<SEC-DOCUMENT>0001157523-12-006186.txt : 20121126
<SEC-HEADER>0001157523-12-006186.hdr.sgml : 20121126
<ACCEPTANCE-DATETIME>20121126084008
ACCESSION NUMBER:		0001157523-12-006186
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20121121
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20121126
DATE AS OF CHANGE:		20121126

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MBIA INC
		CENTRAL INDEX KEY:			0000814585
		STANDARD INDUSTRIAL CLASSIFICATION:	SURETY INSURANCE [6351]
		IRS NUMBER:				061185706
		STATE OF INCORPORATION:			CT
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-09583
		FILM NUMBER:		121223218

	BUSINESS ADDRESS:	
		STREET 1:		113 KING ST
		CITY:			ARMONK
		STATE:			NY
		ZIP:			10504
		BUSINESS PHONE:		914-273-4545

	MAIL ADDRESS:	
		STREET 1:		113 KING ST
		CITY:			ARMONK
		STATE:			NY
		ZIP:			10504
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>a50486909.htm
<DESCRIPTION>MBIA INC. 8-K
<TEXT>
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      <br>
      <font style="font-size: 18pt"><b>UNITED STATES</b></font><br><font style="font-family: Times New Roman; font-size: 18pt"><b>SECURITIES
      AND EXCHANGE COMMISSION</b></font><br><font style="font-family: Times New Roman; font-size: 14pt"><b>Washington,
      D.C. 20549</b></font><br><br><font style="font-family: Times New Roman; font-size: 18pt"><b>FORM
      8-K</b></font><br><br><font style="font-family: Times New Roman; font-size: 14pt"><b>CURRENT
      REPORT</b></font><br><br><font style="font-family: Times New Roman; font-size: 10pt">Pursuant
      to Section 13 or 15(d) of</font><br><font style="font-family: Times New Roman; font-size: 10pt">
      the Securities Exchange Act of 1934</font><br><br><br><font style="font-family: Times New Roman; font-size: 10pt">Date
      of Report (Date of earliest event reported): November 26, 2012&#160;(November
      21, 2012)</font><br><br><font style="font-size: 18pt"><b>MBIA INC.</b></font><br><font style="font-family: Times New Roman; font-size: 10pt">(Exact
      name of registrant as specified in its charter)</font><br><br>
    </p>
    <div style="text-align:center">
    <table cellspacing="0" style="font-family: Times New Roman; width: 100%; margin-left:auto;margin-right:auto; font-size: 10pt; margin-bottom: 10.0px">
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center; width: 33%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Connecticut</b>
          </p>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: center; width: 34%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>1-9583</b>
          </p>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: center; width: 33%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>06-1185706</b>
          </p>
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: center; width: 33%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (State or other jurisdiction of
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            incorporation)
          </p>
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: center; width: 34%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (Commission File Number)
          </p>
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: center; width: 33%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (IRS Employer Identification No.)
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>
      <br>

    </p>
<div style="text-align:left">
    <table cellspacing="0" style="font-family: Times New Roman; width: 100%; font-size: 10pt; margin-bottom: 10.0px">
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center; width: 50%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>113 King Street,<br>Armonk, New York</b>
          </p>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: center; width: 50%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>10504</b>
          </p>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center; width: 50%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-family: Times New Roman; font-size: 10pt">(Address
            of principal executive offices)</font>
          </p>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center; width: 50%">
          <font style="font-family: Times New Roman; font-size: 10pt">(Zip
          Code)</font>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: center">

    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 10pt">Registrant&#8217;s
      telephone number, including area code:</font><br><b>914-273-4545</b><br><br><br><b>Not
      Applicable</b><br><font style="font-family: Times New Roman; font-size: 10pt">(Former
      name or former address, if changed since last report)</font><br><br><br>
    </p>
    <p>
      <font style="font-family: Times New Roman; font-size: 10pt">Check the
      appropriate box below if the Form 8-K filing is intended to
      simultaneously satisfy the filing obligation of the registrant under any
      of the following provisions:</font>
    </p>
    <p>
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Written
      communications pursuant to Rule 425 under the Securities Act (17 CFR
      230.425)</font>
    </p>
    <p>
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Soliciting
      material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12)</font>
    </p>
    <p>
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Pre-commencement
      communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
      240.14d-2(b))</font>
    </p>
    <p>
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Pre-commencement
      communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
      240.13e-4(c))</font><br>
    </p>
    <hr style="color: #000000; text-align: center; width: 100%; height: 1.0 pt">


    <p>

    </p>
    <div style="width: 100%; text-indent: 0pt; margin-right: 0pt; margin-bottom: 10pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>

    </p>
    <p style="white-space: nowrap">
      <b>Item 1.01.&#160;&#160;ENTRY INTO A DEFINITIVE MATERIAL AGREEMENT.</b>
    </p>
    <p>
      On November 21, 2012, MBIA Inc. (the &#8220;Company&#8221; or &#8220;MBIA&#8221;) and The Bank
      of New York, as trustee, entered into (i) a Second Supplemental
      Indenture (the &#8220;1990 Second Supplemental Indenture&#8221;) that amended the
      Indenture, dated as of August 1, 1990 (the &#8220;1990 Indenture&#8221;), governing
      the Company&#8217;s 6.40% Senior Notes due 2022, 7.00% Debentures due 2025,
      7.15% Debentures due 2027 and 6.625% Debentures due 2028, and (ii) a
      Second Supplemental Indenture (the &#8220;2004 Second Supplemental Indenture&#8221;)
      that amended the Senior Indenture, dated as of November 24, 2004 (the
      &#8220;2004 Indenture&#8221;), governing the Company&#8217;s 5.70% Senior Notes due 2034.
    </p>
    <p>
      The 1990 Second Supplemental Indenture amends the 1990 Indenture to
      substitute one of the Company&#8217;s subsidiaries, National Public Finance
      Guarantee Corporation (&#8220;National&#8221;), for another subsidiary, MBIA
      Insurance Corporation (&#8220;MBIA Corp.&#8221;), in the definition of &#8220;Restricted
      Subsidiary&#8221; and the 2004 Second Supplemental Indenture amends the 2004
      Indenture to substitute National for MBIA Corp. in the definition of
      &#8220;Principal Subsidiaries&#8221; (together, the &#8220;Amendments&#8221;).&#160;&#160;The primary
      effect of the Amendments is to eliminate the risk that a rehabilitation
      or liquidation proceeding involving MBIA Corp. by the New York State
      Department of Financial Services would cause an event of default under
      the 1990 Indenture or the 2004 Indenture, as defined therein.
    </p>
    <p>
      The foregoing descriptions of the 1990 Second Supplemental Indenture and
      the 2004 Second Supplemental Indenture are qualified in their entirety
      by the full texts of the 1990 Second Supplemental Indenture and the 2004
      Second Supplemental Indenture, copies of which are attached hereto as
      Exhibit 4.1. and Exhibit 4.2, respectively.
    </p>
    <p>

