Document:

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                                                                    Exhibit 10.1

(Multicurrency-Cross Border)

                                     ISDA(R)

                  International Swap Dealers Association, Inc.

                                MASTER AGREEMENT

                            dated as of April 30, 2002

       MONY HOLDINGS, LLC                       AMBAC FINANCIAL SERVICES, L.P.

have entered and/or anticipate entering into one or more transactions (each a
"Transaction") that are or will be governed by this Master Agreement, which
includes the schedule (the "Schedule"), and the documents and other confirming
evidence (each a "Confirmation") exchanged between the parties confirming those
Transactions.

Accordingly, the parties agree as follows:-

1.   Interpretation

(a)  Definitions. The terms defined in Section 14 and in the Schedule will have
the meanings therein specified for the purpose of this Master Agreement.

(b)  Inconsistency. In the event of any inconsistency between the provisions of
the Schedule and the other provisions of this Master Agreement, the Schedule
will prevail. In the event of any inconsistency between the provisions of any
Confirmation and this Master Agreement (including the Schedule), such
Confirmation will prevail for the purposes of the relevant Transaction.

(c)  Single Agreement. All Transactions are entered into in reliance on the fact
that this Master Agreement and all Confirmations form a single agreement between
the parties (collectively referred to as this "Agreement"), and the parties
would not otherwise enter into any Transactions.

2.   Obligations

(a)  General Conditions.

     (i)   Each party will make each payment or delivery specified in each
     Confirmation to be made by it, subject to the other provisions of this
     Agreement.

     (ii)  Payments under this Agreement will be made on the due date for value
     on that date in the place of the account specified in the relevant
     Confirmation or otherwise pursuant to this Agreement, in freely
     transferable funds and in the manner customary for payments in the required
     currency. Where settlement is by delivery (that is, other than by payment),
     such delivery will be made for receipt on the due date in the manner
     customary for the relevant obligation unless otherwise specified in the
     relevant Confirmation or elsewhere in this Agreement.

     (iii) Each obligation of each party under Section 2(a)(i) is subject to
     (1) the condition precedent that no Event of Default or Potential Event of
     Default with respect to the other party has occurred and is continuing,
     (2) the condition precedent that no Early Termination Date in respect of
     the relevant Transaction has occurred or been effectively designated and
     (3) each other applicable condition precedent specified in this Agreement.

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(b)   Change of Account. Either party may change its account for receiving a
payment or delivery by giving notice to the other party at least five Local
Business Days prior to the scheduled date for the payment or delivery to which
such change applies unless such other party gives timely notice of a reasonable
objection to such change.

(c)   Netting. If on any date amounts would otherwise be payable:-

      (i)  in the same currency; and

      (ii) in respect of the same Transaction,

by each party to the other, then, on such date, each party's obligation to make
payment of any such amount will be automatically satisfied and discharged and,
if the aggregate amount that would otherwise have been payable by one party
exceeds the aggregate amount that would otherwise have been payable by the other
party, replaced by an obligation upon the party by whom the larger aggregate
amount would have been payable to pay to the other party the excess of the
larger aggregate amount over the smaller aggregate amount.

The parties may elect in respect of two or more Transactions that a net amount
will be determined in respect of all amounts payable on the same date in the
same currency in respect of such Transactions, regardless of whether such
amounts are payable in respect of the same Transaction. The election may be made
in the Schedule or a Confirmation by specifying that subparagraph (ii) above
will not apply to the Transactions identified as being subject to the election,
together with the starting date (in which case subparagraph (ii) above will not,
or will cease to, apply to such Transactions from such date). This election may
be made separately for different groups of Transactions and will apply
separately to each pairing of Offices through which the parties make and receive
payments or deliveries.

(d)   Deduction or Withholding for Tax

      (i)  Gross-Up. All payments under this Agreement will be made without any
      deduction or withholding for or on account of any Tax unless such
      deduction or withholding is required by any applicable law, as modified by
      the practice of any relevant governmental revenue authority, then in
      effect. If a party is so required to deduct or withhold, then that party
      ("X") will:-

           (1)  promptly notify the other party (7") of such requirement;

           (2) pay to the relevant authorities the full amount required to be
           deducted or withheld (including the full amount required to be
           deducted or withheld from any additional amount paid by X to Y under
           this Section 2(d)) promptly upon the earlier of determining that such
           deduction or withholding is required or receiving notice that such
           amount has been assessed against Y,

           (3) promptly forward to Y an official receipt (or a certified copy),
           or other documentation reasonably acceptable to Y, evidencing such
           payment to such authorities; and

           (4) if such Tax is an Indemnifiable Tax, pay to Y, in addition to the
           payment to which Y is otherwise entitled under this Agreement, such
           additional amount as is necessary to ensure that the net amount
           actually received by Y (free and clear of Indemnifiable Taxes,
           whether assessed against X or Y) will equal the full amount Y would
           have received had no such deduction or withholding been required.
           However, X will not be required to pay any additional amount to Y to
           the extent that it would not be required to be paid but for:-

               (A) the failure by Y to comply with or perform any agreement
               contained in Section 4(a)(i), 4(a)(iii) or 4(d); or

               (B) the failure of a representation made by Y pursuant to Section
               3(f) to be accurate and true unless such failure would not have
               occurred but for (I) any action taken by a taxing authority, or
               brought in a court of competent jurisdiction, on or after the
               date on which a Transaction is entered into (regardless of
               whether such action is taken or brought with respect to a party
               to this Agreement) or (II) a Change in Tax Law.

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      (ii) Liability. If:-

           (1) X is required by any applicable law, as modified by the practice
           of any relevant governmental revenue authority, to make any
           deduction or withholding in respect of which X would not be required
           to pay an additional amount to Y under Section 2(d)(i)(4);

           (2) X does not so deduct or withhold; and

           (3) a liability resulting from such Tax is assessed directly against
           X,

      then, except to the extent Y has satisfied or then satisfies the liability
      resulting from such Tax, Y will promptly pay to X the amount of such
      liability (including any related liability for interest, but including any
      related liability for penalties only if Y has failed to comply with or
      perform any agreement contained in Section 4(a)(i), 4(a)(iii) or 4(d)).

(e)   Default Interest; Other Amounts. Prior to the occurrence or effective
designation of an Early Termination Date in respect of the relevant Transaction,
a party that defaults in the performance of any payment obligation will, to the
extent permitted by law and subject to Section 6(c), be required to pay interest
(before as well as after judgment) on the overdue amount to the other party on
demand in the same currency as such overdue amount, for the period from (and
including) the original due date for payment to (but excluding) the date of
actual payment, at the Default Rate. Such interest will be calculated on the
basis of daily compounding and the actual number of days elapsed. If, prior to
the occurrence or effective designation of an Early Termination Date in respect
of the relevant Transaction, a party defaults in the performance of any
obligation required to be settled by delivery, it will compensate the other
party on demand if and to the extent provided for in the relevant Confirmation
or elsewhere in this Agreement.

3.    Representations

Each party represents to the other party (which representations will be deemed
to be repeated by each party on each date on which a Transaction is entered into
and, in the case of the representations in Section 3(f), at all times until the
termination of this Agreement) that:-

(a)   Basic Representations.

      (i)   Status. It is duly organised and validly existing under the laws of
      the jurisdiction of its organisation or incorporation and, if relevant
      under such laws, in good standing;

      (ii)  Powers. It has the power to execute this Agreement and any other
      documentation relating to this Agreement to which it is a party, to
      deliver this Agreement and any other documentation relating to this
      Agreement that it is required by this Agreement to deliver and to perform
      its obligations under this Agreement and any obligations it has under any
      Credit Support Document to which it is a party and has taken all necessary
      action to authorise such execution, delivery and performance;

      (iii) No Violation or Conflict. Such execution, delivery and performance
      do not violate or conflict with any law applicable to it, any provision of
      its constitutional documents, any order or judgment of any court or other
      agency of government applicable to it or any of its assets or any
      contractual restriction binding on or affecting it or any of its assets;

      (iv)  Consents. All governmental and other consents that are required to
      have been obtained by it with respect to this Agreement or any Credit
      Support Document to which it is a party have been obtained and are in full
      force and effect and all conditions of any such consents have been
      complied with; and

      (v)   Obligations Binding. Its obligations under this Agreement and any
      Credit Support Document to which it is a party constitute its legal, valid
      and binding obligations, enforceable in accordance with their respective
      terms (subject to applicable bankruptcy, reorganisation, insolvency,
      moratorium or similar laws affecting creditors' rights generally and
      subject, as to enforceability, to equitable principles of general
      application (regardless of whether enforcement is sought in a proceeding
      in equity or at law)).

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(b) Absence of Certain Events. No Event of Default or Potential Event of Default
or, to its knowledge, Termination Event with respect to it has occurred and is
continuing and no such event or circumstance would occur as a result of its
entering into or performing its obligations under this Agreement or any Credit
Support Document to which it is a party.

(c) Absence of Litigation. There is not pending or, to its knowledge, threatened
against it or any of its Affiliates any action, suit or proceeding at law or in
equity or before any court, tribunal, governmental body, agency or official or
any arbitrator that is likely to affect the legality, validity or enforceability
against it of this Agreement or any Credit Support Document to which it is a
party or its ability to perform its obligations under this Agreement or such
Credit Support Document.

(d) Accuracy of Specified Information. All applicable information that is
furnished in writing by or on behalf of it to the other party and is identified
for the purpose of this Section 3(d) in the Schedule is, as of the date of the
information, true, accurate and complete in every material respect.

(e) Payer Tax Representation. Each representation specified in the Schedule as
being made by it for the purpose of this Section 3(e) is accurate and true.

(f) Payee Tax Representations. Each representation specified in the Schedule as
being made by it for the purpose of this Section 3(f) is accurate and true.

4.  Agreements

Each party agrees with the other that, so long as either party has or may have
any obligation under this Agreement or under any Credit Support Document to
which it is a party:-

(a) Furnish Specified Information. It will deliver to the other party or, in
certain cases under subparagraph (iii) below, to such government or taxing
authority as the other party reasonably directs:-

    (i)   any forms, documents or certificates relating to taxation specified in
    the Schedule or any Confirmation;

    (ii)  any other documents specified in the Schedule or any Confirmation; and

    (iii) upon reasonable demand by such other party, any form or document that
    may be required or reasonably requested in writing in order to allow such
    other party or its Credit Support Provider to make a payment under this
    Agreement or any applicable Credit Support Document without any deduction or
    withholding for or on account of any Tax or with such deduction or
    withholding at a reduced rate (so long as the completion, execution or
    submission of such form or document would not materially prejudice the legal
    or commercial position of the party in receipt of such demand), with any
    such form or document to be accurate and completed in a manner reasonably
    satisfactory to such other party and to be executed and to be delivered with
    any reasonably required certification,

in each case by the date specified in the Schedule or such Confirmation or, if
none is specified, as soon as reasonably practicable.

(b) Maintain Authorisations. It will use all reasonable efforts to maintain in
full force and effect all consents of any governmental or other authority that
are required to be obtained by it with respect to this Agreement or any Credit
Support Document to which it is a party and will use all reasonable efforts to
obtain any that may become necessary in the future.

(c) Comply with Laws. It will comply in all material respects with all
applicable laws and orders to which it may be subject if failure so to comply
would materially impair its ability to perform its obligations under this
Agreement or any Credit Support Document to which it is a party.

(d) Tax Agreement. It will give notice of any failure of a representation made
by it under Section 3(f) to be accurate and true promptly upon learning of such
failure.

