EXHIBIT K11
DATE: Sep 28, 2001
TO: (THE) NEW AMERICA HIGH INCOME FUND, INC.
ATTN: XXXXX XXXXX
FAX: (000) 000-0000
PHONE: (000) 000-0000
FROM: Fleet National Bank
ATTN: Derivatives Confirmation Unit
FAX: (000) 000-0000
PHONE: (000) 000-0000 or (000) 000-0000
INTEREST RATE SWAP
RE: Our Ref: 70774FB/205459
The purpose of this letter agreement is to set forth the terms and conditions of
the Transaction entered into between Fleet National Bank and (THE) NEW AMERICA
HIGH INCOME FUND, INC. on the Trade Date specified below (the "Transaction").
This letter constitutes a "Confirmation" as referred to in the ISDA Master
Agreement specified below.
The definitions and provisions contained in the 2000 ISDA Definitions (the
"Definitions"), as published by the International Swaps and Derivatives
Association, Inc. ("ISDA"), are incorporated into this Confirmation. In the
event of any inconsistency between the Definitions and provisions in this
Confirmation, this Confirmation will govern.
1. This Confirmation constitutes a "Confirmation" as referred to in, and
supplements, forms a part of and is subject to, the ISDA Master Agreement dated
as of 02/10/94, as amended and supplemented from time to time (the "Agreement"),
between you and us. All provisions contained in the Agreement govern this
Confirmation except as expressly modified below.
2. The terms of the particular Transaction to which this Confirmation relates
are as follows:
Trade Date : Sep 27, 2001
Effective Date : Oct 01, 2001
Termination Date : Oct 01, 2006 subject to
adjustment in accordance with the
Modified Following Business Day
Convention.
Notional Amount : USD 105,000,000.00
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Floating Amounts
Floating Rate Payer : Fleet National Bank
Floating Rate Payment Dates : Monthly on the 1st, commencing
Nov 01, 2001 and ending on the
Termination Date subject to
adjustment in accordance with the
Modified Following Business Day
Convention.
Floating Rate for initial : 2.638750%
Calculation Period
Floating Rate Option : USD-LIBOR-BBA
Designated Maturity : 1 month
Spread : None
Floating Rate Day Count : ACTUAL / 360
Fraction
Floating Rate Reset Dates : The first Business Day of each
Calculation Period
Compounding : Inapplicable
Business Days : New York and London
Fixed Rate Payment Dates : Monthly on the 1st, commencing
Nov 01, 2001 and ending on the
Termination Date subject to
adjustment in accordance with the
Modified Following Business Day
Convention.
Fixed Rate : 4.500000%
Fixed Rate Day Count Fraction : ACTUAL / 360
Business Days : New York and London
Calculation Agent : Fleet National Bank
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3. Settlement Instructions
Payments to (THE) NEW AMERICA HIGH INCOME FUND, in USD
To : STATE ST. BANK & TRUST CO ABA:
000000000
Favor Of : (THE) NEW AMERICA HIGH INCOME
FUND, 2B01
Payments to Fleet National Bank in USD
To : Fleet National Bank ABA: 000000000
Favor Of : Fleet National Bank
Account Number : 1026103-29480
Contact Instructions
Fleet National Bank: : Tel: (000) 000-0000
Resets/Payments
Fax: (000) 000-0000
Confirmations Tel: (000) 000-0000
Fax: (000) 000-0000
(THE) NEW AMERICA HIGH Tel: (000) 000-0000
INCOME FUND, INC.:
Fax: (000) 000-0000
Very truly yours,
Fleet National Bank
By: /s/ XXXXX XXXXXXXXXX By: /s/ XXXXXXX XXXXXX
--------------------------------- --------------------
Name: Name:
Title: Title:
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Agreed and accepted as of the date first above written: (THE) NEW AMERICA
HIGH INCOME FUND, INC.
By:/s/ XXXXX X. XXXXX
--------------------------
Name: Xxxxx X. Xxxxx
Title: Vice President
PLEASE COUNTERSIGN AND FAX TO: (000) 000-0000
ATTN: Derivatives Confirmations
REQUEST CORRECTIONS: (000) 000-0000
Please be advised telephone calls may be recorded to ensure transaction
accuracy.
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