    </p>
    <p>
      <b>Item 8.01. &#160;OTHER EVENTS.</b>
    </p>
    <p>
      On November 26, 2012, the Company issued a press release announcing the
      successful completion of the previously announced consent solicitation
      to amend the 1990 Indenture and the 2004 Indenture as described above. A
      copy of the press release is attached hereto as Exhibit&#160;99.1 and is
      incorporated herein by reference.
    </p>
    <p>

    </p>
    <p style="white-space: nowrap">
      <b>Item 9.01.&#160;&#160;FINANCIAL STATEMENTS AND EXHIBITS.</b>
    </p>
    <p>
      4.1 Second Supplemental Indenture, dated as of November 21, 2012, by and
      among MBIA Inc. and The Bank of New York Mellon, as trustee, relating to
      the Indenture, dated August 1, 1990, by and among MBIA Inc. and The
      First National Bank of Chicago, as trustee.
    </p>
    <p>
      4.2 Second Supplemental Indenture, dated as of November 21, 2012, by and
      among MBIA Inc. and The Bank of New York Mellon, as trustee, relating to
      the Senior Indenture, dated November 24, 2004, by and among MBIA Inc.
      and The Bank of New York, as trustee.
    </p>
    <p>
      99.1 Press Release issued by MBIA Inc., dated November 26, 2012.
    </p>
    <div style="width: 100%; text-indent: 0pt; margin-right: 0pt; margin-bottom: 10pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>

    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 10pt"><b>SIGNATURES</b></font>
    </p>
    <p style="font-family: Times New Roman; text-indent: 30.0px; font-size: 10pt">
      <font style="font-family: Times New Roman; font-size: 10pt">Pursuant to
      the requirements of the Securities Exchange Act of 1934, the registrant
      has duly caused this report to be signed on its behalf by the
      undersigned hereunto duly authorized.</font>
    </p>
    <p style="font-family: Times New Roman; text-indent: 30.0px; font-size: 10pt">

    </p>
<div style="text-align:left">
    <table cellspacing="0" style="font-family: Times New Roman; width: 100%; font-size: 10pt; margin-bottom: 10.0px">
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 45%">

        </td>
        <td valign="top" colspan="2" style="padding-left: 0.0px; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            MBIA INC.
          </p>
        </td>
        <td style="width: 10%">

        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 45%">

        </td>
        <td colspan="2">

        </td>
        <td style="width: 10%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 45%">

        </td>
        <td colspan="2">

        </td>
        <td style="width: 10%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 45%">

        </td>
        <td valign="top" colspan="2" style="padding-left: 0.0px; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td style="width: 10%">

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 5%; padding-bottom: 2.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 45%; padding-bottom: 2.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 3%; padding-bottom: 2.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>By</b>:
          </p>
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 37%; border-bottom: solid black 1.0pt">
          <p style="margin-top: 0px; margin-bottom: 0px">
            /s/ Ram D. Wertheim
          </p>
        </td>
        <td style="width: 10%">

        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 45%">

        </td>
        <td style="width: 3%">

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 37%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Ram D. Wertheim
          </p>
        </td>
        <td style="width: 10%">

        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 45%">

        </td>
        <td style="width: 3%">

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 37%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Chief Legal Officer
          </p>
        </td>
        <td style="width: 10%">

        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 45%">

        </td>
        <td style="width: 3%">

        </td>
        <td style="width: 37%">

        </td>
        <td style="width: 10%">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 5%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Date:
          </p>
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 45%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            November 26, 2012
          </p>
        </td>
        <td style="width: 3%">

        </td>
        <td style="width: 37%">

        </td>
        <td style="width: 10%">

        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
    <div style="width: 100%; text-indent: 0pt; margin-right: 0pt; margin-bottom: 10pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>

    </p>
    <p style="text-align: center">
      <b>EXHIBIT INDEX TO CURRENT REPORT ON FORM 8-K</b><br>Dated <font style="font-family: Times New Roman; font-size: 10pt">November
      26, 2012</font><br><br><br>
    </p>
    <p>
      4.1&#160;&#160;&#160;&#160;&#160;&#160;&#160;Second Supplemental Indenture, dated as of November 21, 2012,
      by and among MBIA Inc. and The Bank of New York Mellon, as trustee,
      relating to the Indenture, dated August 1, 1990, by and among MBIA Inc.
      and The First National Bank of Chicago, as trustee.
    </p>
    <p>
      4.2&#160;&#160;&#160;&#160;&#160;&#160;&#160;Second Supplemental Indenture, dated as of November 21, 2012,
      by and among MBIA Inc. and The Bank of New York Mellon, as trustee,
      relating to the Senior Indenture, dated November 24, 2004, by and among
      MBIA Inc. and The Bank of New York, as trustee.
    </p>
    <p>
      99.1&#160;&#160;&#160;&#160;&#160;Press Release issued by MBIA Inc., dated November 26, 2012.
    </p>
    <p>