(e) Payment of Stamp Tax. Subject to Section 11, it will pay any Stamp Tax
levied or imposed upon it or in respect of its execution or performance of this
Agreement by a jurisdiction in which it is incorporated,

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organised, managed and controlled, or considered to have its seat, or in which a
branch or office through which it is acting for the purpose of this Agreement is
located ("Stamp Tax Jurisdiction") and will indemnify the other party against
any Stamp Tax levied or imposed upon the other party or in respect of the other
party's execution or performance of this Agreement by any such Stamp Tax
Jurisdiction which is not also a Stamp Tax Jurisdiction with respect to the
other party.

5.  Events of Default and Termination Events

(a) Events of Default. The occurrence at any time with respect to a party or, if
applicable, any Credit Support Provider of such party or any Specified Entity of
such party of any of the following events constitutes an event of default (an
"Event of Default") with respect to such party:-

    (i)  Failure to Pay or Deliver. Failure by the party to make, when due, any
    payment under this Agreement or delivery under Section 2(a)(i) or 2(e)
    required to be made by it if such failure is not remedied on or before the
    third Local Business Day after notice of such failure is given to the party;

    (ii) Breach of Agreement. Failure by the party to comply with or perform
    any agreement or obligation (other than an obligation to make any payment
    under this Agreement or delivery under Section 2(a)(i) or 2(e) or to give
    notice of a Termination Event or any agreement or obligation under Section
    4(a)(i), 4(a)(iii) or 4(d)) to be complied with or performed by the party in
    accordance with this Agreement if such failure is not remedied on or before
    the thirtieth day after notice of such failure is given to the party;

    (iii) Credit Support Default.

          (1) Failure by the party or any Credit Support Provider of such party
          to comply with or perform any agreement or obligation to be complied
          with or performed by it in accordance with any Credit Support Document
          if such failure is continuing after any applicable grace period has
          elapsed;

          (2) the expiration or termination of such Credit Support Document or
          the failing or ceasing of such Credit Support Document to be in full
          force and effect for the purpose of this Agreement (in either case
          other than in accordance with its terms) prior to the satisfaction of
          all obligations of such party under each Transaction to which such
          Credit Support Document relates without the written consent of the
          other party; or

          (3) the party or such Credit Support Provider disaffirms, disclaims,
          repudiates or rejects, in whole or in part, or challenges the validity
          of, such Credit Support Document;

    (iv)  Misrepresentation. A representation (other than a representation under
    Section 3(e) or (f)) made or repeated or deemed to have been made or
    repeated by the party or any Credit Support Provider of such party in this
    Agreement or any Credit Support Document proves to have been incorrect or
    misleading in any material respect when made or repeated or deemed to have
    been made or repeated;

    (v)   Default under Specified Transaction. The party, any Credit Support
    Provider of such party or any applicable Specified Entity of such party (1)
    defaults under a Specified Transaction and, after giving effect to any
    applicable notice requirement or grace period, there occurs a liquidation
    of, an acceleration of obligations under, or an early termination of, that
    Specified Transaction, (2) defaults, after giving effect to any applicable
    notice requirement or grace period, in making any payment or delivery due on
    the last payment, delivery or exchange date of, or any payment on early
    termination of, a Specified Transaction (or such default continues for at
    least three Local Business Days if there is no applicable notice requirement
    or grace period) or (3) disaffirms, disclaims, repudiates or rejects, in
    whole or in part, a Specified Transaction (or such action is taken by any
    person or entity appointed or empowered to operate it or act on its behalf);

    (vi)  Cross Default. If "Cross Default" is specified in the Schedule as
    applying to the party, the occurrence or existence of (1) a default, event
    of default or other similar condition or event (however

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       described) in respect of such party, any Credit Support Provider of such
       party or any applicable Specified Entity of such party under one or more
       agreements or instruments relating to Specified Indebtedness of any of
       them (individually or collectively) in an aggregate amount of not less
       than the applicable Threshold Amount (as specified in the Schedule) which
       has resulted in such Specified Indebtedness becoming, or becoming capable
       at such time of being declared, due and payable under such agreements or
       instruments, before it would otherwise have been due and payable or (2) a
       default by such party, such Credit Support Provider or such Specified
       Entity (individually or collectively) in making one or more payments on
       the due date thereof in an aggregate amount of not less than the
       applicable Threshold Amount under such agreements or instruments (after
       giving effect to any applicable notice requirement or grace period);

       (vii) Bankruptcy. The party, any Credit Support Provider of such party
       or any applicable Specified Entity of such party: -

              (1) is dissolved (other than pursuant to a consolidation,
              amalgamation or merger); (2) becomes insolvent or is unable to pay
              its debts or fails or admits in writing its inability generally to
              pay its debts as they become due; (3) makes a general assignment,
              arrangement or composition with or for the benefit of its
              creditors; (4) institutes or has instituted against it a
              proceeding seeking a judgment of insolvency or bankruptcy or any
              other relief under any bankruptcy or insolvency law or other
              similar law affecting creditors' rights, or a petition is
              presented for its winding-up or liquidation, and, in the case of
              any such proceeding or petition instituted or presented against
              it, such proceeding or petition (A) results in a judgment of
              insolvency or bankruptcy or the entry of an order for relief or
              the making of an order for its winding-up or liquidation or (B) is
              not dismissed, discharged, stayed or restrained in each case
              within 30 days of the institution or presentation thereof; (5) has
              a resolution passed for its winding-up, official management or
              liquidation (other than pursuant to a consolidation, amalgamation
              or merger); (6) seeks or becomes subject to the appointment of an
              administrator, provisional liquidator, conservator, receiver,
              trustee, custodian or other similar official for it or for all or
              substantially all its assets; (7) has a secured party take
              possession of all or substantially all its assets or has a
              distress, execution, attachment, sequestration or other legal
              process levied, enforced or sued on or against all or
              substantially all its assets and such secured party maintains
              possession, or any such process is not dismissed, discharged,
              stayed or restrained, in each case within 30 days thereafter; (8)
              causes or is subject to any event with respect to it which, under
              the applicable laws of any jurisdiction, has an analogous effect
              to any of the events specified in clauses (1) to (7) (inclusive);
              or (9) takes any action in furtherance of, or indicating its
              consent to, approval of, or acquiescence in, any of the foregoing
              acts; or

       (viii) Merger Without Assumption. The party or any Credit Support
       Provider of such party consolidates or amalgamates with, or merges with
       or into, or transfers all or substantially all its assets to, another
       entity and, at the time of such consolidation, amalgamation, merger or
       transfer: -

              (1) the resulting, surviving or transferee entity fails to assume
              all the obligations of such party or such Credit Support Provider
              under this Agreement or any Credit Support Document to which it or
              its predecessor was a party by operation of law or pursuant to an
              agreement reasonably satisfactory to the other party to this
              Agreement; or

              (2) the benefits of any Credit Support Document fail to extend
              (without the consent of the other party) to the performance by
              such resulting, surviving or transferee entity of its obligations
              under this Agreement.

(b)    Termination Events. The occurrence at any time with respect to a party
or, if applicable, any Credit Support Provider of such party or any Specified
Entity of such party of any event specified below constitutes an Illegality if
the event is specified in (i) below, a Tax Event if the event is specified in
(ii) below or a Tax Event Upon Merger if the event is specified in (iii) below,
and, if specified to be applicable, a Credit Event

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Upon Merger if the event is specified pursuant to (iv) below or an Additional
Termination Event if the event is specified pursuant to (v) below:-

        (i)   Illegality. Due to the adoption of, or any change in, any
        applicable law after the date on which a Transaction is entered into, or
        due to the promulgation of, or any change in, the interpretation by any
        court, tribunal or regulatory authority with competent jurisdiction of
        any applicable law after such date, it becomes unlawful (other than as a
        result of a breach by the party of Section 4(b)) for such party (which
        will be the Affected Party):-

              (1) to perform any absolute or contingent obligation to make a
              payment or delivery or to receive a payment or delivery in respect
              of such Transaction or to comply with any other material provision
              of this Agreement relating to such Transaction; or

              (2) to perform, or for any Credit Support Provider of such party
              to perform, any contingent or other obligation which the party (or
              such Credit Support Provider) has under any Credit Support
              Document relating to such Transaction;

        (ii)  Tax Event. Due to (x) any action taken by a taxing authority, or
        brought in a court of competent jurisdiction, on or after the date on
        which a Transaction is entered into (regardless of whether such action
        is taken or brought with respect to a party to this Agreement) or (y) a
        Change in Tax Law, the party (which will be the Affected Party) will, or
        there is a substantial likelihood that it will, on the next succeeding
        Scheduled Payment Date (1) be required to pay to the other party an
        additional amount in respect of an Indemnifiable Tax under Section
        2(d)(i)(4) (except in respect of interest under Section 2(e), 6(d)(ii)
        or 6(e)) or (2) receive a payment from which an amount is required to be
        deducted or withheld for or on account of a Tax (except in respect of
        interest under Section 2(e), 6(d)(ii) or 6(e)) and no additional amount
        is required to be paid in respect of such Tax under Section 2(d)(i)(4)
        (other than by reason of Section 2(d)(i)(4)(A) or B));

        (iii) Tax Event Upon Merger. The party (the "Burdened Party") on the
        next succeeding Scheduled Payment Date will either (1) be required to
        pay an additional amount in respect of an Indemnifiable Tax under
        Section 2(d)(i)(4) (except in respect of interest under Section 2(e),
        6(d)(ii) or 6(e)) or (2) receive a payment from which an amount has been
        deducted or withheld for or on account of any Indemnifiable Tax in
        respect of which the other party is not required to pay an additional
        amount (other than by reason of Section 2(d)(i)(4)(A) or (B)), in either
        case as a result of a party consolidating or amalgamating with, or
        merging with or into, or transferring all or substantially all its
        assets to, another entity (which will be the Affected Party) where such
        action does not constitute an event described in Section 5(a)(viii);

        (iv)  Credit Event Upon Merger. If "Credit Event Upon Merger" is
        specified in the Schedule as applying to the party, such party ("X"),
        any Credit Support Provider of X or any applicable Specified Entity of X
        consolidates or amalgamates with, or merges with or into, or transfers
        all or substantially all its assets to, another entity and such action
        does not constitute an event described in Section 5(a)(viii) but the
        creditworthiness of the resulting, surviving or transferee entity is
        materially weaker than that of X, such Credit Support Provider or such
        Specified Entity, as the case may be, immediately prior to such action
        (and, in such event, X or its successor or transferee, as appropriate,
        will be the Affected Party); or

        (v)   Additional Termination Event. If any "Additional Termination
        Event" is specified in the Schedule or any Confirmation as applying, the
        occurrence of such event (and, in such event, the Affected Party or
        Affected Parties shall be as specified for such Additional Termination
        Event in the Schedule or such Confirmation).

(c)     Event of Default and Illegality. If an event or circumstance which would
otherwise constitute or give rise to an Event of Default also constitutes
an Illegality, it will be treated as an Illegality and will not constitute an
Event of Default.

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6.   Early Termination

(a)  Right to Terminate Following Event of Default. If at any time an Event of
Default with respect to a party (the "Defaulting Party") has occurred and is
then continuing, the other party (the "Non-defaulting Party") may, by not more
than 20 days notice to the Defaulting Party specifying the relevant Event of
Default, designate a day not earlier than the day such notice is effective as an
Early Termination Date in respect of all outstanding Transactions. If, however,
"Automatic Early Termination" is specified in the Schedule as applying to a
party, then an Early Termination Date in respect of all outstanding
Transactions will occur immediately upon the occurrence with respect to such
party of an Event of Default specified in Section 5(a)(vii)(l), (3), (5), (6)
or, to the extent analogous thereto, (8), and as of the time immediately
preceding the institution of the relevant proceeding or the presentation of the
relevant petition upon the occurrence with respect to such party of an Event of
Default specified in Section 5(a)(vii)(4) or, to the extent analogous thereto,
(8).

