Document:

<PAGE>
                                                                   Exhibit 10.01

                                                                October 28, 1992

Commonwealth Land Title Insurance Company
Reliance Insurance Company
Reliance Group Holdings, Inc.
Park Avenue Plaza
55 East 52nd Street
New York, NY 10055

Dear Sirs:

         This letter is written to confirm certain understandings among CMAC
Investment Corporation (the "Company"), Commonwealth Mortgage Assurance Company
and its subsidiaries, Commonwealth Mortgage Assurance Company of Arizona and
Commonwealth Mortgage Assurance Company Service Company (collectively, "CMAC"),
Commonwealth Land Title Insurance Company ("CLTIC"), Reliance Insurance Company
("RIC") and Reliance Group Holdings, Inc. ("Reliance") with respect to the
registration and public offering of (a) 5,700,000 shares of common stock of the
Company held by CLTIC, and (b) 3,404,000 shares of common stock to be issued by
the Company (the shares to be sold by CLTIC and the Company being referred to
herein as the "Shares").

         1. For purposes of Paragraph 2 hereof, the following definitions shall
apply:

         (a) "CMAC shall mean and include CMAC and the Company.

         (b) "Federal Taxes" shall mean all income taxes (including estimated
taxes) imposed by the United States.

         (c) "Adjustment" shall mean any change in an item of income, gain,
loss, deduction or credit of CMAC or the Company, including but not limited to,
changes attributable to amended federal tax returns, deficiencies asserted by a
federal taxing authority, audit, examination, proceeding or litigation resulting
from any of the foregoing events, but only after such change becomes final by
virtue of an agreement between the pertinent taxpayer and the Internal Revenue
Service or of the conclusion of any administrative or judicial proceedings in
connection with the items that are the subject of the proposed adjustment;
provided that "Adjustment" shall not include any disallowance of the worthless
stock deduction for CMAC's investment in the common stock of Telemundo Group,
Inc.
<PAGE>
         (d) "Pre-Closing Date Interest" shall mean all interest payable for
periods ending on or before the Closing Date on federal income tax assessments
attributable to CMAC.

         (e) "Post-Closing Date Interest" shall mean all interest payable for
periods after the Closing Date on federal income tax assessments attributable to
CMAC.

         (f) "Federal Tax Rate" shall mean 34%.

         2. Consolidated Group Tax Matters. (a) Reliance shall file a
consolidated federal tax return for the taxable year ended December 31, 1992,
which tax return shall include in the consolidated taxable income therein
reported for the Reliance consolidated group the taxable income of CMAC for the
period commencing January 1, 1992 and ending on the date on which the closing of
the sale of the Shares shall occur (the "Closing Date") computed in accordance
with Treasury Regulation Section 1.1502-76(b)(4).

         (b) Reliance shall file, or cause to be filed, when due, all federal
income tax and information returns and reports (including federal estimated tax
returns) which are required to be filed with respect to CMAC for all periods
during which CMAC has been a member of the Reliance consolidated group and will
pay, or cause to be paid, when due, all amounts which are shown as due and owing
on such returns and reports.

         (c) Reliance agrees to indemnify and hold harmless CMAC against any and
all Federal Taxes, together with any related interest, penalties or additions to
tax, relating to members of Reliance's consolidated group other than CMAC
arising pursuant to Treasury Regulation Section 1.1502-6(a) with respect to all
periods during which CMAC has been a member of the Reliance consolidated group.

         (d) On or before the Closing Date, CMAC shall pay to CLTIC, in cash, an
amount equal to Federal Taxes of CMAC for the period from January 1, 1992
through October 31, 1992 as determined in accordance with the terms of the
current tax sharing arrangement between CMAC and RIC, less the amounts
previously paid (or applied against such taxes) by CMAC to CLTIC with respect to
Federal Taxes of CMAC for such period.

         (e) On or before September 30, 1993, CMAC shall pay to CLTIC, or CLTIC
shall pay to CMAC as the case may be, in cash, an amount equal to Federal Taxes
of CMAC for the period from January 1, 1992 through the Closing Date, as
determined in accordance with the terms of the current tax sharing arrangement
between CMAC and RIC, less the amounts previously paid including any amount paid
under paragraph (d) hereof (or applied against such taxes) by CMAC to CLTIC,
or by CLTIC to CMAC as the case may be, with  respect to Federal Taxes of CMAC
for such period.

