forbearance

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Related to forbearances: deferment

Forbearance

Refraining from doing something that one has a legal right to do. Giving of further time for repayment of an obligation or agreement; not to enforce claim at its due date. A delay in enforcing a legal right. Act by which creditor waits for payment of debt due by a debtor after it becomes due.

Within Usury law, the contractual obligation of a lender or creditor to refrain, during a given period of time, from requiring the borrower or debtor to repay the loan or debt then due and payable.

forbearance

n. an intentional delay in collecting a debt or demanding performance on a contract, usually for a specific period of time. Forbearance is often consideration for a promise by the debtor to pay an added amount.

See: abstention, benevolence, clemency, composure, continence, grace, lenience, longanimity, moderation, remission, resignation, restraint, sufferance, temperance

forbearance

abstention from or postponement of the enforcement of a legal right.
References in periodicals archive ?
However, 'increasing forbearance levels can have a more damaging effect on excess spread of FFELP ABS trusts,' said Ullrich.
Fitch expects undercollateralized trusts to be impacted the most by higher forbearance.
BULLETIN BOARD: FTRS) (the "Company") today announced that it has entered into a Third Amendment to Credit Agreement and Amended and Restated Forbearance Agreement with its lenders in connection with previously announced defaults on financial covenants contained in its Credit Agreement with various lenders and Wells Fargo Foothill, LLC, as agent (the "Amended Credit Facility").
The Amended Credit Facility is effective September 15, 2008, the expiration date of the previous forbearance granted by the lenders, and extends the forbearance until December 31, 2008.
We developed this forbearance working together with the financial and legal advisors to an ad hoc committee of holders of TRCLP Notes the members of which hold, in the aggregate, approximately 41% of TRCLP Notes.
The material terms of the forbearance are as follows:
Under the extended forbearance agreement, NTC must make payments to First Bank of $800,000 on each of Sept.
The extended forbearance agreement also provides that a potential lender to NTC, with whom NTC is in discussions regarding a secured credit facility, must provide its response on or before Oct.