Document:

EXHIBIT 10.3

                                  CONFIRMATION

Date:      April 30, 2002

To:        Ambac Financial Services, L.P. ("Ambac")

From:      MONY Holdings, LLC (the "Company")

Ladies and Gentlemen:

     The purpose of this communication (this "Confirmation") is to confirm the
terms and conditions of the interest rate swap transaction (the "Swap
Transaction") entered into between Ambac and the Company on the Trade Date
specified below.

     The definitions and provisions contained in the 2000 ISDA Definitions (the
"Definitions"), as published by the International Swaps and Derivatives
Association, Inc., are incorporated into this Confirmation. In the event of any
inconsistency between this Confirmation and the Definitions or the Agreement
identified below, this Confirmation will prevail for purposes of the Swap
Transaction.

     This Confirmation constitutes a "Confirmation" as referred to in, and
supplements, forms part of and is subject to, the Master Agreement dated as of
April 30, 2002 between Ambac and the Company (the "Agreement"), and the Swap
Transaction is a "Transaction" for all purposes of the Agreement. All provisions
contained in the Agreement govern this Confirmation except as expressly modified
below.

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

1.   General Terms:

     Trade Date:                   April 24, 2002

     Effective Date:               April 30, 2002

     Termination Date:             January 21, 2017

     Business Day:                 New York, New York, and London, England

     Notional Amount:              As indicated in Annex 1, subject to reduction
                                   as provided in this Confirmation

<PAGE>

Floating Amounts:

Floating Rate Payer:                Ambac

Ambac Payment Dates:                The 21st day of January, April, July and
                                    October in each year, commencing in July
                                    2002 and ending in January 2017, subject to
                                    adjustment in accordance with the Modified
                                    Following Business Day Convention, and the
                                    Termination Date

Floating Rate Option:               For each Ambac Calculation Period, the rate
                                    per annum set as Three-Month LIBOR for the
                                    Interest Period for the Notes scheduled to
                                    begin on the first day of that Calculation
                                    Period

Designated Maturity:                Three months

Spread:                             0.55%

Floating Rate for initial
Calculation Period:                 1.92125% p.a.

Floating Rate Day Count Fraction:   Actual/360

Reset Dates:                        The first day of each Calculation Period

Fixed Amounts:

Fixed Rate Payer:                   The Company

Period End Dates:                   The 21st day of January, April, July and
                                    October in each year, commencing in July
                                    2002 and ending in January 2017, subject to
                                    No Adjustment

Company Payment Dates:              Same as Ambac Payment Dates

Fixed Rate:                         6.44% p.a.

Fixed Rate Day Count Fraction:      30/360

Calculation Agent:                  At any time, the person who at the time is
                                    the Calculation Agent for purposes of the
                                    Indenture

                                        2

<PAGE>

2.   Other Provisions:

     I.   Designation of Early Termination Date in Certain Circumstances.

     (a)  Notwithstanding anything to the contrary in the Agreement, each of the
     following will constitute an Additional Termination Event, with respect to
     which the Company will be the Affected Party and the Early Termination Date
     will automatically be the date indicated below (without need for any notice
     under Section 6(a) of the Agreement):

          (i)    A Redemption Date for redemption in full of all of the Notes is
          designated pursuant to the terms of the Indenture. In this case, the
          Early Termination Date will be the Redemption Date so designated.

          (ii)   Defeasance occurs with respect to the Notes pursuant to the
          terms of the Indenture. In this case, the Early Termination Date will
          be the date Defeasance occurs.

          (iii)  The outstanding principal amount of the Notes is declared to be
          (or automatically becomes) due and payable on any day (the
          "Accelerated Due Date") prior to the Stated Maturity Date for the
          Notes for any other reason pursuant to the Indenture. In this case,
          the Early Termination will be the Accelerated Due Date.

          (iv)   Breach by the Company of its covenant in Section 10.01 or
          Section 10.02 of the Indenture not to enter into a Supplemental
          Indenture that adversely affects the rights and interests of Ambac
          without its prior written consent.

     (b)  Promptly after receipt of notice that a Redemption Date has been
     designated, and promptly upon notice from the Company to the Trustee that
     the Company has elected to cause Defeasance, and promptly upon learning
     that an Accelerated Due Date has been designated or occurred pursuant to
     the Indenture, the Company shall give notice of all relevant circumstances
     to Ambac. The amount, if any, payable in connection with the early
     termination shall be determined and paid as provided in the Agreement,
     except as specified in part III of this provision.

