Temporary Forbearance. Subject to the satisfaction of the terms and conditions set forth herein, until that date (the “Forbearance Termination Date”) which is the earliest to occur of (a) 5:00 p.m. Pacific time on July 31, 2009; (b) the date of the occurrence of any Event of Default (other than (i) the Designated Events of Default, or (ii) any breaches of Section 5.2 of the Credit Agreement that occur on or prior to July 31, 2009 (the “Forbearance Period Financial Covenant Defaults”)); (c) Tandy has notified Xxxxxxxx that is will longer be pursuing the consummation of the Xxxxxxxx Sale (referred to Section 3.1 of this Amendment); (d) the date of the occurrence of any breach of any term or provisions of this Amendment, including, but not limited to, Section 8 and Section 13 of this Amendment; or (e) the Termination Date, Xxxxx Fargo will not exercise or enforce its rights or remedies against Companies which Xxxxx Fargo would be entitled to exercise or enforce under the terms of the Loan Documents by reason of the occurrence of the Designated Events of Default; provided that such forbearance shall not act as a waiver of Xxxxx Fargo’s right to enforce all claims, rights, and remedies from time to time on or after the Forbearance Termination Date. Furthermore, nothing contained herein shall be construed as requiring Xxxxx Fargo to extend the Forbearance Termination Date. Companies acknowledge and agree that Xxxxx Fargo has not waived, and by entering into this Amendment Xxxxx Fargo is not waiving, the Designated Events of Default or any Forbearance Period Financial Covenant Defaults that may occur on or prior to July 31, 2009.
Temporary Forbearance. Subject to the satisfaction of the terms and conditions set forth herein, during the period (the “Forbearance Period”) commencing on the date of this Agreement and continuing until that date which is the earliest to occur of (a) November 30, 2011, and (b) the date of the occurrence of any one or more of the Events of Termination set forth in this Agreement, the Bank will not exercise or enforce its rights or remedies against Borrowers to which Bank would be entitled under the terms of the Loan Documents by reason of the occurrence of the Existing Events of Default; provided that such forbearance shall not act as a waiver of Bank’s right to enforce any such right or remedy after the termination or conclusion of the Forbearance Period. Upon the occurrence of any Event of Termination, the Bank shall have the immediate right to exercise all of the rights and remedies which are available to it under the Loan Documents, at law and in equity. Upon the lapse or termination of the Forbearance Period, all Obligations under the Loan Agreement, including without limitation all principal, all accrued and unpaid interest, fees, and charges, if any, and all unpaid or unreimbursed amounts due pursuant to this Agreement shall be and become immediately due and payable, without notice or demand. All payments received by Bank with respect to the Obligations, howsoever designated by Borrowers, may be applied by Bank to the indebtedness and obligations related to the Loan, including principal, accrued and unpaid interest fees and charges, and costs incurred by Bank, in such order as Bank, acting in its sole and absolute discretion may elect.
Temporary Forbearance. Lender agrees to forbear until the Forbearance Termination Date (as defined below) from exercising its rights and remedies under the Loan Agreement and the other Loan Documents as a result of the Specified Defaults. Lender reserves its rights and remedies at all times with respect to any Default under the Loan Agreement, the Guaranty, this Agreement or any other Loan Document other than a Specified Default, whether presently existing or occurring hereafter. At any time on or after the Forbearance Termination Date, Lender may exercise any of its rights and remedies under or with respect to the Loan Agreement, the Guaranty, this Agreement and the other Loan Documents, whether relating to a Specified Default or otherwise, all without notice to Borrower, Guarantor or any other Person. As used herein, “Forbearance Termination Date” means the earlier of (x) May 21, 2010, (y) the date of the occurrence of a Default other than (i) a Specified Default or (ii) a Default under any of the financial covenants set forth in Item 21 of the Schedule on or prior to April 30, 2010, and (z) the default or breach by any Obligor of any of the covenants, agreements, representations and warranties set forth in this Agreement. Notwithstanding Lender’s agreement to forbear as set forth herein, Lender shall be entitled to exercise its right to issue Stoppage Notices under and as defined in the Subordination and Intercreditor Agreement among Lender, Borrower and First National Bank and to take such action as Lender deems appropriate to enforce the obligations of First National Bank and Borrower set forth therein.
