstances. Interest accrues on the outstanding principal balance of the loan during a period of Forbearance and the Borrower is liable for such interest.
Examples of Forbearance in a sentence
Forbearance or indulgence by the non-breaching party shall not constitute a waiver of the covenant or condition to be performed by the breaching party or of any remedy available to the non-breaching party.
Forbearance or indulgence in any form or manner by either party in any regard whatsoever shall not constitute a waiver of the covenant, condition, duty, obligation, or undertaking to be kept, performed, or discharged by the party to which the same may apply.
Forbearance or indulgence by one party in any regard whatsoever shall not constitute a waiver of any other covenant or condition to be performed by the other party under this Agreement.
More Definitions of Forbearance
Forbearance shall have the meaning set forth in Section 2.01.
Forbearance means a period of six months during which the
Forbearance means suspension of the acceleration of the balance due on a primary housing loan on the basis of the com- pliance of the mortgagor with the terms of an agreement.
Forbearance means the period permitted by the Act and the policies of the Guarantor during which a Borrower (in Repayment) is permitted to temporarily forego payments or make reduced payments.
Forbearance means agreement, conditioned upon the occurrence of the Effective Date, to refrain from exercising: (i) the right to enforce or exercise any status or right as a secured party, including any rights in the Collateral described in the Security Agreement; (ii) the right to enforce or exercise any assignment or collateral assignment of insurance or insurance proceeds; and (iii) the right to any priority of payment arising from or related to (i) or (ii) hereinabove.
Forbearance means the complete curtailment of all or part of a right to make withdrawals under a specific Edwards Aquifer Authority Groundwater Withdrawal Permit.
Forbearance means a period of time during which obligations for