Common use of Limited Waiver Clause in Contracts

Limited Waiver. Columbia Funds Variable Insurance Trust has informed the Banks and the Agents that as a result of the election of its Series Columbia Money Market Fund, Variable Series to participate in the Guarantee Program, Columbia Funds Variable Insurance Trust, on behalf of its Series Columbia Money Market Fund, Variable Series (the “Subject Borrower” and such Series being the “Subject Series”) will, in the event that the Guarantee Date occurs prior to October 16, 2008, be in default of (a) Section 5.08 of the Credit Agreement as a result of the provisions of Section 6(b) of the Guarantee Agreement dated as of September 19, 2008 by and among the Subject Borrower and the United States Department of Treasury (the “Subject Guarantee”); (b) Section 6.01(g) of the Credit Agreement as a result of the consent provided in Section 7(b) of the Subject Guarantee; and (c) Section 9.06(a) of the Credit Agreement as a result of the first sentence of Section 6(b) of the Subject Guarantee (the Defaults set forth in (a) through (c) hereof being hereinafter referred to as the “Potential Guarantee Program Defaults”). The Subject Borrower has requested the Banks and the Agent waive the Potential Guarantee Program Defaults (and only the Potential Guarantee Program Defaults) (to the extent such Potential Guarantee Program Defaults actually exist) which have occurred under the Credit Agreement from the date such Potential Guarantee Program Defaults occurred until the Effective Date hereof (the “Waiver Period”). On the Effective Date hereof, the Agents and the Banks hereby waive such Potential Guarantee Program Defaults for the Waiver Period. This is a limited waiver and shall not be deemed to constitute a waiver of any other Event of Default or any future breach of the Credit Agreement or any of the other Loan Documents or any other requirements of any provision of the Credit Agreement or any other Loan Documents.

Limited Waiver. Columbia Funds Variable Insurance Trust The Borrower has informed the Banks and the Agents Bank that as a result of the election of its Series Columbia California Tax-Exempt Reserves, Columbia Cash Reserves, Columbia Connecticut Municipal Reserves, Columbia Daily Cash Reserves, Columbia Massachusetts Municipal Reserves, Columbia Money Market FundReserves, Variable Series Columbia Municipal Reserves, Columbia New York Tax-Exempt Reserves, and Columbia Tax-Exempt Reserves (the “Subject Funds”), to participate in the Guarantee ProgramTreasury’s Temporary Guaranty Program for Money Market Funds, Columbia Funds Variable Insurance Trustthe Borrower, on behalf of its Series Columbia Money Market Fundthe Subject Funds, Variable Series (the “Subject Borrower” and such Series being the “Subject Series”) will, in the event that the Guarantee Date occurs prior to October 16, 2008, may be in default of (a) Section 5.08 II(1)(c) of the Credit Loan Agreement as a result of the provisions of Section 6(b) of the Guarantee Agreement dated as of September 19, 2008 by and among the Borrower, on behalf of the Subject Borrower Funds, and the United States Department of Treasury (the “Subject GuaranteeGuarantees”); (b) Section 6.01(gII(3)(e) of the Credit Loan Agreement as a result of the consent provided in Section 7(b) of the Subject GuaranteeGuarantees; and (c) Section 9.06(aII(7) of the Credit Loan Agreement as a result of the first sentence of Section 6(b) of the Subject Guarantee Guarantees (the Defaults set forth in (a) through (c) hereof being hereinafter referred to as the “Potential Guarantee Program Defaults”). The Subject Borrower has requested that the Banks and the Agent Bank waive the Potential Guarantee Program Defaults (and only the Potential Guarantee Program Defaults) (to the extent such Potential Guarantee Program Defaults actually exist) which have occurred under the Credit Loan Agreement from the date such Potential Guarantee Program Defaults occurred until the Effective Date effective date hereof (the “Waiver Period”). On the Effective Date effective date hereof, the Agents and the Banks Bank hereby waive waives such Potential Guarantee Program Defaults for the Waiver Period. This is a limited waiver and shall not be deemed to constitute a waiver of any other Event of Default or any future breach of the Credit Loan Agreement or any of the other Loan Documents or any other requirements of any provision of the Credit Loan Agreement or any other Loan Documents.