<PAGE>
                                                                     Exhibit 4.1





                         STANDBY BOND PURCHASE AGREEMENT



                                      dated

                                __________, 20__



                                     between



                                  ____________,
                                   as Trustee,


                                       and


                         FGIC SECURITIES PURCHASE, INC.


                                 --------------

                                   relating to

                                   $_________

                                    [Issuer]

                                 [Name of Bonds]





<PAGE>



                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                          PAGE


<S>                       <C>                                                             <C>
ARTICLE I                 DEFINITIONS.......................................................1
        SECTION 1.01.        Definitions....................................................1
        SECTION 1.02.        Incorporation of Certain Definitions by Reference..............4
ARTICLE II                COMMITMENT TO PURCHASE VARIABLE RATE BONDS........................4
        SECTION 2.01.        Commitment to Purchase Variable Rate Bonds.....................4
        SECTION 2.02.        Method of Purchasing...........................................4
        SECTION 2.03.        Termination of Commitment......................................5
        SECTION 2.04.        Sale of Variable Rate Bonds....................................5
        SECTION 2.05.        Reduction of Available Commitment..............................6
ARTICLE III               CONDITIONS........................................................6
        SECTION 3.01.        Conditions to Effectiveness....................................6
        SECTION 3.02.        Conditions to Purchase.........................................7
ARTICLE IV                REPRESENTATIONS AND WARRANTIES....................................7
        SECTION 4.01.        Existence......................................................7
        SECTION 4.02.        Authorization; Contravention...................................8
        SECTION 4.03.        Binding Effect.................................................8
        SECTION 4.04.        Corporate Existence............................................8
        SECTION 4.05.        Authorization; Binding Effect..................................8
        SECTION 4.06.        Contravention; No Default......................................8
        SECTION 4.07.        Litigation.....................................................8
ARTICLE V                 COVENANTS.........................................................9
        SECTION 5.01.        No Amendment of GE Capital Agreement Without Consent of the
                             Issuer and Trustee.............................................9
        SECTION 5.02.        Other Liquidity Facilities.....................................9
        SECTION 5.03.        Disclosure.....................................................9
ARTICLE VI                DEFAULTS..........................................................9
        SECTION 6.01.        Events of Default..............................................9
ARTICLE VII               MISCELLANEOUS....................................................11
        SECTION 7.01.        Notices.......................................................11
        SECTION 7.02.        No Waivers....................................................11
        SECTION 7.03.        Amendments and Waivers........................................12
        SECTION 7.04.        Successors and Assigns........................................12
        SECTION 7.05.        Term of this Agreement........................................12
        SECTION 7.06.        Governing Law.................................................12
        SECTION 7.07.        Counterparts..................................................12
        SECTION 7.08.        Trustee May Act through Agents and Appoint Co-Trustees........12
        SECTION 7.09.        Beneficiaries.................................................12
        SECTION 7.10.        Capacity of Trustee...........................................13
        SECTION 7.11.        Responsibility of Corporation for Trustee Actions.............13

Exhibit 1 - Notice of Purchase
Exhibit 2 - Termination Notice
Exhibit 3 - Notice Addresses
Exhibit 4 - Payment Agreement
</TABLE>



                                      -i-


<PAGE>

                         STANDBY BOND PURCHASE AGREEMENT


        STANDBY BOND PURCHASE AGREEMENT (the "Agreement") dated as of
__________, 20__, between __________, as Trustee (herein, the "Trustee"), and
FGIC SECURITIES PURCHASE, INC., a Delaware corporation (the "Corporation").

        WHEREAS, [Issuer] (the "Issuer") has simultaneously herewith issued
$_________ principal amount of [Issuer][Name of Bonds] (herein called the
"Variable Rate Bonds") pursuant to the Issuer's [Authorizing
Statute/Documentation] (the "Authorizing Document"), as in effect on the date
hereof; and

        WHEREAS, the Authorizing Document provides that the holders of the
Variable Rate Bonds shall have the option, upon the satisfaction of certain
conditions, to tender Variable Rate Bonds to the Trustee for purchase, upon
notice to the Trustee as provided for in the Authorizing Document and, under
certain circumstances, may be required to tender their Variable Rate Bonds for
purchase thereof in accordance with the terms of the Authorizing Document; and

        WHEREAS, the Corporation has agreed to purchase such tendered Variable
Rate Bonds pursuant to the terms of this Agreement, as consideration for (i) the
Corporation's status under the Authorizing Document as a bondholder of such
purchased tendered Variable Rate Bonds entitled to the payments of principal and
interest (at the Provider Rate prescribed herein), as a [describe type of
obligation] of the Issuer payable from and secured by [describe security], and
subject to the limitations set forth in the Authorizing Document, and the fees
and expenses described herein; (ii) the Corporation's entitlement with respect
to such purchased Variable Rate Bonds to exercise, subject to the provisions
hereof, all rights and remedies afforded bondholders ("Bondholder" or
Bondholders") under the Authorizing Document; and (iii) the Issuer's execution
and delivery of the Payment Agreement, dated as of the date hereof (the "Payment
Agreement"), between the Issuer and the Corporation;

        NOW, THEREFORE, the parties hereto agree as follows:

                                    ARTICLE I

                                   DEFINITIONS

        SECTION 1.01.        Definitions.   The following terms, as used herein,
have the following meanings:

        "Authorized Representative" means any official of the Trustee or its
agents duly authorized and empowered to execute and deliver this Agreement and
all certificates or other documents connected herewith or in connection with the
execution and delivery and subsequent disposition of the Variable Rate Bonds.

        "Available Commitment" as of any day means the sum of the Available
Principal Commitment and the Available Interest Commitment, in each case as of
such day.

        "Available Interest Commitment" initially means $___________
(representing __ days of interest at an annual rate of __ per cent) and
thereafter means such initial amount adjusted from time to time as follows: (a)
downward by an amount that bears the same proportion to such initial amount



<PAGE>

as the amount of any reduction in the Available Principal Commitment pursuant to
the definition of "Available Principal Commitment" bears to the initial
Available Principal Commitment; and (b) upward by an amount that bears the same
proportion to such initial amount as the amount of any increase in the Available
Principal Commitment pursuant to the definition of "Available Principal
Commitment" bears to the initial Available Principal Commitment.

        "Available Principal Commitment" initially means $_________ and
thereafter means such initial amount adjusted from time to time as follows: (a)
immediately downward by the amount of any termination or reduction of the
Available Principal Commitment pursuant to Section 2.03 or Section 2.05; (b)
immediately downward by the principal amount of any Variable Rate Bonds
purchased by the Corporation pursuant to Section 2.02; and (c) immediately
upward by the principal amount of any Variable Rate Bonds theretofore purchased
by the Corporation pursuant to Section 2.02, which are delivered for sale
pursuant to Section 2.04(b) and the proceeds from which are paid to GE Capital
in accordance with the GE Capital Agreement.

        "Business Day" has the meaning set forth in the Authorizing Document.

        "Commitment" means the Available Commitment calculated without regard to
clauses (b) and (c) of the definition of Available Principal Commitment and the
effect thereof on the amount of the Available Interest Commitment.