    </p>
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<DOCUMENT>
<TYPE>EX-4.1
<SEQUENCE>2
<FILENAME>a50486909ex4_1.htm
<DESCRIPTION>EXHIBIT 4.1
<TEXT>
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    <title></title>
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  </head>
  <body style="font-family: Times New Roman; font-size: 8pt">
    <p style="text-align: right">
      <font style="font-family: Times New Roman; font-size: 8pt"><b>Exhibit 4.1</b></font>
    </p>
    <p style="text-align: center">

    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 8pt">SECOND
      SUPPLEMENTAL INDENTURE</font>
    </p>
    <p style="text-indent: 60.0px">
      <font style="font-family: Times New Roman; font-size: 8pt">SECOND
      SUPPLEMENTAL INDENTURE (the &#8220;Second Supplemental Indenture&#8221;) dated as of
      November 21, 2012, between MBIA INC., a Connecticut corporation (the
      &#8220;Issuer&#8221;), and THE BANK OF NEW YORK MELLON, a New York banking
      corporation (the &#8220;Trustee&#8221;).</font>
    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 8pt">W I T N E S S
      E T H :</font>
    </p>
    <p style="text-indent: 60.0px">
      <font style="font-family: Times New Roman; font-size: 8pt">WHEREAS, the
      Issuer has heretofore entered into the Indenture, dated as of August 1,
      1990 (the &#8220;Original Indenture&#8221;), with the Trustee;</font>
    </p>
    <p style="text-indent: 60.0px">
      <font style="font-family: Times New Roman; font-size: 8pt">WHEREAS, the
      Original Indenture is incorporated herein by this reference and the
      Original Indenture, as supplemented by the First Supplemental Indenture,
      dated as of August 22, 2002, between the Issuer and the Trustee, and as
      further supplemented by this Second Supplemental Indenture, is herein
      called the &#8220;Indenture&#8221;;</font>
    </p>
    <p style="text-indent: 60.0px">
      <font style="font-family: Times New Roman; font-size: 8pt">WHEREAS, all
      capitalized terms used herein without definition shall have the meanings
      specified in the Indenture;</font>
    </p>
    <p style="text-indent: 60.0px">
      <font style="font-family: Times New Roman; font-size: 8pt">WHEREAS, the
      Issuer wishes to effect the amendments to the Indenture contemplated
      hereby (the &#8220;Proposed Amendments&#8221;);</font>
    </p>
    <p style="text-indent: 60.0px">
      <font style="font-family: Times New Roman; font-size: 8pt">WHEREAS,
      Section 8.2 of the Indenture provides that, subject to certain
      exceptions inapplicable hereto, the Issuer and the Trustee may amend or
      supplement the Indenture with the consent of the Holders of not less
      than a majority in aggregate principal amount of the Debt Securities at
      the time outstanding of all series affected by such supplemental
      indenture (voting as a class) (the &#8220;Required Holders&#8221;);</font>
    </p>
    <p style="text-indent: 60.0px">
      <font style="font-family: Times New Roman; font-size: 8pt">WHEREAS, on
      November 7, 2012, the Issuer launched a consent solicitation to solicit
      the consents of the Holders of the Debt Securities to the Proposed
      Amendments;</font>
    </p>
    <p style="text-indent: 60.0px">
      <font style="font-family: Times New Roman; font-size: 8pt">WHEREAS, the
      Required Holders have consented to the Proposed Amendments; and</font>
    </p>
    <p style="text-indent: 60.0px">
      <font style="font-family: Times New Roman; font-size: 8pt">WHEREAS, all
      conditions necessary to authorize the execution and delivery of this
      Second Supplemental Indenture and make it a valid and binding obligation
      of the Issuer, in accordance with its terms, have been done or performed.</font>
    </p>
    <p style="text-indent: 60.0px">
      <font style="font-family: Times New Roman; font-size: 8pt">NOW,
      THEREFORE:</font>
    </p>
    <p style="text-indent: 60.0px">
      <font style="font-family: Times New Roman; font-size: 8pt">In
      consideration of the premises, it is mutually covenants and agreed as
      follows:</font>
    </p>
    <p style="text-align: center; white-space: nowrap">
      <font style="font-family: Times New Roman; font-size: 8pt"><b>ARTICLE I</b></font><b><font style="font-family: Times New Roman; font-size: 8pt"><br style="font-family: Times New Roman; font-size: 8pt"></font><font style="font-family: Times New Roman; font-size: 8pt"><br style="font-family: Times New Roman; font-size: 8pt"></font><font style="font-family: Times New Roman; font-size: 8pt">AMENDMENT
      OF INDENTURE</font></b>
    </p>
    <p style="text-indent: 60.0px">
      <font style="font-family: Times New Roman; font-size: 8pt">Section 1.01&#160;&#160;</font><u><font style="font-family: Times New Roman; font-size: 8pt">Amendment
      to Definition</font></u><font style="font-family: Times New Roman; font-size: 8pt">.&#160;&#160;The
      definition of &#8220;Restricted Subsidiary&#8221; in Section 1.1 of the Indenture is
      hereby deleted in its entirety and replaced with the following:</font>
    </p>
    <p style="margin-left: 90.0px">
      <font style="font-family: Times New Roman; font-size: 8pt">&#8220;Restricted
      Subsidiary&#8221; means National Public Finance Guarantee Corporation, a New
      York corporation, and any legal successor or successor to all or
      substantially all of its business or assets; provided that such
      successor is a Subsidiary.</font>
    </p>
    <div style="width: 100%; text-indent: 0pt; margin-right: 0pt; margin-bottom: 10pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p style="white-space: nowrap; text-align: center">
      <font style="font-family: Times New Roman; font-size: 8pt"><b>ARTICLE II</b></font><b><font style="font-family: Times New Roman; font-size: 8pt"><br style="font-family: Times New Roman; font-size: 8pt"></font><font style="font-family: Times New Roman; font-size: 8pt"><br style="font-family: Times New Roman; font-size: 8pt"></font><font style="font-family: Times New Roman; font-size: 8pt">MISCELLANEOUS
