Common use of WLACC Outstanding Clause in Contracts

WLACC Outstanding. The remaining net par outstanding, inclusive of the impact of any ART Transactions executed by the Company during the Performance Period, for watch list and adversely classified credits as identified at the beginning of the Performance Period (“WLACC”) by AFG and its subsidiaries, including AAC and Ambac Assurance UK Limited (“Ambac UK”). For purposes of this award, WLACC amounts will exclude new credits added during the Performance Period4, including credits added through reinsurance recaptures. Additionally, the WLACC net par outstanding at the beginning of performance period shall incorporate accreted par outstanding at the beginning of the performance period for the following three capital appreciation bond exposures:

WLACC Outstanding. The remaining net par outstanding, inclusive of the impact of any ART Transactions executed by the Company during the Performance Period, for watch list and adversely classified credits as identified at the beginning of the Performance Period (“WLACC”) by AFG and its subsidiaries, including AAC and Ambac Assurance UK Limited (“Ambac UK”). For purposes of this award, WLACC amounts will exclude new credits added during the Performance Period4, including credits added through reinsurance recaptures. Additionally, the WLACC net par outstanding at the beginning of performance period shall incorporate accreted par outstanding at the beginning of the performance period for the following three capital appreciation bond exposures:: ______________________________

WLACC Outstanding. The remaining net par outstanding, inclusive of the impact of any ART Transactions executed by the Company during the Performance Period, for watch list and adversely classified credits as identified at the beginning of the Performance Period (“WLACC”) by AFG and its subsidiaries, including AAC and Ambac Assurance UK Limited (“Ambac UK”). For purposes of this award, WLACC amounts will exclude new credits added during the Performance Period4Period, including credits added through reinsurance recaptures. Additionally, the WLACC net par outstanding at the beginning of performance period period4 shall incorporate accreted par outstanding at the beginning of the performance period for the following three capital appreciation bond exposures:: _______________________________