     II.  Reductions of the Notional Amount.

     (a)  Notwithstanding anything to the contrary elsewhere in this
     Confirmation, if pursuant to the Indenture a portion, but not all, of the
     principal of the outstanding Notes is prepaid in connection with a Trigger
     Event or a Redemption Date for a partial redemption of the Notes is
     designated, the Company shall give Ambac prompt notice of all the relevant
     circumstances and, whether or not it does so, the Notional Amount will
     automatically be reduced, with effect on the relevant prepayment date or
     Redemption Date (the "Notional Amount Reduction Date"), by an amount (the
     "Notional Reduction Amount") equal to the aggregate principal amount of the
     Notes being so prepaid or the aggregate principal amount of the Notes being
     so redeemed, so that, immediately after

                                        3

<PAGE>

     the reduction, the Notional Amount is equal to the aggregate principal
     amount of the Notes scheduled to remain outstanding after the partial
     prepayment or partial redemption (the "Remaining Notional Amount").

     (b)  In connection with any reduction of the Notional Amount pursuant to
     the preceding paragraph, the following will apply.

          (i)    On the Business Day before the relevant Notional Amount
          Reduction Date (the "Determination Date"), Ambac will make the
          determination provided for in the next subparagraph treating the Swap
          Transaction as if consisted of two separate Swap Transactions
          identical in all respects except that one (the "Hypothetical
          Terminated Transaction") will be treated as having a Notional Amount
          equal to the Notional Reduction Amount and the other will be treated
          as having a Notional Amount equal to the Remaining Notional Amount.

          (ii)   On the Determination Date, Ambac will determine the amount, if
          any (the "Notional Reduction Settlement Amount"), that would be
          payable by it to the Company or by the Company to Ambac under Section
          6(e) of the Agreement if the relevant Notional Amount Reduction Date
          were an Early Termination Date designated for the Hypothetical
          Terminated Transaction in connection with an Additional Termination
          Event involving the Company as the sole Affected Party. Ambac will
          make this determination at approximately 1l:00 a.m., New York City
          time, on the Determination Date or such other time as it, in good
          faith, selects with a view to making the determination in liquid
          market conditions.

          (iii)  Promptly after it determines the Notional Reduction Settlement
          Amount, Ambac will give the Company and the Trustee notice of that
          amount, setting forth in reasonable detail how the amount was
          calculated, and identifying which of the parties will be required to
          make the payment pursuant to the next subparagraph.

          (iv)   On the relevant Notional Amount Reduction Date, the Notional
          Reduction Settlement Amount will be payable by the party indicated in
          the notice given by Ambac pursuant to the preceding subparagraph, and
          that amount will, for all purposes of the Agreement, be treated as an
          early termination Settlement Amount.

     III. Early Termination in Connection with Optional Redemption of the Notes.

     (a)  Notwithstanding anything to the contrary in the Agreement, if the
     Company proposes to redeem all the Notes in full, it will give Ambac notice
     to that effect not later than the third Business Day prior to the date on
     which the Company proposes to give the related notice of redemption
     pursuant to Section 12.06 of the Indenture, indicating therein the date on
     which the Company proposes to give that notice of redemption (the
     "Redemption Notice Date") and the proposed Redemption Date.

     (b) If Ambac receives any such notice from the Company, Ambac will, not
     later than 1l:00 a.m., New York City time, on the Business Day before the
     relevant Redemption

                                        4

<PAGE>

     Notice Date, give the Company notice of Ambac's good faith estimate of the
     amount, if any, that would be payable under Section 6(e) of the Agreement
     as modified by the following paragraph, in connection with the early
     termination of the Swap Transaction as a result of the proposed redemption
     of the Notes. Neither the Company nor Ambac will have any liability to the
     other as a result solely of any difference between the actual amount, if
     any, payable under Section 6(e) of the Agreement in connection with the
     early termination of the Swap Transaction and the estimate communicated by
     Ambac to the Company pursuant to this provision. However, the preceding
     sentence is without prejudice to Ambac's right to recover any such
     difference pursuant to the Agreement, subject to the terms thereof, and
     Ambac acknowledges that the Company will rely on the estimate in the
     related notice of redemption given by it pursuant to Section 12.06 of the
     Indenture.

