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NSIBAC Indemnity Corporation One State Street Pta7a New York, New York 1000-4 ►t ►-t (.213)668-03.40 Fax: ( 12)> ; ►l)-tflk ► May 1Z,1995 AMBAC INDEMNITY STANDARD PACKAGE FOR AMBAC -INSURED TRANSACTIONS (NOT FOR USE IN TEXAS FINANCINGS) TO: Issuer, Issuers Counsel, Managing Underwriter, Bond Counsel and Underwriters Counsel RE: Preparation of Financing Documents for AMBAC indemnity insured Issues The attached materials have been prepared to assist you in the preparation of documents for your AMBAC Indemnity Corporation ("AMBAC Indemnity") insured issue. Please modify the attached exhibits where appropriate and notify us as to any proposed modifications. If desired, these provisions can be incorporated into one section entitled "Municipal Bond Insurance" within the applicable Indenture, Resolution, Ordinance, Order or any other operative financing document (such applicable financing document will be referred to herein as the "Financing Document"). Please be advised that the provisions contained in this package are in addition to the conditions listed in the Commitment for Municipal Bond Insurance and any other comments or changes that may be required by the AMBAC Indemnity personnel working on this financing. If you have any questions, please call one of the following persons: Joseph V. Salzano, Eileen L. Kirchoff, Jerry H. Pisecki, Karl T. Molin, Mary P. McKeon, Kevin J. Doyle or Kathleen A. McDonough. • Definitions (Exhibit A). • AMBAC Indemnity consent required for changes to underlying documentation and exercise of remedies upon default (Exhibit B). • Notices to be given to AMBAC Indemnity (Exhibit C). • Permitted Investments and Valuation Provisions (Exhibit D). • Defeasance Language (Exhibit E). Description of AMBAC Indemnity Payment Procedure (Exhibit F). Trustee -related provisions (Exhibit G). • AMBAC Indemnity as a third -party beneficiary (Exhibit H).