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loan forbearance agreement

Real Estate Marketing - Foreclosures, Loan Modifications and Government Bailout Plans - Part 3 m - Real Estate Marketing - Foreclosure rates on Forbearance Agreements done with banks reaches 58% - With Michael J ...

SAExploration Announces Entry Into Forbearance Agreements, Additional Advances Under Its Credit Agreement and Repayment of Its 10% Senior Notes Due 2019

HOUSTON, Sept. 24, 2019 (GLOBE NEWSWIRE) -- SAExploration Holdings, Inc.  (NASDAQ: SAEX, OTCQB: SXPLW) today announced that on September 23, 2019 it entered into forbearance agreements (the “Forbearance Agreements”) with lenders representing approximately 93% of the outstanding loans under its credit and security agreement (the “ABL Agreement”), lenders representing at least 67% of the outstanding loans under its term loan and security agreement (the “Term Loan Agreement”), and holders representing at least 90% of its outstanding 6.00% Senior Secured Convertible Notes due 2023 (the “Convertible Notes”) (collectively, the “Forbearing Creditors”).

Under the terms of the Forbearance Agreements, the Forbearing Creditors have agreed to refrain from exercising all rights and remedies available to them under the debt agreements and applicable law as a result of the Company’s need to restate certain historical financial statements and other events of default that have occurred and other potential defaults or events of default that may occur as further specified in the Forbearance Agreements. The Forbearance Agreements will expire at 5:00 p.m. (New York City time) on the earlier of (a) November 30, 2019 and (b) the date the Forbearance Agreements otherwise terminate in accordance with the terms therein, including as a result of the Company’s completion of the restatement of its financial statements.

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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