      PROVISIONS</font></b>
    </p>
    <p style="text-indent: 60.0px">
      <font style="font-family: Times New Roman; font-size: 8pt">Section 2.01&#160;&#160;</font><u><font style="font-family: Times New Roman; font-size: 8pt">Counterparts</font></u><font style="font-family: Times New Roman; font-size: 8pt">.&#160;&#160;This
      Second Supplemental Indenture may be executed in any number of
      counterparts, each of which shall be an original, but such counterparts
      shall together constitute but one instrument.</font>
    </p>
    <p style="text-indent: 60.0px">
      <font style="font-family: Times New Roman; font-size: 8pt">Section 2.02&#160;&#160;</font><u><font style="font-family: Times New Roman; font-size: 8pt">Headings</font></u><font style="font-family: Times New Roman; font-size: 8pt">.&#160;&#160;The
      Article and Section headings herein are for convenience only and shall
      not affect the construction hereof.</font>
    </p>
    <p style="text-indent: 60.0px">
      <font style="font-family: Times New Roman; font-size: 8pt">Section 2.03&#160;&#160;</font><u><font style="font-family: Times New Roman; font-size: 8pt">Ratification
      and Incorporation of Indenture</font></u><font style="font-family: Times New Roman; font-size: 8pt">.&#160;&#160;As
      supplemented hereby, the Original Indenture and the First Supplemental
      Indenture are in all respects ratified and confirmed, and the Original
      Indenture, the First Supplemental Indenture and this Second Supplemental
      Indenture shall be read, taken and construed as one and the same
      instrument.</font>
    </p>
    <p style="text-indent: 60.0px">
      <font style="font-family: Times New Roman; font-size: 8pt">Section 2.04&#160;&#160;</font><u><font style="font-family: Times New Roman; font-size: 8pt">Successors
      and Assigns</font></u><font style="font-family: Times New Roman; font-size: 8pt">.&#160;&#160;All
      the covenants, stipulations, promises and agreements in this Second
      Supplemental Indenture contained by or on behalf of the Issuer shall
      bind its successors and assigns, whether so expressed or not.</font>
    </p>
    <p style="text-indent: 60.0px">
      <font style="font-family: Times New Roman; font-size: 8pt">Section 2.05&#160;&#160;</font><u><font style="font-family: Times New Roman; font-size: 8pt">Separability</font></u><font style="font-family: Times New Roman; font-size: 8pt">.&#160;&#160;In
      case any provision of this Second Supplemental Indenture or the
      Indenture shall be invalid, illegal or unenforceable, the validity,
      legality and enforceability of the remaining provisions shall not in any
      way be affected or impaired thereby.</font>
    </p>
    <p style="text-indent: 60.0px">
      <font style="font-family: Times New Roman; font-size: 8pt">Section 2.06&#160;&#160;</font><u><font style="font-family: Times New Roman; font-size: 8pt">Benefits
      of Indenture</font></u><font style="font-family: Times New Roman; font-size: 8pt">.&#160;&#160;Nothing
      in this Supplemental Indenture, expressed or implied, shall give to any
      Person, other than the parties hereto and their successors hereunder and
      the Holders, any benefit or any legal or equitable right, remedy or
      claim under this Second Supplemental Indenture.</font>
    </p>
    <p style="text-indent: 60.0px">
      <font style="font-family: Times New Roman; font-size: 8pt">Section 2.07&#160;&#160;</font><u><font style="font-family: Times New Roman; font-size: 8pt">Governing
      Law</font></u><font style="font-family: Times New Roman; font-size: 8pt">.&#160;&#160;This
      Second Supplemental Indenture shall be deemed to be a contract under the
      laws of the State of New York, and for all purposes shall be construed
      in accordance with the laws of such State, except as may otherwise be
      required by mandatory provisions of law.</font>
    </p>
    <p style="text-indent: 60.0px">
      <font style="font-family: Times New Roman; font-size: 8pt">Section 2.08&#160;&#160;</font><u><font style="font-family: Times New Roman; font-size: 8pt">Recitals
      by the Issuer</font></u><font style="font-family: Times New Roman; font-size: 8pt">.&#160;&#160;The
      recitals in this Second Supplemental Indenture are made by the Issuer
      only and not by the Trustee, and the Trustee assumes no responsibility
      for their correctness.&#160;&#160;The Trustee makes no representations as to the
      validity or sufficiency of this Second Supplemental Indenture.&#160;&#160;All of
      the provisions contained in the Indenture in respect of the rights,
      privileges, immunities, powers and duties of the Trustee shall be
      applicable in respect of this Second Supplemental Indenture as fully and
      with like effect as if set forth herein in full.</font>
    </p>
    <div style="width: 100%; text-indent: 0pt; margin-right: 0pt; margin-bottom: 10pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p style="text-indent: 60.0px">
      <font style="font-family: Times New Roman; font-size: 8pt">IN WITNESS
      WHEREOF, the parties hereto have caused this Second Supplemental
      Indenture to be duly executed as of the day and year first above written.</font>
    </p>
    <p style="margin-left: 300.0px">

    </p>
<div style="text-align:left">
    <table cellspacing="0" style="font-family: Times New Roman; width: 100%; font-size: 8pt; margin-bottom: 10.0px">
      <tr>
        <td style="width: 50%">
          &#160;
        </td>
        <td valign="top" colspan="3" style="padding-left: 0.0px; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            MBIA&#160;INC.
          </p>
        </td>
        <td style="width: 8%">

