Document:

Cooperation Agreement, dated as of March 24, 2010

 Exhibit 10.23 
 COOPERATION AGREEMENT 
 COOPERATION AGREEMENT, dated
as of March 24, 2010 (this “Agreement”), by and between the Segregated Account of Ambac Assurance Corporation (the “Segregated Account”), and Ambac Assurance Corporation (“Ambac”). 
 WHEREAS, Ambac has established the Segregated Account pursuant to Section 611.24(2) of the Wisconsin Statutes with the approval of the
Wisconsin Office of the Commissioner of Insurance (“OCI”) and in accordance with the Plan of Operation for the Segregated Account of Ambac Assurance Corporation adopted by the Board of Directors of Ambac, as amended from time to time (the
“Plan of Operation”); 
 WHEREAS, in conjunction with the establishment of the Segregated Account, Ambac
allocated to the Segregated Account certain liabilities, as more fully described in the Plan of Operation; 
 WHEREAS, in order
to support the liabilities allocated to the Segregated Account, Ambac has issued a Secured Note to the Segregated Account, pursuant to which Ambac, as Maker, agrees to pay to the Segregated Account, as Payee the amount of outstanding principal
necessary in order for the Segregated Account to satisfy current cash claim payments and other obligations, as more fully set forth therein (as amended, restated, supplemented or otherwise modified from time to time, the “Secured
Note”); 
 WHEREAS, in order to continue to support the liabilities associated with insurance policy liabilities upon
payment in full of all principal under the Secured Note, Ambac has agreed to reinsure the liability of the Segregated Account pursuant to the terms of an Aggregate Excess of Loss Reinsurance Agreement (as amended, restated, supplemented or otherwise
modified from time to time, the “Reinsurance Agreement”); and 
 WHEREAS, immediately following the
establishment of the Segregated Account, the Segregated Account will be the subject of an order for rehabilitation under Chapter 645 of the Wisconsin Statutes (the “Proceeding”), whereupon the rehabilitator of the Segregated Account
under the Proceeding (the “Rehabilitator”) will assume control of the management of the Segregated Account, and conduct the business of the Segregated Account in accordance with a Plan of Rehabilitation to be approved by the
rehabilitation court pursuant to Section 645.33(5) of the Wisconsin Statutes (the “Plan of Rehabilitation”). At all times while the Segregated Account is subject to the Proceeding, the term “Segregated Account” as
used herein shall be deemed to include, and the Segregated Account shall act exclusively through, the Rehabilitator or his or her designee. 
 NOW, THEREFORE, in consideration of the mutual covenants and agreements set forth herein, the receipt and sufficiency of which is hereby acknowledged, the parties hereto hereby agree as follows:

 ARTICLE I 
 DECISION-MAKING AND SHARED AUTHORITY 
 SECTION 1.01.
Cooperation. The parties hereto intend, to the best of their ability, to consult with each other, and cooperate with each other in good faith, to make all determinations or decisions relating to any action, vote, or grant any consent or
exercise any right (each, a “Material Decision”) that is reasonably likely to have a material effect upon the assets and/or liabilities of Ambac. Prior to making any Material Decision, the parties intend to, to the best of their ability,
and to the extent practicable, provide each other with copies of all material reports, analyses, and correspondence relevant to any Material Decision. The parties hereto agree that this Section 1.01 is solely a non-binding expression of intent
of the parties, and no party shall have any obligations hereunder. 
 SECTION 1.02. Transaction Limitations. Ambac shall
not directly or indirectly enter into any transaction with, or use any asset or property of, any third party (including any affiliate, but excluding the Segregated Account) involving consideration or other proceeds in excess of $5,000,000 (or such
higher amount as determined by the Segregated Account) without the Segregated Account’s prior written consent, which the Segregated Account may withhold or condition in its reasonable discretion; provided, however, that such consent shall in no
event be required with respect to (A) the payment of policy claims in the ordinary course of business or (B) any investment made in accordance with Ambac’s Investments Policy (as defined in the Secured Note). 
 SECTION 1.03. No Partnership or Joint Venture. The Segregated Account and Ambac are not partners or joint venturers with each other,
and nothing herein shall be construed so as to make them such partners or joint venturers or impose any liability as such on either of them. 
 SECTION 1.04. Directors, Officers and Employees. Ambac’s directors, officers and employees may serve as directors, officers, agents, nominees, employees or signatories for the Segregated
Account. When executing documents or otherwise acting in such capacity for the Segregated Account, such persons shall use their respective titles in the Segregated Account and will be acting within the scope of their employment solely for the
Segregated Account and not as Ambac employees or agents. Such person shall receive no compensation from the Segregated Account for their services to the Segregated Account in such capacities. Any person employed or formerly employed by Ambac who may
be or become an employee of, and paid by, the Segregated Account shall be deemed, when acting within the scope of his or her employment by the Segregated Account, to be acting in such employment solely for the Segregated Account and not as an Ambac
employee or agent, except when separate consulting agreements are entered into between Ambac and employees of the Segregated Account. 
  

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 ARTICLE II 
 INFORMATION SHARING 
 SECTION 2.01. Provision of
Information. Each of Ambac and the Segregated Account shall provide each other with accurate, timely and complete information with respect to all relevant material business activities, including transactions proposed or undertaken, their
respective assets, and their respective liabilities, including but not limited to each of the following: 
 (A) Access to and
copies of books and records; 
 (B) Copies of all material reports, analyses, and correspondence related to any commutation,
settlement, restructuring, termination, assignment, modification, release, payment and/or redemption with respect to the policies and other obligations; 
 (B) Copies of all material reports, analyses, and correspondence related to any Material Decision; 
 (C) Copies of all financial statements; 
 (D) Copies of all material reports,
analyses, and correspondence related to financial and regulatory reporting, accounts payable and receivable, budgeting, and financial modeling; 
 (E) Copies of all material reports, analyses, and correspondence related to any material claim made or threatened against either party, or compulsory process or request or other notice of any loss, claim,
damage or liability served upon either party; 
 (F) Copies of all material reports, analyses, and correspondence related to any
tax liability of, or right to a tax refund or reimbursement held by, such party; 
 (G) Information describing any significant
development with respect to any actual or potential unscheduled claim payment in excess of $5,000,000; and 
 (H) In the case of
the Segregated Account, information necessary or appropriate, as reasonably determined by Ambac and/or its affiliates, to permit Ambac and/or its affiliates to (i) prepare and file their respective annual and quarterly financial statements
under statutory accounting principles and generally accepted accounting principles and (ii) fulfill their reporting and disclosure obligations under, and otherwise comply with, applicable laws, including securities laws (including without
limitation the provision by the Segregated Account of sub-certifications or information or assurances sufficient to enable Ambac and its officers to make sub-certifications in connection with compliance under the Sarbanes-Oxley Act of 2002 and the
rules and regulations promulgated in connection therewith). 
 SECTION 2.02. Budgets. As soon as available, and in any
event within thirty (30) days prior to the commencement of each calendar year, Ambac shall provide the Segregated Account with an annual budget and projection for itself and its subsidiaries for the forthcoming fiscal year certified by the
chief executive officer and chief financial officer and in

