Forbearance by PFG Sample Clauses

The 'Forbearance by PFG' clause defines the circumstances under which PFG agrees to temporarily refrain from exercising its rights or enforcing remedies under the agreement. In practice, this means that if a borrower defaults or breaches a term, PFG may choose not to immediately pursue legal action or demand repayment, often for a specified period or under certain conditions. This clause provides flexibility for both parties, allowing the borrower time to remedy issues without immediate penalty, and helps prevent automatic escalation of disputes, thereby facilitating resolution and maintaining the business relationship.
Forbearance by PFG. In consideration of, among other things, Borrower’s compliance with each and every term of this Forbearance, PFG hereby agrees to forbear from exercising its rights and remedies as a result of the Specified Defaults until the earliest to occur of (i) a Default or an Event of Default under the Loan Agreement (with the sole exception of the Specified Defaults), (ii) the failure of Borrower to promptly, punctually, or faithfully perform or comply with any term or condition of this Forbearance as and when required, it being expressly acknowledged and agreed that TIME IS OF THE ESSENCE, and (iii) 5:00 p.m. (San Francisco, California time) on September 30, 2012 (the period commencing as of the date of the effectiveness of this Forbearance and ending on the earliest of (i), (ii) and (iii) above shall be referred to as the “Forbearance Period”)
View SourceView Similar (4)
Forbearance by PFG. In consideration of, among other things, Borrower’s compliance with each and every term of this Forbearance, PFG hereby agrees to forbear from exercising its rights and remedies as a result of the Specified Defaults until the earliest to occur of (i) a Default or an Event of Default under the Loan Agreement (with the sole exception of the Specified Defaults), (ii) the failure of Borrower to promptly, punctually, or faithfully perform or comply with any term or condition of this Ninth Forbearance Extension as and when required, it being expressly acknowledged and agreed that TIME IS OF THE ESSENCE, (iii) the occurrence of any other event or failure of a condition set forth in this Ninth Forbearance Extension (whether by the act of Borrower or a third party), (iv) the failure of Borrower to receive proceeds of at least $3,000,000 from the sale of convertible debt and/or equity by August 2, 2013, and (v) 5:00 p.m. (San Francisco, California time) on September 20, 2013, provided, however, such date shall be accelerated or extended in increments of one calendar week for each $250,000 increment by which the Financing cash proceeds fall short of (or exceed) $3,500,000 (the period commencing as of the date of the effectiveness of this Forbearance and ending on the earliest of (i), (ii), (iii), (iv) and (v) above shall be referred to as the “Forbearance Period”). For example only in respect of clause (v), above, if Borrower raises cash Financing proceeds of $4,125,000 before the end of the Forbearance Period, then the date specified in clause (v) would be extended by two weeks. If prior to the end of such extended period Borrower raised an additional $130,000, then the date specified in clause (v) would be extended by an additional one week.”
View Source
Forbearance by PFG. 5.1 In consideration of, among other things, Obligors’ compliance with each and every term of the Loan Agreement, PFG hereby agrees to forbear from exercising its rights and remedies as a result of the Specified Defaults and not to accelerate the due date of Obligations or exercise remedies against Collateral due to the Specified Defaults (only) (to “forbear”) until the earliest to occur of: (i) the occurrence an Event of Default under any Loan Document (with the sole exception of the Specified Defaults and, for the avoidance of doubt, an Event of Default under Section 6.1(o) of the Loan Agreement due to any reason other than those specified in item (5) of the second Recital to this Modification shall not be deemed a Specified Default), (ii) the breach of any obligation under this Modification the performance of which is due on or prior to December 31, 2013, and (iii) December 31, 2013 (the period commencing on the Modification Effective Date and ending on the earliest of (i), (ii) and (iii) above shall be referred to as the “Forbearance Period”). At all times during the Forbearance Period, Borrower shall comply with all terms and conditions of the Loan Agreement and the Existing Loan Documents including, without limitation, all representations, warranties, affirmative and negative covenants contained in the Loan Agreement and other Existing Loan Documents. 5.2 Borrower hereby acknowledges and agrees that nothing contained in this section or in any other section of this Agreement shall be deemed or otherwise construed as a waiver by PFG of the Specified Defaults or any other Default or Event of Default (except as expressly set forth in Section 4, whether now existing or hereafter arising) or of any of its rights and remedies pursuant to the Existing Loan Documents, applicable law or otherwise. Upon the expiration of the Forbearance Period, the agreement of PFG to forbear as set forth in this Agreement shall automatically terminate and PFG may immediately commence enforcing its rights and remedies pursuant to the Existing Loan Documents, applicable law or otherwise, in such order and manner as PFG may determine appropriate.
View Source