        "Default" means any condition or event which constitutes an Event of
Default or which, with the giving of notice or lapse of time or both, would,
unless cured or waived, become an Event of Default.

        "Default Rate" means a rate of interest per annum equal to the Prime
Rate plus 3%; provided, however, that such Default Rate shall not exceed the
Maximum Interest Rate.

        "Effective Date" means __________, 20__.

        "Event of Default" has the meaning set forth in Section 6.01.

        "Financial Guaranty" means Financial Guaranty Insurance Company (doing
business in California as FGIC Insurance Company), as insurer of the Variable
Rate Bonds.

        "Fitch" means Fitch, Inc., and its successors.

        "GE Capital" means General Electric Capital Corporation.

        "GE Capital Agreement" means the Standby Loan Agreement, dated as of the
date hereof, between the Corporation and GE Capital.

        "Maximum Interest Rate" shall have the meaning set forth in the
Authorizing Document.

        "Moody's means Moody's Investors Service, Inc., and its successors.

        "Notice of Purchase" has the meaning specified in Section 2.02.



                                       2
<PAGE>

        "Person" means an individual, a corporation, a partnership, an
association, a trust or any other entity or organization, including a government
or political subdivision or an agency or instrumentality thereof.

        "Prime Rate" means the rate of interest publicly announced by Morgan
Guaranty Trust Company of New York from time to time as its Prime Rate;
provided, however, that in no event shall the Prime Rate exceed the Maximum
Rate.

        "Prospectus Supplement" means the Prospectus Supplement relating to this
Agreement which supplements the Corporation's Prospectus dated ____________
included in the Corporation's Registration Statement on Form S-3 (File No.
333-_______) and amendments thereto, filed with the Securities and Exchange
Commission.

        "Provider Bonds" means Variable Rate Bonds purchased by the Corporation
which have not been sold pursuant to Section 2.04(b).

        "Provider Rate" means the rate of interest per annum set forth in the
Provider Bonds and equal to the Prime Rate plus 1% or, if applicable, the
Default Rate; provided, however, that such Provider Rate shall not exceed the
Maximum Interest Rate.

        "Purchase Date" has the meaning set forth in Section 2.02(c).

        "Purchase Price" has the meaning set forth in Section 2.01.

        "Purchase Period" means the period from the Effective Date to and
including the earlier of (i) the Scheduled Termination Date (or, if such date is
not a Business Day, the Business Day immediately succeeding such date), (ii) the
date on which all Variable Rate Bonds have been paid in full, prepaid or
defeased in accordance with the terms of such Variable Rate Bonds, and (iii) two
Business Days following the date the Variable Rate Bonds are converted to a
Fixed Rate in accordance with the terms of such Variable Rate Bonds, and (iv)
the date on which the Commitment is terminated pursuant to Section 2.03.

        "Related Documents" means the Authorizing Document (as amended or
supplemented from time to time), the Variable Rate Bonds, the Remarketing
Agreement, the Payment Agreement and all other documents relating to the
issuance of the Variable Rate Bonds and any amendments, substitutions, or
modifications thereof and all other agreements, documents, certificates and
instruments executed and delivered on or before the Effective Date in connection
with the issuance, sale and delivery of the Variable Rate Bonds and the
execution and delivery of this Agreement.

        "Remarketing Agent" means __________, or its successor appointed as
remarketing agent pursuant to the Authorizing Document.

        "Remarketing Agreement" means the Remarketing Agreement, dated as of
__________, 20__, between the Issuer and the Remarketing Agent.

        "Scheduled Termination Date" means the date occurring five years from
the Effective Date, which term may be extended for additional periods of three
years upon 150 days written request by the Issuer to the Corporation prior to
the then Scheduled Termination Date, and provided the Corporation has not denied
such request within 30 days of receipt of such request.



                                       3
<PAGE>

        "Standard & Poor's" means Standard & Poor's Ratings Services, a division
of The McGraw-Hill Companies, Inc. and its successors.

        "State" means the State of __________.

        "Termination Event" has the meaning set forth in Section 6.01.

        "Termination Notice" has the meaning set forth in Section 2.03.

        SECTION 1.02.        Incorporation of Certain Definitions by Reference.
Each capitalized term used herein and not otherwise defined herein shall have
the meaning provided therefor in the Authorizing Document.

                                   ARTICLE II

                   COMMITMENT TO PURCHASE VARIABLE RATE BONDS

        SECTION 2.01.        Commitment to Purchase Variable Rate Bonds. The
Corporation agrees, on the terms and conditions contained in this Agreement, to
purchase the Variable Rate Bonds bearing interest at the Daily Rate, the Weekly
Rate, Bond Interest Term Rates or the Long Rate (each as defined in the
Authorizing Document) that are tendered or deemed tendered to the Trustee from
time to time pursuant to the Authorizing Document during the Purchase Period at
the purchase price set forth in the Authorizing Document (the "Purchase Price").
In accordance with Section 2.3 of the GE Capital Agreement, such purchase shall
be made from Corporation moneys or moneys made available by GE Capital to the
Corporation under the GE Capital Agreement. In the event such moneys come from
those moneys available under the GE Capital Agreement, the Corporation shall
take the necessary steps to obtain such moneys in accordance with the GE Capital
Agreement. The aggregate principal amount of the Variable Rate Bonds purchased
by the Corporation on any Purchase Date shall not exceed the Available Principal
Commitment on such date and the aggregate amount of the Purchase Price
comprising interest on Variable Rate Bonds purchased by the Corporation on any
Purchase Date shall not exceed the lesser of (1) the Available Interest
Commitment and (2) the actual amount of interest accrued and unpaid on such
Variable Rate Bonds to but excluding such date. The Corporation agrees that in
no event shall amounts paid by it in respect of the Purchase Price be paid from
funds or property of the Issuer. The parties hereto acknowledge that the
obligation of the Corporation hereunder to purchase Variable Rate Bonds pursuant
and subject to the terms and conditions of this Agreement is irrevocable and
that the Corporation shall become a Bondholder under the Authorizing Document of
each Variable Rate Bond purchased under this Agreement and that the Corporation,
as such Bondholder, shall be entitled, as the holder of Variable Rate Bonds
bearing interest at the Provider Rate, to all rights and remedies granted to
Bondholders of Variable Rate Bonds under the Authorizing Document. From and
after the Effective Date, the obligation of the Corporation to purchase Variable
Rate Bonds pursuant to this Agreement shall run to the benefit of those
beneficiaries identified in Section 7.09.

        SECTION 2.02.        Method of Purchasing. (a) Pursuant to the
Authorizing Document and Section 2.02(b) herein, the Trustee will give notice to
the Corporation if Variable Rate Bonds bearing interest at a Variable Rate are
to be purchased by the Corporation in accordance with the terms of this
Agreement and the Authorizing Document.



                                       4
<PAGE>

                (b)     If by 11:30 a.m. (New York City time) on any Business
Day during the Purchase Period the Corporation receives a notice of purchase
from the Trustee substantially in the form of Exhibit 1 hereto (any such notice
to be referred to as a "Notice of Purchase"), the Corporation will, in the
manner contemplated by Section 7.01, (i) immediately provide notice of such
Notice of Purchase to GE Capital that a borrowing will occur under the GE
Capital Agreement, and (ii) pay, unless it determines that any applicable
condition specified in Section 3.02 below is not satisfied, not later than 2:30
p.m. (New York City time) on the hereinafter defined Purchase Date to the
Trustee, in funds to be available as specified in such Notice of Purchase, an
amount equal to the aggregate Purchase Price.