(b)  Right to Terminate Following Termination Event.

     (i)   Notice. If a Termination Event occurs, an Affected Party will,
     promptly upon becoming aware of it, notify the other party, specifying the
     nature of that Termination Event and each Affected Transaction and will
     also give such other information about that Termination Event as the other
     party may reasonably require.

     (ii)  Transfer to Avoid Termination Event. If either an Illegality under
     Section 5(b)(i)(l) or a Tax Event occurs and there is only one Affected
     Party, or if a Tax Event Upon Merger occurs and the Burdened Party is the
     Affected Party, the Affected Party will, as a condition to its right to
     designate an Early Termination Date under Section 6(b)(iv), use all
     reasonable efforts (which will not require such party to incur a loss,
     excluding immaterial, incidental expenses) to transfer within 20 days after
     it gives notice under Section 6(b)(i) all its rights and obligations under
     this Agreement in respect of the Affected Transactions to another of its
     Offices or Affiliates so that such Termination Event ceases to exist.

     If the Affected Party is not able to make such a transfer it will give
     notice to the other party to that effect within such 20 day period,
     whereupon the other party may effect such a transfer within 30 days after
     the notice is given under Section 6(b)(i).

     Any such transfer by a party under this Section 6(b)(ii) will be subject to
     and conditional upon the prior written consent of the other party, which
     consent will not be withheld if such other party's policies in effect at
     such time would permit it to enter into transactions with the transferee on
     the terms proposed.

     (iii) Two Affected Parties. If an Illegality under Section 5(b)(i)(l) or a
     Tax Event occurs and there are two Affected Parties, each party will use
     all reasonable efforts to reach agreement within 30 days after notice
     thereof is given under Section 6(b)(i) on action to avoid that Termination
     Event.

     (iv)  Right to Terminate. If:-

           (1) a transfer under Section 6(b)(ii) or an agreement under Section
           6(b)(iii), as the case may be, has not been effected with respect to
           all Affected Transactions within 30 days after an Affected Party
           gives notice under Section 6(b)(i); or

           (2) an Illegality under Section 5(b)(i)(2), a Credit Event Upon
           Merger or an Additional Termination Event occurs, or a Tax Event Upon
           Merger occurs and the Burdened Party is not the Affected Party,

     either party in the case of an Illegality, the Burdened Party in the case
     of a Tax Event Upon Merger, any Affected Party in the case of a Tax Event
     or an Additional Termination Event if there is more than one Affected
     Party, or the party which is not the Affected Party in the case of a Credit
     Event Upon Merger or an Additional Termination Event if there is only one
     Affected Party may, by not more than 20 days notice to the other party and
     provided that the relevant Termination Event is then

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     continuing, designate a day not earlier than the day such notice is
     effective as an Early Termination Date in respect of all Affected
     Transactions.

(c)  Effect of Designation.

     (i)  If notice designating an Early Termination Date is given under Section
     6(a) or (b), the Early Termination Date will occur on the date so
     designated, whether or not the relevant Event of Default or Termination
     Event is then continuing.

     (ii) Upon the occurrence or effective designation of an Early Termination
     Date, no further payments or deliveries under Section 2(a)(i) or 2(e) in
     respect of the Terminated Transactions will be required to be made, but
     without prejudice to the other provisions of this Agreement. The amount, if
     any, payable in respect of an Early Termination Date shall be determined
     pursuant to Section 6(e).

(d)  Calculations.

     (i)  Statement. On or as soon as reasonably practicable following the
     occurrence of an Early Termination Date, each party will make the
     calculations on its part, if any, contemplated by Section 6(e) and will
     provide to the other party a statement (1) showing, in reasonable detail,
     such calculations (including all relevant quotations and specifying any
     amount payable under Section 6(e)) and (2) giving details of the relevant
     account to which any amount payable to it is to be paid. In the absence of
     written confirmation from the source of a quotation obtained in determining
     a Market Quotation, the records of the party obtaining such quotation will
     be conclusive evidence of the existence and accuracy of such quotation.

     (ii) Payment Date. An amount calculated as being due in respect of any
     Early Termination Date under Section 6(e) will be payable on the day that
     notice of the amount payable is effective (in the case of an Early
     Termination Date which is designated or occurs as a result of an Event of
     Default) and on the day which is two Local Business Days after the day on
     which notice of the amount payable is effective (in the case of an Early
     Termination Date which is designated as a result of a Termination Event).
     Such amount will be paid together with (to the extent permitted under
     applicable law) interest thereon (before as well as after judgment) in the
     Termination Currency, from (and including) the relevant Early Termination
     Date to (but excluding) the date such amount is paid, at the Applicable
     Rate. Such interest will be calculated on the basis of daily compounding
     and the actual number of days elapsed.

(e)  Payments on Early Termination. If an Early Termination Date occurs, the
following provisions shall apply based on the parties' election in the Schedule
of a payment measure, either "Market Quotation" or "Loss", and a payment method,
either the "First Method" or the "Second Method". If the parties fail to
designate a payment measure or payment method in the Schedule, it will be deemed
that "Market Quotation" or the "Second Method", as the case may be, shall apply.
The amount, if any, payable in respect of an Early Termination Date and
determined pursuant to this Section will be subject to any Set-off.

     (i)   Events of Default. If the Early Termination Date results from an
           Event of Default:-

           (1) First Method and Market Quotation. If the First Method and Market
           Quotation apply, the Defaulting Party will pay to the Non-defaulting
           Party the excess, if a positive number, of (A) the sum of the
           Settlement Amount (determined by the Non-defaulting Party) in respect
           of the Terminated Transactions and the Termination Currency
           Equivalent of the Unpaid Amounts owing to the Non-defaulting Party
           over (B) the Termination Currency Equivalent of the Unpaid Amounts
           owing to the Defaulting Party.

           (2) First Method and Loss. If the First Method and Loss apply, the
           Defaulting Party will pay to the Non-defaulting Party, if a positive
           number, the Non-defaulting Party's Loss in respect of this Agreement.

           (3) Second Method and Market Quotation. If the Second Method and
           Market Quotation apply, an amount will be payable equal to (A) the
           sum of the Settlement Amount (determined by the

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<PAGE>

           Non-defaulting Party) in respect of the Terminated Transactions and
           the Termination Currency Equivalent of the Unpaid Amounts owing to
           the Non-defaulting Party less (B) the Termination Currency Equivalent
           of the Unpaid Amounts owing to the Defaulting Party. If that amount
           is a positive number, the Defaulting Party will pay it to the
           Non-defaulting Party; if it is a negative number, the Non-defaulting
           Party will pay the absolute value of that amount to the Defaulting
           Party.

           (4) Second Method and Loss. If the Second Method and Loss apply, an
           amount will be payable equal to the Non-defaulting Party's Loss in
           respect of this Agreement. If that amount is a positive number, the
           Defaulting Party will pay it to the Non-defaulting Party; if it is a
           negative number, the Non-defaulting Party will pay the absolute value
           of that amount to the Defaulting Party.

     (ii)  Termination Events. If the Early Termination Date results from a
           Termination Event:-

           (1) One Affected Party. If there is one Affected Party, the amount
           payable will be determined in accordance with Section 6(e)(i)(3), if
           Market Quotation applies, or Section 6(e)(i)(4), if Loss applies,
           except that, in either case, references to the Defaulting Party and
           to the Non-defaulting Party will be deemed to be references to the
           Affected Party and the party which is not the Affected Party,
           respectively, and, if Loss applies and fewer than all the
           Transactions are being terminated, Loss shall be calculated in
           respect of all Terminated Transactions.

           (2) Two Affected Parties. If there are two Affected Parties:-

               (A) if Market Quotation applies, each party will determine a
               Settlement Amount in respect of the Terminated Transactions, and
               an amount will be payable equal to (I) the sum of (a) one-half of
               the difference between the Settlement Amount of the party with
               the higher Settlement Amount ("X") and the Settlement Amount of
               the party with the lower Settlement Amount ("Y") and (b) the
               Termination Currency Equivalent of the Unpaid Amounts owing to X
               less (II) the Termination Currency Equivalent of the Unpaid
               Amounts owing to Y; and

               (B) if Loss applies, each party will determine its Loss in
               respect of this Agreement (or, if fewer than all the Transactions
               are being terminated, in respect of all Terminated Transactions)
               and an amount will be payable equal to one-half of the difference
               between the Loss of the party with the higher Loss ("X") and the
               Loss of the party with the lower Loss ("Y").

           If the amount payable is a positive number, Y will pay it to X; if it
           is a negative number, X will pay the absolute value of that amount to
           Y.

     (iii) Adjustment for Bankruptcy. In circumstances where an Early
     Termination Date occurs because "Automatic Early Termination" applies in
     respect of a party, the amount determined under this Section 6(e) will be
     subject to such adjustments as are appropriate and permitted by law to
     reflect any payments or deliveries made by one party to the other under
     this Agreement (and retained by such other party) during the period from
     the relevant Early Termination Date to the date for payment determined
     under Section 6(d)(ii).

     (iv)  Pre-Estimate. The parties agree that if Market Quotation applies an
     amount recoverable under this Section 6(e) is a reasonable pre-estimate of
     loss and not a penalty. Such amount is payable for the loss of bargain and
     the loss of protection against future risks and except as otherwise
     provided in this Agreement neither party will be entitled to recover any
     additional damages as a consequence of such losses.

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7.   Transfer

Subject to Section 6(b)(ii), neither this Agreement nor any interest or
obligation in or under this Agreement may be transferred (whether by way of
security or otherwise) by either party without the prior written consent of the
other party, except that:-

(a)  a party may make such a transfer of this Agreement pursuant to a
consolidation or amalgamation with, or merger with or into, or transfer of all
or substantially all its assets to, another entity (but without prejudice to any
other right or remedy under this Agreement); and

(b)  a party may make such a transfer of all or any part of its interest in any
amount payable to it from a Defaulting Party under Section 6(e).

Any purported transfer that is not in compliance with this Section will be void.

8.   Contractual Currency

(a)  Payment in the Contractual Currency. Each payment under this Agreement will
be made in the relevant currency specified in this Agreement for that payment
(the "Contractual Currency"). To the extent permitted by applicable law, any
obligation to make payments under this Agreement in the Contractual Currency
will not be discharged or satisfied by any tender in any currency other than the
Contractual Currency, except to the extent such tender results in the actual
receipt by the party to which payment is owed, acting in a reasonable manner and
in good faith in converting the currency so tendered into the Contractual
Currency, of the full amount in the Contractual Currency of all amounts payable
in respect of this Agreement. If for any reason the amount in the Contractual
Currency so received falls short of the amount in the Contractual Currency
payable in respect of this Agreement, the party required to make the payment
will, to the extent permitted by applicable law, immediately pay such additional
amount in the Contractual Currency as may be necessary to compensate for the
shortfall. If for any reason the amount in the Contractual Currency so received
exceeds the amount in the Contractual Currency payable in respect of this
Agreement, the party receiving the payment will refund promptly the amount of
such excess.

