Initial Forbearance Period Clause Samples

Initial Forbearance Period. The forbearance period (the “Forbearance Period”) shall commence on the Effective Date and shall continue until such date that is one (1) year after the Effective Date (the “Termination Date”), subject to termination by Lien Holder if any of the following should occur (the “Forbearance Termination Events”): i. If the payment of any Tank Storage Fees (as such term is defined in the Storage Agreement) required under Section 4 is not wired to Lien Holder by the fifth (5th) day of any calendar month; ii. Once Tank Storage Fees are no longer being paid because the Facility is operational and Operations Payments are being generated from Gross Profits, if Lien Holder does not receive a Regular Monthly Payment during any calendar month, it being understood that Lien Holder is to receive Regular Monthly Payments in lieu of Tank Storage Fees after the Facility is operational (and in no event will Lien Holder receive less than the Tank Storage Fee payment amount in any calendar month); iii. A default on the part of Lazarus occurs under the Loan Documents other than the Existing Defaults that is not cured within the applicable cure period as provided in Section 13(p) herein; iv. A default on the part of Lazarus, GEL or MSI occurs under this Agreement, the Construction Contract, Marketing Agreement or Supply Agreement and such default continues for ten (10) days after its occurrence; or v. The filing of a petition by or against Lazarus (1) in any bankruptcy or other insolvency proceeding, (2) seeking relief under any debtor relief law, or (3) for the appointment of a liquidator, receiver or similar official for all or substantially all of Lazarus’ property or for Lazarus’ interest in the Facility.
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Related to Initial Forbearance Period

  • Forbearance Period Subject to the terms and conditions herein set forth and in reliance upon the Loan Parties’ representations, acknowledgments, agreements and warranties herein contained, including, without limitation, the satisfaction of the conditions precedent described in Section 5 herein, the Administrative Agent and the Lenders agree that during the Forbearance Period they will forbear from exercising remedial rights against the Collateral under the Credit Agreement and/or the other Loan Documents solely in respect of the Specified Defaults. The Administrative Agent’s and the Lenders’ agreement to forbear is temporary and limited in nature and shall not be deemed: (i) to preclude or prevent the Administrative Agent, the Lenders and/or any other Secured Party from exercising any rights and remedies under the Loan Documents, applicable law or otherwise arising on account of (A) any Default or Event of Default other than the Specified Defaults, (B) the Specified Defaults from and after the occurrence of any of the events set forth in Section 3 hereof or (C) the right to seek payment of attorneys’ fees and other costs and expenses in connection with the preparation, negotiation, execution and delivery of this Agreement and in connection with the negotiation, documentation and analysis of any proposed “work out”, restructuring, funding or amendment to the Credit Agreement or other Loan Documents prior to or after the date of this Agreement and the exercise of the rights and remedies described under Section 3; (ii) to effect any amendment of the Credit Agreement or any of the other Loan Documents, all of which shall remain in full force and effect in accordance with their respective terms; (iii) to constitute a waiver of the Specified Defaults or any other Default or Event of Default (whether now existing or hereafter occurring) (each Default or Event of Default other than any Specified Default, an “Other Default”) or any term or provision of the Credit Agreement or any of the other Loan Documents; or (iv) to establish a custom or course of dealing among the Borrower, any other Loan Party and the Administrative Agent, the Lenders and/or any other Secured Party. The Loan Parties further acknowledge and agree that interest on the Obligations will continue to accrue in accordance with Section 2.07 of the Credit Agreement.

  • Extended Reporting Period If any required insurance coverage is on a claims-made basis (rather than occurrence), Contractor shall maintain such coverage for a period of no less than three (3) years following expiration or termination of the Contract.

  • Grace Period With respect to each Mortgage Loan, the related Mortgage, Mortgage Note or loan agreement provides a grace period for delinquent monthly payments no longer than fifteen (15) days from the applicable Due Date or five (5) days from notice to the related Mortgagor of the default.

  • Forbearance Any forbearance by ▇▇▇▇▇▇ in exercising any right or remedy under this Note, the Security Instrument, or any other Loan Document or otherwise afforded by applicable law, shall not be a waiver of or preclude the exercise of that or any other right or remedy. The acceptance by Lender of any payment after the due date of such payment, or in an amount which is less than the required payment, shall not be a waiver of Lender's right to require prompt payment when due of all other payments or to exercise any right or remedy with respect to any failure to make prompt payment. Enforcement by Lender of any security for Borrower's obligations under this Note shall not constitute an election by ▇▇▇▇▇▇ of remedies so as to preclude the exercise of any other right or remedy available to Lender.

  • Initial Period The Initial Period will begin on the date set forth above and will terminate on the earlier of (i) the Commercial Operation Date, or (ii) the Date the Agreement is terminated pursuant to the provisions of Clause 19.