Common use of Agreement to Extend Clause in Contracts

Agreement to Extend. If and for so long as each of the Extension Conditions is satisfied, Lender agrees that during the Extension Period it will not, solely by reason of the existence on this date of the Stipulated Defaults, (i) exercise any default remedy available to Lender under any of the other Loan Documents or Applicable Law to enforce collection from Obligors of any of the Obligations or to foreclose its liens upon or security interests in any of the Collateral during the Extension Period; or (ii) enforce Section 10.14 of the Credit Agreement, which requires the deposit to the Cash Collateral Account of monies equal to 102% of the undrawn amount of outstanding Letters of Credit, but the foregoing shall not in any event be deemed to constitute a waiver of any Lender's right to require the deposit of such monies to the Cash Collateral Account on or after the Termination Date. Nothing in this Agreement shall be construed to alter the demand nature of that portion of the Obligations payable on demand under the terms of any of the Loan Documents. Notwithstanding the foregoing and anything to the contrary in this Agreement, Lender shall be permitted to draw on the New LC at any time in accordance with its terms.