Forbearance Termination Clause Samples

Forbearance Termination. The Obligors, without further notice or demand of any kind, shall be in default under this Agreement upon the occurrence of any of the following (each a “Forbearance Termination Event”): (a) Failure to meet the deadlines set forth in the Section 3 of the Accommodation Agreement, or a violation of Section 9 hereof. (b) Expiration of the Forbearance Period without payment of the Indebtedness or Obligors’ failure to observe and perform each and every other term, covenant and condition of this Agreement and the other Loan Documents from and after the date hereof, or a Forbearance Termination Event noted elsewhere in this Agreement. (c) Failure to make payment of any amount due and owing which is required to be made under the terms of this Agreement or the other Loan Documents. (d) Except as noted in Schedule 18, any written warranty, representation, certificate or statement in this Agreement, the Loan Documents or any other agreement with the Agent or Lenders or otherwise made by or for any Obligor to the Agent or Lenders shall be materially false when made or at any time thereafter, or if any financial data or any other information now or hereafter furnished to the Agent by or on behalf of any Obligor shall prove to be knowingly materially false, inaccurate or misleading when made. (e) Default, however defined, under any of the Loan Documents (other than the Third Specified Events of Default) or an Event of Default under the Accommodation Agreement (or any additional Accommodation Agreement). (f) Failure of the Customers to fund any installment when due on the purchase of the Junior Tranche under the Participation Agreement.

Forbearance Termination. As used in this Agreement, “Forbearance Termination” shall mean the occurrence of the Forbearance Expiration Date, or, if earlier, the occurrence of any one or more of the following events: (a) any failure by Borrower for any reason to comply with the Forbearance Condition or any other term, condition, or provision contained in this Agreement; (b) any representation made by Borrower in this Agreement or pursuant to it proves to be incorrect or misleading in any material respect when made; or (c) any material adverse effect shall occur with respect to Borrower or any guarantor, or any Collateral or any security interest, as determined in good faith by Lender. The occurrence of any Forbearance Termination shall be deemed an Event of Default under the Loan Agreement. Upon the occurrence of a Forbearance Termination, the Forbearance Period is automatically terminated and Lender is then permitted and entitled under the Loan Agreement, among other things, to accelerate the Obligations and to exercise any other rights and remedies that may be available under the Loan Documents or applicable law.

Forbearance Termination. On the Forbearance Termination Date, the Forbearance pursuant to this Agreement terminates automatically and without any further action or notice by Agent, any Lender or any other party, and be of no further force and effect, at which time Agent and Lenders are entitled immediately to exercise any and all Lenders’ Default Rights and Remedies, including without limitation, exercising rights with respect to and foreclosing upon all or any portion of the Collateral and restricting or prohibiting the use of or offsetting, deducting and applying any funds in the Blocked Account, at Agent’s sole and absolute option, timing and discretion.

Forbearance Termination. PBGC shall not be required to Forbear if, after the Closing Date either (a) a Forbearance Termination Event occurs that is continuing and has not been cured at the time of PBGC’s issuance of a notice of determination under 29 U.S.C. § 1342(a) that it is instituting proceedings to terminate any Pension Plan or (b) the Company or any of its Subsidiaries enters into an agreement providing for a Material Transaction.

Forbearance Termination. Sections 4.2(c) and (f) of the Forbearance Agreement are amended by amending and restating them in their entirety to read as follows, respectively: (c) the U.S. Securities and Exchange Commission (the “SEC”) or the New York Stock Exchange takes any action (other than an inquiry) to de-list the shares of Borrower as a result of the late filing of its Annual Report on Form 10-K for the period ending December 31, 2016 (the “10-K”); (f) May 19, 2017 (the “Forbearance Termination Date”)

Forbearance Termination. As used in this Agreement, “Forbearance Termination” shall mean the occurrence of the Forbearance Expiration Date, or, if earlier, the occurrence of any one or more of the following events: (a) any Default or Event of Default under the Credit Agreement (other than the continuance of the Existing Default); (b) any failure by the Borrower for any reason to comply with any term, condition, or provision contained in this Agreement; (c) any representation made by the Borrower in this Agreement or pursuant to this Agreement proves to be incorrect or misleading in any material respect when made; or (d) the initiation of any federal or state bankruptcy, insolvency or similar proceeding by or against the Borrower. The occurrence of any Forbearance Termination shall be deemed an Event of Default under the Credit Agreement. Upon the occurrence of a Forbearance Termination, the Forbearance Period is automatically terminated.

Forbearance Termination. In addition to the Forbearance Expiration Date and the other events giving rise to a termination of the Forbearance Period under the Forbearance Agreement (as modified by this Agreement), any failure of the Borrower to satisfy the Payment Condition shall constitute a Forbearance Termination under Section 6 of the Forbearance Agreement.