Second Forbearance Period Clause Samples
Second Forbearance Period. So long as no Event of Default, other than the Existing Defaults, occurs, subject to the terms and conditions set forth herein, Bank shall continue to forbear from filing any legal action or instituting or enforcing any rights and remedies it may have against Borrowers through and including 08/31/05 (the “Second Forbearance Period”). Except as expressly provided herein, this Amendment does not constitute a waiver or release by Bank of any Existing Defaults or of any Obligations or of any Event of Default which may arise in the future after the date of execution of this Amendment. If Borrowers do not comply with the terms of this Amendment, Bank shall have no further obligations under this Amendment and shall be permitted to exercise at such time any rights and remedies against Borrowers as it deems appropriate in its sole and absolute discretion. Borrowers understand that Bank has made no commitment and is under no obligation whatsoever to grant any waiver or additional extensions of time at the end of the Second Forbearance Period.
Second Forbearance Period. Subject to the terms and conditions set forth in this Second Forbearance Agreement and Loan Parties’ recitals, acknowledgments and agreements set forth above, and expressly conditioned upon the absence of any Events of Default or Defaults (other than Specified Defaults, Additional Events of Default, and the Disputed Specified Defaults, collectively the “Specified Events of Default”) under the Credit Agreement, the other Loan Documents or this Second Forbearance Agreement, and satisfaction and fulfillment of each of the conditions precedent set forth in Section 4 below, the Administrative Agent and the Lenders agree (or are otherwise bound pursuant to the terms hereof) to forbear from (a) demanding payment in full of all Obligations (including principal, interest, fees, expenses, or any other amount due under the Credit Agreement or other Loan Documents and (b) exercising their respective rights and remedies under the Credit Agreement and other comparable provisions of the other Loan Documents solely as a result of the existence and continuation of the Specified Events of Default, in each instance for a period (the “Second Forbearance Period”) beginning on the date on which each of the conditions precedent set forth in Section 4 below is satisfied and expiring on the earliest of (i) the occurrence of an Event of Default during the Second Forbearance Period other than (A) the Specified Events of Default or (B) any Event of Default that occurs due to the failure of the Loan Parties to comply with Section 7.11 of the Credit Agreement (“Financial Covenant Event of Default”), (ii) any Loan Party’s actual knowledge of an Event of Default (other than the Specified Events of Default) that occurred prior to the Second Forbearance Period and that has not been cured within three (3) Business Days of a Loan Party obtaining actual knowledge of such Event of Default, and (iii) June 14, 2019.
Second Forbearance Period. At the request of Borrowers, the Agent and Lenders agree to forbear from accelerating the Obligations and from commencing and/or prosecuting the exercise of any rights and remedies, whether at law, in equity, by agreement or otherwise, available to the Agent and Lenders as a result of the Specified Default, from the date hereof until the earliest to occur of the following times: (i) March 8, 2022; (ii) the time at which (x) any representation or warranty made by a Borrower under this Agreement shall prove to have been materially incorrect (without duplication of any materiality qualifiers therein) when made or deemed made or (y) any Borrower fails to comply in any respect with its covenants set forth in this Agreement; or (iii) the occurrence of any other Event of Default under the Credit Agreement or any Other Document (other than the continuation of the Specified Default) (the period beginning on the date hereof and terminating on the earliest of such dates being hereinafter referred to as the “Second Forbearance Period”). As partial consideration for the Agent and Lenders agreeing to the forbearance in this Section 3(a), and as a condition precedent to the effectiveness of the forbearance referenced above, Borrowers shall repay the outstanding principal amount of the Obligations, in immediately available funds, in the amount of $1,250,000 (“Second Forbearance Paydown”).