EXHIBIT 10.34
[LOGO] WACHOVIA
February 5, 2003
Radian Group Inc.
0000 Xxxxxx Xxxxxx
Xxxxxxxxxxxx, XX
00000-0000
Attn: Xxxxx Xxxxxxx
Dear Xxxxx:
As we discussed, Wachovia Bank, National Association (referred to herein as
"Wachovia" and formerly known as First Union National Bank) is pleased to
confirm its agreement to extend the maturity date of the Radian Group Inc.'s
("Radian") existing $50,000,000 364-Day Revolving Credit Facility from February
7, 2003 to May 30, 2003. Therefore, the parties hereby agree that the definition
of "Maturity Date" in the Credit Agreement between Radian and First Union
National Bank (now known as Wachovia), dated as of February 8, 2002 (the "Credit
Agreement") shall be deleted and replaced, effective as of the date hereof, with
the following definition: "Maturity Date" shall mean May 30, 2003. All other
terms and conditions of the Credit Agreement shall remain in full force and
effect.
As consideration for Xxxxxxxx's commitment, Xxxxxx hereby agrees to pay the
following non-refundable fee to Xxxxxxxx:
(1) a 6.5 bps upfront fee ($10,021), which fee shall be due and payable in
full on February 7, 2003. The upfront fee was calculated on an
actual/360-day basis commencing on the execution date through the
maturity date.
Xxxxxx agrees that, once paid, the fee or any part thereof payable hereunder
will not be refundable under any circumstances. All fees payable hereunder will
be paid in immediately available funds.
If Xxxxxx is in agreement with the foregoing, please indicate your
acceptance of the terms hereof by signing this letter agreement and returning it
to Wachovia.
Very truly yours,
/s/ Xxx Xxxxxxx
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WACHOVIA BANK, NATIONAL ASSOCIATION
By: Xxx Xxxxxxx
Title: Director
Agreed to and accepted as of the date
first above written:
RADIAN GROUP INC .
By: /s/ Xxxxx Xxxxxxx
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Title: Treasurer
