AMENDMENT NO. 4 TO CREDIT AGREEMENT
AMENDMENT NO. 4 TO CREDIT AGREEMENT (this "Amendment") dated as of February 14, 1997
among AMBAC Indemnity Corporation (the "Borrower"), Deutsche Bank AG, New York Branch ("Deutsche
Bank"), Landesbank Hessen-Thuringen Girozentrale, ("Helaba"), Bayerische Landesbank Girozentrale, ("BLG"),
Cooperatieve Centrale Raiffeisen-Boerenleenbank B.A., "Rabobank Nederland", New York Branch
("Rabobank" and, together with Deutsche Bank, Helaba and BLG, the "Banks"), and Deutsche Bank AG, New
York Branch, as Agent (the "Agent").
W I T N E S S E T H :
WHEREAS, the Borrower, the Banks and the Agent have entered into a Credit Agreement, dated as of
December 2, 1993 (as amended to date, the "Agreement"); and
WHEREAS, Deutsche Bank desires to be removed as a Bank, and transfer all of its interest in the Agreement to
the Helaba, BLG and Rabobank; and
WHEREAS, Helaba, BLG and Rabobank are willing to accept a transfer of Deutsche Bank's interest in the
Agreement by amendment to the Agreement as herein provided; and
WHEREAS, pursuant to Section 12.12 of the Agreement, the Agreement may be amended by the written
agreement of the Borrower, the Banks and the Agent;
NOW, THEREFORE, in consideration of the premises and the mutual covenants herein contained, the parties
hereto hereby agree as follows:
1. Defined Terms. Capitalized terms used herein and not otherwise defined herein shall have the meanings
assigned to such terms in the Agreement.
2. Amendment. Schedule I is hereby deleted in its entirety and replaced with Exhibit A attached hereto.
3. No Default. The Borrower hereby represents and warrants to the Banks and the Agent that, both before and
after giving effect to this Amendment, no Default or Event of Default exists.
4. Representations and Warranties. The Borrower hereby represents and warrants to the Banks and the Agent
that, both before and after giving effect to this Amendment, the representations and warranties contained in
Section 7 o