TO: Supplemental Interest Trust, Structured Adjustable Rate Mortgage Loan Trust Mortgage Pass-Through Certificates, Series 2007-5 c/o U.S. Bank, National Association One Federal Street, 3rd Floor Boston, MA 02110 ("Party B") FROM: HSBC BANK USA,...
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DATE:
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May
31, 2007
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TO:
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Supplemental
Interest Trust,
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Structured
Adjustable Rate Mortgage Loan Trust Mortgage Pass-Through Certificates,
Series 2007-5
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c/o
U.S. Bank, National Association
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Xxx
Xxxxxxx Xxxxxx, 3rd Floor
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Boston,
MA 02110
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("Party B")
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FROM:
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HSBC
BANK USA, NATIONAL ASSOCIATION
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000
Xxxxx Xxxxxx
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New
York, NY 10018
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("Party
A")
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RE:
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Interest
Rate Swap Transaction
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Dear
Sir
or Madam:
The
purpose of this letter agreement (this “Confirmation”) is to confirm the terms
and conditions of the transaction entered into between us on the Trade Date
specified below (the “Transaction”).
The
definitions and provisions contained in the 2000 ISDA Definitions as published
by the International Swaps and Derivatives Association, Inc. are incorporated
into this Confirmation. In the event of any inconsistency between those
definitions and provisions and this Confirmation, this Confirmation will
govern.
This
Confirmation constitutes a “Confirmation” as referred to in, and supplements,
forms part of and is subject to, the ISDA Master Agreement dated as of May
31,
2007, as amended and supplemented from time to time (the “Agreement”) between
Party A and Party B. All provisions contained in the Agreement govern this
Confirmation except as expressly modified below.
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1.
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The
Swap Transaction to which this Confirmation relates is a Rate Swap
Transaction, the terms of which are as
follow:
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General
Terms
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Trade
Date:
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May
21, 2007
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Effective
Date:
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June
25, 2007
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Termination
Date:
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May
25, 2012, subject to adjustment in accordance with the Following
Business
Day Convention
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Notional
Amount:
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See
Amortization Schedule, Schedule A
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Fixed
Amounts:
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Fixed
Rate Payer:
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Party
B
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Fixed
Rate Payer
Period End Dates:
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The
25th
day of each month of each year, commencing on July 25, 2007 to and
including the Termination Date, subject to adjustment in accordance
with
the Following Business Day Convention.
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Fixed
Rate Payer Payment Dates:
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Early
Payment, one (1) Business Day preceding each Fixed Rate Payer Period
End
Date.
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Fixed
Rate
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See
Amortization Schedule, Schedule A
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Fixed
Rate Day Count Fraction:
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Actual/360
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Floating
Amounts:
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Floating
Rate Payer:
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Party
A
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Floating
Rate Payer Period End Dates:
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The
25th
day of each month of each year, commencing on July 25, 2007 to and
including the Termination Date, subject to adjustment in accordance
with
the Following Business Day Convention.
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Floating
Rate Payer Payment Dates:
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Early
Payment, one (1) Business Day preceding each Floating Rate Payer Period
End Date.
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Floating
Rate Option:
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USD-LIBOR-BBA
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Designated
Maturity:
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One
month
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Spread:
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None
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Floating
Rate Day Count Fraction:
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Actual/360
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Reset
Dates:
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The
first day of each Calculation Period.
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Compounding:
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Inapplicable
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2
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Business
Day:
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Any
day other than (i) a Saturday or a Sunday, or (ii) a day on which
banking
institutions in (1) the city in which the Corporate Trust Office
of Party
B is located or (2) the States of New York, Maryland, Minnesota,
Colorado
or Illinois are closed.
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Floating
Rate Payer Upfront Payment:
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$360,000.
Party A shall pay Xxxxxx Brothers Holdings Inc. the Floating Rate
Payer
Upfront Payment on or prior to May 31, 2007, subject to adjustment
in
accordance with the Following Business Day Convention.
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2.
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Procedural
Terms:
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Calculation
Agent:
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Party
A
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Offices:
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The
Office of Party A for the Swap Transaction is New York
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Account
Details:
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Payments
to Party A:
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HSBC
Bank USA NA
ABA
: 000-000-000
Swift:
XXXXXX00
Account
Number: 000049298
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Payments
to Party B:
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U.S.
Bank Corporate Trust Services
ABA#
000-000-000
DDA#
000-000-000-000
Ref:
SARM 2007-5
Attn:
X. Xxxxxx
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Payments
to Xxxxxx Brothers Holdings Inc:
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Citibank
ABA:
000000000
Acct:
4061-5501
Acct
Name: Xxxxxx Brothers Holdings Inc.