Related to Forbearance by PFG

  • Acceleration Waivers Amendments and Remedies 8.1. Acceleration. If any Default described in Sections 7.7 or 7.8 occurs with respect to Borrower, the obligations of the Lenders to make Loans and to issue Facility Letters of Credit hereunder shall automatically terminate and the Facility Obligations shall immediately become due and payable without any election or action on the part of the Administrative Agent or any Lender. If any other Default occurs, so long as a Default exists Lenders shall have no obligation to make any Loans and the Required Lenders, at any time prior to the date that such Default has been fully cured, may permanently terminate the obligations of the Lenders to make Loans hereunder and declare the Facility Obligations to be due and payable, or both, whereupon if the Required Lenders elected to accelerate (i) the Facility Obligations shall become immediately due and payable, without presentment, demand, protest or notice of any kind, all of which Borrower hereby expressly waives and (ii) if any automatic or optional acceleration has occurred, the Administrative Agent, as directed by the Required Lenders (or if no such direction is given within 30 days after a request for direction, as the Administrative Agent deems in the best interests of the Lenders, in its sole discretion), shall use its good faith efforts to collect, including without limitation, by filing and diligently pursuing judicial action, all amounts owed by Borrower and any Subsidiary Guarantor under the Loan Documents. In addition to the foregoing, following the occurrence of a Default and so long as any Facility Letter of Credit has not been fully drawn and has not been cancelled or expired by its terms, upon demand by the Required Lenders Borrower shall deposit in the Letter of Credit Collateral Account cash in an amount equal to the aggregate undrawn face amount of all outstanding Facility Letters of Credit and all fees and other amounts due or which may become due with respect thereto. Borrower shall have no control over funds in the Letter of Credit Collateral Account and shall not be entitled to receive any interest thereon. Such funds shall be promptly applied by the Administrative Agent to reimburse the Issuing Bank for drafts drawn from time to time under the Facility Letters of Credit and associated issuance costs and fees. Such funds, if any, remaining in the Letter of Credit Collateral Account following the payment of all Facility Obligations in full shall, unless the Administrative Agent is otherwise directed by a court of competent jurisdiction, be promptly paid over to Borrower. If, within 10 days after acceleration of the maturity of the Facility Obligations or termination of the obligations of the Lenders to make Loans hereunder as a result of any Default (other than any Default as described in Sections 7.7 or 7.8 with respect to Borrower) and before any judgment or decree for the payment of the Facility Obligations due shall have been obtained or entered, all of the Lenders (in their sole discretion) shall so direct, the Administrative Agent shall, by notice to Borrower, rescind and annul such acceleration and/or termination.

  • Forbearance Period Subject to the terms and conditions herein set forth and in reliance upon the Loan Parties’ representations, acknowledgments, agreements and warranties herein contained, including, without limitation, the satisfaction of the conditions precedent described in Section 5 herein, the Administrative Agent and the Lenders agree that during the Forbearance Period they will forbear from exercising remedial rights against the Collateral under the Credit Agreement and/or the other Loan Documents solely in respect of the Specified Defaults. The Administrative Agent’s and the Lenders’ agreement to forbear is temporary and limited in nature and shall not be deemed: (i) to preclude or prevent the Administrative Agent, the Lenders and/or any other Secured Party from exercising any rights and remedies under the Loan Documents, applicable law or otherwise arising on account of (A) any Default or Event of Default other than the Specified Defaults, (B) the Specified Defaults from and after the occurrence of any of the events set forth in Section 3 hereof or (C) the right to seek payment of attorneys’ fees and other costs and expenses in connection with the preparation, negotiation, execution and delivery of this Agreement and in connection with the negotiation, documentation and analysis of any proposed “work out”, restructuring, funding or amendment to the Credit Agreement or other Loan Documents prior to or after the date of this Agreement and the exercise of the rights and remedies described under Section 3; (ii) to effect any amendment of the Credit Agreement or any of the other Loan Documents, all of which shall remain in full force and effect in accordance with their respective terms; (iii) to constitute a waiver of the Specified Defaults or any other Default or Event of Default (whether now existing or hereafter occurring) (each Default or Event of Default other than any Specified Default, an “Other Default”) or any term or provision of the Credit Agreement or any of the other Loan Documents; or (iv) to establish a custom or course of dealing among the Borrower, any other Loan Party and the Administrative Agent, the Lenders and/or any other Secured Party. The Loan Parties further acknowledge and agree that interest on the Obligations will continue to accrue in accordance with Section 2.07 of the Credit Agreement.

  • Forbearance Any forbearance by ▇▇▇▇▇▇ in exercising any right or remedy under this Note, the Security Instrument, or any other Loan Document or otherwise afforded by applicable law, shall not be a waiver of or preclude the exercise of that or any other right or remedy. The acceptance by Lender of any payment after the due date of such payment, or in an amount which is less than the required payment, shall not be a waiver of Lender's right to require prompt payment when due of all other payments or to exercise any right or remedy with respect to any failure to make prompt payment. Enforcement by Lender of any security for Borrower's obligations under this Note shall not constitute an election by ▇▇▇▇▇▇ of remedies so as to preclude the exercise of any other right or remedy available to Lender.

  • Forbearance Fee In consideration of the Lender’s agreements set forth herein, Obligors agree to pay the Lender a non-refundable forbearance fee in the amount of $20,000.00 (the “Forbearance Amendment Fee”). The Forbearance Amendment Fee shall be: (i) fully earned by the Lender as of the Seventh Forbearance Amendment and Twenty-Third Amendment Effective Date; (ii) retained by the Lender as a fee under all circumstances and shall not be applied in reduction of any other of the Obligations; and (iii) paid to the Lender in good and collected funds upon the execution of this Agreement.

  • Borrower Not Released; Forbearance By Lender Not a Waiver Borrower or any Successor in Interest of Borrower will not be released from liability under this Security Instrument if Lender extends the time for payment or modifies the amortization of the sums secured by this Security Instrument. ▇▇▇▇▇▇ will not be required to commence proceedings against any Successor in Interest of Borrower, or to refuse to extend time for payment or otherwise modify amortization of the sums secured by this Security Instrument, by reason of any demand made by the original Borrower or any Successors in Interest of Borrower. Any forbearance by ▇▇▇▇▇▇ in exercising any right or remedy including, without limitation, ▇▇▇▇▇▇’s acceptance of payments from third persons, entities, or Successors in Interest of Borrower or in amounts less than the amount then due, will not be a waiver of, or preclude the exercise of, any right or remedy by Lender.