  

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form reasonably satisfactory to the Segregated Account (each, an “Annual Budget”) and, within forty-five (45) days after each March 30, June 30 and
September 30, shall provide the Segregated Account with a comparison (in form reasonably satisfactory to the Segregated Account) of (a) actual expenses incurred through such date, and expenses expected to be incurred from such date until
the end of the then-current fiscal year, to (b) the projected expenses as set forth on the Annual Budget. 
 SECTION 2.03
Notice of Material Changes. The parties shall timely notify each other of any relevant material changes in their respective assets, liabilities, business practices and activities, systems or employment of their respective work forces, as
applicable. 
 SECTION 2.04. Access to Books and Records. The parties shall maintain appropriate books of account and
records relating to its business activities, assets, and liabilities, including but, not limited to, any information related to any commutation, settlement, restructuring, termination, assignment, modification, release, payment and/or redemption
with respect to their respective insurance policies and other obligations. At all reasonable times and upon reasonable notice and as often as either party reasonably may request, the other party shall permit designated representatives of the
requesting party (including auditors) to meet with the officers, directors, employees, accountants, attorneys and agents of the other party. 
 SECTION 2.05. Management Services Agreement. 
 (a) The
parties hereto acknowledge and agree that, if the Segregated Account terminates that certain Management Services Agreement, dated the date hereof, by and between Ambac and the Segregated Account (the “Management Services Agreement”)
or replaces Ambac as the “Management Services Provider” thereunder (each a “Change of Services Provider Event”), the parties’ respective obligations under Section 2.01 and elsewhere set forth in this Agreement
(as well as the reporting and other obligations of the Segregated Account as set forth in the Reinsurance Agreement) shall remain in effect without alteration or diminishment. In furtherance of the foregoing, (i) the parties shall consult with
each other during the prior notice period contemplated by Article II of the Management Services Agreement and thereafter, in each case as reasonably necessary under the circumstances, in order to facilitate the uninterrupted provision of the
information and other benefits required to be provided hereunder by each party to the other party, (ii) the Segregated Account shall ensure that any new provider of services to the Segregated Account as a result of a Change in Services Provider
Event (each a “Replacement Services Provider”) has the capacity to perform the services formerly provided under the Management Services Agreement, including without limitation either maintaining an annual Type II SAS 70 internal
control letter reasonably acceptable to Ambac Financial Group, Inc. (“AFGI”) or providing AFGI with copies of such Replacement Services Provider’s current documentation of control procedures (such as policies and procedures,
process models and process flowcharts) which record the design of internal controls, and (iii) the Segregated Account shall at all times following a Change of Services Provider Event maintain appropriate internal controls and systems to ensure
that Ambac will be able to meet its financial reporting, 
  

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 disclosure and legal obligations as described in Section 2.01(H) above and as may be necessary for the
Segregated Account to fulfill its obligations under this Agreement. Further, the Segregated Account shall immediately disclose to AFGI any instance of fraud or any significant change to the internal control environment. 
 (b) In addition to the foregoing, if, after a Change of Services Provider Event, the Segregated Account presents a demand for
payment under the Secured Note, Reinsurance Agreement or Section 4.02 of this Agreement (other than demands for payment relating to regularly scheduled claim payments), and if the amount so demanded exceeds $20,000,000, then Ambac shall be
given a reasonable period of time, but not to exceed 10 business days, to remit such payment, and such additional time shall not be considered a breach or default by Ambac of its obligations under the Secured Note, the Reinsurance Agreement or
Section 4.02 hereof (as the case may be). 
 (c) The parties shall allow each other, upon reasonable prior
notice and during regular business hours, through their respective employees and representatives (including, for the avoidance of doubt, in the case of Ambac, independent auditors of AFGI), the right to examine and make copies of their respective
books and records and shall furnish each other with such financial and reporting data and other information as other party may from time to time request, for any business purpose (including, without limitation, in connection with the preparation of
tax returns, regulatory filings and financial statements). In addition, the Segregated Account shall cause each Replacement Services Provider to permit Ambac and its affiliates, through Ambac’s employees and representatives (including, for the
avoidance of doubt, independent auditors of AFGI), the right to audit the Replacement Services Provider’s internal control structure and to examine and make copies of any books and records pertaining the Segregated Account, and to furnish Ambac
with such financial and reporting data and other information as Ambac may from time to time request. If a deficiency or control issue is noted, the Segregated Account will work with AFGI’s representatives (including, for the avoidance of doubt,
independent auditors of AFGI) to develop and implement an effective remediation strategy. 
 (d) In the event of
any breach or threatened by either party of any of its obligations as set forth or described in this Agreement following a Change of Services Provider Event, the parties hereto agree that monetary damages would be an insufficient remedy for any such
breach, and in addition to all other remedies available under applicable law, the non-breaching party shall be entitled to specific performance and to injunctive or other equitable relief as a remedy for any such breach. 
  

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 ARTICLE III 
 TAX COMPLIANCE 
 SECTION 3.01. Responsibility for
Filing of Tax Returns. The Segregated Account acknowledges that AFGI shall be responsible for filing a U.S. consolidated income tax return on behalf of the Ambac affiliated group, and that all members of the affiliated group, including Ambac and
the Segregated Account, shall, pursuant to any applicable tax allocation agreement agreed to by the Segregated Account and Ambac, be liable for applicable U.S. Federal income taxes, as well as any applicable penalties and interest due thereon.