         (f) (i) If there is an Adjustment to any item reported on a federal tax
return that increases the taxable income or reduces the taxable loss of the
Reliance consolidated group for a period ending

                                      -2-
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prior to, on, or including the Closing Date (the "Reliance Increase") and such
Adjustment results in a corresponding change to CMAC's taxable income in a
period beginning on or after the Closing Date with the result that Federal Taxes
of CMAC are or could have been reduced in such period, then CMAC shall pay to
Reliance an amount equal to the product of (x) the Reliance Increase multiplied
by (y) the Federal Tax Rate, plus Post-Closing Date Interest. Payments pursuant
to this Paragraph 2(f)(i) are to be made, in cash, on the date which is five
business days after CMAC has been notified of the Adjustment, and (ii) if there
is an Adjustment to any item reported on a federal tax return that increases
the taxable income or reduces the taxable loss of CMAC for a period beginning on
or after the Closing Date (the "CMAC Increase") and such Adjustment results in a
corresponding change to Reliance's taxable income in a period ending prior to,
on, or including the Closing Date with the result that Federal Taxes of the
Reliance consolidated group are reduced, then Reliance shall pay to CMAC an
amount equal to the product of (x) the CMAC Increase multiplied by (y) the
Federal Tax Rate. Payments pursuant to this Paragraph 2(f)(ii) are to be made,
in cash, on the date which is five business days after Reliance has been
notified of the Adjustment.

         (g) CMAC agrees to reimburse, indemnify and hold harmless CLTIC, RIC
and Reliance against any and all loss, liability, claim, damage and expense
whatsoever for (1) Federal Taxes attributable to CMAC with respect to all
periods during which CMAC has been a member of the Reliance consolidated group
for any Adjustment that is not subject to reimbursement pursuant to paragraph
(f) above. (2) any penalties or additions to tax attributable to CMAC with
respect to all periods during which CMAC has been a member of the Reliance
consolidated group, and (3) Pre-Closing Date Interest. Reliance agrees to limit
the aggregate amount of such reimbursements by CMAC under this Paragraph 2(g) to
the sum of (x) $1,853,000, the amount included in the federal income tax
liability account on CMAC's June 30, 1992 balance sheet, and (y) the federal
income tax benefit, if any, derived by CMAC from all such payments by CMAC under
this Paragraph 2(g). Payments pursuant to this Paragraph 2(g) are to be made, in
cash, on the date which is five business days after CMAC has been notified of
the Adjustment.

         (h)(i) Reliance shall have the sole right to control federal income tax
audits or contests for all periods during which CMAC has been a member of the
Reliance consolidated group; provided however, that Reliance shall not, without
the prior written consent of CMAC which consent shall not be unreasonably
withheld, change any tax election affecting CMAC, file any amended return or
enter into any compromise or settlement of any audit or contest which could
result in  an Adjustment giving rise to a liability of CMAC for Federal Taxes,
including interest, penalties or additions to tax, or decreasing the amount of
any refund of Federal Taxes of CMAC. Notwithstanding the foregoing, CMAC shall
at its own expense and cost, including without limitation all attorneys' fees,
accountants' fees, court costs and related expenses, pursue, defend or conduct
any audit or contest which could result in an Adjustment giving rise to a
liability of CMAC to the extent the aforementioned consent is withheld by CMAC.

                                      -3-
<PAGE>
         (ii) CMAC shall have the sole right to control federal tax audits or
contests for all periods beginning after the Closing Date; provided, however,
that CMAC shall not, without the prior written consent of Reliance which consent
shall not be unreasonably withheld, change any tax election affecting Reliance,
file any amended return or enter into any compromise or settlement of any audit
or contest which could result in an Adjustment giving rise to a liability for
Federal Taxes of Reliance, or decreasing the amount of any refund of Federal
Taxes of Reliance. Notwithstanding the foregoing, Reliance shall at its own
expense and cost, including without limitation all attorneys' fees, accountants'
fees, court costs and related expenses, pursue, defend or conduct any audit or
contest which could result in an Adjustment giving rise to a liability of
Reliance to the extent the aforementioned consent is withheld by Reliance.