     (c)  In connection with any redemption in full of the Notes, Ambac will
     determine the amount, if any, payable pursuant to Section 6(e) of the
     Agreement in connection with the related early termination of the Swap
     Transaction pursuant to part I of this provision at approximately 1l:00
     a.m., New York City time, on the Business Day before the relevant
     Redemption Date and, as promptly as practicable after the determination, on
     that date, give the Company notice of that amount, with such reasonable
     detail as is required for a notice given under Section 6(d) of the
     Agreement, so as to enable the Company to satisfy its obligation to deposit
     any such amount payable by the Company prior to the Redemption Date, as
     required by Section 12.07 of the Indenture.

     (d)  The amount, if any, payable in connection with the related early
     termination of the Swap Transaction will, however, actually be payable to
     Party A or Party B, as applicable, on the Early Termination Date coinciding
     with the relevant Redemption Date.

     IV.  Certain Defined Terms.

          For purposes of the Swap Transaction, the following terms will have
     the meanings indicated and capitalized terms used and not otherwise defined
     in this Confirmation will have the meanings given to them in the Indenture:

          "Notes" means the Series A Floating Rate Insured Notes due January 21,
     2017 with an initial aggregate principal amount equal to the initial
     Notional Amount issued by the Company pursuant to 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.

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

                                        5

<PAGE>

3.   Account Details:

     Account for payments to Ambac:

               Bank:         Bank of New York
               ABA No.:      021000018
               Beneficiary:  IOC 565 (Account of Ambac Financial Services, L.P.,
                             Account No. 111569 AFP)
               Account No.:  111569 AFP
               Reference:

     Account for payments to the Company:

               Bank:         Bank One, NA
                             Chicago, IL
               ABA No.:      071-000013
               Account No.:  1043256
               Further Credit to: 6300021103
               Reference:    Mony Holdings Ser A Flt Rte Ins Nts due 2017
               Attn:         M. Pinzon

                                        6

<PAGE>

Please confirm that the foregoing correctly sets forth the terms of our
agreement by executing the copy of this Confirmation enclosed for that purpose
and returning it to us.

Yours sincerely,

MONY HOLDINGS, LLC

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

Confirmed as of the date first above written:

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

By: /s/ Steven 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:

                                        7

<PAGE>

                                                                         ANNEX I
                                                                         -------

                                Notional Amounts
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------
                         First Day and Last Day of                              Notional Amounts
                     Calculation Period(s) as Scheduled                             (in USD)
    (with last day excluded in calculations, as provided in the Definitions)
-------------------------------------------------------------------------------------------------
<S>                                                                             <C>
Effective Date through Jan 21, 2008                                                300,000,000
-------------------------------------------------------------------------------------------------
Period beginning Jan 21, 2008 through period ending Jan 21, 2009                   273,333,333
-------------------------------------------------------------------------------------------------
Period beginning Jan 21, 2009 through period ending Jan 21, 2010                   246,666,666
-------------------------------------------------------------------------------------------------
Period beginning Jan 21, 2010 through period ending Jan 21, 2011                   219,999,999
-------------------------------------------------------------------------------------------------
Period beginning Jan 21, 2011 through period ending Jan 21, 2012                   193,333,332
-------------------------------------------------------------------------------------------------
Period beginning Jan 21, 2012 through period ending Jan 21, 2013                   166,666,665
-------------------------------------------------------------------------------------------------
Period beginning Jan 21, 2013 through period ending Jan 21, 2014                   139,999,998
-------------------------------------------------------------------------------------------------
Period beginning Jan 21, 2014 through period ending Jan 21, 2015                   113,333,331
-------------------------------------------------------------------------------------------------
Period beginning Jan 21, 2015 through period ending Jan 21, 2016                    86,666,664
-------------------------------------------------------------------------------------------------
Period beginning Jan 21, 2016 through period ending Jan 21, 2017                    46,666,664
-------------------------------------------------------------------------------------------------
</TABLE><PAGE>

                                                                    EXHIBIT 10.4

                       FINANCIAL GUARANTY INSURANCE POLICY
                               FOR SWAP AGREEMENT
                          (Counterparty Payment Policy)

                           Ambac Assurance Corporation
                             One State Street Plaza
                            New York, New York 10004
                                 (212) 668-0340