 SECTION 3.02. Provision of Tax Information. The Segregated Account agrees to provide, to the best of its ability,
correct and complete information to Ambac, and to comply with the requirements of federal law, in attempting to secure accurate tax identification numbers and other tax information from its representatives needed to enable Ambac to prepare and
timely file consolidated tax returns on behalf of the Ambac affiliated group. 
 ARTICLE IV 
 ALLOCATION OF EXPENSES 
 SECTION 4.01. Expenses to Be Borne by Segregated Account. The Segregated Account shall be solely responsible for its own expenses except as otherwise provided. 
 SECTION 4.02. Administrative and Operating Expenses. Ambac shall reimburse the Segregated Account for administrative and operating
expenses of the Segregated Account, including but not limited to, fees, costs and expenses associated with the following: 
 (a) management services, including all fees and payments pursuant to the Management Services Agreement; 
 (b) financial advisor, consulting and legal services, including services for OCI or the Rehabilitator regarding matters that relate to AFGI or the Segregated Account regardless of whether such matters
arose prior to or arise subsequent to the establishment of the Segregated Account; 
 (c) indemnification under
commercially reasonable indemnification agreements of the Segregated Account with providers of financial, consulting, or legal services; and 
 (d) amounts due, including amounts due under indemnification provisions, under agreements executed prior to the establishment of the Segregated Account, by AFGI or the Segregated Account, for financial,
consulting or legal services provided to OCI; 
  

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 provided, however, that, notwithstanding any provision of this Agreement to the contrary,
Ambac shall have no obligations under this Section 4.02 (a) unless and until all principal under the Secured Note has been paid by Ambac or (b) at any time that Ambac’s surplus as regards policyholders, as reflected on its
statutory financial statements (its “Surplus”) is less than $100,000,000, or such higher amount as determined by the OCI pursuant to a prescribed accounting practice (the “Surplus Amount”), or to the extent that
such payment would result in Ambac’s Surplus being less than the Surplus Amount, it being understood that any payment deferred as a result of the foregoing in this clause (b) shall be due and payable at such time as the payment thereof
would not result in Ambac’s Surplus being less than the Surplus Amount. 
 ARTICLE V 
 CONFIDENTIALITY 
 SECTION 5.01. Confidentiality. All information and documents exchanged between any of Ambac, OCI, and the Segregated Account shall be subject to that certain Joint Interest, Sharing and Confidentiality Agreement (the “Joint
Interest Agreement”) effective as of September 1, 2009, and the parties hereto shall be bound by their obligations under the Joint Interest Agreement with respect to such information and documents. 
 ARTICLE VI 
 MISCELLANEOUS 
 SECTION 6.01. Severability. If any one or more of the covenants, agreements, provisions
or terms of this Agreement shall be for any reason whatsoever held invalid, then such covenants, agreements, provisions or terms shall be deemed severable from the remaining covenants, agreements, provisions and terms and shall in no way affect the
validity or enforceability of the other provisions of this Agreement. 
 SECTION 6.02. Waiver, Cumulative Remedies. None
of the parties hereto shall by any act, delay, omission or otherwise be deemed to have waived any of its rights or remedies hereunder and no waiver shall be valid unless in writing, signed by each of the parties, as applicable, and then only to the
extent therein set forth. A waiver by a party of any right or remedy hereunder on any one occasion shall not be construed as a bar to any right or remedy which such party would otherwise have on any future occasion. No failure to exercise, nor any
delay in exercising on the part of a party, any right, power or privilege hereunder, shall operate as a waiver thereof, nor shall any single or partial exercise of any right, power or privilege hereunder preclude any other or further exercise
thereof of any other right, power, or privilege. The rights and remedies herein provided are cumulative and maybe exercised singly or concurrently, and are not exclusive of any rights or remedies provided by law. 
 SECTION 6.03. No Waiver of Immunity. Nothing in this Agreement may be construed as waiving immunity, or as subjecting the
Rehabilitator or OCI, or the 
  

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 Rehabilitator’s or OCI’s employees or agents, to liability, including contractual liability, for
matters that are otherwise subject to immunity from liability, including immunity under Wis. Stat. § 645.08(2). 
 SECTION
6.03. Transfers and Assigns. Neither this Agreement nor any interest or obligation in or under this Agreement may be transferred or assigned by any party without the prior written consent of each of the other parties hereto. 
 SECTION 6.04. Amendments. This Agreement, including any schedules, appendices and exhibits hereto, may be amended from time to time;
provided, however, that any amendment shall not be effective unless it is in writing and signed by all parties hereto. 
 SECTION 6.05. Governing Law. This Agreement will be governed by and construed in accordance with the laws of the State of Wisconsin (without reference to choice of law doctrine). 
 SECTION 6.06. Consent to Jurisdiction. Ambac hereby consents to the jurisdiction of the state court in Wisconsin before which the
rehabilitation proceedings with respect to the Segregated Account are pending, and waives any objection based on lack of personal jurisdiction, improper venue or forum non conveniens, with regard to any actions, claims, disputes or proceedings
relating to this Agreement or any other document delivered hereunder or in connection herewith, or any transaction arising from or connected to any of the foregoing. 
 SECTION 6.07. Notices. Any notice or communication in respect of this Agreement shall be sufficiently given to a party if in writing and delivered in person, sent by recorded delivery or registered
post or the equivalent (with return receipt requested) or by overnight courier or given by facsimile transmission, at the address or facsimile number set out in Exhibit 1 attached hereto, or to such other address or facsimile number as shall be
notified in writing by one party to the others. A notice or communication shall be deemed to be given: 
  

	 	(a)	if delivered by hand or sent by overnight courier, on the day and at the time it is delivered or, if that day is not a business day, or if delivered after the close of
business on a business day, at 9:00 a.m. (local time to the recipient) on the immediately following business day; 

  

	 	(b)	if sent by facsimile transmission or email, on the day and at the time the transmission is received or, if that is not a business day, or if received after the close of
business on a business day, at 9:00 a.m. (local time to the recipient) on the immediately following business day; or 

  

	 	(c)	if sent by recorded delivery or registered post or the equivalent (return receipt requested), three business days after being sent. 

 SECTION 6.08. Counterparts. This Agreement may be executed in more than one counterpart, each of which shall be deemed to be an
original and all of which shall, together, constitute one and the same instrument. 
  

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 SECTION 6.09. Further Assurances and Corrective Instruments. To the extent permitted
by law, the parties hereto agree that they will, from time to time, execute, acknowledge and deliver, or cause to be executed, acknowledged and delivered, such supplements hereto and such further instruments as another party may reasonably request
and as may be reasonably required in the opinion of such party to effectuate the intentions or facilitate the performance of this Agreement. 
 SECTION 6.10. Parties to this Agreement. Nothing herein shall in any manner create any obligations or establish any rights against the Segregated Account or Ambac in favor of any person or entity
not a party to this Agreement; provided, however, that AFGI (including its successors and assigns) shall be an express third party beneficiary of this Agreement to the same extent as if a party to this Agreement. 
 [Remainder of page intentionally left blank. Signatures to follow] 
  

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 IN WITNESS WHEREOF, Ambac, the Segregated Account and OCI have caused this Agreement to be
duly executed and delivered as of the day and year first above written. 
  