         (i) Reliance, RIC, CLTIC and CMAC shall each make available to the
other party on a reasonable basis for examination and copying, books, records
and documents relevant to the determination of any Federal Taxes.

         (j) Except as specifically provided in Paragraphs 2(d) and 2(e) above,
the current tax sharing arrangement between CMAC and RIC is hereby terminated
and this Letter Agreement comprises the entire understanding between the parties
with respect to tax liabilities. Reliance, RIC and CLTIC shall have no claim
against CMAC for any amounts with respect to taxes and CMAC shall have no claim
against Reliance, RIC and CLTIC, or any affiliate thereof, for any amounts with
respect to taxes, except as provided herein. The Capital Maintenance Agreement,
dated January 5, 1987, between CMAC and Reliance is hereby terminated and
neither party thereto shall have any claim against the other relating to such
agreement.

                                      -4-
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                                      Sincerely,

                                      Commonwealth Mortgage Assurance Company

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

                                      Commonwealth Mortgage Assurance Company

                                      of Arizona

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

                                      Commonwealth Mortgage Assurance Company

                                      Service Company

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

                                      CMAC Investment Corporation

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

Accepted as of the date

first written above:

Commonwealth Land Title Insurance Company

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

                                      -5-
<PAGE>
Reliance Insurance Company

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

Reliance Group Holdings, Inc.

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

                                      -6-<PAGE>
                                                                   EXHIBIT 10.3

                                    AGREEMENT

            THIS AGREEMENT made and entered into this 25th day of January, 1995
by and between CMAC INVESTMENT CORPORATION, a corporation organized and existing
under the laws of the state of Delaware (hereinafter referred to as the
"Company") and ________ (hereinafter referred to as the "Employee").

      WHEREAS, the Employee is presently employed by the Company as its
_________; and

      WHEREAS, the Board of Directors of the Company (the "Board") recognizes
that, as is the case with many publicly-held corporations, the possibility of a
change in control of the Company exists and that such possibility, and the
uncertainty and questions it may raise among management, may result in the
departure or distraction of key management personnel to the detriment of the
Company; and

      WHEREAS, the Board has determined that appropriate steps should be taken
to reinforce and encourage the continued attention and dedication of key members
of the Company's management to their assigned duties without distraction in the
face of potentially disturbing circumstances arising from the possibility of a
change in control of the Company; and

      WHEREAS, in order to induce the Employee to remain in the employ of the
Company, the Company agrees that the Employee shall receive the compensation set
forth in this Agreement as a cushion against the financial and career impact on
the Employee in the event that Employee's employment with the Company is
terminated subsequent to a "Change of Control" (as that term is defined in
Section 1 hereof).

      NOW, THEREFORE, in consideration of the foregoing and the mutual covenants
and agreements hereinafter set forth and intending to be legally bound hereby,
the parties hereto agree as follows:

      1. DEFINITIONS. When used in this Agreement, the following terms shall
have the specific meanings shown in this Section unless the context of any
provision of this Agreement clearly requires otherwise:

      (a) "Affiliate" and "Associate" shall have the respective meanings
ascribed to such terms in Rule 12b-2 of the General Rules and Regulations under
the Securities Exchange Act of 1934, as amended (the "Exchange Act").

