Common use of Extension of Forbearance and Tolling Clause in Contracts

Extension of Forbearance and Tolling. The Parties agree that the Agreement of Forbearance entered into by certain of the Parties on December 9, 2010 and extended on January 28, 2011, February 28, 2011, March 31, 2011, April 19, 2011, May 2, 2011, May 9, 2011, May 25, 2011, and June 13, 2011 (the “Forbearance Agreement”) is hereby extended and shall remain in effect in all respects until the first to occur of: (i) the Approval Date, (ii) a date ninety (90) days after Final Court Approval shall become legally impossible, (iii) a date ninety (90) days after the Settlement Agreement has been terminated in accordance with its terms, or (iv) a date ninety (90) days after the cure period has expired for any uncured material breach of the Settlement Agreement by Bank of America or Countrywide for which notice has been provided (the cure period being the ninety (90) days following such notice of such breach provided by a party to the Settlement Agreement or this Institutional Investor Agreement). By separate letter previously provided to the Trustee, Bank of America, and Countrywide, Xxxxxxx Mac has confirmed that it agrees to such Forbearance Agreement extensions. For Covered Trusts not subject to the Forbearance Agreement, all statutes of limitation, repose, or laches related to the Trust Released Claims shall be tolled, for the benefit of the Precluded Persons, to the same extent that they are tolled under the Forbearance Agreement; provided that, except as set forth in this Institutional Investor Agreement, all Parties expressly reserve all rights, arguments, and defenses, including all rights, arguments, and defenses with respect to Investor voting rights and interest requirements under the Governing Agreements. If the Forbearance Agreement is extended pursuant to Subparagraphs 3(a)(ii) or 3(a)(iii) herein, the Parties agree during the first eighty (80) days of such time periods to use their reasonable best efforts to negotiate an alternate settlement of the Trust Released Claims on terms that are economically substantially equivalent to the Settlement and not inconsistent with any final ruling of the Settlement Court or on any appeal therefrom, and (during the same time periods) not to pursue any non-consensual actions or remedies with respect to the Covered Trusts except as the Trustee may be directed by the Settlement Court.

Extension of Forbearance and Tolling. The Parties agree that the Agreement of Forbearance Xxxxxxxxxxx entered into by certain of the Parties on December 9, 2010 and extended on January 28, 2011, February 28, 2011, March 31, 2011, April 19, 2011, May 2, 2011, May 9, 2011, May 25, 2011, and June 13, 2011 (the “Forbearance Agreement”) is hereby extended and shall remain in effect in all respects until the first to occur of: (i) the Approval Date, (ii) a date ninety (90) days after Final Court Approval shall become legally impossible, (iii) a date ninety (90) days after the Settlement Agreement has been terminated in accordance with its terms, or (iv) a date ninety (90) days after the cure period has expired for any uncured material breach of the Settlement Agreement by Bank of America or Countrywide for which notice has been provided (the cure period being the ninety (90) days following such notice of such breach provided by a party to the Settlement Agreement or this Institutional Investor Agreement). By separate letter previously provided to the Trustee, Bank of America, and Countrywide, Xxxxxxx Freddie Mac has confirmed that it agrees to such Forbearance Agreement extensions. For Covered Trusts not subject to the Forbearance Agreement, all statutes of limitation, repose, or laches related to the Trust Released Claims shall be tolled, for the benefit of the Precluded Persons, to the same extent that they are tolled under the Forbearance Agreement; provided that, except as set forth in this Institutional Investor Agreement, all Parties expressly reserve all rights, arguments, and defenses, including all rights, arguments, and defenses with respect to Investor voting rights and interest requirements under the Governing Agreements. If the Forbearance Agreement is extended pursuant to Subparagraphs 3(a)(ii) or 3(a)(iii) herein, the Parties agree during the first eighty (80) days of such time periods to use their reasonable best efforts to negotiate an alternate settlement of the Trust Released Claims on terms that are economically substantially equivalent to the Settlement and not inconsistent with any final ruling of the Settlement Court or on any appeal therefrom, and (during the same time periods) not to pursue any non-consensual actions or remedies with respect to the Covered Trusts except as the Trustee may be directed by the Settlement Court.