Temporary Forbearance. Lender agrees to forbear from the exercise of its remedies under the Loan Documents until August 15, 1997 in order to allow Borrower to close a proposed stock purchase transaction with Sun Pharmaceutical Industries, Ltd. ("Sun"). More specifically, the occurrence of each of the following before the close of business on August 15, 1997 shall constitute a condition precedent to any further forbearance by Lender as described in Section 4 below:
Temporary Forbearance. Each of the Consenting Stakeholders shall forbear during the TSA Support Period from the exercise of any and all rights and remedies against the Company in contravention of this Agreement or that would reasonably be expected to prevent, interfere with, delay, or impede the consummation of the Transaction, whether at law, in equity, by agreement or otherwise, which are or become available to them in respect of any Claims or Interests, as applicable, including, without limitation, any rights and all rights and remedies arising under or in connection with the Convertible Notes or Indenture (including any failure of the Company to perform any of its obligations under Section 15.01 of the Indenture in connection with any “Fundamental Change” under clause (d) of the definition thereunder), in each case to the maximum extent permitted by law. The foregoing forbearance shall not be construed to impair the ability of the Consenting Stakeholders to take any remedial action, without requirement for any notice, demand, or presentment of any kind (except as required by the Indenture), at any time after the TSA Support Period (unless the TSA Support Period is terminated solely as a result of the occurrence of the Closing Date). If the Transaction is not consummated or if this Agreement is terminated for any reason (other than termination solely as a result of the occurrence of the Closing Date), the Consenting Stakeholders fully reserve any and all of their rights.
Temporary Forbearance. The Agent, on behalf of the Holders, hereby agrees to forbear from exercising any of its rights under Section 15.3 as a result of the occurrence and continuation of any of the Specified Defaults solely during the period (the “Forbearance Period”) beginning on the date hereof and ending immediately upon the earliest of: (i) the occurrence or identification of any Event of Default other than the Specified Defaults, (ii) 5:00 p.m. prevailing Eastern Time on November 11, 2011, or (iii) any material breach by Seller of any representation or warranty set forth in this Agreement, in each case unless Agent, in writing, waives such breach. Agent and the Holders expressly reserve the right to exercise all remedies under all Assigned Documents and under applicable law immediately upon the expiration of the Forbearance Period. Nothing in this Agreement shall be deemed to constitute a waiver by Agent or any Holder of any Specified Default or any other Event of Default, whether now existing or hereafter arising under this Agreement or the Assigned Documents, or of any right or remedy that Agent and the Holders may have under any of the Assigned Documents or applicable law, except to the extent expressly set forth above.
Temporary Forbearance. Subject (i) to the satisfaction of the conditions precedent set forth in Section 3 below and (ii) to the continuing effectiveness and enforceability of the Loan Documents in accordance with their terms, each Subject Lender agrees to temporarily forbear and to direct the Agents to temporarily forbear, and each Agent agrees to temporarily forbear, from accelerating the Obligations under each of the Credit Agreements to which such Subject Lender is a party and from exercising any and all of its other rights or remedies permitted to be taken by it, whether at law, in equity, by agreement, or otherwise, as a result of or with respect to each Specified Event of Default occurring or continuing prior to or during the Forbearance Period.
Temporary Forbearance. Lenders agree to forbear from exercising their rights and remedies under the Financing Agreements, which Lenders are entitled to exercise as a result of, among other things, the occurrence of the Existing Defaults, during the period (the "Temporary Forbearance Period") commencing on the date hereof and ending on the earlier of (a) November 1, 2002, or (b) the date on which any Terminating Event (as hereinafter defined) occurs (such earlier date, the "Forbearance Termination Date"). For the purposes of this Agreement, the term "Terminating Event" shall mean (i) the occurrence of any breach or violation of any provision of this Agreement, (ii) if any representation made by Borrower in connection with this Agreement is untrue in any material respect, (iii) filing by or against Borrower or any of them of a proceeding under the United States Bankruptcy Code, (iv) there occurs a violation or Event of Default (howsoever defined in the Financing Agreements) under the Financing Agreements, other than an Existing Default. In the Event of a non-monetary Event of Default, Borrower shall have five (5) days in which to cure such default.
Temporary Forbearance. For example, a borrower may need additional time to find new employment or resolve unexpected medical expenses.
Temporary Forbearance. 1.1 The Company has made Burdale aware of proposals for an equity contribution to be made to the Parent company to stabilise the Group's cashflow in the week commencing 28 July 2014 (the "Proposed Recapitalisation").
