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Novation Agreement Attachment A Novation Agreement NOVATION AGREEMENT This NOVATION AGREEMENT, dated as of September 14, 2012 (this “Agreement” ), by and between Financial Guaranty Insurance Company, a New York stock insurance company (“FGIC ”), and National Public Finance Guarantee Corporation (formerly named MBIA Insurance Corp. of Illinois), a New York stock insurance company (“National ” and, together with FGIC, the “Parties ”). RECITALS WHEREAS , FGIC and MBIA Insurance Corporation, a New York stock insurance company (“MBIA ”), entered into (i) a Reinsurance Agreement, dated as of September 30, 2008 (the “Reinsurance Agreement ”), pursuant to which FGIC ceded as reinsurance to MBIA, and MBIA assumed as reinsurance from FGIC, the interest of FGIC in and to, and the risks associated with each of the Covered Policies (as defined below) (net of certain pre-existing third party reinsurance relating to the Covered Policies provided to FGIC), and (ii) an Administrative Services Agreement, dated as of December 1, 2008 (the “Administrative Services Agreement ”), pursuant to which MBIA agreed to provide all administrative and other services on behalf of and for FGIC with respect to the Covered Policies; WHEREAS , pursuant to an Assignment and Assumption Agreement, dated as of February 17, 2009 (the “Assignment and Assumption Agreement ”), MBIA assigned to National all of its rights, interests, obligations and liabilities under the Reinsurance Agreement, effective as of January 1, 2009, and National assumed the same; WHEREAS , in connection with the Assignment and Assumption Agreement, National and MBIA entered into a subcontracting arrangement, whereby National agreed to provide all services required to be performed by MBIA under the Administrative Services Agreement; and WHEREAS , FGIC desires to transfer by novation to National the Covered Policies, the Covered Policy Liabilities (as defined below) and the Covered Policy Rights (as defined below), and National desires to accept such transfer by novation and assume the Covered Policies, the Covered Policy Liabilities and the Covered Policy Rights, all on the terms and subject to the conditions provided herein. NOW, THEREFORE , in consideration of the foregoing and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows: ARTICLE I DEFINITIONS 1.1 Definitions . As used in this Agreement, the following terms shall have the meanings set forth below: (a) “Administrative Services Agreement ” shall have the meaning set forth in the recitals to this Agreement. (b) “Affiliate ” means, with respect to any particular Person, any other Person which, directly or indirectly, controls or is controlled by or under common control with such particular Person. A Person will be “controlled by” any other Person if such Person possesses, directly or indirectly, the power to direct or cause the direction of the management and policies of such Person, whether through the ownership of voting securities, contract, or otherwise. (c) “Agreement ” shall have the meaning set forth in the preamble to this Agreement. (d) “Assignment and Assumption Agreement ” shall have the meaning set forth in the recitals to this Agreement. (e) “Business Day ” means any day other than a day on which banks in the State of New York are permitted or required to be closed. (f) “Court Order ” means an order of the Rehabilitation Court in the Proceeding approving this Agreement and ordering that the Covered Policies, the Covered Policy Rights and the Covered Policy Liabilities shall be legally novated from FGIC to National in accordance with the terms and conditions of this Agreement. (g) “Covered Policy ” means each Policy written by FGIC and reinsured by National (as assignee of MBIA) pursuant to the Reinsurance Agreement, as set forth on Schedule 1 . (h) “Covered Policy Liabilities ” means the Liabilities of FGIC pursuant to the terms and conditions of the Covered Policies. For the avoidance of doubt, neither the term “Covered Policy” nor the term “Covered Policy Liabilities” shall include (i) any FGIC Extra Contractual Obligations, (ii) any Liabilities of FGIC arising out of or relating to any agreement, contract, instrument or other document included in the definition of Covered Policy Rights, other than to the extent (x) pursuant to the terms and conditions of the Covered Policies or (y) arising out of any action or inaction of National or any of its Affiliates, (iii) any Liabilities of FGIC arising out of FGIC’s entry into this Agreement and the consummation of 2 the transactions contemplated hereby and (iv) any Liabilities of FGIC or any of its Affiliates arising from or relating to litigation known as AMBAC Bond Insurance Cases and the City of Phoenix vs. Ambac Assurance