					
	AMBAC ASSURANCE CORPORATION
		
	By:	 	 /s/ Kevin J. Doyle

		 	Name: Kevin J. Doyle
		 	Title: Senior Vice President
	
	SEGREGATED ACCOUNT OF AMBAC ASSURANCE CORPORATION
		
	By:	 	 /s/ Kevin J. Doyle

		 	Name: Kevin J. Doyle
		 	Title: Senior Vice President

  

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 Exhibit 1 
 NOTICE INFORMATION 
 If to Segregated Account of Ambac
Assurance Corporation, to: 
 Rehabilitator of the Segregated Account of Ambac Assurance Corporation 

One State Street Plaza 
 New York, New York 10004 
 with copies to: 
 Commissioner of Insurance 
 Wisconsin Office of the Commissioner of Insurance 
 125 South
Webster Street 
 Madison, Wisconsin 53703 
 and 
 Foley & Lardner LLP 
 777 E. Wisconsin Ave 
 Milwaukee, Wisconsin 53202 
 Attn: Kevin G. Fitzgerald 
 If to Ambac Assurance Corporation, to: 
 Ambac Assurance Corporation 
 One State Street Plaza 
 New York, New York 10004 
 Attention: General Counsel 
 Telephone: (212) 208-3283 
 Facsimile: (212) 208-3558

  

 11Agreegate Excess of Loss Reinsurance Agreement, dated as of March 24, 2010

 Exhibit 10.24 
 AGGREGATE EXCESS OF LOSS REINSURANCE AGREEMENT 
 This
AGGREGATE EXCESS OF LOSS REINSURANCE AGREEMENT (this “Agreement”), dated as of March 24, 2010, is entered into by and between the Segregated Account of Ambac Assurance Corporation, a segregated account of Ambac Assurance
Corporation established as of March 24, 2010 (“Ceding Company”), as ceding company, and Ambac Assurance Corporation, a Wisconsin domiciled financial guaranty insurance corporation (“Reinsurer”), as reinsurer.

 RECITALS 
 WHEREAS, the Reinsurer has established the Ceding Company pursuant to Section 611.24(2) of the Wisconsin Statutes with the approval of the Wisconsin Office of the Commissioner of Insurance
(“OCI”) and in accordance with the Plan of Operation for the Segregated Account of Ambac Assurance Corporation adopted by the Board of Directors of the Reinsurer, as amended from time to time (the “Plan of
Operation”); 
 WHEREAS, in conjunction with the establishment of the Ceding Company, the Reinsurer allocated to the
Ceding Company certain insurance policy liabilities, as more fully described in the Plan of Operation (the “Covered Policies”); 
 WHEREAS, in order to support the liabilities associated with the Covered Policies, the Reinsurer has issued a Secured Note to the Ceding Company, pursuant to which the Reinsurer, as Maker, agrees to pay
to the Ceding Company, as Payee the amount of outstanding principal necessary in order for the Ceding Company to satisfy current cash claim payments and other obligations, as more fully set forth therein (as amended, restated, supplemented or
otherwise modified from time to time, the “Secured Note”); 
 WHEREAS, in order to continue to support the
liabilities associated with the Covered Policies upon payment in full of all principal under the Secured Note, the Reinsurer has agreed to reinsure the liability of the Ceding Company under the Covered Policies pursuant to the terms of this
Agreement; 
 WHEREAS, the Ceding Company will be the subject of an order for rehabilitation under Chapter 645 of the Wisconsin
Statutes (the “Proceeding”), whereupon the rehabilitator of the Ceding Company under the Proceeding (the “Rehabilitator”) will assume control of the management of the Ceding Company, and conduct the business of the
Ceding Company in accordance with a Plan of Rehabilitation to be approved by the rehabilitation court pursuant to Section 645.33(5) of the Wisconsin Statutes (the “Plan of Rehabilitation”). At all times while the Ceding Company
is subject to the Proceeding, the term “Ceding Company” as used herein shall be deemed to include, and Ceding Company shall act exclusively through, the Rehabilitator, or his or her designee. 
 NOW, THEREFORE, in consideration of the mutual and several promises and undertakings herein contained, and for other good and
valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties agree as follows: 
 Ambac
Assurance Corporation 
 Aggregate Excess of Loss Reinsurance Agreement 

 ARTICLE I 
 EXCESS LOSS COVERAGE 
 Section 1.01. Business
Covered. This Agreement shall cover all Covered Policies. 
 Section 1.02. Finite Aggregate Coverage. Reinsurer shall provide
payments to the Ceding Company, at the times specified in Section 1.05(b) of this Agreement, in an amount equal to (A) the cash portion of claim liabilities (including associated loss adjustment expenses) due and payable by the Ceding
Company under Covered Policies (“Cash Claim Payments”), cash amounts due and payable under loss settlements (“Loss Settlements”), cash amounts due and payable by the Ceding Company for the commutation or purchase of
Covered Policies or the obligations insured thereby (“Commutation Payments”), and any cash interest payment and cash principal repayment under any Surplus Notes (as defined below) issued by the Ceding Company in connection with any
of the foregoing (“Surplus Note Payments”), provided that in each case, such amounts due and payable are in accordance with the Plan of Rehabilitation and not otherwise disapproved by the Rehabilitator plus (B) any other
Cash Claim Payments, Loss Settlements, Commutation Payments or Surplus Note Payments directed or ordered to be paid by the Rehabilitator in conjunction with the Proceeding minus (C) the amount, as calculated by the Ceding Company, of the
Ceding Company’s liquid assets available to pay such claims or other obligations at such time (the “Liquid Asset Amount”). For greater certainty, to the extent that the Ceding Company issues surplus or contribution notes
(“Surplus Notes”), in lieu of cash, in connection with any of the foregoing Loss Settlements or Commutation Payments, then the Reinsurer shall not be required to pay or reimburse the Ceding Company therefor unless and until (and to
the extent that) a cash interest payment or a cash principal payment under such Surplus Note is authorized for payment by the Rehabilitator in accordance with the Plan of Rehabilitation. 
 Section 1.03. Finite Aggregate Coverage Attachment Point. Notwithstanding any other provision of this Agreement to the contrary, the coverage afforded under this Agreement shall only attach
after all principal under the Secured Note has been paid by the Reinsurer. 
 Section 1.04. Finite Aggregate Coverage Limit.
Notwithstanding any other provision of this Agreement to the contrary, Reinsurer will have no obligation to make any payment under this Agreement at any time that Reinsurer’s surplus as regards policyholders, as reflected on its statutory
financial statements (its “Surplus”) is less than $100,000,000, or such higher amount as determined by OCI pursuant to a prescribed accounting practice (the “Surplus Amount”), or to the extent that such payment
would result in Reinsurer’s Surplus being less than the Surplus Amount, it being understood that any payment deferred as a result of the foregoing shall be due and payable at such time as the payment thereof would not result in Reinsurer’s
Surplus being less than the Surplus Amount. 
 Section 1.05. Reports and Remittances. 
 (a) Within ten (10) days following the end of each calendar month after the Effective Date, the Ceding Company will render an account
to the Reinsurer (the “Monthly 
 Ambac Assurance Corporation 
 Aggregate Excess of Loss Reinsurance Agreement 
  