      (b) "Beneficial Owner" of any securities shall mean:

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      (i) that such Person or any of such Person's Affiliates or Associates,
directly or indirectly, has the right to acquire (whether such right is
exercisable immediately or only after the passage of time) pursuant to any
agreement, arrangement or understanding (whether or not in writing) or upon the
exercise of conversion rights, exchange rights, rights, warrants or options, or
otherwise; provided, however, that a Person shall not be deemed the "Beneficial
Owner" of securities tendered pursuant to a tender or exchange offer made by
such Person or any of such Person's Affiliates or Associates until such tendered
securities are accepted for payment, purchase or exchange;

      (ii) that such Person or any of such Person's Affiliates or Associates,
directly or indirectly, has the right to vote or dispose of or has "beneficial
ownership" of (as determined pursuant to Rule 13d-3 of the General Rules and
Regulations under the Exchange Act), including without limitation, pursuant to
any agreement, arrangement or understanding (whether or not in writing);
provided, however, that a Person shall not be deemed the "Beneficial Owner" of
any security under this subsection (ii) as a result of an oral or written
agreement, arrangement or understanding to vote such security if such agreement,
arrangement or understanding (A) arises solely from a revocable proxy given in
response to a public proxy or consent solicitation made pursuant to, an in
accordance with, the applicable provisions of the General Rules and Regulations
under the Exchange Act, and (B) is not then reportable by such Person on
Schedule 13D under the Exchange Act (or any comparable successor report); or

      (iii) where voting securities are beneficially owned, directly or
indirectly, by any other Person (or any Affiliate or Associate thereof) with
which such Person (or any of such Person's Affiliates or Associates) has any
agreement, arrangement or understanding (whether or not in writing) for the
purpose of acquiring, holding, voting (except pursuant to a revocable proxy
described in the proviso to subsection (ii) above) or disposing of any voting
securities of the Company;

provided, however, that nothing in this subsection (c) shall cause a Person
engaged in business as an underwriter of securities to be the "Beneficial Owner"
of any securities acquired through such Person's participation in good faith in
a firm commitment underwriting until expiration of forty (40) days after the
date of such acquisition.

      (c) "Change of Control" shall be deemed to have taken place if (i) any
Person (except for the Employee or his family, the Company or any employee
benefit plan of the Company or of any Affiliate, any Person or entity organized,
appointed or established by the Company for or pursuant to the terms of any such
employee benefit plan), together with all Affiliates and Associates of such
Person, shall become the Beneficial Owner in the aggregate of 20% or more of the
shares of the Company then outstanding and entitled to vote for directors
generally, (ii) any Person (except the Employee and his family), together with
all Affiliates and Associates of such Person purchases substantially all of the
assets of the Company, or (iii) during any twenty-four (24) month period,
individuals who at the beginning of such period constituted the Board cease for
any reason to constitute a majority thereof, unless the election, or the
nomination for election by the Company's

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stockholders, of at least seventy-five percent (75%) of the directors who were
not directors at the beginning of such period was approved by a vote of at least
seventy-five percent (75%) of the directors in office at the time of such
election or nomination who were directors at the beginning of such period.

      (d) "Person" shall mean any individual, firm, corporation, partnership or
other entity.

      (e) "Subsidiary" shall have the meaning ascribed to such term in Rule
12b-2 of the General Rules and Regulations under the Exchange Act.

      (f) "Termination Date" shall mean the date of receipt of the Notice of
Termination described in Section 2 hereof or any later date specified therein,
as the case may be.

      (g) "Termination of Employment" shall mean the termination of the
Employee's actual employment relationship with the Company.

      (h) "Termination following a Change of Control" shall mean a Termination
of Employment within two years after a Change of Control either:

            (1) initiated by the Company for any reason other than (a) the
Employee's continuous illness, injury or incapacity for a period of twelve
consecutive months or (b) for "cause", which shall mean misappropriation of
funds, habitual insobriety, substance abuse, conviction of a crime involving
moral turpitude, or gross negligence in the performance of duties, which gross
negligence has had a material adverse effect on the business, operations,
assets, properties or financial condition of the Company and its Subsidiaries
taken as a whole; or

            (2) initiated by the Employee upon the occurrence of one or more of
the following:

            (a) any failure of the Company to comply with and satisfy any of the
            conditions of this Agreement;

            (b) any change resulting in a significant reduction by the Company
            of the authority, duties or responsibilities of the Employee;

            (c) any removal by the Company of the Employee from the employment
            grade, compensation level or officer positions which the Employee
            holds as of the effective date hereof, except in connection with
            promotions to a higher office;

            (d) the requirement that the Employee undertake business travel (or
            commuting in excess of fifty miles each way) to an extent
            substantially

                                       3
<PAGE>

            greater than is reasonable and customary for the position the
            Employee holds.

