2Forbearance Clause Samples

2Forbearance. Subject to compliance by the Loan Parties with the terms and conditions of this Agreement, Noteholder Representative hereby provides this waiver, as limited herein, of any Event of Default that has or will occur (or with the giving of notice or passage of time would occur) as a result of the Specified Events and hereby agrees to forbear from exercising his rights and remedies against the Loan Parties under the Loan Documents with respect to Events of Default relating to the Specified Events during the Forbearance Period. In furtherance, and not in limitation, of the foregoing, during the Forbearance Period, solely based on any Event of Default arising solely as a result of the Specified Events, the Noteholder Representative will not, nor will the Required Noteholders direct the Noteholder Representative to, (a) initiate proceedings to collect the Obligations; (b) initiate or join in filing any involuntary bankruptcy petition with respect to any Loan Party under the Bankruptcy Code, or otherwise file or participate in any insolvency, reorganization, moratorium, receivership or other similar proceedings against the Borrower under the laws of Canada or the U.S.; (c) repossess, take title to, or dispose of any of the Collateral, through judicial proceedings or otherwise; (d) initiate proceedings to enforce any other Loan Document; (e) exercise rights under any account control agreement or other asset with respect to which it is perfected via control; or (f) take any other enforcement action against a Loan Party. ​ ​