(b)  Judgments. To the extent permitted by applicable law, if any judgment or
order expressed in a currency other than the Contractual Currency is rendered
(i) for the payment of any amount owing in respect of this Agreement, (ii) for
the payment of any amount relating to any early termination in respect of this
Agreement or (iii) in respect of a judgment or order of another court for the
payment of any amount described in (i) or (ii) above, the party seeking
recovery, after recovery in full of the aggregate amount to which such party is
entitled pursuant to the judgment or order, will be entitled to receive
immediately from the other party the amount of any shortfall of the Contractual
Currency received by such party as a consequence of sums paid in such other
currency and will refund promptly to the other party any excess of the
Contractual Currency received by such party as a consequence of sums paid in
such other currency if such shortfall or such excess arises or results from any
variation between the rate of exchange at which the Contractual Currency is
converted into the currency of the judgment or order for the purposes of such
judgment or order and the rate of exchange at which such party is able, acting
in a reasonable manner and in good faith in converting the currency received
into the Contractual Currency, to purchase the Contractual Currency with the
amount of the currency of the judgment or order actually received by such party.
The term "rate of exchange" includes, without limitation, any premiums and costs
of exchange payable in connection with the purchase of or conversion into the
Contractual Currency.

(c)  Separate Indemnities. To the extent permitted by applicable law, these
indemnities constitute separate and independent obligations from the other
obligations in this Agreement, will be enforceable as separate and independent
causes of action, will apply notwithstanding any indulgence granted by the party
to which any payment is owed and will not be affected by judgment being obtained
or claim or proof being made for any other sums payable in respect of this
Agreement.

(d)  Evidence of Loss. For the purpose of this Section 8, it will be sufficient
for a party to demonstrate that it would have suffered a loss had an actual
exchange or purchase been made.

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9.   Miscellaneous

(a)  Entire Agreement. This Agreement constitutes the entire agreement and
understanding of the parties with respect to its subject matter and supersedes
all oral communication and prior writings with respect thereto.

(b)  Amendments. No amendment, modification or waiver in respect of this
Agreement will be effective, unless in writing (including a writing evidenced by
a facsimile transmission) and executed by each of the parties or confirmed by an
exchange of telexes or electronic messages on an electronic messaging system.

(c)  Survival of Obligations. Without prejudice to Sections 2(a)(iii) and
6(c)(ii), the obligations of the parties under this Agreement will survive the
termination of any Transaction.

(d)  Remedies Cumulative. Except as provided in this Agreement, the rights,
powers, remedies and privileges provided in this Agreement are cumulative and
not exclusive of any rights, powers, remedies and privileges provided by law.

(e)  Counterparts and Confirmations.

     (i)  This Agreement (and each amendment, modification and waiver in respect
     of it) may be executed and delivered in counterparts (including by
     facsimile transmission), each of which will be deemed an original.

     (ii) The parties intend that they are legally bound by the terms of each
     Transaction from the moment they agree to those terms (whether orally or
     otherwise). A Confirmation shall he entered into as soon as practicable and
     may he executed and delivered in counterparts (including by facsimile
     transmission) or be created by an exchange of telexes or by an exchange of
     electronic messages on an electronic messaging system, which in each case
     will be sufficient for all purposes to evidence a binding supplement to
     this Agreement. The parties will specify therein or through another
     effective means that any such counterpart, telex or electronic message
     constitutes a Confirmation.

(f)  No Waiver of Rights. A failure or delay in exercising any right, power or
privilege in respect of this Agreement will not be presumed to operate as a
waiver, and a single or partial exercise of any right, power or privilege will
not be presumed to preclude any subsequent or further exercise, of that right,
power or privilege or the exercise of any other right, power or privilege.

(g)  Headings. The headings used in this Agreement are for convenience of
reference only and are not to affect the construction of or to be taken into
consideration in interpreting this Agreement.

10.  Offices; Multibranch Parties

(a)  If Section 10(a) is specified in the Schedule as applying, each party that
enters into a Transaction through an Office other than its head or home office
represents to the other party that, notwithstanding the place of booking office
or jurisdiction of incorporation or organization of such party, the obligations
of such party are the same as if it had entered into the Transaction through its
head or home office. This representation will be deemed to be repeated by such
party on each date on which a Transaction is entered into.

(b)  Neither party may change the Office through which it makes and receives
payments or deliveries for the purpose of a Transaction without the prior
written consent of the other party.

(c)  If a party is specified as a Multibranch Party in the Schedule, such
Multibranch Party may make and receive payments or deliveries under any
Transaction through any Office listed in the Schedule, and the Office through
which it makes and receives payments or deliveries with respect to a Transaction
will be specified in the relevant Confirmation.

11.  Expenses

A Defaulting Party will, on demand, indemnify and hold harmless the other party
for and against all reasonable out-of-pocket expenses, including legal fees and
Stamp Tax, incurred by such other party by reason of the enforcement and
protection of its rights under this Agreement or any Credit Support Document

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<PAGE>

to which the Defaulting Party is a party or by reason of the early termination
of any Transaction, including, but not limited to, costs of collection.

12.  Notices

(a)  Effectiveness. Any notice or other communication in respect of this
Agreement may be given in any manner set forth below (except that a notice or
other communication under Section 5 or 6 may not be given by facsimile
transmission or electronic messaging system) to the address or number or in
accordance with the electronic messaging system details provided (see the
Schedule) and will be deemed effective as indicated:-

     (i)   if in writing and delivered in person or by courier, on the date it
     is delivered;

     (ii)  if sent by telex, on the date the recipient's answerback is received;

     (iii) if sent by facsimile transmission, on the date that transmission
     is received by a responsible employee of the recipient in legible form (it
     being agreed that the burden of proving receipt will be on the sender and
     will not be met by a transmission report generated by the sender's
     facsimile machine);

     (iv)  if sent by certified or registered mail (airmail, if overseas) or the
     equivalent (return receipt requested), on the date that mail is delivered
     or its delivery is attempted; or

     (v)   if sent by electronic messaging system, on the date that electronic
     message is received,

unless the date of that delivery (or attempted delivery) or that receipt, as
applicable, is not a Local Business Day or that communication is delivered (or
attempted) or received, as applicable, after the close of business on a Local
Business Day, in which case that communication shall be deemed given and
effective on the first following day that is a Local Business Day.

(b)  Change of Addresses. Either party may by notice to the other change the
address, telex or facsimile number or electronic messaging system details at
which notices or other communications are to be given to it.

13.  Governing Law and Jurisdiction

(a)  Governing Law. This Agreement will be governed by and construed in
accordance with the law specified in the Schedule.

(b)  Jurisdiction. With respect to any suit, action or proceedings relating to
this Agreement ("Proceedings"), each party irrevocably:-

     (i)  submits to the jurisdiction of the English courts, if this Agreement
     is expressed to be governed by English law, or to the non-exclusive
     jurisdiction of the courts of the State of New York and the United States
     District Court located in the Borough of Manhattan in New York City, if
     this Agreement is expressed to be governed by the laws of the State of New
     York; and

     (ii) waives any objection which it may have at any time to the laying of
     venue of any Proceedings brought in any such court, waives any claim that
     such Proceedings have been brought in an inconvenient forum and further
     waives the right to object, with respect to such Proceedings, that such
     court does not have any jurisdiction over such party.

Nothing in this Agreement precludes either party from bringing Proceedings in
any other jurisdiction (outside, if this Agreement is expressed to be governed
by English law, the Contracting States, as defined in Section l(3) of the Civil
Jurisdiction and Judgments Act 1982 or any modification, extension or
re-enactment thereof for the time being in force) nor will the bringing of
Proceedings in any one or more jurisdictions preclude the bringing of
Proceedings in any other jurisdiction.

(c)  Service of Process. Each party irrevocably appoints the Process Agent (if
any) specified opposite its name in the Schedule to receive, for it and on its
behalf, service of process in any Proceedings. If for any

                                       13

<PAGE>

reason any party's Process Agent is unable to act as such, such party will
promptly notify the other party and within 30 days appoint a substitute process
agent acceptable to the other party. The parties irrevocably consent to service
of process given in the manner provided for notices in Section 12. Nothing in
this Agreement will affect the right of either party to serve process in any
other manner permitted by law.

(d)  Waiver of Immunities. Each party irrevocably waives, to the fullest extent
permitted by applicable law, with respect to itself and its revenues and assets
(irrespective of their use or intended use), all immunity on the grounds of
sovereignty or other similar grounds from (i) suit, (ii) jurisdiction of any
court, {iii) relief by way of injunction, order for specific performance or for
recovery of property, (iv) attachment of its assets (whether before or after
judgment) and (v) execution or enforcement of any judgment to which it or its
revenues or assets might otherwise be entitled in any Proceedings in the courts
of any jurisdiction and irrevocably agrees, to the extent permitted by
applicable law, that it will not claim any such immunity in any Proceedings.

14.  Definitions

As used in this Agreement:-

"Additional Termination Event" has the meaning specified in Section 5(b).

"Affected Party" has the meaning specified in Section 5(b).

"Affected Transactions" means (a) with respect to any Termination Event
consisting of an Illegality, Tax Event or Tax Event Upon Merger, all
Transactions affected by the occurrence of such Termination Event and (b) with
respect to any other Termination Event, all Transactions.

"Affiliate" means, subject to the Schedule, in relation to any person, any
entity controlled, directly or indirectly, by the person, any entity that
controls, directly or indirectly, the person or any entity directly or
indirectly under common control with the person. For this purpose, "control" of
any entity or person means ownership of a majority of the voting power of the
entity or person.

"Applicable Rate" means:-

(a)  in respect of obligations payable or deliverable (or which would have been
but for Section 2(a)(iii)) by a Defaulting Party, the Default Rate;

(b)  in respect of an obligation to pay an amount under Section 6(e) of either
party from and after the date (determined in accordance with Section 6(d)(ii))
on which that amount is payable, the Default Rate;

(c)  in respect of all other obligations payable or deliverable (or which would
have been but for Section 2(a)(iii)) by a Non-defaulting Party, the Non-default
Rate; and

(d)  in all other cases, the Termination Rate.

"Burdened Party" has the meaning specified in Section 5(b).

"Change in Tax Law" means the enactment, promulgation, execution or ratification
of, or any change in or amendment to, any law (or in the application or official
interpretation of any law) that occurs on or after the date on which the
relevant Transaction is entered into.

"consent" includes a consent, approval, action, authorisation, exemption,
notice, filing, registration or exchange control consent.

"Credit Event Upon Merger" has the meaning specified in Section 5(b).

"Credit Support Document" means any agreement or instrument that is specified as
such in this Agreement.

"Credit Support Provider" has the meaning specified in the Schedule.

"Default Rate" means a rate per annum equal to the cost (without proof or
evidence of any actual cost) to the relevant payee (as certified by it) if it
were to fund or of funding the relevant amount plus 1% per annum.

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<PAGE>

"Defaulting Party" has the meaning specified in Section 6(a).

"Early Termination Date" means the date determined in accordance with Section
6(a) or 6(b)(iv).

"Event of Default" has the meaning specified in Section 5(a) and, if applicable,
in the Schedule.

"Illegality" has the meaning specified in Section 5(b).

"Indemnifiable Tax" means any Tax other than a Tax that would not be imposed in
respect of a payment under this Agreement but for a present or former connection
between the jurisdiction of the government or taxation authority imposing such
Tax and the recipient of such payment or a person related to such recipient
(including, without limitation, a connection arising from such recipient or
related person being or having been a citizen or resident of such jurisdiction,
or being or having been organised, present or engaged in a trade or business in
such jurisdiction, or having or having had a permanent establishment or fixed
place of business in such jurisdiction, but excluding a connection arising
solely from such recipient or related person having executed, delivered,
performed its obligations or received a payment under, or enforced, this
Agreement or a Credit Support Document).

