ࡱ> ]_\ ;#bjbj oPjj3xl"4p"p"p"h""tAt#t#$$$R%h% t%@@@@@@@$$C DE@|%R%R%|%|%@.$$4A$...|%$$@.|%@.:.J3o;I=$h# P}}p"(O<a=l,AxA/=E)HEI=.XF@"Xz@Form of Novation Confirmation (for use with ABX and CMBX Standard Terms) NOVATION CONFIRMATION DATE: [Date] TO: [Party B and Party C] Telephone No.: [number(s)] Facsimile No.: [number(s)] Attention: [name(s)] FROM: [Party A] SUBJECT: Novation of Credit Derivative Transaction on [ABX] [CMBX] Index [specify series/version (if applicable)] REF NO: [Reference number] The purpose of this communication (this Novation Confirmation) is to confirm the terms and conditions of the Novation Transaction entered into between the parties and effective from the Novation Date specified below. This Novation Confirmation constitutes a Confirmation as referred to in the New Agreement specified below. 1. The definitions and provisions contained in the 2004 ISDA Novation Definitions (the Novation Definitions), the terms and provisions of the 2003 ISDA Credit Derivatives Definitions (the Credit Derivatives Definitions), each as published by the International Swaps and Derivatives Association, Inc. and amended from time to time, the [ABX] [CMBX] Transactions Standard Terms Supplement, as published by CDS IndexCo LLC on [ ], 2006 (the Standard Terms) and the Annex hereto, are each incorporated into this Novation Confirmation. In the event of any inconsistency between (i) the Novation Definitions (as amended by the Annex hereto), (ii) the Credit Derivatives Definitions, (iii) the Novation Agreement (as amended by the Annex hereto) and/or (iv) the Standard Terms and this Novation Confirmation, this Novation Confirmation will govern. In the event of any inconsistency between the Standard Terms and the Novation Definitions (as amended by the Annex hereto), the Novation Agreement (as amended by the Annex hereto) or the Credit Derivatives Definitions, the Standard Terms will govern. 2. The terms of the Novation Transaction to which this Novation Confirmation relates are as follows: [Novation Trade Date]:[]Novation Date:[]Novated Amount:USD [][Transferor] [Transferor 1 (and notwithstanding Section 1.5 of the Novation Definitions)]:[] [Transferor 2 (and notwithstanding Section 1.5 of the Novation Definitions)]:[] [Transferee] [Transferee 1]:[][Remaining Party (and notwithstanding Section 1.6 of the Novation Definitions)] [Transferee 2 (and notwithstanding Section 1.6 of the Novation Definitions)]:[][New Agreement (between [Transferee 1 and Transferee 2][Transferee and Remaining Party])]:[ISDA Master Agreement, dated as of [ ]][As per Section 1.11 of the Novation Definitions] subject to [English law][the laws of the State of New York]] 3. The terms of each Old Transaction to which this Novation Confirmation relates [, for identification purposes, are as follows:] [shall be specified in the copy of the Old Confirmation attached hereto as Exhibit A.] Index:[ABX] [CMBX] [specify series/version (if applicable)]Trade Date of Old Transaction:[]Annex Date:[launch date of Index]Effective Date[Trade Date]Floating Rate Payer:[] (the Seller)Fixed Rate Payer:[] (the Buyer)[Aggregate Floating Rate Payer Calculation Amount] [Aggregate Notional Amount] of Old Transaction:USD []] 4. The terms of each New Transaction to which this Novation Confirmation relates (which shall constitute a New Confirmation for purposes of the Novation Definitions) are as follows: Index:[ABX] [CMBX] [specify series/version (if applicable)]Trade Date:[]Annex Date:[launch date of Index]Effective Date:[Trade Date]Scheduled Termination Date:[The latest Legal Final Maturity Date of any Reference Obligation in the Relevant Annex]Floating Rate Payer:[] (the Seller)Fixed Rate Payer:[] (the Buyer)[Aggregate Floating Rate Payer Calculation Amount]1 [Aggregate Notional Amount]2:USD []Fixed Rate:[] % per annumFull First Calculation Period:Applicable 5. Other Provisions [[Additional Provisions relating to the New Transaction] [Credit Support Documents relating to the New Transaction] [Non-Reliance: Applicable]] [None] 6. Notice Details Telephone, Telex and/or Facsimile Number and Contact Details for Notice:[Transferee] [Transferee 1] Telephone No.: Facsimile No.: [Remaining Party] [Transferee 2]: Telephone No.: Facsimile No.:  7. The parties confirm their acceptance to be bound by this Novation Confirmation as of the Novation Date by executing a copy of this Novation Confirmation and returning it to us. The Transferor, by its execution of a copy of this Novation Confirmation, agrees to the terms of the Novation Confirmation as it relates to each Old Transaction. The Transferee, by its execution of a copy of this Novation Confirmation, agrees to the terms of the Novation Confirmation as it relates to each New Transaction. 8. The Remaining Party and the Transferee agree that, notwithstanding any provision in the Old Transaction to which this Novation Confirmation relates, all rights of the Remaining Party and the Transferor in respect of Floating Amounts and Additional Fixed Amounts that arose before the Novation Date shall be deemed to have been exercised and all obligations of such parties in respect of such events that have arisen or are deemed to have arisen shall be deemed to have been satisfied in full, in each case solely for the purposes of determining the rights and obligations of the Remaining Party and the Transferee under the New Transaction. Nothing in this paragraph shall affect the rights or obligations of the Remaining Party or the Transferor under the Old Transaction. [___________________] [_____________________] (name of Remaining Party) (name of Transferor) By: ______________________________ By: ______________________________ Name: Name: Title: Title: [___________________] (name of Transferee) By: ______________________________ Name: Title: Annex Section 2(a) of the Novation Agreement shall be deemed to be amended as follows: (a) by the insertion of (i) after the words with respect to in the fifth line thereof; and (b) by the addition of the following at the end thereof: and (ii) any rights or obligations arising in respect of Floating Amount Events or Additional Fixed Payment Events, in each case in respect of which the Remaining Party or the Transferor (each an Original Party), as applicable, had the right to deliver a notice pursuant to the terms of the Old Transaction but such notice was not delivered by that party or the Calculation Agent prior to the Novation Date (each an Excluded Event); provided that the rights of the Original Parties to deliver a notice in respect of an Excluded Event pursuant to the Old Transaction shall expire on the 60th calendar day following the Novation Date. Section 2(b) of the Novation Agreement shall be deemed to be amended by the addition of the following after the words Novation Date, in the last line thereof: but excluding any rights or obligations in respect of Excluded Events, 3. Section 2.1(a)(iii)(D)(i) of the Definitions shall not apply. Copy of Old Confirmation  For novations of transactions on the ABX Index.  For novations of transactions on the CMBX Index.  A signature block is not necessary for the Remaining Party if a Four-Way Novation Agreement is being used.  Insert additional Transferor signature line if a Four-Way Novation Agreement is being used.  Insert additional Transferee signature line if a Four-Way Novation Agreement is being used.  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