        </td>
      </tr>
      <tr>
        <td style="width: 50%">

        </td>
        <td style="width: 3%">

        </td>
        <td style="width: 5%">

        </td>
        <td style="width: 34%">

        </td>
        <td style="width: 8%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="width: 50%">

        </td>
        <td style="width: 3%">

        </td>
        <td style="width: 5%">

        </td>
        <td style="width: 34%">

        </td>
        <td style="width: 8%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="width: 50%">

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 3%; padding-bottom: 2.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            By:
          </p>
        </td>
        <td valign="top" colspan="2" style="padding-left: 5.0px; text-align: left; border-bottom: solid black 1.0pt">
          <p style="margin-top: 0px; margin-bottom: 0px">
            /s/ C. Edward Chaplin
          </p>
        </td>
        <td style="width: 8%">

        </td>
      </tr>
      <tr>
        <td style="width: 50%">

        </td>
        <td style="width: 3%">

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 5%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Name:
          </p>
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 34%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            C. Edward Chaplin
          </p>
        </td>
        <td style="width: 8%">

        </td>
      </tr>
      <tr>
        <td style="width: 50%">

        </td>
        <td style="width: 3%">

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 5%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Title:
          </p>
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 34%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            President, Chief Financial Officer and Chief Administrative Officer
          </p>
        </td>
        <td style="width: 8%">

        </td>
      </tr>
    </table>
    </div>
    <p>
      <br>
      <br>
      <br>

    </p>
<div style="text-align:left">
    <table cellspacing="0" style="font-family: Times New Roman; width: 100%; font-size: 8pt; margin-bottom: 10.0px">
      <tr>
        <td valign="top" colspan="2" style="padding-left: 0.0px; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Attest:
          </p>
        </td>
        <td style="width: 60%">

        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 35%">

        </td>
        <td style="width: 60%">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" colspan="2" style="padding-left: 5.0px; text-align: left; border-bottom: solid black 1.0pt">
          <p style="margin-top: 0px; margin-bottom: 0px">
            /s/ Ram D. Wertheim
          </p>
        </td>
        <td style="width: 60%">

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 5%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Name:
          </p>
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 35%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Ram D. Wertheim
          </p>
        </td>
        <td style="width: 60%">

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 5%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Title:
          </p>
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 35%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Executive Vice President, Chief Legal Officer and Secretary
          </p>
        </td>
        <td style="width: 60%">

        </td>
      </tr>
    </table>
    </div>
    <p>
      <br>
      <br>
      <br>

    </p>
<div style="text-align:left">
    <table cellspacing="0" style="font-family: Times New Roman; width: 100%; font-size: 8pt; margin-bottom: 10.0px">
      <tr>
        <td style="width: 50%">
          &#160;
        </td>
        <td valign="top" colspan="3" style="padding-left: 0.0px; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            THE BANK OF NEW YORK MELLON,
          </p>
        </td>
        <td style="width: 8%">

        </td>
      </tr>
      <tr>
        <td style="width: 50%">

        </td>
        <td valign="top" colspan="3" style="padding-left: 0.0px; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            as Trustee
          </p>
        </td>
        <td style="width: 8%">

        </td>
      </tr>
      <tr>
        <td style="width: 50%">

        </td>
        <td style="width: 3%">

        </td>
        <td style="width: 5%">

        </td>
        <td style="width: 34%">

        </td>
        <td style="width: 8%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="width: 50%">

        </td>
        <td style="width: 3%">

        </td>
        <td style="width: 5%">

        </td>
        <td style="width: 34%">

        </td>
        <td style="width: 8%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="width: 50%">

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 3%; padding-bottom: 2.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            By:
          </p>
        </td>
        <td valign="top" colspan="2" style="padding-left: 5.0px; text-align: left; border-bottom: solid black 1.0pt">
          <p style="margin-top: 0px; margin-bottom: 0px">
            /s/ Laurence J. O&#8217;Brien
          </p>
        </td>
        <td style="width: 8%">

        </td>
      </tr>
      <tr>
        <td style="width: 50%">

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 3%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 5%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Name:
          </p>
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 34%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Laurence J. O&#8217;Brien
          </p>
        </td>
        <td style="width: 8%">

        </td>
      </tr>
      <tr>
        <td style="width: 50%">

        </td>
        <td style="width: 3%">

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 5%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Title:
          </p>
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 34%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Vice President
          </p>
        </td>
        <td style="width: 8%">

        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
  </body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.2
<SEQUENCE>3
<FILENAME>a50486909ex4_2.htm
<DESCRIPTION>EXHIBIT 4.2
<TEXT>
<html>
  <head>
    <title></title>
<!--Copyright 2012 Business Wire, a Berkshire Hathaway company.-->
<!--All rights reserved www.businesswire.com-->
  </head>
  <body style="font-family: Times New Roman; font-size: 8pt">
    <p style="text-align: right">
      <font style="font-family: Times New Roman; font-size: 8pt"><b>Exhibit 4.2</b></font>
    </p>
    <p>

