Forbearance Covenant Sample Clauses

Forbearance Covenant. Each Borrower Party acknowledges and agrees that Lender shall have the free and unrestricted right, at any time and from time, subject to the provisions of this Agreement, to exercise any and all rights available to Lender under this Agreement and the Loan Documents, in equity or at law, in connection with any existing defaults, including, without limitation, the Acknowledged Defaults, and/or or any default or Event of Default, whether of the type or nature of the Acknowledged Defaults or otherwise. However, subject to the terms of this Agreement and provided no Termination Event occurs, Lender agrees to take no action to enforce payment of the Indebtedness up to and including June 30, 2012 (the, "Forbearance Expiration Date"). The forbearance by Lender, subject to the terms and conditions of this Agreement, is referred to as the "Forbearance Covenant". Borrower agrees that the Forbearance Covenant does not relate or extend to any actions that Lender may take under the Loan Documents or this Agreement, in equity or at law, solely to preserve and protect the Collateral or the interests of Lender in the Collateral (excluding, however, any action to collect or realize upon the Collateral), including, without limitation, (a) the filing of actions, or the defending of or intervention in actions (such as foreclosure proceedings) brought by third parties or by Borrower relating to the Collateral or the interests of Lender therein or (b) the sending of notices to any persons or entities concerning the existence of security interests or liens in favor of Lender relating to the Collateral.
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Forbearance Covenant. Lender covenants and agrees with Obligor (the "Forbearance Covenant") that as long as there is no Event of Default under this Agreement, Lender shall forbear in the exercise of its rights and remedies under the Loan Documents through and including June 28, 2002; PROVIDED, HOWEVER, upon the occurrence of an Event of Default under this Agreement, this Forbearance Covenant shall be void and of no effect, and Lender shall be free to exercise any and all of its rights and remedies under the Loan Documents and this Agreement, all of which rights and remedies are expressly reserved by Lender.
Sample 1
Forbearance Covenant. Subject to the limitations set forth in Section 3.01(b), (c) and (d) below, Agent and the Lenders covenant and agree that, notwithstanding the rights provided to Agent and the Lenders under the Loan Documents and the applicable laws of the states in which the Collateral is located, until the earlier to occur of (a) December 22, 2002 or (b) a Termination Event, neither Agent nor any Lender shall record, post, mail or publish (or, in the case of the Steamboat Deed of Trust, other than successfully completing the publication and notice requirements required under Colorado law in connection with the foreclosure of the Steamboat Deed of Trust by having the notice of trustee's foreclosure sale published in the Steamboat Pilot on November 24, 2002, continue to publish) any notice of foreclosure sale of the Collateral, notice a Rule 120 hearing or take any action to conduct a Rule 120 hearing in connection with the foreclosure of the Steamboat Deed of Trust, conduct any foreclosure sale of the Collateral, take any action to realize on any of the Collateral or file a lawsuit against the Borrower seeking payment of the Loan, and Agent or its counsel shall request that the Utah Trustee and the Colorado Trustee so forbear (the foregoing covenant, subject to the terms and conditions of this Agreement, being herein referred to as the "Forbearance Covenant"). Agent agrees that if the Utah Trustee or the Colorado Trustee fails to so forbear, Agent shall take commercially reasonable action to cause the Utah Trustee or Colorado Trustee, as applicable, to so forbear. The Borrower Parties acknowledge that the Forbearance Covenant shall not prohibit Agent or its counsel from requesting that the Colorado Trustee postpone the foreclosure sale under the Steamboat Deed of Trust or the publication by the Colorado Trustee of any such postponement or the taking of any other action by the Colorado Trustee to postpone such foreclosure sale. Agent agrees to cause its counsel to request that the Colorado Trustee postpone the foreclosure sale under the Steamboat Deed of Trust to a date not earlier than December 23, 2002. NOTWITHSTANDING ANYTHING IN THIS AGREEMENT TO THE CONTRARY, NEITHER THE AGENT NOR ANY OF THE LENDERS COMMITS ITSELF TO ENTER INTO ANY ADDITIONAL AGREEMENTS OF ANY KIND WITH ANY OF THE BORROWER PARTIES, INCLUDING, WITHOUT LIMITATION, ANY AMENDMENTS, MODIFICATIONS, REINSTATEMENTS, ADDITIONAL FORBEARANCE AGREEMENTS, OR ANY OTHER AGREEMENTS.
Sample 1
Forbearance Covenant. Notwithstanding the existing defaults under the Loans, but subject to the terms and conditions stated in this Agreement, Lender agrees that it will not take any action or file any proceedings, whether under the Guaranty, at law, or in equity, to enforce the rights and remedies of Lender against Guarantor (the foregoing covenant being hereinafter referred to as the “Forbearance Covenant”). The Forbearance Covenant will remain in effect until the occurrence of a Forbearance Termination Event (as defined below). Upon written notice of the occurrence of a Forbearance Termination Event that is not cured by Obligors within fifteen days thereafter, Lender will have the right at any time and from time to time to exercise any and all rights and remedies available against Guarantor under the Guaranty or Environmental Indemnity Agreement, at law or in equity, to the same extent as Lender would be entitled if the Forbearance Covenant had never been part of this Agreement. As used herein, the term “Forbearance Termination Event” means the occurrence of one or more of the following events:
Sample 1
Forbearance Covenant. Borrower acknowledges and agrees that Lender shall have the free and unrestricted right, at any time and from time, subject to the provisions of this Agreement, to exercise any and all rights available to Lender under this Agreement and the Loan Documents, in equity or at law, in connection with any existing defaults, including, without limitation, the Acknowledged Defaults, and/or or any default or Event of Default, whether of the type or nature of the Acknowledged Defaults or otherwise. However, subject to the terms of this Agreement and provided no Termination Event occurs, Lender agrees to take no action to enforce payment of the Indebtedness up to and including the ninetieth (90th) day after the Execution Date of this Agreement (the, "Forbearance Expiration Date"); provided, however, that the Forbearance Expiration Date shall automatically be extended for an additional ninety (90) day period in the event that a Termination Event has not occurred and Lender has agreed in writing in its sole discretion to an Approved Budget for such additional 90 day period. The forbearance by Lender, subject to the terms and conditions of this Agreement, is referred to as the "Forbearance Covenant". Borrower agrees that the Forbearance Covenant does not relate or extend to any actions that Lender may take under the Loan Documents or this Agreement, in equity or at law, solely to preserve and protect the Collateral or the interests of Lender in the Collateral (excluding, however, any action to collect or realize upon the Collateral), including, without limitation, (a) the filing of actions, or the defending of or intervention in actions (such as foreclosure proceedings) brought by third parties or by Borrower relating to the Collateral or the interests of Lender therein or (b) the sending of notices to any persons or entities concerning the existence of security interests or liens in favor of Lender relating to the Collateral.
Sample 1
Forbearance Covenant. Notwithstanding the Existing Defaults under the Loan Documents, but subject to the terms and conditions stated in this Agreement, Lender agrees that it will not take any action or file any proceedings, at law or in equity, to enforce the rights and remedies of Lender against Borrower or CHCI other than the Foreclosure Proceedings (hereafter defined).
Sample 1

