Form of Single Tranche Confirmation for Blended Relevant Annex

(for use with CDX Tranche Terms published on March 20, 2007)

CONFIRMATION

DATE:[Date]

TO:[Party B]

Telephone No.: [number]

Facsimile No.: [number]

Attention: [name]

FROM:[Party A]

SUBJECT:[CDX.NA.[IG/HY/XO].____] [specify sector, if any] [specify series, if any] [specify version, if any] and [CDX.NA.[IG/HY/XO].____] [specify sector, if any] [specify series, if any] [specify version, if any] Single Tranche Transaction

REF NO:[Reference number]

The purpose of this communication (this “Confirmation”) is to set forth the terms and conditions of the Credit Derivative Transaction entered into on the Trade Date specified below (the “Transaction”) between [Party A] (“Party A”) and [counterparty’s name] (“Party B”). This Confirmation constitutes a “Confirmation” as referred to in the ISDA Master Agreement specified below.

The definitions and provisions contained in the 2003 ISDA Credit Derivatives Definitions as supplemented by the May 2003 Supplement to the 2003 ISDA Credit Derivatives Definitions, each as published by the International Swaps and Derivatives Association, Inc. (together, the “Credit Derivatives Definitions”) and the CDX Tranche Transactions Standard Terms Supplement, as published by CDS IndexCo LLC on March 20, 2007 (the “CDX Tranche Terms”), are incorporated into this Confirmation. In the event of any inconsistency between the Credit Derivatives Definitions or the CDX Tranche Terms and this Confirmation, this Confirmation will govern. In the event of any inconsistency between the CDX Tranche Terms and the Credit Derivatives Definitions, the CDX Tranche Terms will govern.

The definition of Reference Entity Credit Position in the CDX Tranche Terms shall be deleted in its entirety and replaced by the following: [“With respect to a Reference Entity, the percentage equal to one divided by the aggregate number of Reference Entities listed in the Relevant Annex][1] [“The Weighting set out opposite the relevant Reference Entity in the Relevant Annex multipliedby the Index Factor for the Index that contains such Reference Entity][2]; provided that the Reference Entity Credit Position in respect of an Excluded Reference Entity [or a Settled Entity]1 shall be deemed to be zero”.

The definition of Settled Entity Credit Position in the CDX Tranche Terms shall be deleted in its entirety and replaced by the following: [“With respect to a Settled Entity, the percentage equal to one divided by the aggregate number of Reference Entities listed in the Relevant Annex”]1 [“With respect to a Settled Entity, the Weighting set out opposite such Settled Entity in the Relevant Settled Entity Matrix multipliedby the Index Factor for the Index that contains such Settled Entity”]2.

For purposes of the Transaction, the Relevant Annex shall be the combination of the lists for each relevant Index with its respective Annex Date. [If a Reference Entity appears more than once in the Relevant Annex, each appearance shall be counted separately in determining the aggregate number of Reference Entities listed in the Relevant Annex referred to above.]1 If a Reference Entity appears more than once in the Relevant Annex and two or more of such appearances have the same associated Reference Obligation, the Reference Entity Notional Amount for such Reference Entity and the relevant Reference Obligation shall be the sum of the Reference Entity Notional Amounts calculated separately for each appearance with the same associated Reference Obligation. If a Reference Entity appears more than once in the Relevant Annex, but the associated Reference Obligation is not the same for each such appearance, (i) there shall be deemed to be a separate Reference Entity with a separate Reference Entity Notional Amount calculated for each such Reference Obligation, (ii) the Conditions to Settlement may be satisfied, and settlement with respect thereto may occur, separately for each such Reference Entity and (iii) the exception described in clause (b) in the second paragraph of the CDX Tranche Terms shall also refer to this sentence.

This Confirmation supplements, forms a part of and is subject to the ISDA Master Agreement dated as of [ ], as amended and supplemented from time to time (the “Agreement”) between Party A and Party B. All provisions contained in, or incorporated by reference in, the Agreement shall govern this Confirmation except as expressly modified below.