      2. NOTICE OF TERMINATION. Any Termination following a Change of Control
shall be communicated by a Notice of Termination to the other party hereto given
in accordance with Section 14 hereof. For purposes of this Agreement, a "Notice
of Termination" means a written notice which (i) indicates the specific
termination provision in this Agreement relied upon, (ii) briefly summarizes the
facts and circumstances deemed to provide a basis for termination of the
Employee's employment under the provision so indicated, and (iii) if the
Termination Date is other than the date of receipt of such notice, specifies the
Termination Date (which date shall not be more than fifteen days after the
giving of such notice).

      3. BENEFITS UPON CHANGE OF CONTROL. (a). In the event of a Change of
Control (i) any stock options previously granted to the Employee under any
Company stock option or equity compensation plan which have not yet vested shall
become vested, and (ii) any restricted stock previously granted to the Employee
under any Company equity compensation plan which has not yet vested or become
freely transferable shall become vested and freely transferable.

(b). In the event of the Employee's Termination following a Change of Control
the Company shall pay to the Employee, within fifteen days after the Termination
Date, an amount in cash equal to 2.0 times (i) the Employee's then current
annual base compensation, plus (ii) the Employee's then current maximum bonus
eligibility.

(c). In the event of the Employee's Termination following a Change of Control,
the Employee shall be entitled to continued participation in the Company's life,
disability, accident and health insurance plans for a period not to exceed
thirty-six (36) months following the termination.

      4. OTHER PAYMENTS. The payment due under Section 3 hereof shall be in
addition to and not in lieu of any payments or benefits due to the Employee
under any other plan, policy or program of the Company except that no payments
shall be due to the Employee under the Company's then current severance pay plan
for employees, if any.

      5. ESTABLISHMENT OF TRUST. The Company has or will establish an
irrevocable trust fund (hereinafter referred to as the "Trust Fund") pursuant to
a trust agreement to hold assets contributed to satisfy its obligations under
this Agreement. Funding of such trust fund shall be subject to the Company's
discretion, as set forth in the trust agreement establishing the Trust Fund.
Notwithstanding the foregoing:

            (i) Upon a Change of Control of the Company, the Chief Financial
            Officer of the Company, or his authorized representative
            (hereinafter referred to collectively as the "Treasurer"), shall
            immediately remit to the Trustee of the Trust Fund as a contribution
            to the applicable trust established as part of the

                                       4
<PAGE>

            Trust Fund for the benefit of the Employee the amount due under this
            Agreement and not yet contributed to the Trustee as well as an
            amount estimated to be sufficient to pay all fees and expenses that
            may thereafter become due. The Trustee shall be under no duty to
            determine the sufficiency, or to enforce the making, of such
            contributions.

            (ii) In the event that the Chairman of the Board determines that a
            Change of Control of the Company is imminent, the Treasurer shall
            make the payments to the Trustee specified in paragraph (i) above.
            If a Change of Control of the Company shall not have occurred within
            ninety (90) days of the contribution made pursuant to this Section 5
            and the Board adopts a resolution to the effect that, for purposes
            of this Agreement, a Change of Control of the Company is not
            imminent, any amounts added to the Trust Fund pursuant to this
            Section, together with any earnings thereon, shall be paid by the
            Trustee to the Company.

      6. ENFORCEMENT.

            (a) In the event that the Company shall fail or refuse to make
payment of any amounts due the Employee under Sections 3 and 4 hereof within the
respective time periods provided therein, the Company shall pay to the Employee,
in addition to the payment of any other sums provided in this Agreement,
interest, compounded daily, on any amount remaining unpaid from the date payment
is required under Section 3 and 4, as appropriate, until paid to the Employee,
at the rate from time to time announced by PNC Bank as its "prime rate" plus 2%,
each change in such rate to take effect on the effective date of the change in
such prime rate.

