EXHIBIT 10.24

                 FIRST EXTENSION OF COMMITMENT TERMINATION DATE
                        UNDER REVOLVING CREDIT AGREEMENT
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     FIRST EXTENSION (this "Extension") dated as of June 9, 2000, under the
Revolving Credit Agreement, dated as of July 1, 1999 (the "Credit Agreement") by
and among AMBAC CREDIT PRODUCTS, LLC, a Delaware limited liability company (the
"Borrower"), the banks, financial institutions and other institutional lenders
from time to time party thereto (collectively, together with their respective
assigns, the "Lenders", and each a "Lender"), and THE BANK OF NEW YORK, as Agent
for the Lenders (in such capacity, together with its successors in such
capacity, the "Agent").

                                    RECITALS
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     A.  The Borrower has requested that the Commitment Termination Date be
extended for a 364-day period from the current Commitment Termination Date and
the Lenders agree to such extension, subject to the terms and conditions set
forth below.

     B.  Capitalized terms used herein that are defined in the Credit Agreement
and are not otherwise defined herein shall have the respective meanings ascribed
thereto in the Credit Agreement.

     Accordingly, in consideration of the Recitals and the covenants, conditions
and agreements hereinafter set forth, and for other good and valuable
consideration, the receipt and adequacy of which are hereby acknowledged, the
parties hereto agree as follows:

          Section 1.1  Extension of Maturity Date.  Notwithstanding the
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procedures set forth in Section 2.16 of the Credit Agreement, the Agent and each
of the Lenders hereby consents to the extension of the Commitment Termination
Date for a period of 364 days from the current Commitment Termination Date.
Accordingly, the new Commitment Termination Date shall be June 28, 2001.

          Section 1.2  Amendment to Credit Agreement.  The Credit Agreement and
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the other Loan Documents shall each be deemed amended hereby to the extent
necessary, if any, to give effect to the provisions of this Extension.

          Section 1.3  References in the Credit Agreement.  All references in
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the Credit Agreement and the other Loan Documents to:  (i) the "Credit
Agreement", and also in the case of the Credit Agreement to "this Agreement",
shall be deemed to refer to the Credit Agreement, as amended hereby, and (ii)
the "Loan Documents" shall be deemed to include this Extension.


          Section 1.4  Representations and Warranties.    The Borrower hereby
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represents and warrants that (i) there exists no Default or Event of Default on
the date hereof, and (ii) the representations and warranties contained in the
Credit Agreement, are true and correct in all material respects on and as of the
date hereof (it being understood and agreed that any representation or warranty
which expressly refers by its terms to a specified date shall be required to be
true and correct in all material respects only as of such date).

          Section 1.5 Miscellaneous.
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          (a) Except as amended hereby, the Credit Agreement and the other Loan
Documents are hereby ratified and confirmed in all respects and shall remain in
full force and effect in accordance with their respective terms.

          (b) This Extension may be executed in any number of counterparts, each
of which shall be an original and all of which shall constitute one agreement.
It shall not be necessary in making proof of this Extension to produce or
account for more than one counterpart signed by the party against which
enforcement is sought.

          (c) THIS EXTENSION IS BEING DELIVERED IN AND IS INTENDED TO BE
PERFORMED IN THE STATE OF NEW YORK AND SHALL BE CONSTRUED AND ENFORCEABLE AND BE
GOVERNED BY, THE INTERNAL LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO
PRINCIPLES OF CONFLICT OF LAWS.

     AS EVIDENCE of the agreement by the parties hereto to the terms and
conditions herein contained, each such party has caused this Extension to be
executed on its behalf as of the date first written above.

                              AMBAC CREDIT PRODUCTS, LLC

                              By:___________________________
                              Name:_________________________
                              Title:________________________

                              THE BANK OF NEW YORK, in its capacity
                              as a Lender and in its capacity as the Agent

                              By:___________________________
                              Name:_________________________
                              Title:________________________


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