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 Account”) setting forth in reasonable detail (including without limitation evidence
reasonably satisfactory to the Reinsurer of the authorization for such amount or payment pursuant to the Plan of Rehabilitation) the following information in respect of such month: (a) Cash Claim Payments; (b) Loss Settlements;
(c) Commutation Payments, (d) Surplus Note Payments, (e) the Liquid Asset Amount, (f) the amount due from the Reinsurer under the Secured Note and (g) the amount due from the Reinsurer under this Agreement. In addition to
the foregoing, the Ceding Company shall deliver to the Reinsurer such other information as reasonably requested from time to time by the Reinsurer in order for the Reinsurer to prepare and complete its statutory financial statements and financial
statements prepared in accordance with generally accepted accounting principles. 
 (b) The Reinsurer shall remit to the Ceding
Company the amount due hereunder in respect of the applicable month within ten (10) business days after receipt of the Monthly Account. Notwithstanding the foregoing, if the Ceding Company reasonably determines it to be necessary, the Ceding
Company shall be paid by special remittance within ten (10) business days following delivery to the Reinsurer of a special account, which shall be prepared by the Ceding Company and shall contain all relevant details in connection with amount
to be so paid. 
 ARTICLE II 
 COMMENCEMENT; AMENDMENT 
 Section 2.01. Commencement. This Agreement
shall become effective as of March 24, 2010 (the “Effective Date”) and shall remain in full force and effect until all obligations of the parties under this Agreement have been satisfied. 
 Section 2.02. Amendment. This Agreement may only be amended by written agreement of the Ceding Company and the Reinsurer. 
 ARTICLE III 
 SECURITY INTEREST 
 Section 3.01. Security Interest. Ceding Company and Reinsurer acknowledge and affirm
Reinsurer’s grant to Ceding Company of a security interest, lien and mortgage in and to, and agree and acknowledge that Ceding Company has, and shall continue to have, a security interest, lien and mortgage in and to, Reinsurer’s right,
title and interest in the Collateral (as defined in the Secured Note) to secure the payment and performance in full of all indebtedness, obligations and liabilities of the Reinsurer to the Ceding Company pursuant to this Agreement, whether direct or
indirect, absolute or contingent, due or to become due, now existing or hereafter arising under or in respect of this Agreement, as fully set forth in the Secured Note. 
 Ambac Assurance Corporation 
 Aggregate Excess of Loss Reinsurance Agreement

  

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 ARTICLE IV 
 REINSURANCE FOLLOWS ORIGINAL POLICIES 
 Section 4.01.
Follow the Fortunes. Except to the extent otherwise agreed between the Ceding Company and the Reinsurer in writing, all reinsurance under this Agreement shall be subject in all respects to the same rates, terms, conditions, waivers and
interpretations, and to the same modifications, cancellations and alterations as the respective Covered Policies, except as modified by the Plan of Rehabilitation, the true intent of this Agreement being that the Reinsurer shall, in every case to
which this Agreement applies, follow the fortunes of the Ceding Company; provided, however, that this Article shall not be construed to expand the liability of the Reinsurer beyond what is specifically assumed under this Agreement.