                (c)     The "Purchase Date" for any purchase of Variable Rate
Bonds shall be the date specified in the Notice of Purchase; provided that in no
event shall the Purchase Date be (i) on the same day the Notice of Purchase is
received if the Notice of Purchase is received by the Corporation later than
11:30 a.m. (New York City time) or (ii) after the last day of the Purchase
Period.

        SECTION 2.03.        Termination of Commitment. If at any time a
Termination Event shall have occurred and be continuing, the Corporation may
deliver a notice (a "Termination Notice") regarding the termination of the
Commitment substantially in the form of Exhibit 2 hereto to the Trustee, the
tender agent (if any), the Issuer and the Remarketing Agent at the addresses set
forth in Exhibit 3 hereto (or such other addresses as may be specified by such
Persons for such purpose in writing to the Corporation), and the Commitment
shall terminate, effective at the close of business on the thirtieth (30th) day
following the date of the Termination Notice, or if that date is not a Business
Day, on the next Business Day; provided, however, that before such termination
takes effect, the Variable Rate Bonds shall be subject to mandatory tender for
purchase from the proceeds of a drawing under this Agreement; and the Commitment
shall also terminate immediately upon the effectiveness of an alternate
liquidity facility in accordance with the terms of the Authorizing Document.

        SECTION 2.04.        Sale of Variable Rate Bonds.

                (a)     Remarketing Notices. Prior to 12:00 noon (New York City
time) on any Business Day on which the Corporation holds Variable Rate Bonds
purchased pursuant to this Agreement, the Remarketing Agent may deliver a notice
(a "Remarketing Notice") to the Corporation, the Trustee and the Issuer stating
that it has located a purchaser (the "Purchaser") for some or all of such
Variable Rate Bonds and that such Purchaser desires to purchase on such Business
Day such Variable Rate Bonds at the Purchase Price.

                (b)     Sale of Purchased Variable Rate Bonds. Upon receipt of a
Remarketing Notice in accordance with subsection (a), the Corporation shall
direct the Trustee to deliver those Variable Rate Bonds held in the account of
the Corporation being remarketed by the Remarketing Agent against payment for
such Variable Rate Bonds in an amount equal to the Purchase Price plus interest
accrued and unpaid.

                (c)     Right to Sell Bonds. The Corporation expressly reserves
the right to sell, at any time to institutional investors, Provider Bonds
purchased by it pursuant to this Agreement provided that any such purchaser,
including any purchase by GE Capital pursuant to the terms of the GE Capital
Agreement, acknowledges in writing that (i) its purchase pursuant to this
Section 2.04(c) is subject to the provisions of Sections 2.04(a) and (b) hereof,
(ii) [the Fitch rating,] [the Moody's



                                       5
<PAGE>

rating] and [the Standard & Poor's rating] shall no longer be applicable and
(iii) it shall not be entitled to the benefits of tender and purchase under
Sections 2.01 and 2.02 of this Agreement or under the Authorizing Document.

                (d)     Sale Without Recourse. Any sale of a Variable Rate Bond
or portion thereof shall be without recourse to the seller and without
representation or warranty of any kind except as may be required by law.

        SECTION 2.05.        Reduction of Available Commitment. Upon any
Variable Rate Bond ceasing to be outstanding pursuant to the Authorizing
Document or upon conversion to a Bond Interest Term Rate, a Long Rate or a Fixed
Interest Rate of all or any portion of the principal amount of the Variable Rate
Bonds, the aggregate Available Principal Commitment shall automatically be
terminated by an amount equal to the principal amount of such Variable Rate
Bonds ceasing to be outstanding or converted to a Bond Interest Term Rate, a
Long Rate or a Fixed Interest Rate pursuant to the Authorizing Document.

                                   ARTICLE III

                                   CONDITIONS

        SECTION 3.01.        Conditions to Effectiveness. This Agreement shall
not become effective until each of the following conditions has been satisfied:

                (a)     receipt by the Corporation, of an opinion of counsel to
the Trustee, dated the Effective Date, covering the matters represented or
warranted in Sections 4.01, 4.02 and 4.03 hereof;

                (b)     receipt by the Trustee and the Issuer, of an opinion of
counsel for the Corporation, dated the Effective Date, covering the matters
represented or warranted in Sections 4.04, 4.05, 4.06 and 4.07 hereof;

                (c)     receipt by the Corporation of an opinion of counsel to
the Issuer in the form attached to the Payment Agreement or as otherwise agreed
to by the parties;

                (d)     reliance letters or opinions shall have been addressed
and delivered to the Corporation with respect to the legal opinions delivered to
the Issuer in connection with the execution of this Agreement and the issuance
of the Variable Rate Bonds;

                (e)     receipt by the Corporation of a certificate from an
authorized representative of the Issuer to the effect that as of the Effective
Date, to the Issuer's best knowledge no "event of default" exists under the
Authorizing Document or any Related Document nor does any event exist which
might become an event of default with the passage of time or giving of notice or
both;

                (f)     Financial Guaranty shall have issued a policy of
municipal bond insurance guaranteeing payment of the full amount of principal of
and interest on the Variable Rate Bonds in accordance with Financial Guaranty's
Commitment Letter dated __________, 20__, relating to such policy;

                (g)     receipt of the executed GE Capital Agreement and
opinions related thereto; and



                                       6
<PAGE>

                (h)     on the Effective Date, the Corporation shall deliver to
the Issuer and the Trustee its certificate stating that this Agreement has
become effective and that the conditions precedent thereto have been satisfied.

        SECTION 3.02.        Conditions to Purchase.  The following shall be the
conditions to the Corporation's obligation to purchase Variable Rate Bonds under
the terms of the Authorizing Document:

                (a)     The obligation of the Corporation to purchase Variable
Rate Bonds hereunder on any Purchase Date is subject to receipt by the
Corporation of a Notice of Purchase as required by Section 2.02;

                (b)     The Corporation shall not be required to purchase
Variable Rate Bonds beneficially held (or held in certificated form) by or for
the account of or on behalf of the Issuer or any affiliate of the Issuer; and

                (c)     To the extent Variable Rate Bonds are certificated, the
Trustee shall hold, as agent for the Corporation, Variable Rate Bonds purchased
by the Corporation hereunder, regardless of whether such certificates have been
purchased by another entity in accordance with Section 2.04(c); the Trustee
shall register such Variable Rate Bonds purchased by the Corporation in the name
of the Corporation or in such other name or names as the Corporation may direct.

        The Corporation shall be obligated to purchase those Variable Rate
Bonds, and only such Variable Rate Bonds, with respect to which the condition
set forth in clause (b) has been satisfied notwithstanding the fact that certain
of the outstanding Variable Rate Bonds for which such condition has not been
satisfied are not required to be purchased. The Corporation shall notify the
Trustee, and any tender agent and the Issuer by telephone no later than 1:30
p.m. (New York City time) on any Purchase Date in the event any of the
conditions set forth in this Section are not met.