            (b) It is the intent of the parties that the Employee not be
required to incur any expenses associated with the enforcement of his rights
under this Agreement by arbitration, litigation or other legal action because
the cost and expense thereof would substantially detract from the benefits
intended to be extended to the Employee hereunder. Accordingly, the Company
shall pay the Employee on demand the amount necessary to reimburse the Employee
in full for all expenses (including attorney's fees and legal expenses) incurred
by the Employee in enforcing any of the obligations of the Company under this
Agreement.

      7. NO MITIGATION. The Employee shall not be required to mitigate the
amount of any payment or benefit provided for in this Agreement by seeking other
employment or otherwise, nor shall the amount of any payment or benefit provided
for herein be reduced by any compensation earned by other employment or
otherwise.

      8. NON-EXCLUSIVITY OF RIGHTS. Nothing in this Agreement shall prevent or
limit the Employee's continuing or future participation in or rights under any
benefit, bonus, incentive or other plan or program provided by the Company or
any of its Subsidiaries or Affiliates and for which the Employee may qualify;
provided, however, that with respect to

                                       5
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a Termination following a Change of Control, the Employee hereby waives the
Employee's right to receive any payments under any severance pay plan or similar
program applicable to other employees of the Company, and agrees to accept the
payment provided in Section 3(b) above in lieu of any other severance pay plan
or similar program.

      9. NO SET-OFF. The Company's obligation to make the payments provided for
in this Agreement and otherwise to perform its obligations hereunder shall not
be affected by any circumstances, including, without limitation, any set-off,
counterclaim, recoupment, defense or other right which the Company may have
against the Employee or others.

      10. TAXES. Any payment required under this Agreement shall be subject to
all requirements of law with regard to the withholding of taxes, filing, making
of reports and the like, and the Company shall use its best efforts to satisfy
promptly all such requirements.

      11. ADJUSTMENT FOR TAXES. In the event that either the Company's
independent public accountants or the Internal Revenue Service determine that
any payment, coverage, benefit or benefit acceleration provided to the Employee,
whether specifically provided for in this Agreement or otherwise, is subject to
the excise tax imposed by Section 4999 (or any successor provision) ("Section
4999") of the Code, the Company, within thirty (30) days thereafter, shall pay
to the Executive, in addition to any other payment, coverage or benefit due and
owing hereunder, an amount determined by multiplying the rate of excise tax then
imposed by Section 4999 by the amount of the "excess parachute payment" received
by the Executive (determined without regard to any payments made to the
Executive pursuant to this paragraph) and dividing the product so obtained by
the amount obtained by subtracting the aggregate local, estate and Federal
income tax rate applicable to the receipt by the Employee of the "excess
parachute payment" (taking into account the deductibility for Federal income tax
purposes of the payment of state and local income taxes thereon) from the amount
obtained by subtracting from 1.00 the rate of excise tax then imposed by Section
4999 of the Code, it being the Company's intention that the Employee's net after
tax position be identical to that which would have obtained had Sections 280G
and 4999 not been a part of the Code.

      12. TERM OF AGREEMENT. The term of this Agreement shall be for 3 years
from the date hereof and shall be automatically renewed for successive one-year
periods unless the Company notifies the Employee in writing that this Agreement
will not be renewed at least sixty (60) days prior to the end of the current
term; provided, however, that (i) after a Change of Control during the term of
this Agreement, this Agreement shall remain in effect until all of the
obligations of the parties hereunder are satisfied or have expired, and (ii)
this Agreement shall terminate if, prior to a Change of Control, the employment
of the Employee with the Company or any of its Subsidiaries, as the case may be,
shall terminate for any reason, or if the Employee shall cease to be an
Employee.

      13. SUCCESSOR COMPANY. The Company shall require any successor or
successors (whether direct or indirect, by purchase, merger, consolidation or
otherwise)

                                       6
<PAGE>

to all or substantially all of the business and/or assets of the Company, by
agreement in form and substance satisfactory to the Employee, to acknowledge
expressly that this Agreement is binding upon and enforceable against the
Company in accordance with the terms hereof, and to become jointly and severally
obligated with the Company to perform this Agreement in the same manner and to
the same extent that the Company would be required to perform if no such
succession or successions had taken place. Failure of the Company to obtain such
agreement prior to the effectiveness of any such succession shall be a breach of
this Agreement. As used in this Agreement, the Company shall mean the Company as
hereinbefore defined and any successor or successors to its business and/or
assets, jointly and severally.

