Forbearance Extension Clause Samples

A Forbearance Extension clause allows a party, typically a lender, to extend the period during which they refrain from exercising certain rights or remedies, such as collecting on a debt or enforcing a default. In practice, this means that if a borrower is unable to meet their obligations, the lender may agree to temporarily delay taking action, often in exchange for specific conditions or additional assurances from the borrower. The core function of this clause is to provide flexibility and additional time for the borrower to remedy a default or financial difficulty, thereby potentially avoiding immediate enforcement actions and facilitating a negotiated resolution.
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Forbearance Extension. The parties hereto agree that Borrower may extend the Forbearance Period for an additional three month period, on the following terms and conditions: The Borrower shall give Lender irrevocable written notice on or prior to February 10, 2012, of the Borrower’s election to extend the Forbearance Period and together with such notice, the Borrower shall make an interest payment equal to all interest that would be due and owing to the Lender as of March 9, 2012. Upon such notice and such payment, the Forbearance Period shall be automatically extended until June 8, 2012. If (i) the Lender has not been paid in full on or prior to June 8, 2012 or (ii) the Borrower has not entered into definitive documentation with Pure Path Capital Group, LLC or another affiliate of the Lender, then in addition to all other remedies provided for herein or in any Loan Document, the Borrower shall transfer to the Lender 5,000,000 shares of common stock of Borrower.
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Forbearance Extension. Each reference to "April 2, 2004" contained in Section 4(a) of the Forbearance Agreement is hereby deleted and "May 17, 2004" is hereby substituted in lieu thereof.
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Forbearance Extension. Section 3(b)(iii) of the Forbearance Agreement is hereby amended by replacing the reference to “February 24, 2020” with “February 26, 2020”.
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Forbearance Extension. Ladies and Gentlemen:
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Forbearance Extension. Ladies and Gentlemen: Reference is made to the Amended and Restated Loan Agreement dated as of June 6, 2008 among PGRT ESH, Inc. (the “Borrower”), Lightstone Holdings LLC, ▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇▇ (together with Lightstone Holdings LLC and the Borrower, the “Loan Parties”), and Citicorp USA, Inc. (the “Lender”), as amended by that certain First Amendment to Loan Agreement dated as of October 31, 2008 among the Loan Parties and the Lender (as amended by, that certain letter agreement dated December 31, 2008 among the Loan Parties and the Lender, that certain letter agreement dated January 30, 2009 among the Loan Parties and the Lender and that certain letter agreement dated March 2, 2009 among the Loan Parties and the Lender, collectively, the “First Amendment”), that certain Second Amendment to Loan Agreement dated as of December 31, 2008 among the Loan Parties and the Lender, that certain Third Amendment to Loan Agreement dated as of January 30, 2009 among the Loan Parties and the Lender, that certain Waiver and Fourth Amendment to Loan Agreement dated as of March 2, 2009 among the Loan Parties and the Lender and that certain Fifth Amendment to Loan Agreement dated as of the date hereof among the Loan Parties and the Lender (the “Fifth Amendment”; as so amended, the “Loan Agreement”). The Loan Parties have requested (i) a further extension of the Forbearance Period (as defined in the First Amendment) from April 30, 2009 until July 15, 2009 to continue to consider a long term restructuring plan with the Lender, and (ii) that in addition to continuing to forbear from exercising its rights and remedies in respect of the Defaults and Events of Default specified on Schedule 7(e) of the First Amendment, the Lender agree to forbear through July 15, 2009 from exercising its rights and remedies in respect of certain additional Events of Default specified on Schedule 1 hereto. Citicorp USA, Inc April 30, 2009 Page 2 In connection with such extension and additional forbearance and as consideration therefor, the Loan Parties agree to amend certain provisions of the Loan Agreement as specified in the Fifth Amendment. The Lender hereby agrees with the Loan Parties that the First Amendment is amended as follows:
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Forbearance Extension. The parties hereby agree that, effective as of the date hereof, the Forbearance Termination Date under the Forbearance Agreement shall be the earlier to occur of: (a) March 31, 2021 (or any later date agreed to in writing by HT); (b) the occurrence of any Event of Default (other than an Existing Event of Default); and (c) the initiation of any action by the Company or any other Person to invalidate or limit the enforceability of any of the acknowledgments set forth in Article 3 of the Forbearance Agreement.
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Forbearance Extension. The Forbearance Termination Date set forth in the Forbearance Agreement is hereby amended to be the earliest to occur of (i) September 30, 2000, (ii) the closing of the Blai▇ ▇▇▇nsaction and (iii) the occurrence of a Forbearance Event of Default.
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Forbearance Extension. The parties hereto agree that Borrower may extend the Forbearance Period for two (2) additional thirty (30) day periods, on the following terms and conditions: (A) For the first extension period ending on November 9, 2011, by notice given to Lender prior to October 10, 2011, which notice shall include (i) the legal transfer of 500,000 shares of common stock of Borrower to Lender, and an interest payment equal to $114,586.56; and (B) For the second extension period ending on December 9, 2011, by notice given to Lender prior November 9, 2011, which notice shall include (i) the legal transfer of 1,000,000 shares of common stock of Borrower to Lender, and an interest payment equal to thirty-one (31) days worth of interest under the Loan, and the Forbearance Period, as defined herein, shall be deemed extended to such dates, as applicable.
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Related to Forbearance Extension