Policy No. CPP0147BE                             Effective Date: April 30, 2002

Ambac Assurance Corporation ("Ambac"), in consideration of the payment of the
premium and subject to the terms of this Policy, hereby unconditionally and
irrevocably guarantees the full and complete payments of amounts which are "Due
for Payment" (as defined below) by or on behalf of MONY Holdings, LLC, or its
successors or permitted assigns (the "Counterparty") under the ISDA Master
Agreement (the "Agreement"), dated as of April 30, 2002, by and between the
Counterparty and Ambac Financial Services, L.P. ("AFSLP") to AFSLP (the
"Beneficiary") as such payments are Due for Payment (as defined below) but shall
not be so paid in accordance with the terms of the Agreement, for which the
grace period set forth in the Agreement has expired, and for which a Demand for
Payment in the form attached hereto as Attachment 1 (the "Demand for Payment")
has been presented to Ambac in accordance with the terms of this Policy provided
that unless the Option (as defined below) is exercised by Ambac or unless the
Counterparty designates an Early Termination Date (as defined and under the
Agreement), the amount available hereunder for payment pursuant to any one
Demand for Payment shall not exceed the amount that is Due for Payment (the
"Policy Coverage"); provided further that the Policy Coverage shall never exceed
the amount that is Due for Payment, unless such Demand for Payment is made with
respect to an amount that is due from the Counterparty as a result of the
designation of an Early Termination Date. As used herein, the term "Due for
Payment" refers to the amounts that are required to be paid by the Counterparty
on each regularly scheduled Payment Date stated in the Agreement, as the same
may be reduced from time to time in accordance with the terms of the Agreement.
If a Demand for Payment is made under this Policy, Ambac will continue to make
regularly scheduled payments under the Agreement unless Ambac elects, at its
sole option, to direct the Beneficiary to designate an Early Termination Date on
a, specified future date (which election can be made at the time the initial
Demand for Payment has been made or at any time thereafter) or unless the
Counterparty designates an Early Termination Date. If Ambac so directs the
Beneficiary to designate an Early Termination Date (the "Option"), Ambac will
pay to the Beneficiary the amount, if any, due from the Counterparty as a result
of the designation of such Early Termination Date, following the receipt of a
Demand for Payment with respect to any such amount owed.

1.   Upon the later of: (i) one (1) day after receipt by the General Counsel of
Ambac of a Demand for Payment, duly executed by the Beneficiary; or (ii) the
date prescribed for payment of such amount under the terms of the Agreement as
specified in the Demand for Payment presented by the Beneficiary to the General
Counsel of Ambac, Ambac will make a deposit of

<PAGE>

funds in an account with the Beneficiary in New York, New York, sufficient for
the payment to the Beneficiary, of amounts which are then due to the Beneficiary
(as specified in the Demand for Payment) but in no case in excess of the Policy
Coverage unless such Demand for Payment is for an amount due from the
Counterparty as a result of the designation of an Early Termination Date by the
Beneficiary at the direction of Ambac or by the Counterparty. Such payment shall
be made by Ambac only upon receipt by Ambac of an instrument of assignment, in
form and substance satisfactory to Ambac, duly executed by the Beneficiary,
transferring to Ambac all rights under the Agreement to receive amounts due from
the Counterparty under the Agreement and in respect of which a Demand for
Payment was made. Ambac shall be subrogated to all of the Beneficiary's rights
to payment under the Agreement to the extent of any Policy payments made.

2.   Demand for Payment hereunder may be made by telecopy or prepaid telex or
telegram of the executed Demand for Payment c/o the General Counsel of Ambac. If
a Demand for Payment made hereunder does not, in any instance, conform to the
terms and conditions of this Policy, Ambac shall give notice to the Beneficiary,
as promptly as reasonably practicable, that such Demand for Payment was not
effected in accordance with the terms and conditions of this Policy and briefly
stating the reason(s) therefor. Upon being notified that such Demand for Payment
was not effected in accordance with this Policy, the Beneficiary may attempt to
correct any such nonconforming Demand for Payment if, and to the extent that,
the Beneficiary is entitled and able to do so.

