Additional Provisions for Reference Entities with Delivery Restrictions

(published on February 1, 2007)

The Additional Provisions for Reference Entities with Delivery Restrictions is offered as an additional optional field in the Credit Derivatives Physical Settlement Matrix, as published on February 1, 2007. These provisions may also be incorporated into a Confirmation if parties wish to specify its application in relation to certain Reference Entities to whom these restrictions would apply. In general, these Additional Provisions are designed to address situations where a Reference Entity’s issuance of bonds is subject to certain requirements of the Investment Company Act of 1940, such as particular transfer restrictions and the requirement that the bonds trade through certain “gatekeeper” dealers, among other items.

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