    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 8pt">SECOND
      SUPPLEMENTAL INDENTURE</font>
    </p>
    <p style="text-indent: 60.0px">
      <font style="font-family: Times New Roman; font-size: 8pt">THIS SECOND
      SUPPLEMENTAL INDENTURE is made as of the 21st day of November, 2012, by
      and between MBIA INC., a Connecticut corporation (the &#8220;Company&#8221;), and
      THE BANK OF NEW YORK MELLON, a New York banking corporation, as trustee
      (the &#8220;Trustee&#8221;):</font>
    </p>
    <p style="text-indent: 60.0px">
      <font style="font-family: Times New Roman; font-size: 8pt">WHEREAS, the
      Company has heretofore entered into a Senior Indenture, dated as of
      November 24, 2004 (the &#8220;Original Indenture&#8221;), with the Trustee;</font>
    </p>
    <p style="text-indent: 60.0px">
      <font style="font-family: Times New Roman; font-size: 8pt">WHEREAS, the
      Original Indenture is incorporated herein by this reference and the
      Original Indenture, as supplemented by the First Supplemental Indenture,
      dated as of November 24, 2004, between the Company and the Trustee, and
      as further supplemented by this Second Supplemental Indenture, is herein
      called the &#8220;Indenture&#8221;;</font>
    </p>
    <p style="text-indent: 60.0px">
      <font style="font-family: Times New Roman; font-size: 8pt">WHEREAS, the
      Company wishes to effect the amendments to the Indenture contemplated
      hereby (the &#8220;Proposed Amendments&#8221;);</font>
    </p>
    <p style="text-indent: 60.0px">
      <font style="font-family: Times New Roman; font-size: 8pt">WHEREAS,
      Section 902 of the Indenture provides that, subject to certain
      exceptions inapplicable hereto, the Company and the Trustee may amend or
      supplement the Indenture with the consent of the Holders of not less
      than a majority in principal amount of the Outstanding Securities of
      each series affected by such supplemental indenture (the &#8220;Required
      Holders&#8221;);</font>
    </p>
    <p style="text-indent: 60.0px">
      <font style="font-family: Times New Roman; font-size: 8pt">WHEREAS, on
      November 7, 2012, the Company launched a consent solicitation to solicit
      the consents of the Holders of the Outstanding Securities to the
      Proposed Amendments;</font>
    </p>
    <p style="text-indent: 60.0px">
      <font style="font-family: Times New Roman; font-size: 8pt">WHEREAS, the
      Required Holders have consented to the Proposed Amendments; and</font>
    </p>
    <p style="text-indent: 60.0px">
      <font style="font-family: Times New Roman; font-size: 8pt">WHEREAS, all
      conditions necessary to authorize the execution and delivery of this
      Second Supplemental Indenture and make it a valid and binding obligation
      of the Company, in accordance with its terms, have been done or
      performed.</font>
    </p>
    <p style="text-indent: 60.0px">
      <font style="font-family: Times New Roman; font-size: 8pt">NOW
      THEREFORE, in consideration of the agreements and obligations set forth
      herein and for other good and valuable consideration, the sufficiency of
      which is hereby acknowledged, the parties hereto hereby agree as follows:</font>
    </p>
    <p style="text-align: center; white-space: nowrap">
      <font style="font-family: Times New Roman; font-size: 8pt"><b>ARTICLE I</b></font><font style="font-family: Times New Roman; font-size: 8pt"><br style="font-family: Times New Roman; font-size: 8pt"></font><font style="font-family: Times New Roman; font-size: 8pt"><br style="font-family: Times New Roman; font-size: 8pt"></font><font style="font-family: Times New Roman; font-size: 8pt"><b>AMENDMENT
      OF INDENTURE</b></font>
    </p>
    <p style="text-indent: 60.0px">
      <font style="font-family: Times New Roman; font-size: 8pt">Section 1.01&#160;&#160;</font><u><font style="font-family: Times New Roman; font-size: 8pt">Amendment
      to Definitions</font></u><font style="font-family: Times New Roman; font-size: 8pt">.&#160;&#160;The
      definition of &#8220;Principal Subsidiaries&#8221; in Section 101 of the Indenture
      is hereby deleted in its entirety and replaced with the following:</font>
    </p>
    <p style="margin-left: 90.0px">
      <font style="font-family: Times New Roman; font-size: 8pt">&#8220;Principal
      Subsidiaries&#8221; means National Public Finance Guarantee Corporation, a New
      York corporation, or any legal successor or successor to any substantial
      part of its business or assets; provided that such successor is a
      Subsidiary.</font>
    </p>
    <div style="width: 100%; text-indent: 0pt; margin-right: 0pt; margin-bottom: 10pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 8pt"><b>ARTICLE II</b></font><b><font style="font-family: Times New Roman; font-size: 8pt"><br style="font-family: Times New Roman; font-size: 8pt"></font><font style="font-family: Times New Roman; font-size: 8pt"><br style="font-family: Times New Roman; font-size: 8pt"></font><font style="font-family: Times New Roman; font-size: 8pt">MISCELLANEOUS
      PROVISIONS</font></b>
    </p>
    <p style="text-indent: 60.0px">
      <font style="font-family: Times New Roman; font-size: 8pt">Section 2.01&#160;&#160;</font><u><font style="font-family: Times New Roman; font-size: 8pt">Capitalized
      Terms</font></u><font style="font-family: Times New Roman; font-size: 8pt">.&#160;&#160;Capitalized
      terms used herein without definition shall have the meanings assigned to
      them in the Indenture.</font>
    </p>
    <p style="text-indent: 60.0px">
      <font style="font-family: Times New Roman; font-size: 8pt">Section 2.02&#160;&#160;</font><u><font style="font-family: Times New Roman; font-size: 8pt">Ratification
      and Incorporation of Original Indenture and First Supplemental Indenture</font></u><font style="font-family: Times New Roman; font-size: 8pt">.
      As supplemented hereby, the Original Indenture and the First
      Supplemental Indenture are in all respects ratified and confirmed, and
      the Original Indenture, the First Supplemental Indenture and this Second
      Supplemental Indenture shall be read, taken and construed as one and the
      same instrument.</font>
    </p>
    <p style="text-indent: 60.0px">
      <font style="font-family: Times New Roman; font-size: 8pt">Section 2.03&#160;&#160;</font><u><font style="font-family: Times New Roman; font-size: 8pt">Executed
      in Counterparts</font></u><font style="font-family: Times New Roman; font-size: 8pt">.&#160;&#160;This
      Second Supplemental Indenture may be simultaneously executed in several
      counterparts, each of which shall be deemed to be an original, and such
      counterparts shall together constitute but one and the same instrument.</font>
    </p>
    <p style="text-indent: 60.0px">
      <font style="font-family: Times New Roman; font-size: 8pt">Section 2.04&#160;&#160;</font><u><font style="font-family: Times New Roman; font-size: 8pt">New
      York Law to Govern</font></u><font style="font-family: Times New Roman; font-size: 8pt">.&#160;&#160;This
      Second Supplemental Indenture shall be governed by and construed in
      accordance with the law of the State of New York.</font>
    </p>
    <p style="text-indent: 60.0px">
      <font style="font-family: Times New Roman; font-size: 8pt">Section 2.05&#160;&#160;</font><u><font style="font-family: Times New Roman; font-size: 8pt">Successors
      and Assigns</font></u><font style="font-family: Times New Roman; font-size: 8pt">.&#160;&#160;All
      covenants and agreements in this Second Supplemental Indenture by the
      Company shall bind its successors and assigns, whether so expressed or
      not.</font>
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    <p style="text-indent: 60.0px">
      <font style="font-family: Times New Roman; font-size: 8pt">Section 2.06&#160;&#160;</font><u><font style="font-family: Times New Roman; font-size: 8pt">Separability</font></u><font style="font-family: Times New Roman; font-size: 8pt">.&#160;&#160;In
      case any provision in this Second Supplemental Indenture shall be
      invalid, illegal or unenforceable, the validity, legality and
      enforceability of the remaining provisions shall not in any way be
      affected or impaired thereby.</font>
    </p>
    <p style="text-indent: 60.0px">
      <font style="font-family: Times New Roman; font-size: 8pt">Section 2.07&#160;&#160;</font><u><font style="font-family: Times New Roman; font-size: 8pt">Recitals
      by the Company</font></u><font style="font-family: Times New Roman; font-size: 8pt">.&#160;&#160;The
      recitals in this Second Supplemental Indenture are made by the Company
      only and not by the Trustee, and the Trustee assumes no responsibility
      for their correctness.&#160;&#160;The Trustee makes no representations as to the
      validity or sufficiency of this Second Supplemental Indenture.&#160;&#160;All of
      the provisions contained in the Indenture in respect of the rights,
      privileges, immunities, powers and duties of the Trustee shall be
      applicable in respect of this Second Supplemental Indenture as fully and
      with like effect as if set forth herein in full.</font>
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    <p style="text-indent: 60.0px">
      <font style="font-family: Times New Roman; font-size: 8pt">IN WITNESS
      WHEREOF, the parties hereto have caused this Second Supplemental
      Indenture to be duly executed, all as of the day and year first above
      written.</font>
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    <p style="margin-left: 300.0px">