                                   ARTICLE IV

                         REPRESENTATIONS AND WARRANTIES

        The Trustee represents and warrants that, as of the date on which this
Agreement is executed:

        SECTION 4.01.        Existence. The Trustee is a validly existing
national banking association having trust powers, with full right and power to
execute, deliver and perform its obligations under this Agreement and each
Related Document to which it is a party.

        SECTION 4.02.        Authorization; Contravention. The execution,
delivery and performance by the Trustee of this Agreement are within the
Trustee's powers, have been duly authorized by all necessary action and require
no further action by or in respect of, or filing with, any governmental body,
agency or official having jurisdiction over the trust powers of the Trustee.

        SECTION 4.03.        Binding Effect. This Agreement constitutes a valid,
binding and enforceable agreement of the Trustee, subject to bankruptcy,
insolvency, reorganization, arrangement and other applicable laws relating to or
affecting creditors' rights generally, to the exercise of judicial discretion in
appropriate cases and to the application of equitable principles.



                                       7
<PAGE>

        The Corporation represents and warrants that, as of the date on which
this Agreement is executed:

        SECTION 4.04.        Corporate Existence. The Corporation has been duly
incorporated and is validly existing as a corporation in good standing under the
laws of the State of Delaware.

        SECTION 4.05.        Authorization; Binding Effect. This Agreement and
the GE Capital Agreement each has been duly executed and delivered by the
Corporation pursuant to due authorization and each of this Agreement and the GE
Capital Agreement constitutes a valid and binding agreement of the Corporation
and GE Capital, respectively, enforceable against the Corporation and GE
Capital, respectively, in accordance with its terms, except as (x) limited by
insolvency, reorganization, receivership, conservatorship, liquidation,
moratorium or other similar laws affecting the enforcement of creditors' rights
generally as such laws would apply in the event of the insolvency,
reorganization, receivership, conservatorship or liquidation of, or other
similar occurrence with respect to, the Corporation or GE Capital, respectively,
or in the event of any moratorium or similar occurrence affecting the
Corporation or GE Capital, respectively and (y) limited by equitable principles
(regardless of whether the issue of enforceability is considered in a proceeding
in equity or at law).

        SECTION 4.06.        Contravention; No Default. The execution and
delivery by the Corporation of, and the performance by the Corporation of its
obligations under, this Agreement and the GE Capital Agreement will not
contravene any provision of applicable law or the Certificate of Incorporation
or By-laws, each as amended, of the Corporation or any material agreement or
other instrument binding upon the Corporation, and no consent, approval or
authorization of any governmental body or agency (which has not been obtained)
is required for the performance by the Corporation of its obligations under this
Agreement or the GE Capital Agreement.

        SECTION 4.07.        Litigation. There is no action, suit or proceeding
pending against, or to the knowledge of the Corporation threatened against, the
Corporation or GE Capital before any court or arbitrator or any governmental
body, agency or official in which there is a reasonable possibility of an
adverse decision which could materially adversely affect the financial position
or results of operations of the Corporation or which in any manner draws into
question the validity or enforceability of this Agreement or the GE Capital
Agreement or the Corporation's ability to perform under this Agreement or the GE
Capital Agreement.

                                    ARTICLE V

                                    COVENANTS

        SECTION 5.01.        No Amendment of GE Capital Agreement Without
Consent of the Issuer and Trustee. Without the prior written consent of the
Trustee and the Issuer, the Corporation will not agree or consent to any
amendment, supplement or modification of the GE Capital Agreement, if that
amendment, supplement, modification or waiver would materially adversely affect
the Issuer or the Bondholders, nor waive any provision thereof, nor shall the
Corporation reduce, or agree to the reduction of, any amount it may borrow
thereunder to an amount lower than the Available Commitment hereunder. The
Corporation hereby repeats, for the benefit of the Trustee, the Issuer and the
holders of the Variable Rate Bonds, the covenants set forth in Section 6.1 of
the GE Capital Agreement, which covenants, as well as the related defined terms
contained therein, are



                                       8
<PAGE>

hereby incorporated by reference with the same effect as if each and every such
covenant and defined term were set forth herein in its entirety.

        SECTION 5.02.        Other Liquidity Facilities. The Corporation agrees
not to enter into another standby bond purchase agreement or other similar form
of liquidity facility in support of the tender feature of adjustable rate bonds
or certificates, unless such bonds or certificates are rated by [Fitch,]
[Moody's] and [Standard & Poor's] in their highest short-term and long-term
rating categories (without regard to "+" or "-" or numerical distinction) after
giving effect to such other agreement or liquidity facility in support of the
tender feature of adjustable rate bonds or certificates.

        SECTION 5.03.        Disclosure. The Corporation hereby agrees to (i)
provide the Issuer with any disclosure information which the Issuer may
reasonably request relating to the Corporation for inclusion in the preliminary
and final official statement, including providing any prospectus or prospectus
supplement for the initial offering, or any reoffering circular relating to the
Variable Rate Bonds, and (ii) shall promptly provide to the Remarketing Agent
any documents, including any prospectus or prospectus supplements, as may, in
the opinion of Orrick, Herrington & Sutcliffe LLP or other special securities
counsel acceptable to the Remarketing Agent and the Issuer, be required for the
remarketing of the Variable Rate Bonds.

                                   ARTICLE VI

                                    DEFAULTS

        SECTION 6.01.        Events of Default.  If one or more of the following
events ("Events of Default") shall have occurred and be continuing:

                (a)     (i) any portion of the commitment fee for this Agreement
shall not be paid when due on the quarterly payment date therefor as set forth
in the Payment Agreement, or (ii) any other amount payable thereunder shall not
be paid when due and, in either case, any such failure shall continue for three
(3) Business Days after notice thereof to the Issuer and to the Trustee;

                (b)     the State shall take any action which would impair the
power of the Issuer to comply with the covenants and obligations of the Issuer
under the Related Documents or any right or remedy of the Corporation or any
owners of the Variable Rate Bonds from time to time to enforce such covenants
and obligations;

                (c)     (i) the Issuer shall fail to observe or perform any
covenant or agreement contained in the Related Documents and, if such failure is
the result of a covenant breach which is capable of being remedied, such failure
continues for ninety (90) days following written notice thereof to the Issuer
and the Trustee from the Corporation, provided that if any such failure (other
than a payment default) shall be such that it cannot be cured or corrected
within such ninety (90) day period, it shall not constitute an Event of Default
hereunder if curative or corrective action is instituted within such period and
diligently pursued until the failure of performance is cured or corrected, or
(ii) there shall not be, at all times a Remarketing Agent performing the duties
thereof contemplated by the Authorizing Document;

                (d)     an event of default has occurred and is continuing under
any of the Related Documents;



                                       9
<PAGE>

                (e)     any representation, warranty, certification or statement
made by the Issuer (or incorporated by reference), in any Related Document or in
any certificate, financial statement or other document delivered pursuant
thereto or any Related Document shall prove to have been incorrect in any
material respect when made;

                (f)     any default by the Issuer shall have occurred and be
continuing in the payment of principal of or premium, if any, or interest on any
bond, note or other evidence of indebtedness of the Issuer which under the
Authorizing Document or under any Related Document is senior to, or on parity
with, the Variable Rate Bonds;

