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loan forbearance agreement

Real Estate Marketing - Foreclosures, Loan Modifications and Government Bailout Plans - Part 3

realestatemarketingthisweek.co m - Real Estate Marketing - Foreclosure rates on Forbearance Agreements done with banks reaches 58% - With Michael J ...

Scorpio Gold Announces Forbearance Agreement

VANCOUVER, British Columbia, Aug. 13, 2018 (GLOBE NEWSWIRE) -- Scorpio Gold Corporation (“Scorpio Gold” or the “Company”) (TSX-V: SGN) announces it has entered into a forbearance agreement dated August 13, 2018 (the “Forbearance Agreement”) among the Company, its subsidiaries and Waterton Precious Metals Fund II Cayman, LP (the “Lender”), which is advised by Waterton Global Resource Management, Inc., in connection with the repayment of a loan advanced from the Lender to Scorpio Gold in the principal amount of US$6,000,000 (the “Loan”), pursuant to the terms of a senior secured credit agreement dated August 14, 2015 (as amended, modified, supplemented or restated from time to time, the “Credit Agreement”) among the Company, its subsidiaries and the Lender. Under the terms of the Forbearance Agreement, the Lender has agreed to not exercise its rights and remedies in connection with the Loan and extend the maturity date thereof from August 13, 2018 to October 15, 2018, subject to the occurrence of default under, and Scorpio Gold’s and its subsidiairies’ compliance with, the Forbearance Agreement and Credit Agreement.   Email: czerga@scorpiogold.

Triad Mitsubishi's parent co. sued by lender, shareholder, customer

GRAHAM — The company behind a Graham car dealership, Triad Mitsubishi, is the subject of at least three lawsuits, including one by a lender demanding all its inventory as collateral for a $3.45 million loan allegedly in default.

JP Morgan Chase filed suit July 30 in Alamance County Superior Court against Triad Auto Solutions Inc., which does business as Triad Mitsubishi, claiming it has been trying to recoup the loan, plus interest, fees, expenses and legal fees, since June.

The loan was originally a revolving line of credit inventory finance loan, called a “floorplan loan,” entered Feb. 8, 2017. The conditions, according to the suit, included paying loan advances on specific vehicles when they were sold, and if in default, the lender is entitled to take and sell the dealership’s inventory as collateral.

The dealership did not make payments under the agreements, according to the suit, or required financial statements. The lender demanded in March that the dealership comply with the terms of the loan by June 11. The company and lender made a forbearance agreement to give the company until September to address the lender’s demands, but, according to the suit, also failed to meet the conditions of that agreement, including making payments and cooperating with financial audits.

Loan Modifications vs. Forbearance Agreement?

Regarding Loan Modification and Michael G's answer. His answer was not a Permanent Loan Modification, he was describing a Forbearance Agreement.

Lender's will negotiation permanent loan modification, but you need to be careful.


Lender's will seldom if ever will negotiate a true loan modification. But they will offer a forbearance and new payment schedule, in a hardship for example. The caveat...all interest will be due at some later date or upon payoff.

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