 Section 4.02. Third Party Rights. Nothing herein shall in any manner create any obligations or establish any rights against the
Reinsurer in favor of any Person not a party to this Agreement. 
 ARTICLE V 
 REPRESENTATIONS AND WARRANTIES 
 Reinsurer hereby represents and warrants to Ceding Company as follows: 
 Section 5.01.
Organization, Powers, etc. Reinsurer: (i) is duly organized, validly existing and in good standing under the laws of its jurisdiction of organization; (ii) has the power and authority to carry on its business as now conducted;
(iii) is duly qualified, licensed or registered to transact its business in every jurisdiction where such qualification, licensure or registration is necessary; and (iv) has the power and authority to execute and deliver this Agreement and
each other Transaction Document (as defined in the Secured Note) and to perform all of its obligations hereunder and thereunder. 
 Section 5.02. Authorization, Conflicts and Validity. The execution and delivery by Reinsurer of this Agreement and each of the other Transaction Documents (as defined in the Secured Note) and the performance by Reinsurer of all
of its obligations hereunder and thereunder: (i) have been duly authorized by all requisite entity action; (ii) will not in any material respect violate or be in conflict with any term or provision of (A) any applicable law,
including, without limitation, any applicable: (1) federal, state, territorial, county, municipal or other governmental or quasi-governmental law, statute, ordinance, rule, regulation, requirement or restriction; or (2) judicial,
administrative, regulatory or other governmental, quasi-governmental or regulatory order, injunction, writ, judgment, decree or ruling binding upon Reinsurer; in each case (x) whether domestic or foreign or (y) whether at law, in equity,
in rem or otherwise (collectively, “Applicable Law”) or (B) any of Reinsurer’s organizational documents; and (iii) except as specifically contemplated by this Agreement or any other Transaction Document (as
defined in the Secured Note), will not result in the creation or imposition of any mortgage, pledge, hypothecation, assignment, deposit arrangement, encumbrance, lien (statutory or other), charge or other security interest or other security
agreement or preferential arrangement of any kind or nature whatsoever (each, a “Lien”) upon any of its assets and properties other than: (a) Liens for 
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 taxes, assessments and governmental charges or levies which are not delinquent for more than ninety
(90) days or remain payable without penalty; or (b) Liens imposed by law, such as materialmen’s, mechanics’, carriers’, workmens’ and repairmen’s Liens and other similar Liens arising in the ordinary course of
business securing obligations that are not overdue for a period of more than sixty (60) days; or (c) pledges or deposits to secure obligations under workers’ compensation laws or similar legislation or to secure public or statutory
obligations. 
 Section 5.03. Consents, etc. Except as already obtained and in effect, no consent, approval or authorization of, or
registration, declaration or filing with, any governmental or regulatory authority or other person is required as a condition to or in connection with the due and valid execution, delivery and performance by Reinsurer of this Agreement or any other
Transaction Document (as defined in the Secured Note) or the legality, validity, binding effect or enforceability of any of their respective representations, warranties, covenants and other terms and provisions. 
 Section 5.04. Legal and Enforceable Agreements. This Agreement is, and each of the other Transaction Documents (as defined in the Secured Note)
when executed and delivered will be, legal, valid and binding obligations of Reinsurer, enforceable in accordance with their respective terms and provisions. 
 Section 5.05. Document Delivery; Absence of Defaults and Certain Agreements. Except as disclosed in writing to Ceding Company prior to the date hereof, no act or event has occurred and is
continuing that violates, is in conflict with, results in a breach of or constitutes a default (with or without the giving of notice or the passage of time or both) under any term or provision of (A) this Agreement and/or any other Transaction
Document (as defined in the Secured Note), (B) any agreement, contract or instrument to which Reinsurer is a party, by which Reinsurer is bound or to which any substantial portion of Reinsurer’s property is subject, in each case the loss
of which would have a material adverse effect on Reinsurer (each a “Material Agreement”), or (C) any of Reinsurer’s organizational documents. 
 Section 5.06. Compliance with Applicable Law. Reinsurer is in compliance in all material respects with and conforms in all material respects to all Applicable Law, the failure to comply with
which would have a material adverse effect on Reinsurer. 
 Section 5.07. Assets and Collateral. Reinsurer is the holder and legal
and beneficial owner of, and has good title to, the Collateral. Reinsurer has full power and authority and the unconditional right to grant to Ceding Company the security interests respecting the Collateral contemplated by the Secured Note and/or
the other Transaction Documents (as defined in the Secured Note). Ceding Company has received legal, valid, binding, enforceable and perfected security interests in and to the Collateral pursuant to the Secured Note and the other Transaction
Documents (as defined in the Secured Note). No part of the Collateral is subject to any Lien or any adverse claim of any kind whatsoever, except those in favor of Ceding Company. 
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 ARTICLE VI 
 AFFIRMATIVE COVENANTS 
 Reinsurer hereby
covenants and agrees with Ceding Company as follows at all times until the indefeasible payment in full of all of the Secured Indebtedness: 
 Section 6.01. Required Notices. Reinsurer will give, or cause to be given, prompt written notice to Ceding Company of: 
 (a) any change in the name or the jurisdiction of organization of Reinsurer; 
 (b) receipt of actual knowledge of the institution or threat of, or any adverse determination in, any action, suit, investigation or proceeding at law, in equity, in arbitration or by or before any other
authority involving or affecting Reinsurer which Reinsurer reasonably believes, if adversely determined, is reasonably likely to have a material and adverse effect upon Reinsurer’s ability to (A) make payment as and when due of all or any
material part of its obligations hereunder, (B) perform in any material respect its obligations under any Material Agreement and/or (C) perform in any material respect any of the transactions contemplated by this Agreement and/or any of
the other Transaction Documents (as defined in the Secured Note) (a “Material Adverse Effect”); 
 (c) receipt of actual knowledge of the occurrence of any act or event that violates, is in conflict with, results in a breach in any material respect of, or constitutes a material default (with or without the giving of notice or the passage
of time or both) under, any of Reinsurer’s organizational documents or any Material Agreement; 
 (d)
receipt of actual knowledge of any attachment, confiscation, detention, levy, requisition, seizure or other taking of any material part of the Collateral, whether through process of law or otherwise, or the filing or other imposition of any Lien
against any part of the Collateral (other than any Lien of Ceding Company); or 
 (e) receipt of actual knowledge
of the occurrence of any act or event that Reinsurer reasonably believes has had or is reasonably likely to have a Material Adverse Effect. 
 Section 6.02. Accounts and Reports. Reinsurer shall provide to Ceding Company the following: 
 (a) promptly following execution, copies of all loan, security and other instruments, agreements and documents respecting indebtedness for borrowed money of Reinsurer in excess of $5,000,000, including commitments, lines of credit and other
credit availabilities, and of all guarantees by Reinsurer respecting any indebtedness or other obligation of any other person in excess of $5,000,000, except those to which Ceding Company also is a party; 
 (b) as soon as available, notice of any acceleration and/or foreclosure of any part of its assets and properties as a result
of any default under indebtedness for borrowed money of Reinsurer or any of its subsidiaries in excess of $5,000,000; 
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 (c) as soon as available, and in any event not more than ten
(10) business days after actual receipt, a copy of any summons or complaint, or any other notice of any action, suit, investigation or proceeding, involving or affecting Reinsurer or any of its subsidiaries where the damages sought exceed, or
if unspecified are reasonably likely to exceed, $5,000,000; and 
 (d) as soon as available, and in any event not
less than five (5) business days prior to adoption, copies of each proposed modification, waiver, amendment or termination of any of the terms and provisions of any of the organizational documents of Reinsurer; 
 together with such supplements to the aforementioned documents and additional accounts, reports, certificates, statements, documents and information as
Ceding Company from time to time may reasonably request, each in such form and substance as may be reasonably acceptable to Ceding Company. 
 Section 6.03. Access to Premises, Records and Collateral. At all reasonable times and upon reasonable notice and as often as Ceding Company reasonably may request, Reinsurer shall permit representatives designated by Ceding
Company to (i) have complete and unrestricted access to the premises of Reinsurer, the books and records of Reinsurer and the Collateral, (ii) make copies of, or excerpts from, those books and records and (iii) discuss the Collateral
or the accounts, assets, business, operations, properties or condition, financial or otherwise, of Reinsurer with its officers, directors, employees, accountants, attorneys and agents. Ceding Company shall treat as “confidential
information” any information or documents provided by Reinsurer to, or obtained by, Ceding Company, pursuant to this paragraph. Ceding Company agrees not to disclose or allow disclosure of confidential information to any person provided that
Ceding Company may make such disclosure (i) to its officers, employees, staff members, auditors, attorneys and other professional advisors (collectively, “Representatives”), in each case only to the extent such persons
need to know the information so disclosed, and provided that such party shall have informed each such Representative of the confidential nature of such information; (ii) to the extent required by applicable law, rule or regulation;
(iii) in connection with any action to enforce this Agreement or any provision of this Agreement or in connection with any proceeding, including steps leading to a potential proceeding, that might involve this Agreement or any provision of this
Agreement and (iv) to the extent such information shall be in the public domain without breach by any party of its obligation hereunder. 
 Section 6.04. Existence, Powers, etc. 
 (a) Reinsurer shall do, or cause to be done, all
things that may be necessary (A) to maintain its due organization, valid existence and good standing under the laws of its jurisdiction of incorporation, and (B) to preserve and keep in full force and effect all qualifications, licenses
and registrations in those jurisdictions in which the failure to do would have a Material Adverse Effect. 
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 (b) Reinsurer shall not cause, suffer to exist or permit any supplement,
modification or amendment to, or any waiver of any term or provision of, any of its organizational documents which would have a Material Adverse Effect. 
 (c) Reinsurer shall not, and shall not cause, without Ceding Company’s prior written consent, any action (with respect to itself or otherwise), or offer, commit or enter into any agreement or
arrangement, that would in any material respect restrict, limit, make subject to third-party approval or otherwise impair its right, power or authority (A) to carry on its business in all material respects as now conducted or (B) to
execute or deliver this Agreement or any other Transaction Document (as defined in the Secured Note) or any supplement, modification or amendment thereto or restatement or replacement thereof from time to time or (C) to perform any of its
obligations hereunder or thereunder. 
 Section 6.05. Compliance with Applicable Law. Reinsurer shall comply with any and all
Applicable Law now or hereafter in effect in all material respects to the extent the failure to so comply shall have a Material Adverse Effect. 
 Section 6.06. Preservation and Defense of Collateral, etc. Reinsurer shall maintain, enforce, preserve and defend on a timely basis all of the right, title and interest of Reinsurer and Ceding Company in and to the Collateral.