                (g)     the Issuer files a petition in voluntary bankruptcy, for
the composition of its affairs or for its corporate reorganization under any
state or federal bankruptcy or insolvency law, or makes an assignment for the
benefit of creditors, or admits in writing to its insolvency or inability to pay
debts as they mature, or consents in writing to the appointment of a Trustee or
receiver for itself;

                (h)     a court of competent jurisdiction shall enter an order,
judgment or decree declaring the Issuer insolvent, or adjudging it bankrupt, or
appointing a trustee or receiver of the Issuer, or approving a petition filed
against the Issuer seeking reorganization of the Issuer under any applicable law
or statute of the United States of America or any state thereof, and such order,
judgment or decree shall not be vacated or set aside or stayed within sixty (60)
days from the date of the entry thereof;

                (i)     under the provisions of any other law for the relief or
aid of debtors, any court of competent jurisdiction shall assume custody or
control of the Issuer and such custody or control shall not be terminated within
sixty (60) days from the date of assumption of such custody or control;

                (j)     any material provision of this Agreement, any Related
Document or the Provider Bonds shall cease for any reason whatsoever to be a
valid and binding agreement of the Issuer or the Issuer shall contest the
validity or enforceability thereof; or

                (k)     failure to pay when due any amount payable under the
Variable Rate Bonds or Provider Bonds (regardless of any waiver thereof by the
holders of such Bonds);

then, and in every such event (each such event is herein called a "Termination
Event"), (i) the interest rate payable on Provider Bonds shall increase to the
Default Rate, (ii) the Corporation may terminate the Corporation's obligation to
purchase Variable Rate Bonds pursuant to this Agreement as provided in Section
2.03; provided that an Event of Default shall not affect the obligation of the
Corporation to purchase Variable Rate Bonds in accordance with the provisions of
this Agreement prior to the close of business on the date on which such
obligation terminates pursuant to Section 2.03, and (iii) the Corporation may
declare any amounts due under the Payment Agreement to be immediately due and
payable.

                                   ARTICLE VII

                                  MISCELLANEOUS

        SECTION 7.01.        Notices. All notices, requests and other
communications to any party hereunder shall be in writing (including fax or
similar writing) and shall be given to such party at its address or facsimile
number set forth on Exhibit 3 hereof or such other address or facsimile number



                                       10
<PAGE>

as such party may hereafter specify for such purpose by notice to the other
parties. Each such notice, request or other communication shall be effective (i)
if given by facsimile, when such facsimile is transmitted to the facsimile
number provided as specified in this Section and the appropriate answerback is
received, (ii) if given by mail, 72 hours after such communication is deposited
in the mails with first class postage prepaid, addressed as aforesaid or (iii)
if given by any other means, when delivered at the address provided as specified
in this Section; provided that notices to the Corporation under Sections 2.02
and 2.04 shall not be effective until received and that notices under Sections
2.02 and 2.04 may also be given by telephone to the Corporation at the telephone
numbers listed on Exhibit 3 hereof (or such other telephone number as may be
designated by the Corporation, by written notice to the Trustee and the tender
agent (if any), to receive such notice), immediately confirmed in writing or by
facsimile.

        SECTION 7.02.        No Waivers.

                (a)     The obligations of the parties hereunder shall not in
any way be modified or limited by reference to any other document, instrument or
agreement (including, without limitation, the Variable Rate Bonds or any other
Related Document) except as set forth herein. The rights of the Corporation
hereunder are separate from and in addition to any rights that any holder of any
Variable Rate Bond may have under the terms of such Variable Rate Bond or any
Related Document or otherwise.

                (b)     No failure or delay by the Corporation in exercising any
right, power or privilege hereunder or under the Variable Rate Bonds shall
operate as a waiver thereof nor shall any single or partial exercise thereof
preclude any other or further exercise thereof or the exercise of any other
right, power or privilege. The rights and remedies herein provided shall be
cumulative and not exclusive of any rights or remedies provided by law. No
failure or delay by the Corporation in exercising any right, power or privilege
under or in respect of the Variable Rate Bonds or any other Related Document
shall affect the rights, powers or privileges of the Corporation hereunder or
shall operate as a limitation or waiver thereof.

        SECTION 7.03.        Amendments and Waivers. Any provision of this
Agreement may be amended or waived if, but only if, such amendment or waiver is
in writing and is signed by the Trustee and the Corporation. The Trustee shall
notify each rating agency then maintaining a rating on the Variable Rate Bonds
in writing of any amendment to this Agreement, each of which rating agencies
must confirm to the Trustee prior to such amendment or waiver becoming effective
that such amendment or waiver will not result in a change in the rating then
assigned to the Variable Rate Bonds by such rating agency. The Trustee shall
notify the Issuer of the execution and delivery of any such amendment or waiver.

        SECTION 7.04         Successors and Assigns. The provisions of this
Agreement shall be binding upon and inure to the benefit of the parties hereto
and their respective successors and assigns; provided that neither party may
assign or otherwise transfer any of its rights under this Agreement without the
prior written consent of the other party except to any successor Trustee
pursuant to the terms of the Authorizing Document. The Trustee shall notify each
rating agency then maintaining a rating on the Variable Rate Bonds in writing of
any assignment or transfer for which consent of the Trustee or the Corporation
is required, each of which rating agency must confirm to the Trustee that prior
to such assignment or transfer becoming effective such assignment or transfer
will not result in a change in the rating then assigned to the Variable Rate
Bonds by such rating agency.



                                       11
<PAGE>

        SECTION 7.05.        Term of this Agreement.  The term of this Agreement
shall be until the expiration of the Purchase Period.

        SECTION 7.06.        Governing Law.  This Agreement shall be construed
in accordance with and governed by the laws of the State of New York.

        SECTION 7.07.        Counterparts.  This Agreement may be signed in
counterparts, each of which shall be an original, with the same effect as if the
signatures thereto and hereto were upon the same instrument.

        SECTION 7.08         Trustee May Act through Agents and Appoint
Co-Trustees. The Trustee may execute any of the powers hereof and perform any
duties hereunder either directly or by or through its agents or attorneys. The
Trustee may delegate to one or more co-Trustees or co-tender agents such power,
rights, duties and responsibilities as they may deem necessary or desirable in
order to permit the Trustee to lawfully execute and perform the duties set forth
in this Agreement.

