forbearance

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Forbearance

The temporary suspension of loan repayments due to demonstrated financial hardship on the part of the borrower. Interest continues to accrue during forbearance and thus may extend the repayment period or cause payments to increase once they re-commence. A borrower must apply to the lender to be considered for forbearance.

forbearance

The act of restraining from exercising a right.

1. Typically encountered in leases and other contracts specifying that a forbearance by one party who fails to declare a default when entitled shall not entitle the other party to rely on future forbearances and will not constitute a waiver of any rights.

2. After a loan default, lenders will sometimes enter into formal forbearance agreements with borrowers, agreeing not to foreclose if the borrowers will agree to a new payment plan, pay all attorneys' fees associated with drafting the agreement, usually agree to a  higher interest rate and more collateral, and almost always agree to waive any and all claims against the lender.

References in periodicals archive ?
Not only was that a highly competitive contest with 20 closely matched runners, the pace was furious and those who helped force it, as Just Superb and Forbearing did, not surprisingly paid the price in the later stages.
I got it wrong yesterday choosing Just Superb over Forbearing from the Cheltenham race won by Ela Re.
(OTC: GSAT) said that the forbearance agreement with respect to the company's 5.75% convertible senior notes due 2028 has been amended to extend the forbearance period through 11: 59 pm (ET) on April 29, 2013 as negotiations with the forbearing note holders continue.
After watching the colt beat Forbearing by one and three-quarter lengths and taking over pounds 68,000 out of the ring in the process, Tregoning said: "We shut down for two months, the horses did not work, they just went out for exercise and we had the same virus problem as everyone else.
Forbearing disappointed on his return from a long absence at Haydock on Saturday.
The champion got precious little co-operation from Forbearing, who hung like the garden gate up the straight and might not even have won had Yorkshire not taken a crunching fall at the third-last.
FORBEARING one another, and forgiving one another, if any man have a quarrel against any, even as Christ forgave you, so also do ye.
According to the forbearance agreement, the forbearing note holders have agreed not to exercise any rights or remedies under the existing notes on account of the failure by the company either to repurchase the existing notes upon the April 1, 2013 put date or to make its regularly scheduled April 1, 2013 interest payment.
One of the speakers including Gen (r) Zia-ud-Din Khawaja said that sports and physical activities were the best way to develop confidence among students which also spawned will-power, forbearing and courage to go forward in life among youth.
Forbearing to use his staff as chauffeur and valet, he commuted to Capitol Hill from the suburbs each day via bus and subway, seeming always to wear the same baggy blue suit.
He shows Track I diplomacy at its best: firm and yet forbearing, purposeful and yet endlessly patient, creative and even visionary while remaining utterly realistic.
The prevailing feminist paradigm, argues Young, makes men into pillaging Huns and women into forbearing nuns, and it's getting us nowhere, not to mention invalidating the founding principle of feminism itself.