 ARTICLE VII 
 NEGATIVE COVENANTS 
 Reinsurer hereby covenants and agrees with
Ceding Company as follows at all times until the indefeasible payment in full of all of the Secured Indebtedness: 
 Section 7.01.
Investments. Reinsurer shall not, directly or indirectly through one or more subsidiaries, make any investments that do not comply with Reinsurer’s investment guidelines and policies in effect from time to time (the
“Investments Policy”), and shall not amend, restate, revise, supplement or otherwise modify the Investments Policy in any manner that would have a Material Adverse Effect without Ceding Company’s prior written consent,
such consent not to be unreasonably withheld or delayed. 
 Section 7.02. Distributions to Shareholders. Reinsurer shall not
directly or indirectly, without Rehabilitator and OCI approval: 
 (a) declare or make any dividend, payment or
other distribution of cash, assets or property with respect to any equity securities issued by Reinsurer, whether now or hereafter outstanding; 
 (b) redeem, purchase or otherwise acquire any securities issued by Reinsurer or any option or other right to acquire any such securities; 
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 (c) covenant or otherwise arrange with any person (other than Ceding
Company) to directly or indirectly limit or otherwise restrict any dividend, advance or other payment or distribution (whether of cash or otherwise) to or for the benefit of Reinsurer; or 
 (d) offer, commit or agree to do any of the foregoing. 
 Section 7.03. Transaction Limitations. Reinsurer shall not, without Ceding Company’s prior written consent (such consent not to be unreasonably withheld or delayed), directly or
indirectly, enter into any transaction with, or use any asset or property of, any third party (including any affiliate, but excluding Ceding Company), other than pursuant to the reasonable requirements of the business of Reinsurer and which
Reinsurer reasonably believes are fair and reasonable terms and provisions. For the avoidance of doubt, “transaction” as used in this Section shall include, without limitation: 
 (a) the creation, incurrence, assumption, increase, renewal or extension of any indebtedness for borrowed money, however
evidenced; 
 (b) the creation, incurrence or assumption of any Lien of any nature in, to or against any asset or
property; 
 (c) the sale, transfer, exchange, abandonment or other disposition of any asset or property;

 (d) the purchase or acquisition of any equity interest, including any membership interest in a limit liability
company or partnership interest in a private company; 
 (e) any issuance, sale, transfer, pledge or other
disposition or encumbrance of any capital stock, partnership or membership interests or other equity interests issued by Reinsurer or any of its subsidiaries, or the issuance of any option, warrant or other right to acquire any such securities;

 (f) any capital reorganization or reclassification of the capital stock, partnership or membership interests
or other equity interests issued by Reinsurer or any of its subsidiaries; 
 (g) any transaction in which the
capital stock, partnership or membership interests or other equity interests issued by Reinsurer or any of its subsidiaries prior to the transaction would be changed into or exchanged for different securities, whether of that or any other person, or
for any other assets or properties; 
 (h) any sale, lease, assignment, conveyance, spin-off or other transfer or
disposition of all or any material part of the business or assets and properties of Reinsurer or any of its subsidiaries; 
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 (i) any merger, consolidation, dissolution, liquidation or winding up of
Reinsurer or any of its subsidiaries; 
 (j) the acquisition or establishment of any new subsidiary or joint
venture by Reinsurer or any of its subsidiaries; and 
 (k) the acquisition by Reinsurer or any of its
subsidiaries of all or substantially all of the assets and properties of any other person or any discrete division or other business unit thereof. 
 ARTICLE VIII 
 INSOLVENCY OF THE CEDING COMPANY 
 Section 8.01. Insolvency. In the event of the insolvency of the Ceding Company or of proceedings against the Ceding Company pursuant to Chapter
645 of the Wisconsin Insurance Code, payments due the Ceding Company on all reinsurance made, ceded, renewed or otherwise becoming effective under this Agreement shall be payable by Reinsurer directly to the Ceding Company or to its liquidator,
receiver, or statutory successor on the basis of amounts authorized for payment in cash under the Covered Policies in accordance with the Plan of Rehabilitation, without diminution because of the insolvency of the Ceding Company (it being understood
and agreed that the Reinsurer shall not be required to pay or reimburse the Ceding Company or its liquidator, receiver, or statutory successor for the issuance of Surplus Notes except as expressly set forth in Section 1.02 of this Agreement).