        SECTION 7.09.        Beneficiaries. This Agreement is made by the
Corporation with the Trustee for the express benefit of the holders of the
Variable Rate Bonds and the Issuer. Nothing contained herein, express or
implied, is intended to give any person other than the Corporation, the Trustee,
the Issuer and the holders of the Variable Rate Bonds any right, remedy, or
claim hereunder or by reason hereof. Any agreement or covenant required herein
to be performed by or on behalf of the Corporation shall be for the sole and
exclusive benefit of the Trustee, the Issuer and the holders of the Variable
Rate Bonds. Prior to the Scheduled Termination Date and provided that the
Commitment hereunder has not terminated pursuant to the provisions of Sections
2.03 and 6.01 hereof, the Corporation agrees that it will not assert any act or
failure to act by the Issuer, including without limitation (A) the commencement
of a bankruptcy or similar case by or against the Issuer, (B) the
unenforceability or nonpayment of the Provider Rate in any such case, (C) the
unenforceability of the Payment Agreement, or (D) any default under any Related
Document or Event of Default, as a defense to its obligations hereunder, and
that this Agreement shall survive (A) the commencement of a bankruptcy or
similar case by or against the Issuer, (B) the unenforceability or nonpayment of
the Provider Rate in any such case, (C) the unenforceability of the Payment
Agreement, or (D) any default under any Related Document or Event of Default.
The Corporation agrees that, so long as this Agreement is in effect and has not
terminated, the holders of the Variable Rate Bonds and the Issuer are express
beneficiaries of this Agreement and, as such, any holder of a Variable Rate Bond
and the Issuer on behalf of any such holder shall have the right to bring suit
against the Corporation to enforce this Agreement should the Corporation fail to
perform any of its obligations hereunder.

        SECTION 7.10.        Capacity of Trustee. The Trustee is entering into
this Agreement solely in its capacity as Trustee under the Authorizing Document
and the duties, powers, rights and liabilities of the Trustee in acting
hereunder as Trustee shall be subject to the provisions of the Authorizing
Document including, without limitation, [Authorizing Document reference]
thereof.

        SECTION 7.11.        Responsibility of Corporation for Trustee Actions.
The Corporation shall not have any responsibility for, or incur any liability in
respect of, any act, or any failure to act, by the Trustee which results in the
failure of the Trustee (i) to credit the appropriate account with funds made
available by the Corporation pursuant to this Agreement or (ii) to effect the
purchase for the account of the Corporation of Variable Rate Bonds with such
funds pursuant to this Agreement.


                                       12
<PAGE>



               IN WITNESS WHEREOF, the parties hereto have caused this Standby
Bond Purchase Agreement to be duly executed by their respective authorized
officers as of the day and year first above written.

                                            [Trustee], as Trustee

                                            By:
                                               ---------------------------------

                                            Name:
                                                 -------------------------------

                                            Title:
                                                  ------------------------------



                                            FGIC SECURITIES PURCHASE, INC.


                                            By:
                                               ---------------------------------

                                            Name:
                                                 -------------------------------

                                            Title:
                                                  ------------------------------



                                       13
<PAGE>

                                                                       EXHIBIT 1


                           [LETTERHEAD OF THE TRUSTEE]

                               NOTICE OF PURCHASE

                                     [Date]

FGIC Securities Purchase, Inc.
115 Broadway
New York, New York 10006
Attention: President

Re:     $_________ [Issuer][Name of Bonds] (the "Variable Rate Bonds")
                   -------------------------------------------------------------

Ladies and Gentlemen:

        Reference is made to the Standby Bond Purchase Agreement, dated as of
__________, 20__ (the "Agreement"), between [Trustee], as Trustee, and FGIC
Securities Purchase, Inc. Capitalized terms used herein shall have the meanings
given to them in or by reference to the Agreement.

        Pursuant to Section 2.02(a) of the Agreement, we hereby give you notice
that due to the unavailability of remarketing proceeds on the Purchase Date
(hereinafter defined) or the occurrence of such other applicable event as is
described the Authorizing Document, such Variable Rate Bonds are to be purchased
by you on __________, ____ (the "Purchase Date") pursuant to Section 2.02 of the
Agreement. The aggregate Purchase Price of such Variable Rate Bonds is
__________________ dollars ($__________). Of such aggregate Purchase Price,
___________________ dollars ($__________) comprises principal of such Variable
Rate Bonds and _______________________ dollars ($__________) comprises interest
accrued on such Variable Rate Bonds to but excluding the Purchase Date. The
Variable Rate Bonds referred to herein bear interest at a variable rate and have
not been defeased.

        The Purchase Price should be provided in immediately available funds on
the Purchase Date at the time specified in the Agreement.

                                            Very truly yours,

                                            [Trustee], as Trustee

                                            By:
                                               ---------------------------------

                                            Name:
                                                 -------------------------------

                                            Title:
                                                  ------------------------------


<PAGE>



                                                                       EXHIBIT 2


                           [LETTERHEAD OF CORPORATION]

                               TERMINATION NOTICE

[Trustee address]



Re:     $_________ [Issuer][Name of Bonds] (the "Variable Rate Bonds")
                   -------------------------------------------------------------

Ladies and Gentlemen:

        Reference is made to the Standby Bond Purchase Agreement, dated as of
__________, 20__ (the "Agreement"), between [Trustee], as Trustee, and FGIC
Securities Purchase, Inc. Capitalized terms used herein shall have the meanings
given to them in or by reference to the Agreement.

        We hereby give you notice that a Termination Event [identify the event]
has occurred and is continuing. Pursuant to Section 2.03 of the Agreement, the
Commitment shall terminate, effective at the close of business on [identify the
date], which is the 30th day following the date of this Termination Notice, or
if such day is not a Business Day, the next succeeding Business Day.

        Please be advised that a Notice of Purchase may not be delivered
following the effective date of the termination of the Commitment.

                                            Very truly yours,

                                            FGIC SECURITIES PURCHASE, INC.



                                            By
                                               ---------------------------------

                                            Name:
                                                  ------------------------------

                                            Title:
                                                    ----------------------------



<PAGE>



                                                                       EXHIBIT 3


                                NOTICE ADDRESSES


[Trustee]
[Street Address]
[City, State, Zip Code]
Attention:  __________
Fax Number:  (___) ___-____
Telephone Number:  (___) ___-____


[Issuer]
[Street Address]
[City, State, Zip Code]
Attention:  __________
Fax Number:  (___) ___-____
Telephone Number:  (___) ___-____



FGIC SECURITIES PURCHASE, INC.
115 Broadway
New York, NY 10006
Attention:  President
Copy:  Senior Counsel, Public Finance
Fax Number: (212) 312-3093
Telephone Number: (212) 312-3000


[Remarketing Agent]
[Street Address]
[City, State, Zip Code]
Attention:  __________
Fax Number:  (___) ___-____
Telephone Number:  (___) ___-____


<PAGE>


                                                                       EXHIBIT 4


                                PAYMENT AGREEMENT


        PAYMENT AGREEMENT (the "Agreement") dated as of __________, 20__,
between [Issuer] (the "Issuer"), a [describe type of entity], and FGIC
SECURITIES PURCHASE, INC., a Delaware corporation (the "Corporation").