"law" includes any treaty, law, rule or regulation (as modified, in the case of
tax matters, by the practice of any relevant governmental revenue authority) and
"lawful" and "unlawful" will be construed accordingly.

"Local Business Day" means, subject to the Schedule, a day on which commercial
banks are open for business (including dealings in foreign exchange and foreign
currency deposits) (a) in relation to any obligation under Section 2(a)(i), in
the place(s) specified in the relevant Confirmation or, if not so specified, as
otherwise agreed by the parties in writing or determined pursuant to provisions
contained, or incorporated by reference, in this Agreement, (b) in relation to
any other payment, in the place where the relevant account is located and, if
different, in the principal financial centre, if any, of the currency of such
payment, (c) in relation to any notice or other communication, including notice
contemplated under Section 5(a)(i), in the city specified in the address for
notice provided by the recipient and, in the case of a notice contemplated by
Section 2(b), in the place where the relevant new account is to be located and
(d) in relation to Section 5(a)(v)(2), in the relevant locations for performance
with respect to such Specified Transaction.

"Loss" means, with respect to this Agreement or one or more Terminated
Transactions, as the case may be, and a party, the Termination Currency
Equivalent of an amount that party reasonably determines in good faith to be its
total losses and costs (or gain, in which case expressed as a negative number)
in connection with this Agreement or that Terminated Transaction or group of
Terminated Transactions, as the case may be, including any loss of bargain, cost
of funding or, at the election of such party but without duplication, loss or
cost incurred as a result of its terminating, liquidating, obtaining or
reestablishing any hedge or related trading position (or any gain resulting from
any of them). Loss includes losses and costs (or gains) in respect of any
payment or delivery required to have been made (assuming satisfaction of each
applicable condition precedent) on or before the relevant Early Termination Date
and not made, except, so as to avoid duplication, if Section 6(e)(i)(l) or (3)
or 6(e)(ii)(2)(A) applies. Loss does not include a party's legal fees and
out-of-pocket expenses referred to under Section 11. A party will determine its
Loss as of the relevant Early Termination Date, or, if that is not reasonably
practicable, as of the earliest date thereafter as is reasonably practicable. A
party may (but need not) determine its Loss by reference to quotations of
relevant rates or prices from one or more leading dealers in the relevant
markets.

"Market Quotation" means, with respect to one or more Terminated Transactions
and a party making the determination, an amount determined on the basis of
quotations from Reference Market-makers. Each quotation will be for an amount,
if any, that would be paid to such party (expressed as a negative number) or by
such party (expressed as a positive number) in consideration of an agreement
between such party (taking into account any existing Credit Support Document
with respect to the obligations of such party) and the quoting Reference
Market-maker to enter into a transaction (the "Replacement Transaction") that
would have the effect of preserving for such party the economic equivalent of
any payment or delivery (whether the underlying obligation was absolute or
contingent and assuming the satisfaction of each applicable condition precedent)
by the parties under Section 2(a)(i) in respect of such Terminated Transaction
or group of Terminated Transactions that would, but for the occurrence of the
relevant Early Termination Date, have

                                       15

<PAGE>

been required after that date. For this purpose, Unpaid Amounts in respect of
the Terminated Transaction or group of Terminated Transactions are to be
excluded but, without limitation, any payment or delivery that would, but for
the relevant Early Termination Date, have been required (assuming satisfaction
of each applicable condition precedent) after that Early Termination Date is to
be included. The Replacement Transaction would be subject to such documentation
as such party and the Reference Market-maker may, in good faith, agree. The
party making the determination (or its agent) will request each Reference
Market-maker to provide its quotation to the extent reasonably practicable as of
the same day and time (without regard to different time zones) on or as soon as
reasonably practicable after the relevant Early Termination Date. The day and
time as of which those quotations are to be obtained will be selected in good
faith by the party obliged to make a determination under Section 6(e), and, if
each party is so obliged, after consultation with the other. If more than three
quotations are provided, the Market Quotation will be the arithmetic mean of the
quotations, without regard to the quotations having the highest and lowest
values. If exactly three such quotations are provided, the Market Quotation will
be the quotation remaining after disregarding the highest and lowest quotations.
For this purpose, if more than one quotation has the same highest value or
lowest value, then one of such quotations shall be disregarded. If fewer than
three quotations are provided, it will be deemed that the Market Quotation
in respect of such Terminated Transaction or group of Terminated Transactions
cannot be determined.

"Non-default Rate" means a rate per annum equal to the cost (without proof or
evidence of any actual cost) to the Non-defaulting Party (as certified by it) if
it were to fund the relevant amount.

"Non-defaulting Party" has the meaning specified in Section 6(a).

"Office" means a branch or office of a party, which may be such party's head or
home office.

"Potential Event of Default" means any event which, with the giving of notice or
the lapse of time or both, would constitute an Event of Default.

"Reference Market-makers" means four leading dealers in the relevant market
selected by the party determining a Market Quotation in good faith (a) from
among dealers of the highest credit standing which satisfy all the criteria that
such party applies generally at the time in deciding whether to offer or to make
an extension of credit and (b) to the extent practicable, from among such
dealers having an office in the same city.

"Relevant Jurisdiction" means, with respect to a party, the jurisdictions (a) in
which the party is incorporated, organised, managed and controlled or considered
to have its seat, (b) where an Office through which the party is acting for
purposes of this Agreement is located, (c) in which the party executes this
Agreement and (d) in relation to any payment, from or through which such payment
is made.

"Scheduled Payment Date" means a date on which a payment or delivery is to be
made under Section 2(a)(i) with respect to a Transaction.

"Set-off" means set-off, offset, combination of accounts, right of retention or
withholding or similar right or requirement to which the payer of an amount
under Section 6 is entitled or subject (whether arising under this Agreement,
another contract, applicable law or otherwise) that is exercised by, or imposed
on, such payer.

"Settlement Amount" means, with respect to a party and any Early Termination
Date, the sum of:-

(a) the Termination Currency Equivalent of the Market Quotations (whether
positive or negative) for each Terminated Transaction or group of Terminated
Transactions for which a Market Quotation is determined; and

(b) such party's Loss (whether positive or negative and without reference to any
Unpaid Amounts) for each Terminated Transaction or group of Terminated
Transactions for which a Market Quotation cannot be determined or would not (in
the reasonable belief of the party making the determination) produce a
commercially reasonable result.

"Specified Entity" has the meanings specified in the Schedule.

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"Specified Indebtedness" means, subject to the Schedule, any obligation (whether
present or future, contingent or otherwise, as principal or surety or otherwise)
in respect of borrowed money.

"Specified Transaction" means, subject to the Schedule, (a) any transaction
(including an agreement with respect thereto) now existing or hereafter entered
into between one party to this Agreement (or any Credit Support Provider of such
party or any applicable Specified Entity of such party) and the other party to
this Agreement (or any Credit Support Provider of such other party or any
applicable Specified Entity of such other party) which is a rate swap
transaction, basis swap, forward rate transaction, commodity swap, commodity
option, equity or equity index swap, equity or equity index option, bond option,
interest rate option, foreign exchange transaction, cap transaction, floor
transaction, collar transaction, currency swap transaction, cross-currency rate
swap transaction, currency option or any other similar transaction (including
any option with respect to any of these transactions), (b) any combination of
these transactions and (c) any other transaction identified as a Specified
Transaction in this Agreement or the relevant confirmation.

"Stamp Tax" means any stamp, registration, documentation or similar tax.

"Tax" means any present or future tax, levy, impost, duty, charge, assessment or
fee of any nature (including interest, penalties and additions thereto) that is
imposed by any government or other taxing authority in respect of any payment
under this Agreement other than a stamp, registration, documentation or similar
tax.

"Tax Event" has the meaning specified in Section 5(b).

"Tax Event Upon Merger" has the meaning specified in Section 5(b).

"Terminated Transactions" means with respect to any Early Termination Date (a)
if resulting from a Termination Event, all Affected Transactions and (b) if
resulting from an Event of Default, all Transactions (in either case) in effect
immediately before the effectiveness of the notice designating that Early
Termination Date (or, if "Automatic Early Termination" applies, immediately
before that Early Termination Date).

"Termination Currency" has the meaning specified in the Schedule.

"Termination Currency Equivalent" means, in respect of any amount denominated in
the Termination Currency, such Termination Currency amount and, in respect of
any amount denominated in a currency other than the Termination Currency (the
"Other Currency"), the amount in the Termination Currency determined by the
party making the relevant determination as being required to purchase such
amount of such Other Currency as at the relevant Early Termination Date, or, if
the relevant Market Quotation or Loss (as the case may be), is determined as of
a later date, that later date, with the Termination Currency at the rate equal
to the spot exchange rate of the foreign exchange agent (selected as provided
below) for the purchase of such Other Currency with the Termination Currency at
or about 11:00 a.m. (in the city in which such foreign exchange agent is
located) on such date as would be customary for the determination of such a rate
for the purchase of such Other Currency for value on the relevant Early
Termination Date or that later date. The foreign exchange agent will, if only
one party is obliged to make a determination under Section 6(e), be selected in
good faith by that party and otherwise will be agreed by the parties.

"Termination Event" means an Illegality, a Tax Event or a Tax Event Upon Merger
or, if specified to be applicable, a Credit Event Upon Merger or an Additional
Termination Event.

"Termination Rate" means a rate per annum equal to the arithmetic mean of the
cost (without proof or evidence of any actual cost) to each party (as certified
by such party) if it were to fund or of funding such amounts.

"Unpaid Amounts" owing to any party means, with respect to an Early Termination
Date, the aggregate of (a) in respect of all Terminated Transactions, the
amounts that became payable (or that would have become payable but for Section
2(a)(iii)) to such party under Section 2(a)(i) on or prior to such Early
Termination Date and which remain unpaid as at such Early Termination Date and
(b) in respect of each Terminated Transaction, for each obligation under Section
2(a)(i) which was (or would have been but for Section 2(a)(iii)) required to be
settled by delivery to such party on or prior to such Early Termination Date and
which has not been so settled as at such Early Termination Date, an amount equal
to the fair market

                                       17

<PAGE>

     value of that which was (or would have been) required to be delivered as of
     the originally scheduled date for delivery, in each case together with (to
     the extent permitted under applicable law) interest, in the currency of
     such amounts, from (and including) the date such amounts or obligations
     were or would have been required to have been paid or performed to (but
     excluding) such Early Termination Date, at the Applicable Rate. Such
     amounts of interest will be calculated on the basis of daily compounding
     and the actual number of days elapsed. The fair market value of any
     obligation referred to in clause (b) above shall be reasonably determined
     by the party obliged to make the determination under Section 6(e) or, if
     each party is so obliged, it shall be the average of the Termination
     Currency Equivalents of the fair market values reasonably determined by
     both parties.

IN WITNESS WHEREOF the parties have executed this document on the respective
dates specified below with effect from the date specified on the first page of
this document.