3.   The amount payable by Ambac under this Policy on any Payment Date or the
date prescribed for payment of such amount under the terms of the Agreement
pursuant to a particular Demand for Payment shall be limited to the Policy
Coverage unless such Demand for Payment is with respect to an amount due from
the Counterparty as a result of the designation of an Early Termination Date by
the Beneficiary at the direction of Ambac or by the Counterparty. The Policy
Coverage shall be reduced automatically to the extent of each payment made by
Ambac hereunder in respect of an amount that is Due for Payment. Upon payment in
full by Ambac to the Beneficiary of the amount, if any, due from the
Counterparty in respect of the exercise by Ambac of its Option, Ambac shall have
no further obligation under this Policy.

4.   Any service of process on Ambac may be made to Ambac or the office of the
General Counsel of Ambac and such service of process shall be valid and binding
as to Ambac. During the term of its appointment, General Counsel will act as
agent for the acceptance of service of process and its offices are located at
One State Street Plaza, New York, New York 10004.

5.   This Policy is noncancelable for any reason. The term of this Policy shall
expire on the earliest date on which both (i) the Agreement and all transactions
governed by the Agreement are terminated pursuant to its terms, and (ii) all
amounts, if any, due and owing by the Counterparty under the Agreement shall
have been paid in full. The premium on this Policy is not refundable for any
reason, including early termination of the Agreement by either Ambac, the
Counterparty or the Beneficiary. There shall be no acceleration payment due
under the Policy unless such acceleration is at the sole option of Ambac.

6.   This Policy shall be governed by and interpreted under the laws of the
State of New York, and any suit hereunder in connection with any amount due
hereunder may be brought only

                                       -2-

<PAGE>

by the Beneficiary and only within the time limit prescribed by any applicable
statute of limitations. The insurance provided by this Policy is not covered by
the New York Property/Casualty Insurance Security Fund (New York Insurance Code,
Article 76).

IN WITNESS WHEREOF, Ambac has caused this Policy to be executed and attested on
its behalf this 30/th/ day of April, 2002.

                                             Ambac Assurance Corporation

Attest: /s/ Bongiwe Zungu                    By: /s/ Michael Schozen
        --------------------------               ---------------------------
           Assistant Secretary                       Managing Director

                                      -3-

<PAGE>

                                  Attachment 1

                   Financial Guaranty Insurance Policy No. [ ]

                               DEMAND FOR PAYMENT

                                                                          {Date}

Ambac Assurance Corporation
One State Street Plaza
New York, New York 10004
Attention: General Counsel

               Reference is made to the Policy No. [   ] (the "Policy") issued
by Ambac Assurance Corporation ("Ambac"). The terms which are capitalized herein
and not otherwise defined have the meanings specified in the Policy unless the
context otherwise requires.

               The Beneficiary hereby certifies that:

               (a) Payment by the Counterparty to the Beneficiary is due on
________, 20 ___, in an amount equal to $_______ (the "Amount Due").

               (b) $________ has been paid (or provision for such payment has
been made) to the Beneficiary by the Counterparty under the Agreement, which
amount is $_______ less than the Amount Due (the "Deficiency").

               (c) The Beneficiary has not heretofore made demand under the
Policy for the Amount Due or any portion thereof and the Deficiency is not in
excess of the Policy Coverage.

               The Beneficiary hereby requests that payment of the Deficiency be
made by Ambac under the Policy and directs that payment under the Policy be made
to the following account by bank wire transfer of federal or other immediately
available funds in accordance with the terms of the Policy:

___________________________________________________  [The Beneficiary's Account]

or, in the case of an Early Termination Date:

               (a) Payment to the Beneficiary of the Settlement Amount and the
Unpaid Amounts (as each such term is defined in the Agreement) is due on
_________, 20 ___, in respect of an Early Termination Date so designated [by the
Beneficiary at the direction of Ambac pursuant to its exercise of the Option
under the Policy] [by the Counterparty].

               (b) The Beneficiary has not heretofore made demand under the
Policy for the Settlement Amount or the Unpaid Amounts.

               The Beneficiary hereby requests that payment of the Settlement
Amount and the Unpaid Amounts be made by Ambac under the Policy and directs
that payment under the Policy

                                       -4-

<PAGE>

be made to the following account by bank wire transfer of federal or other
immediately available funds in accordance with the terms of the Policy:

_____________________ The Beneficiary's Account

Ambac Financial Services, L.P.

By:  ____________________________
Its: ____________________________

                                       -5-

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