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          &#160;
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            MBIA&#160;INC.
          </p>
        </td>
        <td style="width: 8%">

        </td>
      </tr>
      <tr>
        <td style="width: 50%">

        </td>
        <td style="width: 3%">

        </td>
        <td style="width: 5%">

        </td>
        <td style="width: 34%">

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 8%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="width: 50%">

        </td>
        <td style="width: 3%">

        </td>
        <td style="width: 5%">

        </td>
        <td style="width: 34%">

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 8%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="width: 50%">

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 3%; padding-bottom: 2.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            By:
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          <p style="margin-top: 0px; margin-bottom: 0px">
            /s/ C. Edward Chaplin
          </p>
        </td>
        <td style="width: 8%">

        </td>
      </tr>
      <tr>
        <td style="width: 50%">

        </td>
        <td style="width: 3%">

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 5%">
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            Name:
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        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 34%">
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            C. Edward Chaplin
          </p>
        </td>
        <td style="width: 8%">

        </td>
      </tr>
      <tr>
        <td style="width: 50%">

        </td>
        <td style="width: 3%">

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 5%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Title:
          </p>
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        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 34%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            President, Chief Financial Officer and Chief Administrative Officer
          </p>
        </td>
        <td style="width: 8%">

        </td>
      </tr>
    </table>
    </div>
    <p>
      <br>
      <br>
      <br>

    </p>
<div style="text-align:left">
    <table cellspacing="0" style="font-family: Times New Roman; width: 100%; font-size: 8pt; margin-bottom: 10.0px">
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            Attest:
          </p>
        </td>
        <td style="width: 60%">

        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 35%">

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 60%">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" colspan="2" style="padding-left: 5.0px; text-align: left; border-bottom: solid black 1.0pt">
          <p style="margin-top: 0px; margin-bottom: 0px">
            /s/ Ram D. Wertheim
          </p>
        </td>
        <td style="width: 60%">

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 5%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Name:
          </p>
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 35%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Ram D. Wertheim
          </p>
        </td>
        <td style="width: 60%">

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 5%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Title:
          </p>
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 35%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Executive Vice President, Chief Legal Officer and Secretary
          </p>
        </td>
        <td style="width: 60%">

        </td>
      </tr>
    </table>
    </div>
    <p>
      <br>
      <br>
      <br>

    </p>
<div style="text-align:left">
    <table cellspacing="0" style="font-family: Times New Roman; width: 100%; font-size: 8pt; margin-bottom: 10.0px">
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 50%">
          &#160;
        </td>
        <td valign="top" colspan="3" style="padding-left: 0.0px; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            THE BANK OF NEW YORK MELLON,
          </p>
        </td>
        <td style="width: 8%">

        </td>
      </tr>
      <tr>
        <td style="width: 50%">

        </td>
        <td valign="top" colspan="3" style="padding-left: 0.0px; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            as Trustee
          </p>
        </td>
        <td style="width: 8%">