Corporation, MBIA Insurance Corporation and Financial Guaranty Insurance Company or litigation on substantially similar matters; provided that this exclusion (iv) shall not include amounts payable pursuant to the terms and conditions of the Covered Policies. (i) “Covered Policy Rights ” means the rights of FGIC under or with respect to the Covered Policies and the rights of FGIC, as the original insurer, surety or similar capacity under the Covered Policies, under any agreement, contract, instrument or other document relating to the Covered Policies or any obligations insured by the Covered Policies. For the avoidance of doubt, Covered Policy Rights shall not include Third Party Reinsurance or any other reinsurance coverage of risks under any of the Covered Policies or FGIC’s rights thereunder. (j) “Covered Policyholder ” means for each Covered Policy the holder or beneficiary of such Covered Policy as set forth therein. (k) “Documents ” shall have the meaning set forth in Section 3.1(b) of this Agreement. (l) “Extra Contractual Obligations ” means, with respect to any Person, all liabilities (i) for compensatory, consequential, exemplary, punitive or similar damages which directly relate to any alleged or actual act, error, omission, fraud or misrepresentation by such Person, any of its Affiliates or any of its or its Affiliates’ officers or employees, whether intentional or otherwise or (ii) from any actual or alleged reckless conduct or bad faith by such Person, any of its Affiliates or any of its or its Affiliates’ officers or employees in connection with such Person’s handling of any claim under any of the Covered Policies (including the settlement, defense of, or appeal of any claim) or in connection with the issuance, offer, sale, delivery, cancellation or administration by such Person or any of its Affiliates or any of its or its Affiliates’ officers or employees of any of the Covered Policies. (m) “FGIC ” shall have the meaning set forth in the preamble to this Agreement. (n) “FGIC Extra Contractual Obligations ” means any and all Extra Contractual Obligations to the extent arising out of any action or inaction of FGIC or any of its Affiliates. (o) “Final Order ” means an order or judgment of a court of competent jurisdiction entered on the docket maintained by the clerk of such court that has not been reversed, vacated or stayed and as to which (i) the time 3 to appeal, petition for certiorari or move for a new trial, reargument or rehearing has expired and as to which no appeal, petition for certiorari or other proceedings for a new trial, reargument or rehearing shall then be pending, or (ii) if an appeal, writ of certiorari , new trial, reargument or rehearing thereof has been sought, (a) such order or judgment shall have been affirmed by the highest court to which such order was appealed, leave to appeal or certiorari shall have been denied or a new trial, reargument or rehearing shall have been denied or resulted in no modification of such order or otherwise been dismissed with prejudice, and (b) the time to take any further appeal, petition for certiorari , or move for a new trial, reargument or rehearing shall have expired; provided , however , that the possibility that a motion under Rule 60 of the Federal Rules of Civil Procedure, Rule 5015 of the New York Civil Practice Law and Rules, or any analogous rule, may be filed relating to such order shall not prevent such order from being a Final Order. (p) “Governmental Authority ” means any federal, state, local or foreign government or any subdivision, agency, instrumentality, authority, self- regulatory organization, department, commission, board or bureau thereof or any federal, state, local or foreign court or tribunal. (q) “Liabilities ” means any and all claims, losses, exposures, risks, liabilities, expenses and other obligations of any kind or nature, whether based in contract, tort or otherwise, whether known, unknown, asserted, not asserted, absolute, contingent, accrued, unaccrued, disputed, undisputed, or otherwise, and whether incurred, existing or arising before, on or after the Novation Effective Date. (r) “Master Agreement ” shall have the meaning set forth in Section 2.3(a) of this Agreement. (s) “Material Adverse Effect ” means a material adverse effect on (i) the ability of the applicable Party to consummate the transactions contemplated by this Agreement, (ii) the ability of the applicable Party to perform its obligations under this Agreement or (iii) the effectiveness of the novation of the Covered Policies, the Covered Policy Rights or the Covered Policy Liabilities as contemplated by this Agreement. (t) “MBIA ” shall have the meaning set forth in the recitals to this Agreement. (u) “National ” shall have
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