 ARTICLE IX 
 ERRORS AND OMISSIONS 
 Section 9.01. Errors and Omissions. Any
inadvertent act, delay, omission or error by either party will not relieve the other party of any liability which would have attached under this Agreement, provided that such act, delay, omission or error shall not impose any greater liability on
the Reinsurer than would have attached hereunder if such act, delay, omission or error had not occurred, and is rectified promptly or reasonably upon discovery by the responsible party. 
 ARTICLE X 
 STATUTORY FINANCIAL CREDIT;
RESERVES 
 Section 10.01. Statutory Financial Statement Credit. The Reinsurer shall take all steps necessary to comply with
all applicable laws and regulations so as to permit the Ceding Company to obtain full credit for the reinsurance provided by this Agreement on its statutory financial statements in all applicable jurisdictions, including compliance with chp. Ins. 40
of the Wisconsin Administrative Code and Section 6906 of the New York Insurance Law. It is understood and agreed that any term or condition required by any such laws or regulations to be included in this Agreement for the Ceding Company to
receive statutory financial statement credit for the 
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 reinsurance provided by this Agreement shall be deemed to be incorporated in this Agreement, except that
under no circumstances shall Reinsurer be liable to the Ceding Company for amounts in excess of the amount authorized for payment under the Covered Policies in accordance with the Plan of Rehabilitation. 
 Section 10.02. Reserves. Without limiting the provisions of Section 10.01, the Reinsurer shall maintain the reserves required to be
established and maintained by the Ceding Company with respect to the Covered Policies reinsured hereunder under applicable law, except that under no circumstances shall Reinsurer be required to maintain reserves for amounts in excess of the amount
authorized for payment under the Covered Policies in accordance with the Plan of Rehabilitation. 
 ARTICLE XI 

MISCELLANEOUS 
 Section 11.01. No Waiver of Immunity. Nothing in this Agreement may be construed as waiving immunity, or as subjecting the Rehabilitator or OCI, or the Rehabilitator’s or OCI’s employees or agents, to liability,
including contractual liability, for matters that are otherwise subject to immunity from liability, including immunity under Wis. Stat. § 645.08(2). 
 Section 11.02. Inspection of Records. Following the Effective Date, the Ceding Company shall allow the Reinsurer, upon reasonable prior notice and during regular business hours, through the
Reinsurer’s employees and representatives, the right to examine and make copies of any books and records of the Ceding Company and shall furnish the Reinsurer with such financial and reporting data and other information with respect to the
Covered Policies, as the Reinsurer may from time to time request, for any business purpose (including, without limitation, in connection with the preparation of tax returns, regulatory filings and financial statements). The Ceding Company shall
provide the Reinsurer will reasonable work space to permit the Ceding Company to conduct such examinations and shall make its management personnel available at reasonable times in connection with such examinations. 
 Section 11.03. Governing Law; Severability. The parties agree that this instrument and the rights and obligations of all parties hereunder shall
be governed by and construed under the internal laws of the State of Wisconsin (without giving effect to conflict of law principles that provide for the application of the laws of another jurisdiction). If any provision of this Agreement shall be
illegal or unenforceable, such provision shall be deemed canceled to the same extent as though it had never appeared herein, but the remaining provisions shall not be affected thereby. 
 Section 11.04. Consent to Jurisdiction. The Reinsurer hereby consents to the jurisdiction of the state court in Wisconsin before which the rehabilitation proceedings with respect to the Ceding
Company are pending, and waives any objection based on lack of personal jurisdiction, improper venue or forum non conveniens, with regard to any actions, claims, disputes or proceedings relating to this Agreement or any other document delivered
hereunder or in connection herewith, or any transaction arising from or connected to any of the foregoing. 
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 Section 11.05. Notices. All notices, requests and demands to or upon the respective parties
hereto to be effective shall be in writing (including by facsimile or e-mail), and shall be deemed to have been duly given or made when received, addressed as follows (or to such other address, facsimile number or e-mail address) as the applicable
party may specify to the other in accordance with this Section from time to time): 
 to the Ceding Company: 
 Rehabilitator of the Segregated Account of Ambac Assurance Corporation 
 One State Street Plaza 
 New York, New York 10004 
 with copies to: 
 Commissioner of Insurance 
 Wisconsin Office of the Commissioner of Insurance 
 125 South Webster Street

 Madison, Wisconsin 53703 
 Foley & Lardner LLP 
 777 E. Wisconsin Ave 
 Milwaukee, Wisconsin 53202 
 Attn: Kevin G. Fitzgerald 
 to the Reinsurer: 
 Ambac Assurance Corporation 
 One State Street Plaza 
 New York, New York 10004 
 Attention: General Counsel 
 Section 11.06. Successors and Assigns. All rights, powers, privileges and immunities herein granted to Ceding Company shall extend to its successors and assigns and any other legal holder of this Agreement, with full right by
Ceding Company to assign and/or sell same. Reinsurer shall not assign any of its obligations under this Agreement without the prior written consent of Ceding Company, which Ceding Company may withhold or condition in its sole and absolute
discretion. 
 Section 11.07. Entire Agreement. This Agreement and the other documents referred to herein contain the entire
agreement between Reinsurer and Ceding Company with respect to the subject matter hereof, superseding all previous communications and negotiations, and no representation, undertaking, promise or condition concerning the subject matter hereof shall
be binding upon the parties unless clearly expressed in this Agreement or in the other documents referred to herein. 
 Section 11.08.
Modification, Amendment, Etc. Each and every supplement or amendment to or modification or restatement of this Agreement shall be in writing and signed by the parties 
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 hereto, and each and every waiver of, or consent to any departure from, any representation, warranty,
covenant or other term or provision of this Agreement shall be in writing and signed by each of the parties hereto. 
 Section 11.09.
Time of the Essence. The parties agree that time is of the essence with respect to all payments under this Agreement. No extension of time for performance of any payment obligation shall be deemed an extension of time for performance of any
other payment obligation. 
 Section 11.10. Setoff. The Ceding Company may offset and recoup any balance or amount due from the
Reinsurer to the Ceding Company under this Agreement. 
 Section 11.11. Counterparts. This Agreement may be executed in any number
of counterparts, each of which shall be an original, but such counterparts shall together constitute but one and the same instrument. 
 [signatures appear on the following page] 
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 IN WITNESS WHEREOF, the undersigned have signed below as of the date first set forth above.

  

			
	AMBAC ASSURANCE CORPORATION
		
	 By:
	 	 /s/ Kevin J. Doyle

		 	Name: Kevin J. Doyle
		 	Title: Senior Vice President
	
	SEGREGATED ACCOUNT OF AMBAC ASSURANCE CORPORATION
		
	 By:
	 	 /s/ Kevin J. Doyle

		 	Name: Kevin J. Doyle
		 	Title: Senior Vice President

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Assurance Corporation 
 Aggregate Excess of Loss Reinsurance Agreement

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