     MONY HOLDINGS, LLC                AMBAC FINANCIAL SERVICES, L.P.
                                        By: Ambac Financial Holdings, Inc., its
                                                  General Partner

       (Name of Party)                            (Name of Party)

______________________________          /s/ Steven L. Dymant
                                        ----------------------------------------

Name:                                   Name:  Steven L. Dymant

Title:                                  Title: Managing Director

Date:                                   Date:

                                        /s/ Paul Brody
                                        ----------------------------------------

                                        Name:  Paul Brody

                                        Title: First Vice President and Director
                                               of Operations

                                        Date:

<PAGE>

     value of that which was (or would have been) required to be delivered as of
     the originally scheduled date for delivery, in each case together with (to
     the extent permitted under applicable law) interest, in the currency of
     such amounts, from (and including) the date such amounts or obligations
     were or would have been required to have been paid or performed to (but
     excluding) such Early Termination Date, at the Applicable Rate. Such
     amounts of interest will be calculated on the basis of daily compounding
     and the actual number of days elapsed. The fair market value of any
     obligation referred to in clause (b) above shall be reasonably determined
     by the party obliged to make the determination under Section 6(e) or, if
     each party is so obliged, it shall be the average of the Termination
     Currency Equivalents of the fair market values reasonably determined by
     both parties.

IN WITNESS WHEREOF the parties have executed this document on the respective
dates specified below with effect from the date specified on the first page of
this document.

     MONY HOLDINGS, LLC                 AMBAC FINANCIAL SERVICES, L.P.
                                         By: Ambac Financial Holdings, Inc., its
                                                   General Partner

      (Name of Party)                              (Name of Party)

 /s/ Richard Daddario
-----------------------------------     ________________________________________

Name:  Richard Daddario                 Name:

Title: Chief Financial Officer          Title:

Date:  April 30, 2002                   Date:

                                        ________________________________________

                                        Name:

                                        Title:

                                        Date:<PAGE>

                                                                    EXHIBIT 10.2

                                    SCHEDULE

                                     to the

                                MASTER AGREEMENT

                       dated as of April 30 ,2002

                                     between

                               MONY HOLDINGS, LLC

                      a limited liability company organized
                           under the law of the State
                                  of Delaware
                                  ("Party B"),

                                       and

                         AMBAC FINANCIAL SERVICES, L.P.,
                a limited partnership organized under the law of
                             the State of Delaware
                                  ("Party A").

Part 1. Termination Provisions.

     (a)  "Specified Entity" means in relation to Party B for the purpose of:-

          Section 5(a)(v), Not Applicable

          Section 5(a)(vi), Not Applicable

          Section 5(a)(vii), Not Applicable

          Section 5(b)(iv), Not Applicable
and in relation to Party A for the purpose of:-

          Section 5(a)(v), Not Applicable

          Section 5(a)(vi), Not  Applicable

          Section 5(a)(vii), Not Applicable

          Section 5(b)(iv), Not Applicable

     (b)  "Specified Transaction" will have the meaning specified in Section 14.

<PAGE>

     (c)  The "Cross Default" provisions of Section 5(a)(vi) will not apply to
Party B and will not apply to Party A.

     (d)  The "Credit Event Upon Merger" provisions of Section 5(b)(iv) will not
apply to Party B will not apply to Party A.

     (e)  The "Automatic Early Termination" provision of Section 6(a) will not
apply to Party B and will apply to Party A; provided, however, that with respect
to Party A, an Early Termination Date in respect of all outstanding Transactions
will also occur immediately upon the occurrence of an Event of Default specified
in Section 5(a)(ix) (as added by Part 5(l) of this Schedule).

     (f)  Payments on Early Termination. For the purpose of Section 6(e):-

          (i)  Market Quotation will apply.

          (ii) The Second Method will apply.

     (g)  "Termination Currency" means United States Dollars.

Part 2. Tax Representations.

     (a)  Payer Representations. For purposes of Section 3(e) of this Agreement,
Party B and Party A each make the following representation:

          It is not required by any applicable law, as modified by the practice
          of any relevant governmental revenue authority, of any Relevant
          Jurisdiction to make any deduction or withholding for or on account of
          any Tax from any payment (other than interest under Section 2(e),
          6(d)(ii) or 6(e) of this Agreement) to be made by it to the other
          party under this Agreement. In making this representation, it may rely
          on (i) the accuracy of any representations made by the other party
          pursuant to Section 3(f) of this Agreement, (ii) the satisfaction of
          the agreement contained in Section 4(a)(i) or 4(a)(iii) of this
          Agreement, and the accuracy and effectiveness of any document provided
          by the other party pursuant to Section 4(a)(i) or 4(a)(iii) of this
          Agreement, and (iii) the satisfaction of the agreement of the other
          party contained in Section 4(d) of this Agreement, provided that it
          shall not be a breach of this representation where reliance is placed
          on Clause (ii) and the other party does not deliver a form or document
          under Section 4(a)(iii) by reason of material prejudice to its legal
          or commercial position.

     (b)  Payee Representations. For the purpose of Section 3(f) of this
Agreement, Party B and Party A make the following representations, as
applicable:

          (i)  Party B is a single-member limited liability company treated as a
               disregarded entity for U.S. federal income tax purposes organized
               under the laws of the State of Delaware, whose sole member is
               MONY Group, Inc., a corporation organized under the laws of
               Delaware.

                                       -2-

<PAGE>

          (ii) Party A is a limited partnership organized under the laws of the
               State of Delaware.

Part 3. Agreement to Deliver Documents.

     For the purpose of Sections 4(a)(i) and (ii), each party agrees to deliver
the following documents, as applicable:-

     (a)  Tax forms, documents, or certificates to be delivered are:-

<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------
Party Required to Deliver       Form/Document/Certificate     Date by Which to be
Document                                                      Delivered
----------------------------------------------------------------------------------------------
<S>                             <C>                           <C>
Party B                         A correct, complete and       (i) Before the first Payment
                                executed U.S. Internal        Date under this Agreement,
                                Revenue Service Form W-9      (ii) promptly upon reasonable
                                (or any successor thereto),   demand by Party A, and (iii)
                                including appropriate         promptly upon learning that
                                attachments, that eliminates  any such form previously
                                U.S. federal backup           provided by Party B has
                                withholding tax on payments   become obsolete or incorrect.
                                under this Agreement.
----------------------------------------------------------------------------------------------
Party A                         A correct, complete and       (i) Before the first Payment
                                executed U.S. Internal        Date under this Agreement,
                                Revenue Service Form W-9      (ii) promptly upon reasonable
                                (or any successor thereto),   demand by Party B, and (iii)
                                including appropriate         promptly upon learning that
                                attachments that eliminates   any such form previously
                                U.S. federal backup           provided by Party A has
                                withholding tax on payments   become obsolete or incorrect.
                                under this Agreement.
----------------------------------------------------------------------------------------------
</TABLE>

     (b)  Other documents to be delivered are:

<TABLE>
<CAPTION>
Party                                                       Date by
required to                                                 which            Covered by
deliver        Form/Document/                               to be            Section 3(d)
document       Certificate                                  delivered        Representation
<S>            <C>                                          <C>              <C>
Party B        If available, and as requested, a copy of    Promptly              Yes
               the most recent annual report of MONY        following
               Holdings, LLC containing its consolidated    demand by
               financial statements prepared in such form   Party A made at
               as they are required of Party B under the    a time when
               Indenture.                                   Party B would
                                                            be required to
                                                            deliver such
</TABLE>

                                       -3-

<PAGE>

<TABLE>
<S>            <C>                                          <C>                   <C>
                                                            financials under
                                                            the Indenture

Party A        Unaudited Quarterly Financial Statement      Promptly              Yes
               of Ambac Financial Group.                    following
                                                            demand by
                                                            Party B

Party A        Annual Financial Statement of Ambac          Promptly              Yes
               Financial Group.                             following
                                                            demand by
                                                            Party B

Party A and    Certified incumbency certificate or other    At execution of       Yes
Party B        evidence of authority and specimen           this Agreement
               signatures with respect to the party and its
               signatories.

Party A        An executed copy of the AFSLP Credit         At execution of       No
               Enhancement.                                 this Agreement

Party B        An executed copy of the MONY Credit          At execution of       No
               Enhancement.                                 this Agreement

Party A and    Legal Opinion in form and substance          At execution of       No
AFSLP Credit   satisfactory to Party B.                     this Agreement
Enhancer

Party B        Legal Opinion in form and substance          At execution of       No
               satisfactory to Party A.                     this Agreement
</TABLE>

Part 4. Miscellaneous.

     (a)  Addresses for Notices. For the purpose of Section 12(a):-

Address for notices or communications to Party B:-

          Address:     1740 Broadway
                       New York
                       NY 10019
                       Attention: President

Address for notices or communications to MONY Credit Enhancer:

          Address:     Ambac Assurance Corporation, One State Street Plaza, New
                       York, New York 10004

          Attention:   General Counsel

                                       -4-

<PAGE>

          Facsimile No.: 212-785-0269
          Telephone No.: 212-208-3283

Address for notices or communications to Party A:-

          Address:        1 State Street Plaza, 16/th/ floor, New York, New York
                          10004

          Attention:      Steve Dymant

          Facsimile No.:  212-208-3480       Telephone No.:    212-208-3130

          Electronic Messaging System Details: None.

Address for notices or communications AFSLP Credit Enhancer:

          Address:        Ambac Assurance Corporation, One State Street Plaza,
                          New York, New York 10004

          Attention:      General Counsel

          Facsimile No.:  212-785-0269

          Telephone No.:  212-208-3283

     (b)  Process Agent. For the purpose of Section 13(c):-not applicable

     (c)  Offices; Multibranch Parties.

          (i)  The provisions of Section 10(a) will be applicable.

          (ii) For the purpose of Section 10(c):-

               Party B is not a Multibranch Party.

               Party A is not a Multibranch Party.

     (d)  Calculation Agent. As specified in a Confirmation.

     (e)  Credit Support Document. Details of any Credit Support Document, each
of which are incorporated by reference in, and made part of, this Agreement and
each Confirmation (unless provided otherwise in a Confirmation) as if set forth
in full in this Agreement or such Confirmation:-

     Party B: Financial Guaranty Insurance Policy for Swap Transaction
(Reference No. CPP0147BE) issued by the MONY Credit Enhancer (defined below),
dated as of the date hereof (the "MONY Credit Enhancement").

                                      -5-

<PAGE>

     Party A: Financial Guaranty Insurance Policy for Swap Transaction
(Reference No. SWLP0147BE) issued by the AFSLP Credit Enhancer (defined below),
dated as of the date hereof (the "AFSLP Credit Enhancement").

     (f)  Credit Support Provider.

          Credit Support Provider means in relation to Party B, Ambac Assurance
Corporation (the "MONY Credit Enhancer") and in relation to Party A, Ambac
Assurance Corporation ("AFSLP Credit Enhancer").

     (g)  Governing Law. This Agreement and each Confirmation will be governed
by, and construed and enforced in accordance with, the law of the State of New
York (without reference to its choice of law doctrine).

     (h)  Jurisdiction. Section 13(b) is hereby amended by: (i) deleting in the
second line of Subparagraph (i) thereof the word "non-"; and (ii) deleting the
final paragraph thereof.

     (i)  Netting of Payments. Subparagraph (ii) of Section 2(c) will not apply
to Transactions with effect from the date of this Agreement.

     (j)  "Affiliate". will have the meaning specified in Section 14; provided,
however, that for purposes of Section 3(c), such term shall only refer to any
Credit Support Provider of the party and/or any party that is a Specified Entity
for Bankruptcy.

Part 5. Other Provisions.

     (a)  Accuracy of Specified Information. Section 3(d) is hereby amended by
adding in the third line thereof after the word "respect" and before the period
the words "or, in the case of audited or unaudited financial statements or
balance sheets, a fair presentation in all material respects of the financial
condition of the relevant person."

