Common use of CREDIT DERIVATIVE DEFINITIONS Clause in Contracts

CREDIT DERIVATIVE DEFINITIONS. This iTraxx® Master Confirmation Agreement hereby incorporates by reference 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). Any capitalised term not otherwise defined herein shall have the meaning assigned to such term in the Credit Derivatives Definitions. Party A and Party B intend to enter into one or more separate iTraxx® Master Transactions with respect to each Index specified in the relevant Transaction Supplement substantially in the form attached as Annex 2 (a Transaction Supplement). Party A and Party B agree that each time they enter into an iTraxx® Master Transaction they enter into a separate and independent Credit Derivative Transaction in respect of each Reference Entity listed in the Index specified in the Transaction Supplement (a Component Transaction). Each Component Transaction shall have the terms specified in the General Terms Confirmation attached as Annex 1 (the General Terms Confirmation) as supplemented by the relevant Applicable Convention Terms attached as Annex 3. [The confirmation applicable to each iTraxx® Master Transaction, which shall constitute a Confirmation for the purposes of, and will supplement, form a part of, and be subject to, the [1992/2002] ISDA Master Agreement [(Multicurrency - Cross Border)] and Schedule thereto between Party A and Party B dated as of [], as amended and supplemented from time to time (the Master Agreement), shall consist of this iTraxx® Master Confirmation Agreement, including the General Terms Confirmation as supplemented by the trade details applicable to such iTraxx® Master Transaction as set forth in the relevant Transaction Supplement. ]1 In the event of any inconsistency between the Credit Derivatives Definitions and this iTraxx® Master Confirmation Agreement (including the General Terms Confirmation and the relevant Transaction Supplement), this iTraxx® Master Confirmation Agreement shall govern for the purpose of the relevant iTraxx® Master Transaction. In the event of any inconsistency between this iTraxx® Master Confirmation Agreement (including the General Terms Confirmation) and a Transaction Supplement, the Transaction Supplement shall govern for the purpose of the relevant iTraxx® Master Transaction. The Transaction Supplement shall set forth, at a minimum, all of the information set out in the form of Transaction Supplement attached hereto as Annex 2.

CREDIT DERIVATIVE DEFINITIONS. This iTraxx® Master Confirmation Agreement hereby incorporates by reference 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”). Any capitalised capitalized term not otherwise defined herein shall have the meaning assigned to such term in the Credit Derivatives Definitions. Party A and Party B intend to enter into one or more separate iTraxx® Master Transactions with respect relating to each Index a CDX emerging markets index, as specified in the relevant Transaction Supplement substantially in the form attached as Annex 2 Exhibit B (a “Transaction Supplement”). Party A and Party B agree that that, each time they enter into an iTraxx® a Master Transaction Transaction, they enter into a separate and independent Credit Derivative Transaction (a “Component Transaction”) in respect of each Reference Entity listed in the Index specified Relevant Annex (as defined in the Transaction Supplement (a Component TransactionGeneral Terms Confirmation defined below). Each Component Transaction shall have the terms specified in the General Terms Confirmation attached as Annex 1 Exhibit A (the “General Terms Confirmation) as supplemented by the relevant Applicable Convention Terms attached as Annex 3”). [The confirmation applicable to each iTraxx® Master Transaction, which shall constitute a Confirmation “Confirmation” for the purposes of, and will supplement, form a part of, and be subject to, the [1992/2002] 1992 ISDA Master Agreement [(Multicurrency - Cross Border)] [2002 ISDA Master Agreement] and Schedule thereto between Party A and Party B dated as of [____], as amended and supplemented from time to time (the “Master Agreement”), shall consist of this iTraxx® Master Confirmation Agreement, including the General Terms Confirmation Confirmation, as supplemented by the trade details applicable to such iTraxx® Master Transaction as set forth in the relevant Transaction Supplement. ]1 In the event of any inconsistency between the Credit Derivatives Definitions and this iTraxx® Master Confirmation Agreement (including the General Terms Confirmation and the relevant Transaction Supplement), this iTraxx® Master Confirmation Agreement shall govern for the purpose of the relevant iTraxx® Master Transaction. In the event of any inconsistency between this iTraxx® Master Confirmation Agreement (including the General Terms Confirmation) and a Transaction Supplement, the Transaction Supplement shall govern for the purpose of the relevant iTraxx® Master Transaction. The Transaction Supplement shall set forth, at a minimum, all of the relevant information set out in the form of Transaction Supplement attached hereto as Annex 2.Exhibit B.

