Extract to table

The Forbearance Agreement provides a 90-day standstill commencing on October 10, 2022 and expiring on January 8, 2023, during which the senior secured lender syndicate — led by Nordbank International AG as Administrative Agent and Collateral Agent, together with eight additional syndicate members with an aggregate facility commitment of $685 million — agrees to forbear from exercising remedies arising from three specified covenant defaults

13(a) of the Credit Agreement requires that the Net Leverage Ratio (defined as Net Debt divided by LTM Consolidated EBITDA) shall not exceed 5

13(b) of the Credit Agreement requires that the Interest Coverage Ratio (defined as LTM Consolidated EBITDA divided by LTM Interest Expense) shall not be less than 2

Section 2(b) of the Forbearance Agreement makes this limitation explicit, providing that the forbearance "shall not constitute a forbearance with respect to, and shall not be deemed to constitute a waiver of, any Default or Event of Default other than the Specified Defaults

" The Forbearance Agreement further provides that it shall not be construed as a waiver of the specified defaults themselves

The Forbearance Agreement expressly provides that default interest shall continue to accrue throughout the standstill period at the default rate specified in the Credit Agreement