     (b)  Transfer. The following sections 7(c) and 7(d) shall be inserted
respectively at the end of Section 7(b) of this Agreement:

          "(c) Party A hereby consents to assignment by Party B of all of its
          right, title and interest in and under this Agreement by way of
          security to the Trustee as Collateral as provided in the Indenture;
          and

          "(d) Notwithstanding anything to the contrary in this Agreement, Party
          A may without the consent of Party B transfer all of its rights and
          obligations with respect to all Transactions to any of its Affiliates
          if at the time of such transfer (w) no Termination Event, Event of
          Default or Potential Event of Default as defined in this Agreement
          shall be occurring with respect to such Affiliate, (x) AFSLP Credit
          Enhancer shall confirm in writing to Party A and Party B that the
          Policy shall remain in full force and effect and cover such Affiliate
          after such assignment or transfer, (y) Party B will not, as a result
          of such transfer, be required on the next succeeding Scheduled Payment
          Date to pay to the transferee

                                       -6-

<PAGE>

          an amount in respect of an Indemnifiable Tax under Section 2(d)(i)(4)
          (except in respect of interest under Section 2(e), 6(d)(ii) or 6(e))
          greater than the amount in respect of which Party B would have been
          required to pay to Party A in the absence of such transfer and (z) the
          transferee will not, as a result of such transfer, be required on the
          next succeeding Scheduled Payment Date to withhold or deduct on
          account of a Tax under Section 2(d)(i) (except in respect of interest
          under Section 2(e), 6(d)(ii) or 6(e)) amounts in excess of that which
          Party A would on the next succeeding Scheduled Payment Date have been
          required to so withhold or deduct in the absence of such transfer
          unless the transferee would be required to make additional payments
          pursuant to Section 2(d)(i)(4) corresponding to such excess. With
          respect to the result described in subclauses (y) and (z) above, Party
          A agrees to cause such transferee to make and Party B agrees to make
          such Payee Tax Representations and Payer Tax Representations as may be
          reasonably requested by the other party in order to permit such other
          party to determine that such result will not occur after such
          transfer. Any transfer permitted by the foregoing clauses will not
          constitute an event or condition described in Section 5(a)(viii) or
          5(b)(iv)."

     (c)  Confirmations. On or promptly following the Trade Date or other
transaction date of each Transaction, Party B will send a Confirmation to Party
A. Party A will promptly thereafter confirm the accuracy of (in the manner
required by Section 9(e)), or request the correction of, such Confirmation (in
the latter case, indicating how it believes the terms of such Confirmation
should be correctly stated and such other terms which should be added to or
deleted from such Confirmation to make it correct).

     (d)  Reference Market-makers. The definition of "Reference Market-makers"
in Section 14 is hereby amended by adding in the fourth line thereof after the
word "credit" the words "or to enter into transactions similar in nature to
Transactions"

     (e)  Severability. If any term, provision, covenant, or condition of this
Agreement, or the application thereof to any party or circumstance, shall be
held to be invalid or unenforceable (in whole or in part) for any reason, the
remaining terms, provisions, covenants, and conditions hereof shall continue in
full force and effect as if this Agreement had been executed with the invalid or
unenforceable portion eliminated, so long as this Agreement as so modified
continues to express, without material change, the original intentions of the
parties as to the subject matter of this Agreement and the deletion of such
portion of this Agreement will not substantially impair the respective benefits
or expectations of the parties to this Agreement; provided, however, that this
severability provision shall not be applicable if any provision of Section 2, 5,
6, or 13 (or any definition or provision in Section 14 to the extent it relates
to, or is used in or in connection with any such Section) shall be so held to be
invalid or unenforceable.

     (f)  Section 6 Early Termination is hereby amended by adding the following:

          "(f) Set-off. Each party hereby irrevocably waives any right it would
          otherwise have to set off any amount payable by it under this
          Agreement against any obligation owed to it under any other agreement
          or under any instrument of the other party."

                                       -7-

<PAGE>

     (g)  Credit Support Default. Subparagraph (3) of Section 5(a)(iii) is
hereby amended by adding in the second line thereof after the word "Document"
and before the semicolon the words "(or such action is taken by any person or
entity appointed or empowered to operate it or act on its behalf)".

     (h)  Additional Representations. Section 3 is hereby amended by adding the
following additional Subsections:

          "(g) No Agency. It is entering into this Agreement and each
          Transaction as principal (and not as agent or in any other capacity,
          fiduciary or otherwise).

          (h)  Swap Exemption.

               (i)   This Transaction is intended to constitute a "swap
                     agreement" within the meaning of Section 101(53)(B) of the
                     U.S. Bankruptcy Code, as amended.

               (ii)  Each party is an "eligible contract participant" as defined
                     in Section la(12) of the Commodity Exchange Act (7
                     U.S.C.la), as amended by the Commodity Futures
                     Modernization Act of 2000.

               (iii) This Agreement has been subject to individual negotiation
                     by each party.

          (i)  No Reliance. In connection with the negotiation of, the entering
          into, and the confirming of the execution of, this Agreement, any
          Credit Support Document to which it is a party, and each Transaction:
          (i) the other party is not acting as a fiduciary or financial or
          investment advisor for it; (ii) it is not relying upon any
          representations (whether written or oral) of the other party other
          than the representations expressly set forth in this Agreement and in
          such Credit Support Document; and (iii) it has consulted with its own
          legal, regulatory, tax, business, investment, financial, and
          accounting advisors to the extent it has deemed necessary, and it has
          made its own investment, hedging, and trading decisions based upon its
          own judgment and upon any advice from such advisors as it has deemed
          necessary and not upon any view expressed by the other party."

     (i)  Additional Event of Default. The following Event of Default shall be
added to Section 5(a) of this Agreement with respect to Party A:

          "(ix) Termination Payment Default. The total of all payments due and
          owing by Party A and Party A's wholly-owned subsidiary, Ambac
          Financial Products Inc. ("AFPI"), and AFSLP Credit Enhancer for more
          than three Business Days after notice of failure to make such payments
          in respect of (A) swap agreements between Party A or AFPI and other
          counterparties, and (B) the financial guaranty insurance policies
          issued by AFSLP Credit Enhancer with respect to such swap agreements,
          exceeds the aggregate of $10,000,000. An Event of Default under this
          Section 5(a)(ix) shall be an Event of Default with respect to Party
          A."

                                       -8-

<PAGE>

     (j)  Events of Default. Notwithstanding anything to the contrary elsewhere
in this Agreement, the events and circumstances contemplated in the following
provisions will not constitute Events of Default under this Agreement with
respect to Party B: Section 5(a)(ii) (Breach of Agreement); Section 5(a)(iii)
(Credit Support Default); Section 5(a)(v) (Default under Specified Transaction);
Section 5(a)(vi) (Cross Default). In addition, (1) a failure by Party B to make
a payment under this Agreement will not constitute an Event of Default pursuant
to Section 5(a)(i) until it constitutes an Event of Default under the Indenture,
(2) none of the events and circumstances listed in clauses (1) through (9) of
Section 5(a)(vii) of this Agreement will constitute an Event of Default with
respect to Party B unless the same event or circumstance constitutes a
Bankruptcy Event under the Indenture and (3) as Section 5(a)(vii) applies to
Party B, it shall also include each of the events and circumstances treated
under the Indenture as a Bankruptcy Event, to the extent not already covered in
Section 5(a)(vii) of this Agreement.

     (k)  Notice of Automatic Early Termination. Party A shall promptly provide
(or cause to be provided) to Party B notice of the occurrence of an Automatic
Early Termination following an Event of Default specified in Section 5(a)(vii)
or 5(a)(ix) with respect to it.

     (l)  Right to Terminate Following Event of Default. Section 6(a) of this
Agreement is hereby amended to read in its entirety as follows:

          "(a) Right to Terminate Following Event of Default. If at any time
          an Event of Default with respect to a party (the "Defaulting Party")
          has occurred and is then continuing, the other party (the
          "Non-defaulting Party") may (in the event that Party A is the
          Defaulting Party, subject to Section 6(f) of this Agreement (as added
          by Part 5(m) of this Schedule) and, in the event that Party B is the
          Defaulting Party, subject to Section 8(j) of this Agreement (as added
          by Part 5(n) of this Schedule)), and shall, at the direction of MONY
          Credit Enhancer (in the event that Party A is the Defaulting Party,
          subject to Section 6(f) hereof) by not more than 20 days' notice to
          the Defaulting Party specifying the relevant Event of Default,
          designate a day not earlier than the day such notice is effective as
          an Early Termination Date in respect of all outstanding Transactions.
          If, however, "Automatic Early Termination" is specified in the
          Schedule as applying to a party, then an Early Termination Date in
          respect of all outstanding Transactions will occur immediately upon
          the occurrence with respect to such party of an Event of Default
          specified in (A) Section 5(a)(vii)(l), (3), (5), (6) or, to the extent
          analogous thereto, (8), and as of the time immediately preceding the
          institution of the relevant proceeding or the presentation of the
          relevant petition upon the occurrence with respect to such party of an
          Event of Default specified in Section 5(a)(vii)(4) or, to the extent
          analogous thereto, (8) and (B) if such party is Party A, Section
          5(a)(ix)."

     (m)  Additional Termination Provisions. The following provisions are added
as clause (f) to Section 6 of this Agreement:

               "(f) Termination of all Transactions Following Termination Event.
          Notwithstanding anything to the contrary in Section 6, (a) any notice
          that Party B properly delivers under Section 6(a) or 6(b)(iii)
          designating an Early Termination

                                       -9-

<PAGE>

Date with respect to any Transaction (or the occurrence of an Automatic Early
Termination pursuant to Section 6(a) following an Event of Default specified in
Section 5(a)(vii) or 5(a)(ix) with respect to Party A) shall have the effect of
designating such Early Termination Date as the Early Termination Date in respect
of all Transactions and (b) such notice (or the occurrence of such Automatic
Early Termination pursuant to Section 6(a) following an Event of Default
specified in Section 5(a)(vii) or 5(a)(ix) with respect to Party A) shall have
the following effect:

(i)  Unless an Insurer Event of Default or an Insurer Termination Event has
occurred and is continuing on the date designated in such notice, or deemed to
have been designated, as the Early Termination Date:

     (A)  The Early Termination Date designated in Party B's notice (or deemed
     to have occurred as a result of an Automatic Early Termination) shall be
     the Early Termination Date for this Agreement, and amounts payable in
     respect thereof shall be calculated as set forth in Section 6 of this
     Agreement; provided, however, that AFSLP Credit Enhancer shall be entitled
     to make any calculations that Party B otherwise would have been entitled to
     make pursuant to said Section 6(e), and provided, further, that no amounts
     will be payable by Party A to Party B or by Party B to Party A in respect
     thereof

     (B)  From and after the Early Termination Date designated in such notice
     (or deemed to have been designated upon the occurrence of an Automatic
     Early Termination), Party B shall have no further rights against or
     obligations to the Party A in respect of which the relevant Event of
     Default or Termination Event occurred under this Agreement or any
     Transaction hereunder and will look solely to AFSLP Credit Enhancer for the
     performance under the AFSLP Credit Enhancement of what would otherwise be
     Party A's continuing obligations under this Agreement, subject to the terms
     and conditions set forth in the AFSLP Credit Enhancement;

     (C)  From and after such Early Termination Date, in consideration for AFSLP
     Credit Enhancer's performance of its continuing obligations under the AFSLP
     Credit Enhancement, Party B shall perform all of the continuing
     obligations, and shall pay such amounts, as would otherwise have been
     required from it under this Agreement and all Transactions hereunder if no
     early termination of such Transactions had occurred, to AFSLP Credit
     Enhancer pursuant to the AFSLP Credit Enhancement, subject to the terms and
     conditions set forth therein (and AFSLP Credit Enhancer shall become the
     intended beneficiary of the agreement in this clause (C));

     (D)  From and after such Early Termination Date, in consideration of AFSLP
     Credit Enhancer's performance of its continuing obligations under

                                      -lO-

<PAGE>

                      the AFSLP Credit Enhancement, AFSLP Credit Enhancer shall
                      become the beneficiary of MONY's Credit Support Documents,
                      if any, as though AFSLP Credit Enhancer was the original
                      beneficiary thereof; and

                      (E) From and after such Early Termination Date, in
                      consideration for AFSLP Credit Enhancer's performance of
                      its obligations under the AFSLP Credit Enhancement and the
                      agreement of Party B in clause (C) above, without limiting
                      AFSLP Credit Enhancer's obligations under the AFSLP Credit
                      Enhancement to Party B, AFSLP Credit Enhancer shall assume
                      all of Party A's right and obligations under this
                      Agreement and all Transactions hereunder (including the
                      right to make calculations under Section 6(d)(i) and the
                      right to receive or obligation to pay as applicable
                      amounts under Section 6(d)(ii)) and AFSLP Credit Enhancer
                      is an intended beneficiary of the agreement in this clause
                      (E) and thereafter Party B may look only to AFSLP Credit
                      Enhancer for performance of Party A's rights and
                      obligations under this Agreement and all Transactions
                      hereunder.

