Standard Terms Supplement for a Credit Derivative Transaction on Mortgage-Backed Security with Pay-As-You-Go or Physical Settlement and Form of Confirmation

This Standard Terms Supplement for a Credit Derivative Transaction on a Mortgage-Backed Security replaces prior publications in 2005, 2006 and 2007. As compared to the April 5, 2007 publication, there is only one modification – in the section entitled “Relevant Rate” on page 29, the April 5, 2007 publication’s reference to the 2000 ISDA Definitions has been replaced in the August 8, 2007 publication with a reference to the “2006 ISDA Definitions.” It should be noted that ISDA has published a memorandum outlining the salient differences between the 2000 ISDA Definitions and the 2006 ISDA Definitions, entitled “Memorandum on Principal Amendments to the 2000 ISDA Definitions as Incorporated in the 2006 ISDA Definitions,” which can be found here.

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