Standard Terms Supplement and Confirmation for Credit Derivative Transactions on Leveraged Loans (Incorporating Auction Settlement)

(published October 3, 2008)

(This form, published on October 3, 2008, supersedes the March 12, 2008 publication.)

This template is designed to document credit default swap transactions where the Reference Credit Agreement is a syndicated secured loan listed on the Markit™ iTraxx® LevX® index, which is administered by Markit Group Limited. It provides for settlement by means of an auction following a Credit Event by reference to the ELCDS Auction Rules. This form is primarily intended for use in the European market.

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