              (ii)    If an Insurer Event of Default or an Insurer Termination
              Event has occurred and is continuing on the date designated in the
              Swap Termination Notice delivered by Party B as provided in this
              Part 5, or deemed to have been designated, as the Early
              Termination Date, (a) Party B shall have no right to payment under
              the AFSLP Credit Enhancement except for payment of amounts owing
              but unpaid by Party A following the Early Termination Date and (B)
              all Transactions shall terminate in accordance with the terms
              hereof as of the Early Termination Date specified in such notice.

              (iii)   Notwithstanding (i) and (ii) above, if the termination
              notice is in respect of a Termination Event with respect to Party
              A, and there is no Insurer Event of Default or Insurer Termination
              Event occurring on the date designated in the Swap Termination
              Notice delivered by Party B as provided in this Part 5, or deemed
              to have been designated, as the Early Termination Date, Party A
              may instead transfer its rights and obligations with respect to
              all Transactions to any of its Affiliates without the consent of
              Party B pursuant to Section 7(as modified by this Schedule).

       (n)    Miscellaneous. Section 8 of this Agreement is modified by adding
clauses (h), (i), and (j) as follows:

              "(h)    Subrogation. To the extent that Party A has received
              payment from MONY Credit Enhancer or another entity in respect of
              amounts that would otherwise be due from Party B under this
              Agreement, such entity shall be subrogated to Party A with respect
              to Party A's right to receive such amounts from Party B. To the
              extent that Party B has received payment from AFSLP Credit
              Enhancer or another entity in respect of amounts that would
              otherwise be due from Party A under this Agreement, such entity
              shall be subrogated to Party B with respect to Party B's right to
              receive such amounts from Party A.

                                      -1l-

<PAGE>

           (i) AFSLP Credit Enhancer and MONY Credit Enhancer as Party in
           Interest and Third-Party Beneficiary. The parties hereto acknowledge
           and agree that (a) AFSLP Credit Enhancer is a party in interest and
           third-party beneficiary under this Agreement entitled to enforce its
           rights as so stated herein and as subrogee of Party A as if it were
           a party hereto and (b) AFSLP Credit Enhancer's obligations with
           respect to this Agreement are limited to the provisions of the AFSLP
           Credit Enhancement, except as otherwise set forth in this Agreement.
           Each covenant and representation of Party B in this Agreement is made
           for the benefit of AFSLP Credit Enhancer. The parties hereto further
           acknowledge and agree that (a) MONY Credit Enhancer is a party in
           interest and third-party beneficiary under this Agreement entitled to
           enforce its rights as so stated herein and as subrogee of Party B as
           if it were a party hereto and (b) MONY Credit Enhancer's obligations
           with respect to this Agreement are limited to the provisions of MONY
           Credit Enhancement, except as otherwise set forth in this Agreement.
           Each covenant and representation of Party A in this Agreement is made
           for the benefit of MONY Credit Enhancer.

           (j) MONY Credit Enhancer Provisions. Notwithstanding anything to the
           contrary set forth in this Agreement, until such time as (A) the MONY
           Credit Enhancement is not in effect, (B) there shall have occurred
           and be continuing the event described in Section 5(a)(vii) of this
           Agreement with respect to MONY Credit Enhancer or (C) there shall
           have occurred and be continuing a default under the MONY Credit
           Enhancement, Party A shall not, unless consented to by MONY Credit
           Enhancer in writing: (1) suspend payments under Section 2 of this
           Agreement (if permitted thereunder); or (2) exercise remedies
           pursuant to this Agreement including designation of an Early
           Termination Date. If at any time there shall occur an event or
           circumstance referred to in the foregoing clause (A), (B) or (C),
           Party A may designate an Early Termination Date without the consent
           of MONY Credit Enhancer if Party A is otherwise entitled to do so;
           provided, however, that Party A acknowledges that only terminations
           directed by or consented to by MONY Credit Enhancer are covered under
           the MONY Credit Enhancement."

     (o)   Pledge of Swap Payment Rights and Other Property. Party A has pledged
its right to receive payments under this Agreement (subject to all provisions,
including, without limitation, the netting provisions hereof) and under all
other swap agreements entered into or to be entered into by Party A ("Other Swap
Agreements") and has pledged or will pledge certain other property, to The Bank
of New York, or its successor, as collateral trustee, for the benefit of Party B
and the counterparties under Other Swap Agreements, ratably to secure Party A's
obligations to make payments to Party B and such counterparties under this
Agreement and Other Swap Agreements following the occurrence of an Event of
Default with respect to Party A set forth in Section 5(a)(vii) or 5(a)(ix) of
this Agreement.

     (p)   Copies of Certain Notices. Each of Party B and Party A shall deliver
to MONY Credit Enhancer and AFSLP Credit Enhancer, respectively, a copy of any
notice delivered by it to the other party of the occurrence of any Event of
Default or Termination Event under this Agreement, and no such notice shall be
deemed effective with respect to the other party unless

                                      -12-

<PAGE>

and until it is also deemed effective with respect to MONY Credit Enhancer or
AFSLP Credit Enhancer, as the case may be.

     (q)   Non-Petition. Party A hereby covenants, to the fullest extent
permitted by law, that it will not at any time prior to foreclosure on all of
the Collateral, liquidation of all of the Collateral and application of the
moneys so collected pursuant to Section 6.05 of the Indenture, institute against
Party B, or join in any institution against Party B of, any bankruptcy,
reorganization, arrangement, insolvency, rehabilitation, conservation or
liquidation proceedings, or any other proceedings under any United States
federal or state, or any other, bankruptcy, insolvency or similar law in
connection with any obligations relating to this Agreement and any Confirmation
hereof, the Indenture, or any agreement relating hereto or thereto.

     (r)   Limited Recourse. Recourse with respect to the obligations of Party B
under this Agreement and in respect of any Transaction and the related
Confirmation hereunder (the "Swap Obligations") shall be limited, first, to the
Collateral, and, upon foreclosure on all the Collateral, liquidation of all the
Collateral and application of the moneys so collected pursuant to Section 6.05
of the Indenture, second, to Party B as senior, unsecured indebtedness to the
extent of the "fair market value" of the Closed Block Business as of the date of
the commencement of foreclosure on the Collateral. For this purpose, the fair
market value of the Closed Block Business shall be determined in the manner
provided for its determination under Section 6.06 of the Indenture.

     No recourse may be had with respect to the Swap Obligations, the Indenture
or any agreement, instrument, certificate, or other document related hereto or
thereto against any member of Party B, any Affiliate, Subsidiary or controlling
person of Party B or any of their respective stockholders, partners or members,
or against any officer or director of any such person or entity or any of their
successors or predecessors, or against any beneficiary or equity owner of a
trust, including MONY Group or MONY Life, and, except as provided in the
immediately preceding paragraph, no suit, claim or proceeding may be brought
against any such person or entity for any obligation relating to the Swap
Obligations, the Indenture or any such agreement, instrument, certificate, or
other document.

     (s)   Additional Definitions.

           "AFSLP Credit Enhancer" has the meaning set forth in Part 4(f) of the
     Schedule to this Agreement.

           "AFSLP Credit Enhancement" has the meaning set forth in Part 4(e) off
     the Schedule to this Agreement.

           "Closed Block Business" has the meaning set forth in the Indenture.

           "Collateral" has the meaning set forth in the Indenture.

           "Indenture" means the Indenture dated as of April 30, 2002, among
     MONY Holdings, LLC, Ambac Assurance Corporation, The MONY Group Inc.,
     solely for the limited purposes set forth therein, and Bank One Trust
     Company, N.A., as Trustee, as it may be amended from time to time in
     accordance with its terms.

                                      -13-

<PAGE>

          "Insurer Event of Default" has the meaning set forth in the AFSLP
Credit Enhancement.

          "Insurer Termination Event" has the meaning set forth in the AFSLP
Credit Enhancement.

          "MONY Credit Enhancer" has the meaning set forth in Part 4(f) of the
Schedule to this Agreement.

          "MONY Credit Enhancement" has the meaning set forth in Part 4(e) of
the Schedule to this Agreement.

          "MONY Group" has the meaning set forth in the Indenture.

          "MONY Life" has the meaning set forth in the Indenture.

          "Subsidiary" has the meaning set forth in the Indenture.

          "Swap Termination Notice" has the meaning set forth in the AFSLP
Credit Enhancement.

          "Trustee" means, at any time, the person acting in the capacity of
Trustee under the Indenture.

                                      -14-

<PAGE>

         IN WITNESS WHEREOF, the parties have executed this document on the
respective dates specified below with effect from the date specified on the
first page of this document.

                                         MONY HOLDINGS, LLC.

                                         By: /s/ Richard Daddario
                                            ------------------------------------
                                            Name:  Richard Daddario
                                            Title: Chief Financial Officer
                                            Date:  April 30, 2002

                                         AMBAC FINANCIAL SERVICES, L.P.
                                            By: Ambac Financial Holdings, Inc.,
                                            its General Partner

                                         By:____________________________________
                                            Name:
                                            Title:
                                            Date:

                                         By:____________________________________
                                            Name:
                                            Title:
                                            Date:

<PAGE>

         IN WITNESS WHEREOF, the parties have executed this document on the
respective dates specified below with effect from the date specified on the
first page of this document.

                                         MONY HOLDINGS, LLC.

                                         By:___________________________________
                                            Name:
                                            Title:
                                            Date:

                                         AMBAC FINANCIAL SERVICES, L.P.
                                            By: Ambac Financial Holdings, Inc.,
                                            its General Partner

                                         By: /s/ Steve L. Dymant
                                            ------------------------------------
                                            Name:  Steven L. Dymant
                                            Title: Managing Director
                                            Date:

                                         By: /s/ Paul Brody
                                            ------------------------------------
                                            Name:  Paul Brody
                                            Title: First Vice President and
                                                   Director of Operations
                                            Date:

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