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.
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.
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”.
Forbearance Extension. Ladies and Gentlemen:
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:
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.
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.
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.