        </td>
      </tr>
      <tr>
        <td style="width: 50%">

        </td>
        <td style="width: 3%">

        </td>
        <td style="width: 5%">

        </td>
        <td style="width: 34%">

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 8%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="width: 50%">

        </td>
        <td style="width: 3%">

        </td>
        <td style="width: 5%">

        </td>
        <td style="width: 34%">

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 8%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="width: 50%">

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 3%; padding-bottom: 2.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            By:
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        <td valign="top" colspan="2" style="padding-left: 5.0px; text-align: left; border-bottom: solid black 1.0pt">
          <p style="margin-top: 0px; margin-bottom: 0px">
            /s/ Laurence J. O&#8217;Brien
          </p>
        </td>
        <td style="width: 8%">

        </td>
      </tr>
      <tr>
        <td style="width: 50%">

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 3%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 5%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Name:
          </p>
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 34%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Laurence J. O&#8217;Brien
          </p>
        </td>
        <td style="width: 8%">

        </td>
      </tr>
      <tr>
        <td style="width: 50%">

        </td>
        <td style="width: 3%">

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 5%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Title:
          </p>
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        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 34%">
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            Vice President
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        </td>
        <td style="width: 8%">

        </td>
      </tr>
    </table>
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    <p>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>4
<FILENAME>a50486909ex99_1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<html>
  <head>
    <title></title>
<!--Copyright 2012 Business Wire, a Berkshire Hathaway company.-->
<!--All rights reserved www.businesswire.com-->
  </head>
  <body style="font-family: Times New Roman; font-size: 8pt">
    <p style="text-align: right">
      <b>Exhibit 99.1</b>
    </p>
    <p>
      <font style="font-family: Times New Roman; font-size: 12pt"><b>MBIA Inc.
      Announces the Successful Completion of its Consent Solicitation Relating
      to the Indentures Governing Its 6.40% Senior Notes Due 2022, 7.00%
      Debentures Due 2025, 7.15% Debentures Due 2027, 6.625% Debentures Due
      2028 and 5.70% Senior Notes Due 2034</b></font>
    </p>
    <p>
      ARMONK, N.Y.--(BUSINESS WIRE)--November 26, 2012--MBIA Inc. (the
      &#8220;Company&#8221; or &#8220;MBIA&#8221;) (NYSE: MBI) announced today that it has
      successfully completed its consent solicitation resulting in the
      amendments to indentures governing its 6.40% Senior Notes due 2022,
      7.00% Debentures due 2025, 7.15% Debentures due 2027, 6.625% Debentures
      due 2028 and 5.70% Senior Notes due 2034 (the &#8220;Notes&#8221;) described in the
      Company&#8217;s consent solicitation statement dated November 7, 2012 (the
      &#8220;Consent Statement&#8221;).
    </p>
    <p>
      The amendments substitute one of the Company&#8217;s subsidiaries, National
      Public Finance Guarantee Corporation, for another subsidiary, MBIA
      Insurance Corporation, in the definitions of &#8220;Restricted Subsidiary&#8221; in
      the Indenture, dated as of August 1, 1990 (the &#8220;1990 Indenture&#8221;), and
      &#8220;Principal Subsidiaries&#8221; in the Senior Indenture, dated as of November
      24, 2004 (the &#8220;2004 Indenture&#8221;), pursuant to which the Notes were issued.
    </p>
    <p>
      MBIA received the consents of holders as of the record date of a
      majority in principal amount of all outstanding Notes under the 1990
      Indenture voting as a single class and from holders as of the record
      date of a majority in principal amount of the outstanding 5.70% Senior
      Notes due 2034 issued under the 2004 Indenture, prior to the expiration
      time of the consent solicitation. As a result, MBIA and The Bank of New
      York Mellon, as trustee, have entered into supplemental indentures,
      which effect the above amendments to the 1990 Indenture and the 2004
      Indenture described in the Consent Statement.
    </p>
    <p>
      MBIA has made cash payments of $10.00 for each $1,000 in aggregate
      principal amount of Notes for which a consent was provided prior to the
      expiration time of the consent solicitation.
    </p>
    <p>
      Deutsche Bank Securities Inc. acted as solicitation agent in connection
      with the consent solicitation.
    </p>
    <p>
      MBIA also announced that it has repurchased approximately $170 million
      of outstanding principal amount of Notes issued under the 2004 Indenture
      in privately negotiated reverse inquiry transactions directly from
      holders as of the record date that had consented pursuant to the consent
      solicitation described above. MBIA has previously disclosed that it may
      repurchase its debt from time to time in the open market or in private
      transactions.
    </p>
    <div style="width: 100%; text-indent: 0pt; margin-right: 0pt; margin-bottom: 10pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      THIS PRESS RELEASE IS FOR INFORMATIONAL PURPOSES ONLY AND DOES NOT
      CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY ANY
      SECURITIES AND SHALL NOT CONSTITUTE AN OFFER, SOLICITATION OR SALE OF
      ANY SECURITIES IN ANY JURISDICTION IN WHICH SUCH OFFER, SOLICITATION OR
      SALE WOULD BE UNLAWFUL.
    </p>
    <p>
      <b>About MBIA</b>
    </p>
    <p>
      MBIA Inc., headquartered in Armonk, New York, is a holding company whose
      subsidiaries provide financial guarantee insurance, as well as related
      reinsurance, advisory and portfolio services, for the public and
      structured finance markets, and asset management advisory services. The
      Company services its clients around the globe with offices in New York,
      Denver, San Francisco, Paris, London, Madrid and Mexico City. Please
      visit MBIA's website at <u>www.mbia.com</u>.
    </p>
    <p>
      CONTACT:<br><b>MBIA Inc.</b><br>Media:<br>Kevin Brown, +1-914-765-3648<br>or<br>Investor
      Relations:<br>Greg Diamond, +1-914-765-3190<br><u>www.mbia.com</u>
    </p>
  </body>
</html>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