CREDIT DERIVATIVE DEFINITIONS. This iTraxx® Master Confirmation Agreement hereby incorporates by reference 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”). Any capitalised capitalized term not otherwise defined herein shall have the meaning assigned to such term in the Credit Derivatives Definitions. Party A and Party B intend to enter into one or more separate iTraxx® Master Transactions with respect relating to each Index a Dow Xxxxx CDX index, as specified in the relevant Transaction Supplement substantially in the form attached as Annex 2 Exhibit B (a “Transaction Supplement”). Party A and Party B agree that that, each time they enter into an iTraxx® a Master Transaction Transaction, they enter into a separate and independent Credit Derivative Transaction (a “Component Transaction”) in respect of each Reference Entity listed in the Index specified Relevant Annex (as defined in the Transaction Supplement (a Component TransactionGeneral Terms Confirmation defined below). Each Component Transaction shall have the terms specified in the General Terms Confirmation attached as Annex 1 Exhibit A (the “General Terms Confirmation) as supplemented by the relevant Applicable Convention Terms attached as Annex 3”). [The confirmation applicable to each iTraxx® Master Transaction, which shall constitute a Confirmation “Confirmation” for the purposes of, and will supplement, form a part of, and be subject to, the [1992/2002] 1992 ISDA Master Agreement [(Multicurrency - Cross Border)] [2002 ISDA Master Agreement] and Schedule thereto between Party A and Party B dated as of [____], as amended and supplemented from time to time (the “Master Agreement”), shall consist of this iTraxx® Master Confirmation Agreement, including the General Terms Confirmation Confirmation, as supplemented by the trade details applicable to such iTraxx® Master Transaction as set forth in the relevant Transaction Supplement. ]1 In the event of any inconsistency between the Credit Derivatives Definitions and this iTraxx® Master Confirmation Agreement (including the General Terms Confirmation and the relevant Transaction Supplement), this iTraxx® Master Confirmation Agreement shall govern for the purpose of the relevant iTraxx® Master Transaction. In the event of any inconsistency between this iTraxx® Master Confirmation Agreement (including the General Terms Confirmation) and a Transaction Supplement, the Transaction Supplement shall govern for the purpose of the relevant iTraxx® Master Transaction. The Transaction Supplement shall set forth, at a minimum, all of the relevant information set out in the form of Transaction Supplement attached hereto as Annex 2.Exhibit B.

CREDIT DERIVATIVE DEFINITIONS. This iTraxx® Master Confirmation Agreement hereby incorporates by reference 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”). Any capitalised capitalized term not otherwise defined herein shall have the meaning assigned to such term in the Credit Derivatives Definitions. Party A and Party B intend to enter into one or more separate iTraxx® Master Transactions with respect relating to each Index a Dow Xxxxx CDX emerging markets index, as specified in the relevant Transaction Supplement substantially in the form attached as Annex 2 Exhibit B (a “Transaction Supplement”). Party A and Party B agree that that, each time they enter into an iTraxx® a Master Transaction Transaction, they enter into a separate and independent Credit Derivative Transaction (a “Component Transaction”) in respect of each Reference Entity listed in the Index specified Relevant Annex (as defined in the Transaction Supplement (a Component TransactionGeneral Terms Confirmation defined below). Each Component Transaction shall have the terms specified in the General Terms Confirmation attached as Annex 1 Exhibit A (the “General Terms Confirmation) as supplemented by the relevant Applicable Convention Terms attached as Annex 3”). [The confirmation applicable to each iTraxx® Master Transaction, which shall constitute a Confirmation “Confirmation” for the purposes of, and will supplement, form a part of, and be subject to, the [1992/2002] 1992 ISDA Master Agreement [(Multicurrency - Cross Border)] [2002 ISDA Master Agreement] and Schedule thereto between Party A and Party B dated as of [____], as amended and supplemented from time to time (the “Master Agreement”), shall consist of this iTraxx® Master Confirmation Agreement, including the General Terms Confirmation Confirmation, as supplemented by the trade details applicable to such iTraxx® Master Transaction as set forth in the relevant Transaction Supplement. ]1 In the event of any inconsistency between the Credit Derivatives Definitions and this iTraxx® Master Confirmation Agreement (including the General Terms Confirmation and the relevant Transaction Supplement), this iTraxx® Master Confirmation Agreement shall govern for the purpose of the relevant iTraxx® Master Transaction. In the event of any inconsistency between this iTraxx® Master Confirmation Agreement (including the General Terms Confirmation) and a Transaction Supplement, the Transaction Supplement shall govern for the purpose of the relevant iTraxx® Master Transaction. The Transaction Supplement shall set forth, at a minimum, all of the relevant information set out in the form of Transaction Supplement attached hereto as Annex 2.Exhibit B.