  • Time Extension CONTRACTOR shall provide a time extension request on completion of Task Order for delays caused by others (Permitting Agencies, COUNTY or Contract Cities, or unforeseen conditions such as inclement weather, etc.) and at no fault by CONTRACTOR, subject to approval by COUNTY. COUNTY will review the request and determine in its sole discretion whether the situation warrant a time extension at no-cost or with costs. If CONTRACTOR completes the Task Order beyond the stipulated completion date without COUNTY’s specific written approval for time extension, CONTRACTOR will be subject to liquidated damages and may be construed as non-responsive, which may affect CONTRACTOR for considerations for future Task Orders or projects.

  • Modification, Extension The issuance of any supplement, modification, amendment, renewal, or extension to any Letter of Credit shall, for purposes hereof, be treated in all respects the same as the issuance of a new Letter of Credit hereunder.

  • Lease Extension If this Lease shall not have been terminated --------------- pursuant to any provisions hereof and there is no Material Breach (as defined herein) by Tenant hereunder at the time set for exercise of the Extension Terms (as herein defined) and at the time set for commencement thereof, then Tenant may, at Tenant's option, extend the term of this Lease for five (5) successive additional terms of four (4) years each (each an "Extension Term," collectively the "Extension Terms") commencing on the expiration of the original term, or the immediately preceding Extension Term, as the case may be. Tenant may exercise such option by giving Landlord written notice at least ten (10) months prior to the expiration of the original or the immediately preceding Extension Term, as the case may be. Upon the giving by Tenant to Landlord of such written notice and the compliance by Tenant with the foregoing provisions of this Paragraph 15, this Lease shall be deemed to be automatically extended upon all the Covenants, agreements, terms, provisions and conditions set forth in this Lease, except that Base Rent for each such Extension Term shall be as provided on Exhibit D. If Tenant fails or omits to so give to Landlord the written notice referred to above, Landlord shall provide Tenant with written notice of Tenant's failure to exercise the Extension Term, and upon receipt of such notice, Tenant shall be allowed fifteen (15) days to exercise the extension option allowed for herein. If Landlord fails to provide such notice, Tenant's renewal option shall expire upon the expiration of the then current term. Failure to respond to Landlord's notice within such fifteen (15) days shall be deemed to be a waiver by Tenant of its extension option hereunder.

  • Renewal, Extension The renewal or extension of any Letter of Credit shall, for purposes hereof, be treated in all respects the same as the issuance of a new Letter of Credit hereunder.

  • Modification, Extension and Renewal of Options The Board or a duly appointed committee thereof, may modify, extend or renew this Option or accept the surrender thereof (to the extent not theretofore exercised) and authorize the granting of a new option in substitution therefore (to the extent not theretofore exercised), subject at all times to the Code and applicable securities laws. Notwithstanding the foregoing provisions of this Section 12, no modification shall, without the consent of the Recipient, alter to the Recipient’s detriment or impair any rights of Recipient hereunder.