Ref:
SARM 07-5
Attn:
Mortgage Middle Office
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3
Please
confirm that the foregoing correctly sets forth the terms and conditions of
our
agreement by executing this Confirmation and returning to us by fax/telex to
000
000 0000 to the attention of Xxxxxxx Xxxxxxx:
Fax
Number : 000 000 0000
Telephone
Number : 000 000 0000
HSBC
BANK USA, NATIONAL ASSOCIATION
By:
________________________________________
Authorized
Signatory
HSBC
BANK USA, NATIONAL ASSOCIATION
By:
________________________________________
Authorized
Signatory
Accepted
and confirmed as of the Trade Date written above:
SUPPLEMENTAL
INTEREST TRUST,
Structured
Adjustable Rate Mortgage Loan Trust Mortgage Pass-Through Certificates, Series
2007-5
By:
U.S. Bank, National Association, not in its individual capacity, but solely
as
Securities Administrator
By:________________________________
Name:
Title:
4
SCHEDULE
A to
the
Confirmation dated as of May 31, 2007,
Re:
Reference Number 479387HN
Amortization
Schedule, subject
to adjustment in accordance with the Following Business Day
Convention
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From
and Including
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To
but Excluding
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Notional
Amount (USD)
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Fixed
Rate (%)
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6/25/2007
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7/25/2007
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275,845,314.90
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5.42794
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7/25/2007
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8/25/2007
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266,082,493.30
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5.44956
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8/25/2007
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9/25/2007
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256,588,171.35
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5.40469
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9/25/2007
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10/25/2007
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247,506,514.18
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5.38228
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10/25/2007
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11/25/2007
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238,746,106.65
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5.35463
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11/25/2007
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12/25/2007
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230,295,590.54
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5.32466
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12/25/2007
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1/25/2008
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222,144,009.09
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5.28897
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1/25/2008
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2/25/2008
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214,280,792.78
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5.25052
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2/25/2008
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3/25/2008
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206,695,745.63
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5.21226
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3/25/2008
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4/25/2008
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199,379,032.02
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5.16285
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4/25/2008
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5/25/2008
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192,321,163.96
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5.12575
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5/25/2008
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6/25/2008
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185,512,988.80
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5.08980
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6/25/2008
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7/25/2008
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177,756,041.33
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5.05710
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7/25/2008
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8/25/2008
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170,323,299.32
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5.03393
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8/25/2008
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9/25/2008
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163,201,217.53
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5.01106
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9/25/2008
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10/25/2008
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156,376,816.39
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4.99744
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10/25/2008
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11/25/2008
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149,837,658.50
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4.98678
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11/25/2008
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12/25/2008
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143,571,825.91
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4.97575
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12/25/2008
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1/25/2009
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137,117,590.18
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4.96939
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1/25/2009
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2/25/2009
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131,105,022.77
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4.96471
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2/25/2009
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3/25/2009
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125,622,578.68
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4.95984
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|
3/25/2009
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4/25/2009
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119,846,635.04
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4.95267
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|
4/25/2009
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5/25/2009
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114,284,844.40
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4.95638
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5/25/2009
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6/25/2009
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109,223,498.49
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4.96032
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|
6/25/2009
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7/25/2009
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103,448,926.64
|
4.95857
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|
7/25/2009
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8/25/2009
|
98,406,696.77
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4.96691
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|
8/25/2009
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9/25/2009
|
93,583,367.90
|
4.97656
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|
9/25/2009
|
10/25/2009
|
88,952,708.77
|
4.98570
|
|
10/25/2009
|
11/25/2009
|
84,563,444.96
|
4.99506
|
|
11/25/2009
|
12/25/2009
|
80,333,722.59
|
5.00453
|
|
12/25/2009
|
1/25/2010
|
76,062,089.35
|
5.01380
|
|
1/25/2010
|
2/25/2010
|
72,261,105.75
|
5.02316
|
|
2/25/2010
|
3/25/2010
|
67,540,243.16
|
5.03241
|
|
3/25/2010
|
4/25/2010
|
62,851,096.18
|
5.04181
|
|
4/25/2010
|
5/25/2010
|
56,314,307.68
|
5.05113
|
|
5/25/2010
|
6/25/2010
|
53,531,378.95
|
5.06036
|
|
6/25/2010
|
7/25/2010
|
50,921,752.95
|
5.06905
|
|
7/25/2010
|
8/25/2010
|
48,439,301.36
|
5.07798
|
|
8/25/2010
|
9/25/2010
|
46,077,828.52
|
5.08730
|
|
9/25/2010
|
10/25/2010
|
43,831,440.48
|
5.09643
|
|
10/25/2010
|
11/25/2010
|
41,694,530.37
|
5.10591
|
|
11/25/2010
|
12/25/2010
|
39,661,764.43
|
5.11558
|
|
12/25/2010
|
1/25/2011
|
37,728,068.68
|
5.12531
|
|
1/25/2011
|
2/25/2011
|
35,888,616.26
|
5.13528
|
|
2/25/2011
|
3/25/2011
|
34,138,815.44
|
5.14537
|
|
3/25/2011
|
4/25/2011
|
32,474,298.14
|
5.15562
|
|
4/25/2011
|
5/25/2011
|
30,721,955.57
|
5.16603
|
|
5/25/2011
|
6/25/2011
|
29,223,952.76
|
5.17759
|
5
|
From
and Including
|
To
but Excluding
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Notional
Amount (USD)
|
Fixed
Rate (%)
|
|
6/25/2011
|
7/25/2011
|
27,798,965.82
|
5.19045
|
|
7/25/2011
|
8/25/2011
|
26,443,436.97
|
5.20263
|
|
8/25/2011
|
9/25/2011
|
22,583,847.43
|
5.21373
|
|
9/25/2011
|
10/25/2011
|
21,439,545.84
|
5.22385
|
|
10/25/2011
|
11/25/2011
|
18,825,582.84
|
5.23311
|
|
11/25/2011
|
12/25/2011
|
17,705,490.07
|
5.24133
|
|
12/25/2011
|
1/25/2012
|
15,555,283.67
|
5.24865
|
|
1/25/2012
|
2/25/2012
|
12,273,027.72
|
5.25498
|
|
2/25/2012
|
3/25/2012
|
11,095,706.04
|
5.26036
|
|
3/25/2012
|
4/25/2012
|
10,123,538.38
|
5.26478
|
|
4/25/2012
|
5/25/2012
|
630,288.99
|
5.26826
|
6
