Exhibit 10.25
Rabobank
New York Branch
000 Xxxx Xxxxxx
Xxx Xxxx, XX 00000-0000 X.X.X.
212-916-7800
April 26, 1999
Ambac Assurance Corporation
Xxx Xxxxx Xxxxxx Xxxxx
Xxx Xxxx, Xxx Xxxx 00000
Attn: Xxxx Xxxx
Deutsche Bank AG,
New York Branch, as Agent
00 Xxxx 00xx Xxxxxx
Xxx Xxxx, Xxx Xxxx 00000
Acceptance Notice
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Ladies and Gentlemen:
Reference is hereby made to the Amended and Restated Credit Agreement dated
as of December 2, 1998 (the "Credit Agreement"), among Ambac Assurance
Corporation (the "Borrower"), the Banks party thereto from time to time and
Deutsche Bank AG, New York Branch, as Agent (the "Agent"), and (b) the Increase
Request dated April 23, 1999 delivered by the Borrower. Terms defined in the
Credit Agreement are used herein as therein defined unless otherwise defined
herein.
The undersigned Bank is a Triple-A Bank (as defined in the Increase Request
referred to above) and is willing to increase the amount of its Commitment by
$20,000,000.
In the event that our offer in the next preceding sentence is accepted by
the Borrower by executing the acceptance below and returning an accepted copy to
the undersigned Bank (with a copy to the Agent) on or prior to May 3, 1999, then
our Commitment shall, effective as of May 3, 1999, be increased by the amount
set forth in the next preceding paragraph and we agree that we will perform in
accordance with their terms all of the obligations which by the terms of the
Credit Agreement are required to be performed by it as a Bank with such an
increased Commitment.
If our Commitment is so increased, we understand that, upon the surrender
by us to the Borrower of the Note previously issued to us, a new Note will be
issued to us in the stated amount of our increased Commitment.
Very truly yours,
COOPERATIVE CENTRALE
RAIFFEISEN-BOERENLEENBANK
B.A., "RABOBANK NEDERLAND",
NEW YORK BRANCH
By: /s/ Xxxxxx X. Xxxxxx
-----------------------------------
Name: Xxxxxx X. Xxxxxx
Title: Vice President
By: /s/ Xxxxxx xx Xxxxxxx Thege
-----------------------------------
Name: Xxxxxx xx Xxxxxxx Xxxxx
Title: Managing Director
ACCEPTED:
AMBAC ASSURANCE CORPORATION
By: /s/ Xxxxxx X. Xxxxx
--------------------------------
Name: Xxxxxx X. Xxxxx
Title: First Vice President
ACKNOWLEDGED:
DEUTSCHE BANK AG,
New York Branch, as Agent
By: /s/ Xxx Xxxxxxxx
--------------------------------
Name: Xxx Xxxxxxxx
Title: Vice President
