Examples of Second Lien Forbearance Agreement in a sentence
Except as expressly stated herein, the Noteholders reserve all rights, privileges and remedies under the Second Lien Forbearance Agreement.
Except as amended hereby, the Second Lien Forbearance Agreement remains unmodified and in full force and effect, and nothing contained herein shall be deemed to constitute a waiver of compliance with any term or condition contained in the Second Lien Forbearance Agreement or any of the other Second Lien Documents or constitute a course of conduct or dealing among the parties.
If any term, provision, covenant or restriction of this Amendment is held by a court of competent jurisdiction or other authority to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Amendment shall remain in full force and effect and shall in no way be affected, impaired or invalidated so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to any party.
For purposes hereof, “Claims” shall mean all liabilities, obligations, losses, damages, penalties, actions, judgments, suits or claims which may be instituted or asserted against or incurred by such Released Person as the result of credit having been extended under the Second Lien Forbearance Agreement, Second Lien Credit Agreement or any other Loan Document or otherwise arising in connection with the transactions contemplated thereunder.
The Agent shall have received a copy of a forbearance agreement (the “Second Lien Forbearance Agreement”) executed and delivered by the Second Lien Agent and the Second Lien Noteholders whose consent is required pursuant to the Second Lien Note Purchase Agreement, which Second Lien Forbearance Agreement shall be in form and substance satisfactory to the Agent and the Required Lenders.
The Second Lien Forbearance Agreement has been executed by holders of more than 75% in principal amount of the Second Lien Notes.
Without any requirement of prior request, the Borrower and other Loan Parties shall promptly notify the Administrative Agent and the advisors to the Lenders of the occurrence of any terminating event, the failure to satisfy a condition precedent or other material breach under the Second Lien Forbearance Agreement or any Other Debt Forbearance Agreement.
ION also entered into another amendment to the Second Lien Forbearance Agreement with holders of more than 79% of the outstanding Second Lien Notes, pursuant to which such noteholders agreed to further forbear, through and including April 10, 2022, from exercising remedies under the Second Lien Notes.
Similarly, on February 14, 2022, ION also entered into an amendment to the Second Lien Forbearance Agreement with holders of more than 79% of the outstanding Second Lien Notes, pursuant to which such noteholders agreed to further forbear, through and including March 8, 2022, from enforcing, or taking any action to direct the Second Lien Notes Trustee to enforce, their rights and remedies arising as a result of ION’s failure to make the December 15, 2021 interest payment.
ION also entered into another amendment to the Second Lien Forbearance Agreement with holders of more than 79% of the outstanding Second Lien Notes, pursuant to which such noteholders agreed to further forbear, through and including April 4, 2022, from enforcing, or taking any action to direct the Second Lien Notes Trustee to enforce, their rights and remedies arising as a result of ION’s failure to make the December 15, 2021 interest payment.