MBIA INC
AMENDED AND RESTATED NET WORTH MAINTENANCE AGREEMENT
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<DESCRIPTION>AMENDED AND RESTATED NET WORTH MAINTENANCE AGREEMENT
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  <p align=right><font size="2" face="Times New Roman"><b>Exhibit 10.05</b></font></p> <p align="center"> <font size="2" face="Times New Roman"><u>AMENDED AND RESTATED NET WORTH MAINTENANCE AGREEMENT</u></font></p> <p>
<font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMENDED AND RESTATED NET WORTH MAINTENANCE AGREEMENT, dated as of the 1<sup>st</sup> day of April 2002 , by and between Municipal Bond Investors
Assurance Corporation, a corporation organized and existing under the laws of the State of New York (&#147;MBIA&#148;), and MBIA Assurance S.A., a corporation organized and existing under the laws of the Republic of France
(&#147;Assurance&#148;);</font></p> <p align="center"> <font size="2" face="Times New Roman"><u>W I T N E S S E T H</u></font></p> <p> <font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS,
Assurance is a wholly-owned subsidiary of MBIA;</font></p> <p> <font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, MBIA and Assurance are parties to a Net Worth Maintenance Agreement dated the
1<sup>st</sup> day of January, 1991, , as amended&#160; (the &#147;Original Agreement&#148;), whereby MBIA&#160; agrees to cause Assurance to maintain a minimum capital and surplus position as set forth in the Original Agreement; and</font></p> <p>
<font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, the parties desire to amend and restate the Original Agreement (including the amendment thereto) as set forth below in order to respond to
certain requests made the French Insurance Commissioner.</font></p> <p> <font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOW, THEREFORE, in consideration of the covenants and understandings contained
herein and upon the terms and conditions set forth below, the parties agree that the Original Agreement (including the amendment thereto) is hereby Amended and Restated as of the date set forth above as follows: </font></p> <p> <font size="2"
face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.&#160; <u>Capital Stock</u>.&#160; MBIA shall own (either directly or indirectly through a wholly-owned intermediate subsidiary) not less than 100.0% of the
outstanding capital stock of Assurance.</font></p> <p><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MBIA shall not (directly or indirectly) create, incur, assume or suffer to exist any lien on the
capital stock of Assurance.</font></p> <p> <font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.&#160; <u>Net Worth Maintenance</u>.&#160; In consideration of the value to MBIA that Assurance
have the highest possible claims-paying rating, MBIA hereby agrees to cause Assurance to maintain a minimum capital and surplus position of FFr. 30 million or such greater amount as shall be required now or in the future by French law or French
regulatory authorities; provided however, any contributions by MBIA for such purpose shall in no event exceed 35% of MBIA&#146;s policyholders&#146; surplus on an accumulated basis as determined by the laws of the State of New York. Further,
contributions by MBIA hereunder shall be made in compliance with &#167;1505 of the New York Insurance Law; provided that MBIA hereby confirms that it may make single contributions to MBIA Assurance that do not exceed $200 million each without taking
any additional actions under &#167;1505 of the New York Insurance Law with respect to any such single contribution.</font></p> <p> <font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.&#160;
<u>Payment obligation and Determination</u>.</font></p>
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<td width="4%" valign="top"> <p> <font size="2" face="Times New Roman">(a)</font></p> </td>
<td width="91%" valign="top"> <p> <font size="2" face="Times New Roman">Assurance agrees to take all actions in a timely manner to require MBIA to make the contributions required of MBIA pursuant to Section 2 of this Agreement.</font></p> </td>
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<td width="4%" valign="top"> <p> <font size="2" face="Times New Roman">(b)</font></p> </td>
<td width="91%" valign="top"> <p> <font size="2" face="Times New Roman">In the event of any dispute as to the amount required to be contributed by MBIA pursuant to Section 2 of this Agreement, the determination of such amount will be made by the
firm of independent public accountants employed at the time&#146; to make audits of the books and records of Assurance and any such determination so made shall be final and binding for all purposes.&#160; Determination by the</font></p> </td> </tr>
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<td width="91%" valign="top"> <p><font size="2" face="Times New Roman">independent public accountants shall be made promptly, as time is of the essence in such determination.</font></p> </td> </tr>
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<td width="4%" valign="top"> <p> <font size="2" face="Times New Roman">(c)</font></p> </td>
<td width="91%" valign="top"> <p> <font size="2" face="Times New Roman">To the extent that any contributions are required to be made by MBIA under the terms of this Agreement, such contributions will be made in cash so that Assurance will be able to
meet its obligations as they become due.</font></p> </td> </tr> </table> <p> <font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.&#160; <u>Representations and Warranties</u>.&#160; MBIA hereby
represents and warrants as follows:</font></p> <p> <font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MBIA is a corporation duly organized and validly existing under the
laws of the State of New York and has full power, authority and legal right to own its assets and to transact its business and to execute, deliver and perform this Agreement, and has taken all necessary corporate and legal action to authorize the
execution, delivery and performance of this Agreement;</font></p> <p> <font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Agreement constitutes a legal, valid and
binding obligation of MBIA enforceable in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors&#146; rights
generally; and</font></p> <p> <font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The execution, delivery and performance by MBIA of this Agreement will not violate, or
require any consent, filing, approval or other action pursuant to, the Certificate of Incorporation, By-Laws or other corporate rules of MBIA or any provision of any law or regulation or of any judgment, order or decree of any court, arbitrator or
governmental authority or of any agreement of any nature binding upon MBIA or its assets.</font></p> <p><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.&#160; <u>Amendments</u>.&#160; This
Agreement may be amended only by an instrument in writing executed by the parties, hereto, which amendment will only be effective after S&amp;P and Moody&#146;s have &#145;stated in writing to Assurance that such amendment will not result in a
lowering or withdrawal of the claims paying rating of Assurance. </font></p> <p> <font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.&#160; <u>Governing Law</u>.&#160; This Agreement shall be a
contract under, be governed by, and construed and interpreted in accordance with the laws of the State of New York.</font></p> <p> <font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.&#160;
<u>Forum Non Conveniens</u>.&#160; MBIA agrees to waive any right to stay or to dismiss any action or proceeding brought against it before the courts of France on the basis of forum non conveniens.</font></p> <p> <font size="2"
face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF, this Agreement is made and entered into as of the day and year first above written.</font></p>
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<td width="31%" colspan="3" valign="bottom"> <p> <font size="2" face="Times New Roman">MBIA I<small>NSURANCE</small> C<small>ORPORATION</small></font></p> </td>
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<td width="26%" colspan="2" valign="bottom"> <p align="center"><font size="1" face="Times New Roman"><b>Managing Director</b></font></p> </td>
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<td width="31%" colspan="2" valign="bottom"> <p><font size="2" face="Times New Roman">MBIA A<small>SSURANCE</small> S.A.</font></p> </td>
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<td width="26%" valign="bottom"> <p align="center"><font size="1" face="Times New Roman"><b>President</b></font></p> </td>
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