During the Forbearance Period Sample Clauses
POPULAR SAMPLE Copied 1 times
During the Forbearance Period. Agent and Lenders agree to forbear from exercising any of their rights and remedies solely with respect to the Designated Defaults, as such rights and remedies are evidenced in the Loan Agreement and Other Documents, and as are available to Agent and Lenders at law or in equity; provided, however, upon the occurrence of an Event of Default other than a Designated Default, at the option of Agent, all Obligations shall be immediately due and payable and in addition Agent and Lenders shall be immediately entitled to enforce all of its rights and remedies under the Loan Agreement or otherwise. Except as specifically amended herein, the Loan Agreement and all other documents, instruments and agreements executed and/or delivered in connection therewith, shall remain in full force and effect, and are hereby ratified and confirmed. The execution, delivery and effectiveness of this Agreement, and our forbearance from exercising rights and remedies during the Forbearance Period with respect to the Designated Default, shall not operate as a waiver of any right, power or remedy of Agent or any Lender, nor constitute a waiver of any provision of the Loan Agreement, or any other documents, instruments or agree- ments executed and/or delivered under or in connection therewith and Agent and Lenders hereby reserve all rights and remedies un- der the Loan Agreement and applicable law. Kindly acknowledge your agreement with the foregoing by signing where indicated below. This agreement may be executed in any number of and by different parties hereto on separate counterparts, all of which when so executed shall be deemed an original, but all such counterparts shall constitute one and the same agreement. Any signature delivered by a party via facsimile transmission shall be deemed an original signature hereto. Very truly yours, IBJ WHITEHALL BUSINESS CREDIT CORPORATION, as Agent and sole Lender By: ______________________________ Name: Title: ACKNOWLEDGED AND AGREED: HEALTH-CHEM CORPORATION HERCULITE PRODUCTS, INC. PACIFIC COMBINING CORPORATION HERCON LABORATORIES CORPORATION By: /s/ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ Name: ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ Title: Chairman of the Board of each of the foregoing corporations TRANSDERM LABORATORIES CORPORATION By: /s/ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ Name: ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ Title: President HERCON ENVIRONMENTAL CORPORATION By: /s/ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ Name: ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ Title: Chairman of the Board MEDALLION GROUP, INC. HEALTH-CHEM INDUSTRIES, INC. H.S. PROTECTIVE FABRICS COR...
During the Forbearance Period. Borrower shall continue to remit all regularly scheduled payments (whether due on account of any Credit Extension or otherwise, including all principal, interest, fees, costs and other amounts) which may become due under the Loan Agreement, as and when such payments are due.
During the Forbearance Period the Borrower shall continue to retain (i) the Investment Bank or another investment banking firm reasonably acceptable to the Administrative Agent and the Lenders and (ii) Zolfo ▇▇▇▇▇▇ or another advisory and interim management firm reasonably acceptable to the Administrative Agent and the Lenders, a senior managing director or equivalent employee of which shall act as Transformation Officer.
During the Forbearance Period the Borrower shall not, without the consent of the Requisite Lenders, commence, enter into or make or implement any amendment, waiver, supplement or other modification to any employment agreement or employee compensation plan or pay or cause to be paid any amount contemplated by such agreements or plans before the date on which such amount becomes due and payable pursuant to the terms of the such agreements or plans, as applicable.
During the Forbearance Period. Each Obligor shall, except as expressly amended or modified by the provisions of this Agreement, continue to, except for compliance with the Debt to Tangible Net Worth Covenant and the Current Ratio Covenant which covenants are hereby waived, comply with each of the covenants set forth in the Loan Agreements, Notes and the other Loan Documents to which it is a party, as applicable.
During the Forbearance Period. Borrower shall not make any Restricted Payments or payments for director fees or payments on Indebtedness for borrowed money, including without limitation payments related to tax increment financing or indebtedness to former or current officers, directors or members of Borrower. Notwithstanding the foregoing, Borrower is authorized to reimburse directors for travel expenses and to pay salary and benefits due to directors who are also employees of the Borrower, in all respects consistent with past practices and in customary amounts.
During the Forbearance Period the Borrower and the Co-Borrower shall not request any Swing Loans, and National City Bank of Pennsylvania shall not be required to make any Swing Loans.
During the Forbearance Period. (A) the “Minimum Year-to-Date EBITDA” requirement set forth in Section 8.3 of the Loan Agreement shall be amended so that Borrowers shall be required to maintain, on a consolidated basis (but excluding the results for Taian AGS Pipeline Construction Co., Ltd. [“TAGS”]), EBITDA on a quarterly basis of not less than $425,000.00 for the quarters ending April 30, 2011 and July 31, 2011; and
During the Forbearance Period the Borrower may request the Agent and the Lenders to make Advances and to continue or convert outstanding Advances, and the Agent and the Lenders agree to the make, continue and/or convert Advances, on the terms and subject to the conditions in the Credit Agreement. For such purposes, the conditions precedent in Section 3.2 shall be modified and/or qualified to the same extent as the provisions of Section 4.1 of this Agreement.
During the Forbearance Period the Borrower shall be permitted to borrow Revolving Credit Loans to the extent of availability notwithstanding the Existing Event of Default; PROVIDED, HOWEVER, that the Borrower is in compliance with all of the terms and conditions of this Agreement (other than the representations and warranties in Section 8.4.4 of the Credit Agreement) and that no Event of Default other than the Existing Event of Default shall have occurred and be continuing. Nothing in this Agreement shall, however, be construed as a waiver of or acquiescence in the Existing Event of Default, which shall continue in existence subject only to the agreement of the Banks and the Agent set forth herein not to enforce certain remedies for a limited period of time. Except as expressly provided herein, the execution and delivery of this Agreement shall not: (i) constitute an extension, modification, or waiver of any aspect of the Credit Agreement; (ii) extend the terms of the Credit Agreement or the due date of any of the Obligations; (iii) give rise to any obligation on the part of the Agent or the Banks to extend, modify or waive any term or condition of the Credit Agreement; or (iv) give rise to any defenses or counterclaims to the Agent's or the Banks' right to demand payment of the Obligations or to otherwise enforce their rights and remedies under the Credit Agreement. Following termination of the Forbearance Period, the Agent and the Banks shall be entitled to enforce the Credit Agreement according to the original terms of the Credit Agreement, as the Credit Agreement has been heretofore amended from time to time.