        WHEREAS, the Issuer has caused the issuance of $_________ principal
amount of [Issuer][Name of Bonds] (herein called the "Variable Rate Bonds")
pursuant to the Issuer's [Authorizing Statute/Documentation] the "Authorizing
Document"), between the Issuer and [Trustee], as Trustee (the "Trustee");

        WHEREAS, the Authorizing Document provides that the holders of the
Variable Rate Bonds shall have the option, upon the satisfaction of certain
conditions, to tender Variable Rate Bonds to the Trustee for purchase, upon
notice to the Trustee as provided for in the Authorizing Document and, under
certain circumstances, may be required to tender their Variable Rate Bonds for
purchase thereof in accordance with the terms of the Authorizing Document; and

        WHEREAS, the Corporation has agreed to purchase such tendered Bonds
pursuant to the terms of a Standby Bond Purchase Agreement, dated as of the date
hereof (the "Standby Bond Purchase Agreement"), between the Corporation and the
Trustee;

        NOW, THEREFORE, as consideration for the issuance by the Corporation of
the Standby Bond Purchase Agreement and the Corporation's assumption of the
liabilities and undertakings of the Corporation thereunder, the parties hereto
agree as follows (hereinafter, all capitalized terms not otherwise defined
herein shall have the same meanings set forth in the Standby Bond Purchase
Agreement or in the Authorizing Document, wherever such terms appear):

        1.      Fees. (a) Until the Commitment has terminated, the Issuer shall
pay to the Corporation a commitment fee at the rate of ____% per annum on the
daily average amount of the Available Commitment. Such commitment fee shall
accrue from and including the Effective Date to but excluding the date of
termination of the Commitment in its entirety and shall be payable quarterly in
arrears on the first day of each March, June, September and December, commencing
__________ 1, 20___ and upon the date of termination of the Commitment in its
entirety. The Corporation shall use its best efforts to mail to the Issuer, not
fewer than thirty (30) days prior to each quarterly due date, an invoice for the
amount of the commitment fee next due. The commitment fee shall be computed on
the basis of a year of 365/366 days and paid for the actual number of days
elapsed.

                (b)     The Issuer shall also pay a fee equal to (i) the amount
paid under the Standby Bond Purchase Agreement that is applied to pay the
interest portion of the Purchase Price, multiplied by (ii) the Provider Rate,
divided by (iii) 365 and multiplied by (iv) the number of days from the date
such Purchase Price is paid to (but not including) the date such interest
portion is repaid to the Corporation. Such fee shall be payable on the Interest
Payment Date for the Bonds next following the date on which such Purchase Price
was paid by the Corporation or the date such Provider Bonds are remarketed,
whichever is first.



<PAGE>


                (c)     Whenever any payment hereunder shall be due on a day
which is not a Business Day, the date for payment thereof shall be extended to
the next succeeding Business Day.

        2.      General Provisions as to Payments; Security. (a) Notwithstanding
any provision contained in the Variable Rate Bonds, any Related Document, or any
other instrument, so long as any of the Variable Rate Bonds are owned by the
Corporation under the Standby Bond Purchase Agreement, the Trustee on behalf of
the Issuer shall cause each payment of principal of and interest on such
Variable Rate Bonds so owned by the Corporation to be paid not later than 2:30
p.m., New York City time on the date when due in immediately available funds, to
the account of the Corporation at Bankers Trust, ABA No. 021001033, A/C No.
50-256-143; provided, however, that any amounts due hereunder and payable by the
Issuer shall be limited to and payable solely from Revenues, as such term is
defined in the Authorizing Document. Commitment fees due to the Corporation
pursuant to Section 1 hereof shall be paid by the Issuer not later than 2:00
p.m., New York City time on the date when due in immediately available funds, or
on the prior day in next day funds, to the account of the Corporation.

                (b)     As security for the payment of all amounts due
hereunder, the Issuer hereby pledges and grants to the Corporation a subordinate
lien on Revenues, which lien shall be of equal standing and priority with the
pledge of Revenues for the Variable Rate Bonds, Provider Bonds, Prior Bonds and
any Additional Parity Bonds hereinafter issued. The lien of the pledge shall be
valid and binding against all parties having claim in tort, contract or
otherwise against the Issuer (except for the holders of the Variable Rate Bonds,
Prior Bonds and any Additional Parity Bonds) irrespective of whether such
parties have notice of the lien.

        3.      Expenses. The Issuer shall pay all reasonable out-of-pocket
Corporation expenses, including (i) fees and disbursements of counsel for the
Corporation (as set forth in the Commitment Letter dated __________, 20__, from
the Corporation to the Issuer, such fees and disbursements equal to $________)
in connection with the preparation and review of the Standby Bond Purchase
Agreement, this Agreement, initial Securities and Exchange Commission filings,
the preliminary official statement and the final official statement relating to
the Variable Rate Bonds and the Related Documents, (ii) fees and disbursement of
KPMG LLP, accountants to the Corporation and GE Capital, such fees and
disbursements equal to $____, (iii) fees associated with Securities and Exchange
Commission filings, such fee to equal 1/29th of one percent (1%) of the
Available Commitment, (iv) fees and disbursements in connection with any waiver
or consent hereunder or under any Related Document or any amendment hereof or
thereof or any default or alleged default hereunder or thereunder, and (v) if an
Event of Default occurs under the Standby Bond Purchase Agreement, reasonable
out-of-pocket expenses incurred by the Corporation, including reasonable fees
and disbursements of counsel, in connection with such Event of Default and
collection and other enforcement proceedings resulting therefrom.

        4.      Indemnification. To the extent permitted by law, the Issuer
hereby indemnifies and holds harmless the Corporation from and against the cost
of defending any and all third party claims and all costs, losses, expenses,
fines, penalties and all other liabilities whatsoever that the Corporation may
incur (or may be claimed against the Corporation by any person whatsoever) by
reason of any untrue statement or alleged untrue statement relating to the
Issuer of any material fact contained or incorporated by reference in the
preliminary official statement or the final official statement or supplements
thereto, relating to the Variable Rate Bonds, or the omission or alleged
omission to state therein a material fact relating to the Issuer necessary to
make such statements, in the light of the circumstances under which they are or
were made, not misleading (excluding any



                                       2
<PAGE>


materials expressly provided for inclusion therein by the Corporation or
Financial Guaranty); provided that the Issuer shall not be required to indemnify
the Corporation for any costs of defending third party claims or liabilities to
the extent, but only to the extent, such claims or liabilities arise due to the
willful misconduct or negligence of the Corporation or are attributable to
information concerning the Corporation or Financial Guaranty provided by them
expressly for use in the preliminary official statement or the final official
statement, or supplements thereto relating to the Variable Rate Bonds or to the
information contained in or omitted from the Corporation's Prospectus,
Prospectus Supplement or Registration Statement. The Corporation will promptly
notify the Issuer upon becoming aware of any claims or liabilities giving rise
to a right to indemnification hereunder and will cooperate with the Issuer in
the defense of such claims or liabilities. Nothing in this Section is intended
to limit the Issuer's obligations contained in other parts of this Agreement.
The Issuer will not refer to the Corporation in any materials used in marketing
the Variable Rate Bonds without the prior written consent of the Corporation.

        5.      Term of the Standby Bond Purchase Agreement. As further provided
in the Standby Bond Purchase Agreement, the term of the Standby Bond Purchase
Agreement shall be until the termination of the Purchase Period. Any termination
by the Corporation or by the Trustee shall be subject to the Issuer's payment in
full of all sums due pursuant to this Agreement and, notwithstanding a
termination of the Standby Bond Purchase Agreement by either the Corporation or
the Trustee, the provisions of Section 4 shall survive such termination and
shall remain in full force and effect.

        6.      The Issuer's Representations and Warranties. The Issuer
represents and warrants that, as of the date on which this Agreement is
executed:

                (a)     Existence. The Issuer is a [describe type of entity]
formed pursuant to laws of the State of __________ and is validly organized and
existing in accordance with the laws of the State of __________, with full right
and power to issue, execute, deliver and perform its obligations under this
Agreement and each Related Document to which the Issuer is a party.