CREDIT DERIVATIVE DEFINITIONS. This iTraxx® Master Confirmation Agreement hereby incorporates by reference 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”). Any capitalised capitalized term not otherwise defined herein shall have the meaning assigned to such term in the Credit Derivatives Definitions. Party A and Party B intend to enter into one or more separate iTraxx® Master Transactions with respect relating to each Index a Dow Xxxxx CDX Emerging Markets Diversified index, as specified in the relevant Transaction Supplement substantially in the form attached as Annex 2 Exhibit B (a “Transaction Supplement”). Party A and Party B agree that that, each time they enter into an iTraxx® a Master Transaction Transaction, they enter into a separate and independent Credit Derivative Transaction (a “Component Transaction”) in respect of each Reference Entity listed in the Index specified Relevant Annex (as defined in the Transaction Supplement (a Component TransactionGeneral Terms Confirmation defined below). Each Component Transaction shall have the terms specified in the General Terms Confirmation attached as Annex 1 Exhibit A (the “General Terms Confirmation) as supplemented by the relevant Applicable Convention Terms attached as Annex 3”). [The confirmation applicable to each iTraxx® Master Transaction, which shall constitute a Confirmation “Confirmation” for the purposes of, and will supplement, form a part of, and be subject to, the [1992/2002] 1992 ISDA Master Agreement [(Multicurrency - Cross Border)] [2002 ISDA Master Agreement] and Schedule thereto between Party A and Party B dated as of [____], as amended and supplemented from time to time (the “Master Agreement”), shall consist of this iTraxx® Master Confirmation Agreement, including the General Terms Confirmation Confirmation, as supplemented by the trade details applicable to such iTraxx® Master Transaction as set forth in the relevant Transaction Supplement. ]1 In the event of any inconsistency between the Credit Derivatives Definitions and this iTraxx® Master Confirmation Agreement (including the General Terms Confirmation and the relevant Transaction Supplement), this iTraxx® Master Confirmation Agreement shall govern for the purpose of the relevant iTraxx® Master Transaction. In the event of any inconsistency between this iTraxx® Master Confirmation Agreement (including the General Terms Confirmation) and a Transaction Supplement, the Transaction Supplement shall govern for the purpose of the relevant iTraxx® Master Transaction. The Transaction Supplement shall set forth, at a minimum, all of the relevant information set out in the form of Transaction Supplement attached hereto as Annex 2.Exhibit B.