Related to Forbearance Covenant

  • Insurance Covenants Lessee will:

  • Compliance Covenant The Company will not become a party to any Common Stock Change Event unless its terms are consistent with this Section 5.09.

  • Financial Covenant So long as any Loan shall remain unpaid, any Letter of Credit shall remain outstanding or any Lender shall have any Commitment hereunder, the Borrower will maintain a ratio of Consolidated Debt to Consolidated Capital of not greater than 0.65 to 1.00 as of the last day of each fiscal quarter.

  • Financial Condition Covenant Permit the Asset Coverage Ratio to be less than the Minimum Permitted Ratio; or in each case allow Indebtedness of the Borrower to exceed the limits set forth in the Borrower’s Prospectus or registration statement or allow Indebtedness to exceed the requirements of the 1940 Act.

  • Negative Covenant Except as otherwise expressly permitted by this Agreement, between the date of this Agreement and the Closing Date, Sellers will not, and will cause the Company not to, without the prior consent of Buyer, take any affirmative action, or fail to take any reasonable action within their or its control, as a result of which any of the changes or events listed in Section 3.16 is likely to occur.

  • Financial Performance Covenant Upon the occurrence and during the continuance of a Covenant Trigger Event, the Borrower will maintain a Fixed Charge Coverage Ratio of not less than 1.0 to 1.0 measured for the most recent period of four consecutive fiscal quarters for which Required Financial Statements are available (or were required to be furnished) at the time of occurrence of such Covenant Trigger Event, and each subsequent four fiscal quarter period ending during the continuance of such Covenant Trigger Event.

  • Additional Covenant In Section 4 add a new paragraph as follows:

  • Financial Performance Covenants Notwithstanding anything to the contrary contained in Section 7.01, in the event that Holdings and the Borrower fail to comply with the requirements of any Financial Performance Covenant, until the expiration of the 10th day subsequent to the date the certificate calculating such Financial Performance Covenant is required to be delivered pursuant to Section 5.04(c), Holdings shall have the right to issue Permitted Cure Securities for cash or otherwise receive cash contributions to the capital of Holdings, and, in each case, to contribute any such cash to the capital of Borrower (collectively, the "Cure Right"), and upon the receipt by Borrower of such cash (the "Cure Amount") pursuant to the exercise by Holdings of such Cure Right such Financial Performance Covenant shall be recalculated giving effect to the following pro forma adjustments:

  • Certain Financial Covenants The Borrower will not:

  • Financial Covenant Calculations The parties hereto acknowledge and agree that, for purposes of all calculations made in determining compliance for any applicable period with the financial covenants set forth in Section 6.7 and for purposes of determining the Applicable Margin, (i) after consummation of any Permitted Acquisition, (A) income statement items and other balance sheet items (whether positive or negative) attributable to the target acquired in such transaction shall be included in such calculations to the extent relating to such applicable period (including by adding any cost saving synergies associated with such Permitted Acquisition in a manner reasonably satisfactory to the Agent), subject to adjustments mutually acceptable to Borrowers and the Agent and (B) Indebtedness of a target which is retired in connection with a Permitted Acquisition shall be excluded from such calculations and deemed to have been retired as of the first day of such applicable period and (ii) after any Disposition permitted by Section 6.8), (A) income statement items, cash flow statement items and balance sheet items (whether positive or negative) attributable to the property or assets disposed of shall be excluded in such calculations to the extent relating to such applicable period, subject to adjustments mutually acceptable to Borrowers and the Agent and (B) Indebtedness that is repaid with the proceeds of such Disposition shall be excluded from such calculations and deemed to have been repaid as of the first day of such applicable period.

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