Forbearance Default Clause Samples
A Forbearance Default clause defines the circumstances under which a party's failure to comply with the terms of a forbearance agreement constitutes a default. Typically, this clause outlines specific actions or omissions—such as missing payments or breaching agreed-upon conditions—that would trigger a default during the forbearance period. For example, if a borrower fails to make required partial payments or violates other obligations set during forbearance, the lender may consider the agreement breached. The core function of this clause is to clearly establish what constitutes a default during forbearance, thereby protecting the non-defaulting party's rights and providing a basis for resuming enforcement actions if necessary.
Forbearance Default. As used herein, “Forbearance Default” means any of the following:
Forbearance Default. “Forbearance Default” means (a) the occurrence of any of the Events of Default under the Note; (b) the failure of LDSR to comply with any term, condition, or covenant set forth in this Agreement; (c) any representation made by LDSR under or in connection with this Agreement which shall prove to be materially false or misleading as of the date when made; or, (d) the filing of any petition (voluntary or involuntary) under the insolvency or bankruptcy laws of the United States or any state thereof, with respect to LDSR, or any of its subsidiaries.
Forbearance Default. Nothing set forth herein or contemplated hereby (a) is intended to or shall be construed as a waiver of or acquiescence to any Specified Default, which shall continue in existence subject only to the terms of the Forbearance, or (b) shall constitute an agreement by the Lenders to forbear the exercise of any of the rights and remedies available to the Lenders under the Credit Agreement and the other Loan Documents (all of which rights and remedies are hereby expressly reserved by the Lenders) upon and after the occurrence of a Forbearance Default. For purposes hereof, the term “Forbearance Default” shall mean the existence of any or all of the following: (a) any Event of Default (including for the avoidance of doubt any payment default) under the Credit Agreement other than the Specified Defaults, (b) on or prior to June 10, 2008, the Borrower shall not have entered into binding definitive agreements with respect to each of the Atlantic City Sale, the Evansville Sale and/or the Vicksburg Horizon Sale (as defined in Amendment No. 1) that are reasonably anticipated (as determined in good faith by an independent financial advisor) to produce aggregate Net Cash Proceeds in an amount equal to the aggregate principal amount of all amounts outstanding under the Credit Agreement (including Term Loans, Revolving Loans, if any, and amounts due under Hedging Agreements), minus 10.0% of the aggregate principal amount of Term Loans and Revolving Loans outstanding as of such date, unless prior to such date, the Borrower shall have completed an Equity Issuance to Holdings, the Net Cash Proceeds of which are sufficient to fund the interest payment with respect to the Subordinated Notes payable on June 15, 2008, and the Borrower subsequently applies such Net Cash Proceeds to such payment (it being understood and agreed that Section 2.13(c) of the Credit Agreement shall not apply to such Net Cash Proceeds) and (c) a breach by the Loan Parties of any term of this Agreement; provided that, in the case of a breach of Sections 4(f) and (h), such breach shall continue unremedied for a period of 15 days. The Lenders shall be free to exercise any or all of their rights and remedies arising on account of any Event of Default under the Credit Agreement or any other Loan Document upon the Forbearance Termination Date.
Forbearance Default. As used herein, “Forbearance Default” means any of the following: Holders of the Company’s Series B Preferred Stock
Forbearance Default. The following shall constitute events of default under this Agreement (each, an “Forbearance Default”), the occurrence of which shall result in the immediate termination of the Forbearance Period without notice of any kind and shall entitle Administrative Agent and Lenders to immediately exercise all of their rights and remedies available to it under the Credit Agreement and other Loan Documents or otherwise at law:
(a) any Default or Event of Default other than the Specified Defaults shall occur under the Credit Agreement; or
(b) any breach or violation of any covenant or agreement of Obligors set forth herein; or
(c) any of the following events shall occur with respect to the Senior Notes (any such event, a “Notes Enforcement Action”): (i) the declaration of any series of the then-outstanding Senior Notes under the Indenture to be due and payable in accordance with the Indenture, (ii) the enforcement against Borrower, Parent or any guarantor of any of the indebtedness issued pursuant to the Indenture; (iii) the exercise of any other remedies available to Trustee or any Senior Noteholder under the Indenture or the guarantees thereof; or (iv) the commencement or filing by Trustee or any Senior Noteholder of any involuntary proceeding under the Bankruptcy Code (or any similar proceeding relating to creditors relief) with respect to Borrower, Parent or any of the guarantors under the Indenture.