CREDIT DERIVATIVE DEFINITIONS. This iTraxx® Master Confirmation Agreement hereby incorporates by reference 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”). Any capitalised capitalized term not otherwise defined herein shall have the meaning assigned to such term in the Credit Derivatives Definitions. Party A and Party B intend to enter into one or more separate iTraxx® Master Transactions with respect relating to each Index a CDX Emerging Markets Diversified index, as specified in the relevant Transaction Supplement substantially in the form attached as Annex 2 Exhibit B (a “Transaction Supplement”). Party A and Party B agree that that, each time they enter into an iTraxx® a Master Transaction Transaction, they enter into a separate and independent Credit Derivative Transaction (a “Component Transaction”) in respect of each Reference Entity listed in the Index specified Relevant Annex (as defined in the Transaction Supplement (a Component TransactionGeneral Terms Confirmation defined below). Each Component Transaction shall have the terms specified in the General Terms Confirmation attached as Annex 1 Exhibit A (the “General Terms Confirmation) as supplemented by the relevant Applicable Convention Terms attached as Annex 3”). [The confirmation applicable to each iTraxx® Master Transaction, which shall constitute a Confirmation “Confirmation” for the purposes of, and will supplement, form a part of, and be subject to, the [1992/2002] 1992 ISDA Master Agreement [(Multicurrency - Cross Border)] [2002 ISDA Master Agreement] and Schedule thereto between Party A and Party B dated as of [____], as amended and supplemented from time to time (the “Master Agreement”), shall consist of this iTraxx® Master Confirmation Agreement, including the General Terms Confirmation Confirmation, as supplemented by the trade details applicable to such iTraxx® Master Transaction as set forth in the relevant Transaction Supplement. ]1 In the event of any inconsistency between the Credit Derivatives Definitions and this iTraxx® Master Confirmation Agreement (including the General Terms Confirmation and the relevant Transaction Supplement), this iTraxx® Master Confirmation Agreement shall govern for the purpose of the relevant iTraxx® Master Transaction. In the event of any inconsistency between this iTraxx® Master Confirmation Agreement (including the General Terms Confirmation) and a Transaction Supplement, the Transaction Supplement shall govern for the purpose of the relevant iTraxx® Master Transaction. The Transaction Supplement shall set forth, at a minimum, all of the relevant information set out in the form of Transaction Supplement attached hereto as Annex 2.Exhibit B.

CREDIT DERIVATIVE DEFINITIONS. This iTraxx® Master Confirmation Agreement hereby incorporates by reference 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”). Any capitalised capitalized term not otherwise defined herein shall have the meaning assigned to such term in the Credit Derivatives Definitions. Party A and Party B intend to enter into one or more separate iTraxx® Master Transactions with respect relating to each Index a CDX index, as specified in the relevant Transaction Supplement substantially in the form attached as Annex 2 Exhibit B (a “Transaction Supplement”). Party A and Party B agree that that, each time they enter into an iTraxx® a Master Transaction Transaction, they enter into a separate and independent Credit Derivative Transaction (a “Component Transaction”) in respect of each Reference Entity listed in the Index specified Relevant Annex (as defined in the Transaction Supplement (a Component TransactionGeneral Terms Confirmation defined below). Each Component Transaction shall have the terms specified in the General Terms Confirmation attached as Annex 1 Exhibit A (the “General Terms Confirmation) as supplemented by the relevant Applicable Convention Terms attached as Annex 3”). [The confirmation applicable to each iTraxx® Master Transaction, which shall constitute a Confirmation “Confirmation” for the purposes of, and will supplement, form a part of, and be subject to, the [1992/2002] 1992 ISDA Master Agreement [(Multicurrency - Cross Border)] [2002 ISDA Master Agreement] and Schedule thereto between Party A and Party B dated as of [____], as amended and supplemented from time to time (the “Master Agreement”), shall consist of this iTraxx® Master Confirmation Agreement, including the General Terms Confirmation Confirmation, as supplemented by the trade details applicable to such iTraxx® Master Transaction as set forth in the relevant Transaction Supplement. ]1 In the event of any inconsistency between the Credit Derivatives Definitions and this iTraxx® Master Confirmation Agreement (including the General Terms Confirmation and the relevant Transaction Supplement), this iTraxx® Master Confirmation Agreement shall govern for the purpose of the relevant iTraxx® Master Transaction. In the event of any inconsistency between this iTraxx® Master Confirmation Agreement (including the General Terms Confirmation) and a Transaction Supplement, the Transaction Supplement shall govern for the purpose of the relevant iTraxx® Master Transaction. The Transaction Supplement shall set forth, at a minimum, all of the relevant information set out in the form of Transaction Supplement attached hereto as Annex 2.Exhibit B.