The terms of the Transaction to which this Confirmation relates are as follows:

Index: / [(i) [CDX.NA.[IG/HY/XO].____] [specify sector, if any] [specify series, if any] [specify version, if any] and (ii) [CDX.NA.[IG/HY/XO].____] [specify sector, if any] [specify series, if any] [specify version, if any]]1
[Each Index listed in Exhibit A]2
[Index Factor: / As specified in Exhibit A with respect to each Index]2
Source of Relevant Annex: / [Publisher] [Confirmation Annex]
Annex Date: / [With respect to [specify Index], [] and with respect to [specify Index], []]1
[As specified in Exhibit A with respect to each Index]2
Source of Relevant Settled Entity Matrix: / [Publisher][3] [Confirmation Annex][Not Applicable]
Trade Date: / []
Effective Date: / [Effective Date of Index Contract]
Scheduled Termination Date: / []
Calculation Agent: / []
Floating Rate Payer: / [] (the “Seller”)
Fixed Rate Payer: / [] (the “Buyer”)
Original Swap Notional Amount: / [USD] [EUR] []
Attachment Point: / []%
Exhaustion Point: / []%
Initial Payment Payer: / [Buyer] [Seller] [Not Applicable]
Initial Payment Amount: / [] [Not Applicable]
Initial Fixed Rate Payer Payment Date: / []
Fixed Rate: / [] % per annum
[Excluded Reference Entities: / []]
[Additional Terms (including any specific provisions relating to collateral): /
[]]

Notice and Account Details

Telephone, Telex and/or Facsimile Number
and Contact Details for Notice:
Party A:
Telephone No.:
Facsimile No.:
Party B:
Telephone No.:
Facsimile No.:
Account Details:
Account Details of Party A:
For the Account of:
Name of Bank:
Account No:
Fed ABA No:
Account Details of Party B:
For the Account of:
Name of Bank:
Account No:
Fed ABA No:

Please confirm your agreement to be bound by the terms of the foregoing by executing a copy of this Confirmation and returning it to us at the contact information listed above.

[______][______]

By: ______By: ______

Name:Name:

Title:Title:

1

[Exhibit A][4]

Index /
Annex Date /
Index Factor
1

[Form of Relevant Annex][5]

Index: [specify Index and, if relevant, sector, series and/or version]
Annex Date: [date]

Reference Entity /
Reference Obligation / Monoline Provisions: Specify “Applicable” if
a Monoline /
[Weighting][6]
1

[Form of Relevant Settled Entity Matrix][7]

Settled Entity / Weighted Average Final Price / [Weighting][8]
1

[1]Include if assigning equal weightings to each Reference Entity in the Relevant Annex. Note that, if a Reference Entity appears more than once in the Relevant Annex (because it is in more than one Index), it receives a greater weighting than the other Reference Entities.

[2]Include if assigning an Index Factor for each Index listed in Exhibit A (e.g., 70% for one Index and 30% for another Index). The total of the Index Factors for each Index must equal 100%.

[3]Unless the parties otherwise agree, by specifying Publisher, the Settled Entity Matrix published by the Index Publisher for the relevant Index, as most recently amended and supplemented as of the calendar day immediately preceding the Trade Date (or, in the case of a Novation Transaction, the calendar day immediately preceding Novation Trade Date), is applicable. In the case of a Novation Transaction where the parties use the Old Confirmation to evidence the New Transaction, the parties may need to specify in the Novation Confirmation the version of the Settled Entity Matrix to which the New Transaction refers (if on or subsequent to the Trade Date of the Old Transaction, the Settled Entity Matrix published by the Index Publisher was amended).

[4]Attach as an exhibit to the Confirmation only if assigning an Index Factor to each Index under the Transaction.

[5]Attach as an annex to the Confirmation only if “Confirmation Annex” is specified as the Source of Relevant Annex. Attach an annex for each Index under the Transaction.

[6]Include only if assigning an Index Factor to each Index listed in Exhibit A. If included, express as a percentage, with three decimal places (e.g., 3.226%).

[7]Attach as an annex to the Confirmation only if there are Settled Entities and “Confirmation Annex” is specified as the Source of Relevant Settled Entity Matrix.

[8]Include only if assigning an Index Factor to each Index listed in Exhibit A. If included, express as a percentage, with three decimal places (e.g., 3.226%).