                (b)     Authorization; Contravention. The execution, delivery
and performance by the Issuer of this Agreement and each Related Document to
which the Issuer is a party are within the Issuer's powers, have been duly
authorized by all necessary action, require no action by or in respect of, or
filing with, any governmental body, agency or official by the Issuer and do not
violate or contravene, or constitute a default under, any provision of
applicable law, charter, ordinance or regulation or of any material agreement,
judgment, injunction, order, decree or other instrument binding upon the Issuer
except as set forth in the Authorizing Document, or result in the creation or
imposition of any lien or encumbrance on any asset of the Issuer except for
liens in favor of the Trustee as contemplated by the Authorizing Document.

                (c)     Binding Effect. This Agreement and each Related Document
to which the Issuer is a party constitute a valid, binding and enforceable
agreement of the Issuer, subject to applicable laws (and equitable principles)
affecting creditors' rights generally.

                (d)     No Default. The Issuer is not, in any material respect,
in breach of or default under its charter or other similar documents or any
applicable law or administrative regulation of the State or of the United
States, relating, in each case, to the issuance of debt securities by it, or any
applicable material judgment, decree, loan agreement, note, resolution,
ordinance, agreement or other instrument to which it is a party or is otherwise
subject.



                                       3
<PAGE>


                (e)     Litigation. Except as disclosed in the official
statement relating to the Variable Rate Bonds, there is no action, suit or
proceeding pending against, or to the knowledge of the Issuer threatened against
or affecting the Issuer before any court or arbitrator or any governmental body,
agency or official in which there is a reasonable possibility of an adverse
decision which could materially adversely affect the financial position or
results of operations of the Issuer or which in any manner draws into question
the validity or enforceability of this Agreement or any Related Document.

        7.      Governing Law. This Agreement shall be construed in accordance
with and governed by the law of the State of __________. Concurrently with the
execution and delivery hereof, the Issuer shall deliver an opinion of its
counsel, addressed to, and in form and substance acceptable to, the Corporation,
as to the power, authority and valid and binding effect of this Agreement upon
the Issuer, substantially in the form attached as Exhibit A.

        8.      Covenants. The Issuer agrees that so long as the Corporation has
a Commitment hereunder or any amount payable hereunder or under any Variable
Rate Bond purchased by the Corporation pursuant to this Agreement remains
unpaid:

                (a)     Information. The Issuer will deliver to the Corporation
as soon as possible and in any event within 180 days after the end of each
fiscal year of the Issuer's [Project], a balance sheet of the Issuer's [Project]
as of the end of such fiscal year and the related statements of revenue and
expense, all certified as to the fairness of presentation, generally accepted
accounting principles and consistency by a firm of independent certified public
accountants.

                (b)     No Amendment Without Consent of the Corporation. Without
the prior written consent of the Corporation, the Issuer will not agree or
consent to any amendment, supplement or modification of any Related Document,
nor waive any provision thereof; provided, however, that the Issuer may agree or
consent to amendments to the Variable Rate Bonds and the Authorizing Document to
the extent that (i) such amendments are permitted under the Authorizing Document
without the consent of Bondholders or the provider of liquidity for the Variable
Rate Bonds, and (ii) such amendments do not materially adversely affect the
Corporation or the performance of this Agreement and the Standby Bond Purchase
Agreement, and the Issuer may agree or consent to amendments to any Related
Document to the extent such amendments do not materially adversely affect the
Corporation or the performance of this Agreement and the Standby Bond Purchase
Agreement.

                (c)     Maintenance of Remarketing Agent. The Issuer will at all
times have a Remarketing Agent performing the duties thereof contemplated by the
Authorizing Document.

        9.      Disclosure. The Corporation hereby agrees to (i) provide the
Issuer with any disclosure information which the Issuer may reasonably request
relating to the Corporation for inclusion in the preliminary official statement
and the final official statement relating to the Variable Rate Bonds, including
any prospectus or prospectus supplement for the initial offering or any
reoffering circular relating to the Variable Rate Bonds and (ii) promptly
provide to the Remarketing Agent any documents, including any prospectus or
prospectus supplements, as may, in the opinion of Orrick, Herrington & Sutcliffe
LLP or other special securities counsel acceptable to the Remarketing Agent and
the Issuer, be required for the remarketing of the Variable Rate Bonds.



                                       4
<PAGE>


        10.     Counterparts. This Agreement may be signed in counterparts, each
of which shall be an original, with the same effect as if the signatures thereto
and hereto were upon the same instrument.

        IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
duly executed by their respective authorized officers as of the day and year
first above written.


                                    [Issuer]

                                    By:
                                       ----------------------------------------

                                    Name:
                                         --------------------------------------

                                    Title:
                                          -------------------------------------



                                    FGIC SECURITIES PURCHASE, INC.


                                    By:
                                       ----------------------------------------

                                    Name:
                                         --------------------------------------

                                    Title:
                                          -------------------------------------




                                       5
<PAGE>


                                    EXHIBIT A
                        OPINION OF COUNSEL FOR THE ISSUER


                                __________, 20__

FGIC Securities Purchase, Inc.
115 Broadway
New York, New York 10006

Attention: President

Re:     $_________ [Issuer][Name of Bonds] (the "Variable Rate Bonds")

Ladies and Gentlemen:

        Reference is made to the Standby Bond Purchase Agreement, dated as of
the date hereof (the "Agreement"), between [Trustee], as Trustee, and FGIC
Securities Purchase, Inc. Capitalized terms used herein shall have the meanings
given to them in or by reference to the Agreement.

        1.      The Payment Agreement has been duly executed and delivered by
the Issuer pursuant to due authorization and constitutes the valid and binding
agreement of the Issuer enforceable against the Issuer in accordance with its
terms, except as (x) limited by insolvency, reorganization, receivership,
conservatorship, liquidation, moratorium or other similar laws affecting the
enforcement of creditors' rights generally as such laws would apply in the event
of the insolvency, reorganization, receivership, conservatorship or liquidation
of, or other similar occurrence with respect to, the Issuer or in the event of
any moratorium or similar occurrence affecting the Issuer, and (y) limited by
equitable principles (regardless of whether the issue of enforceability is
considered in a proceeding in equity or at law).

        2.      The execution and delivery by the Issuer of, and the performance
by the Issuer of its obligations under, the Payment Agreement will not
contravene any provision of law applicable to the Issuer or any material
agreement or other instrument binding upon the Issuer known to us, and no
consent, approval or authorization of any governmental body or agency (which has
not been obtained) is required for the performance by the Issuer of its
obligations under the Payment Agreement.

        3.      Except as disclosed in the Official Statement relating to the
Variable Rate Bonds, there is no action, suit or proceeding pending against, or
to the best of our knowledge, threatened against, the Issuer before any court or
arbitrator or any governmental body, agency or official in which there is a
reasonable possibility of an adverse decision which could materially adversely
affect the financial position or results of operations of the Issuer or which in
any manner draws into question the validity or enforceability of the Agreement
or the Payment Agreement.


                                         Very truly yours,



                                         ---------------------------------------
                                         Counsel for the Issuer