Forbearance Default. Nothing set forth herein or contemplated hereby (a) is intended to or shall be construed as a waiver of or acquiescence to any Specified Default, which shall continue in existence subject only to the terms of the forbearance expressly provided for in Section 1(a) hereof, or (b) shall constitute an agreement by the Administrative Agent and the Lenders to forbear the exercise of any of the rights and remedies available to the Administrative Agent and the Lenders under the Credit Agreement or the other Loan Documents, as the case may be, and/or Applicable Law (all of which rights and remedies are hereby expressly reserved by the Administrative Agent and the Lenders) upon and after the occurrence of a Forbearance Default. For purposes hereof, the term “Forbearance Default” shall mean the occurrence of any or all of the following: (i) any Event of Default under the Credit Agreement other than the Specified Defaults; (ii) a breach by any of the Parent, the Borrower or the Guarantor of any term of this Agreement; or (iii) any breach or inaccuracy of any representation or warranty made by any of the Parent, the Borrower or the Guarantor in Section 4 hereof.
Forbearance Default. Each of the following shall constitute a “Forbearance Default” hereunder:
A. The existence of any Event of Default (other than the Designated Defaults) under the Credit Agreement.
B. Borrower shall fail to keep or perform any of the covenants or agreements contained herein, including but not limited to the payment of the Forbearance Fee.
C. Any representation or warranty of Borrower herein shall be false, misleading or incorrect in any material respect.
Forbearance Default. The occurrence of any Forbearance Default shall automatically and without further notice constitute an immediate Event of Default under the Loan Agreement and each of the Loan Documents.
Forbearance Default. The occurrence of one or more of the following shall constitute a “Forbearance Default” under this Agreement:
6.1 Borrower or any Guarantor shall fail to abide by or observe any term, condition, covenant or other provision contained in this Agreement or any document related to or executed in connection with this Agreement, including without limitation compliance in all respects with each of the covenants set forth in Section 5.
6.2 A Default or an Event of Default (other than the Specified Defaults) shall occur under any Loan Document.
6.3 Borrower, any Guarantor, any Subsidiary or any of their respective creditors commences a case, proceeding or other action against the Agent, the Lender and/or any Released Party relating to any of the Obligations, the Collateral, the Loan Documents, this Agreement or any action or omission by the Agent, the Lender and/or any Released Party or any of their respective agents in connection with any of the foregoing.
6.4 Any other creditor of Borrower, any Guarantor or its or such Guarantor’s Subsidiaries commences an action against Borrower, such Guarantor or such Subsidiary seeking to collect any debt, obligation or liability, or any forbearance granted by any other creditor of Borrower, such Guarantor or its or such Guarantor’s Subsidiaries terminates or expires.
6.5 Borrower or any of the Borrower’s Subsidiaries repudiates and/or asserts any defense with respect to this Agreement or any Loan Document.
6.6 Borrower or any of the Borrower’s Subsidiaries takes any step, or any person takes any step with respect to any of them, to appoint an administrator, liquidator, provisional liquidator, receiver or controller or any equivalent, or to file a petition in bankruptcy or any analogous proceeding for liquidation, or to seek to obtain any relief under any law relating to bankruptcy, insolvency, external reorganization, moratorium or other similar matter, whether under the laws of the Ireland or any other jurisdiction. Any Forbearance Default shall constitute an immediate Event of Default under the Credit Agreement and other Loan Documents. Upon the Termination Date, the agreement of the Lender and the Agent hereunder to forbear from exercising their respective Rights and Remedies shall immediately terminate without the requirement of any demand, presentment, protest or notice of any kind, all of which Borrower and the Guarantors hereby waive. Borrower and the Guarantors hereby agree that the Lender and/or the Agent may at any ...
Forbearance Default. If, at any time during the Forbearance Period or otherwise, the aggregate principal amount of the outstanding Revolving Credit Loans shall exceed the "Borrowing Base" (as that term is defined in the Financing Agreement), Borrower shall immediately pay to Lender an amount equal to the difference between the outstanding principal balance of the Revolving Credit Loans and the Borrowing Base.