Amendment to Forbearance Agreement. The parties agree that the Forbearance Agreement shall remain in effect, except that clause (a) of the definition of “Termination Event” set forth therein is hereby amended to read as follows: (a) The earlier of (i) the date that the Settlement Agreement dated as of June 7, 2010 among the Policy Beneficiaries, AAC, ACP and OCI terminates in accordance with its terms and (ii) immediately following the “Closing” as defined in such Settlement Agreement.” The foregoing amendment shall become effective upon the occurrence of both (x) the effectiveness of this Agreement and (y) written consent to such amendment by OCI. In addition, immediately following the Closing, the Forbearance Agreement shall be of no further force or effect.
Appears in 6 contracts
Samples: Settlement Agreement, Settlement Agreement, Settlement Agreement (Ambac Financial Group Inc)
