Common use of Forbearance Period Clause in Contracts

Forbearance Period. Subject to compliance by Purchaser with the terms and conditions of this Agreement, Sellers hereby agree to forbear from exercising their rights and remedies against Purchaser under the Transaction Documents with respect to the Existing Default during the period (the “Forbearance Period”) commencing on the Effective Date (as defined below) and ending on the earlier to occur of (i) January 1, 2025 and (ii) the date that any Forbearance Default (as defmed below) occurs, upon which, Sellers’ forbearance, as provided herein, shall immediately and automatically cease without any requirement of notice or further action by any party (the “Termination Date”). On and from the Termination Date, Sellers may, in their sole discretion, exercise any and all remedies available to them under the Transaction Documents that otherwise would be available only by reason of the occurrence of any Events of Default thereunder or the continuation of any Existing Default.

Appears in 2 contracts

Sources: Forbearance Agreement (Functional Brands Inc.), Forbearance Agreement (Functional Brands Inc.)

Forbearance Period. Subject to compliance by Purchaser with the terms and conditions of this Agreement, Sellers hereby agree to forbear from exercising their rights and remedies against Purchaser under the Transaction Documents with respect to the Existing Default during the period (the “Forbearance Period”) commencing on the Effective Date (as defined below) and ending on the earlier to occur of (i) January 1July 20, 2025 and (ii) the date that any Forbearance Default (as defmed defined below) occurs, upon which, Sellers’ forbearance, as provided herein, shall immediately and automatically cease without any requirement of notice or further action by any party (the “Termination Date”). On and from the Termination Date, Sellers may, in their sole discretion, exercise any and all remedies available to them under the Transaction Documents that otherwise would be available only by reason of the occurrence of any Events of Default thereunder or the continuation of any Existing Default.

Appears in 2 contracts

Sources: Forbearance Agreement (Functional Brands Inc.), Forbearance Agreement (Functional Brands Inc.)

Forbearance Period. Subject to compliance by Purchaser Borrower with the terms and conditions of this Agreement, Sellers and Lender hereby agree to forbear from exercising their rights and remedies against Purchaser Borrower under the Transaction Loan Documents with respect to the Existing Default Defaults during the period (the "Forbearance Period") commencing on the Effective Date (as defined belowin Section 3) and ending on the earlier to occur of (i) January July 1, 2025 2024 and (ii) the date that any Forbearance Default (as defmed belowdefined in Section 9) occurs, upon which, Sellers’ . Lenders' forbearance, as provided herein, shall immediately and automatically cease without any requirement of notice or further action by any party on the earlier to occur of (i) or (ii) (the "Termination Date"). On and from the Termination Date, Sellers Required Lender may, in their sole discretion, exercise any and all remedies available to them under the Transaction Loan Documents that otherwise would be available only by reason of the occurrence of any Events of Default thereunder or the continuation of any Existing Default.

Appears in 1 contract

Sources: Forbearance Agreement (iCoreConnect Inc.)

Forbearance Period. Subject to compliance by Purchaser with the terms and conditions of this Agreement, Sellers hereby agree to forbear from exercising their rights and remedies against Purchaser under the Transaction Documents with respect to the Existing Default during the period (the “Forbearance Period”) commencing on the Effective Date (as defined below) and ending on the earlier to occur of (i) January 1September 30, 2025 and (ii) the date that any Forbearance Default (as defmed defined below) occurs, upon which, Sellers’ forbearance, as provided herein, shall immediately and automatically cease without any requirement of notice or further action by any party (the “Termination Date”). On and from the Termination Date, Sellers may, in their sole discretion, exercise any and all remedies available to them under the Transaction Documents that otherwise would be available only by reason of the occurrence of any Events of Default thereunder or the continuation of any Existing Default.. 4 EIGHTH AMENDED FORBEARANCE AGREEMENT

Appears in 1 contract

Sources: Forbearance Agreement (Functional Brands Inc.)

Forbearance Period. Subject to compliance by Purchaser with the terms and conditions of this Agreement, Sellers hereby agree to forbear from exercising their rights and remedies against Purchaser under the Transaction Documents with respect to the Existing Default during the period (the “Forbearance Period”) commencing on the Effective Date (as defined below) and ending on the earlier to occur of (i) January 1November 15, 2025 and (ii) the date that any Forbearance Default (as defmed defined below) occurs, upon which, Sellers’ forbearance, as provided herein, shall immediately and automatically cease without any requirement of notice or further action by any party (the “Termination Date”). On and from the Termination Date, Sellers may, in their sole discretion, exercise any and all remedies available to them under the Transaction Documents that otherwise would be available only by reason of the occurrence of any Events of Default thereunder or the continuation of any Existing Default.

Appears in 1 contract

Sources: Forbearance Agreement (Functional Brands Inc.)

Forbearance Period. Subject to compliance by Purchaser Buyer Parties with the terms and conditions of this Agreement, Sellers Seller hereby agree agrees to forbear from exercising their its rights and remedies against Purchaser Buyer Parties under the Transaction Documents with respect to the Existing Default Defaults during the period (the "Forbearance Period") commencing on the Effective Date (as defined belowin Section 3) and ending on the earlier to occur of (i) January 1July 31, 2025 and (ii) the date that any Forbearance Default (as defmed belowdefined in Section ) occurs, upon which, Sellers’ . Seller's forbearance, as provided herein, shall immediately and automatically cease without any requirement of notice or further action by any party on the earlier to occur of (i) or (ii) (the "Termination Date"). On and from the Termination Date, Sellers Seller may, in their its sole discretion, exercise any and all remedies available to them under the Transaction Documents that otherwise would be available only by reason of the occurrence of any Events of Default thereunder or the continuation of any Existing Default.

Appears in 1 contract

Sources: Forbearance Agreement (Salona Global Medical Device Corp)

Forbearance Period. Subject to compliance by Purchaser with the terms and conditions of this Agreement, Sellers hereby agree to forbear from exercising their rights and remedies against Purchaser under the Transaction Documents with respect to the Existing Default during the period (the “Forbearance Period”) commencing on the Effective Date (as defined below) and ending on the earlier to occur of (i) January July 1, 2025 2023 and (ii) the date that any Forbearance Default (as defmed defined below) occurs, upon which, Sellers’ forbearance, as provided herein, shall immediately and automatically cease without any requirement of notice or further action by any party (the “Termination Date”). On and from the Termination Date, Sellers may, in their sole discretion, exercise any and all remedies available to them under the Transaction Documents that otherwise would be available only by reason of the occurrence of any Events of Default thereunder or the continuation of any Existing Default.

Appears in 1 contract

Sources: Forbearance Agreement (Functional Brands Inc.)