      14. NOTICE. All notices and other communications required or permitted
hereunder or necessary or convenient herewith shall be in writing and shall be
delivered personally or mailed by registered or certified mail, return receipt
requested, or by overnight express courier service, as follows:

      If to the Company, to:

             CMAC Investment Corporation
             1601 Market Street
             Philadelphia, PA 19103
             Attention: Corporate Secretary

      If to the Employee, to:

             _________________

             _________________

             _________________

or to such other names or addresses as the Company or the Employee, as the case
may be, shall designate by notice to the other party hereto in the manner
specified in this Section 14; provided, however, that if no such notice is given
by the Company following a Change of Control, notice at the last address of the
Company or to any successor pursuant to Section 13 hereof shall be deemed
sufficient for the purposes hereof. Any such notice shall be deemed delivered
and effective when received in the case of personal delivery; five days after
deposit, postage prepaid, with the U.S. Postal Service in the case of registered
or certified mail; or on the next business day in the case of an overnight
express courier service.

      15. GOVERNING LAW. This Agreement shall be governed by and construed by
and interpreted under the laws of the Commonwealth of Pennsylvania without
giving effect to any conflict of laws provisions.

      16. CONTENTS OF AGREEMENTS, AMENDMENT AND ASSIGNMENT.

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<PAGE>

      (a) This Agreement supersedes all prior agreements, including that certain
employment agreement between the Employee and the Company dated August 2, 1992,
and sets forth the entire understanding between the parties hereto with respect
to the subject matter hereof and cannot be changed, modified, extended or
terminated except upon written amendment executed by the Employee and approved
by the Board and executed on the Company's behalf by a duly authorized officer.
The provisions of this Agreement may provide for payments to the Employee under
certain compensation or bonus plans under circumstances where such plans would
not provide for the payment thereof. It is the specific intention of the parties
that the provisions of this Agreement shall supersede any provisions to the
contrary in such plans, and such plans shall be deemed to have been amended to
correspond with this Agreement without further action by the Company or the
Board.

      (b) Nothing in this Agreement shall be construed as giving the Employee
any right to be retained in the employ of the Company.

      (c) All of the terms and provisions of this Agreement shall be binding
upon and inure to the benefit of and be enforceable by the respective heirs,
representatives, successors and assigns of the parties hereto, except that the
duties and responsibilities of the Employee and the Company hereunder shall not
be assignable in whole or in part by the Company.

      17. SEVERABILITY. If any provision of this Agreement or application
thereof to anyone or under any circumstances shall be determined to be invalid
or unenforceable, such invalidity or unenforceability shall not affect any other
provisions or applications of this Agreement which can be given effect without
the invalid or unenforceable provision or application.

      18. REMEDIES CUMULATIVE; NO WAIVER. No right conferred upon the Employee
by this Agreement is intended to be exclusive of any other right or remedy, and
each and every such right or remedy shall be cumulative and shall be in addition
to any other right or remedy given hereunder or now or hereafter existing at law
or in equity. No delay or omission by the Employee in exercising any right,
remedy or power hereunder or existing at law or in equity shall be construed as
a waiver thereof, including, without limitation, any delay by the Employee in
delivering a Notice of Termination pursuant to Section 2 hereof after an event
has occurred which would, if the Employee had resigned, have constituted a
Termination following a Change of Control pursuant to Section 1(1)(ii) of this
Agreement.

      19. MISCELLANEOUS. All section headings are for convenience only. This
Agreement may be executed in several counterparts, each of which is an original.
It shall not be necessary in making proof of this Agreement or any counterpart
hereof to produce or account for any of the other counterparts.

                                       8
<PAGE>

      IN WITNESS WHEREOF, the undersigned, intending to be legally bound, have
executed this Agreement as of the date first above written.

CMAC INVESTMENT CORPORATION

BY: __________________________                 _______________________________
                                               [ EMPLOYEE ]

ATTEST: ______________________

                                       9

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