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Exhibit 10.4
[LOGO]
Dated: November 30, 2006
Rate Floor Transaction
Re: BNY Reference No. 38584
Ladies and Gentlemen:
The purpose of this letter agreement is to confirm the terms and conditions of
the rate floor Transaction entered into on the Trade Date specified below (the
"Transaction") between The Bank of New York ("BNY"), a trust company duly
organized and existing under the laws of the State of New York and Xxxxx Fargo
Bank, N.A., not individually, but solely as Supplemental Interest Trust Trustee
on behalf of the Banc of America Funding 2006-I Supplemental Interest Trust (the
"Counterparty"). 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.
1. 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 November 30, 2006, as amended and supplemented from time to time (the
"Agreement"), between The Bank of New York and Counterparty. 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:
Type of Transaction: Rate Floor
Notional Amount: With respect to any Calculation
Period the amount set forth for
such period on Schedule I
attached.
Trade Date: November 22, 2006
Effective Date: April 20, 2008
Termination Date: November 20, 2011
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Fixed Amounts:
Fixed Amount Payer: Counterparty
Fixed Amount: USD [ ]
Fixed Amount Payment
Date: November 30, 2006
Floating Amounts:
Floating Rate Payer: BNY
Floor Rate: For each Calculation Period, as
set forth for such period on
Schedule I attached hereto.
Ceiling Rate: For each Calculation Period, as
set forth for such period on
Schedule I attached hereto.
Floating Rate Payer
Period End Dates: The 20th calendar day of each
month during the Term of this
Transaction, commencing May 20,
2008, and ending on the
Termination Date, with No
Adjustment.
Floating Rate Payer
Payment Dates: Early Payment shall be
applicable. The Floating Rate
Payer Payment Date shall be one
(1) Business Days preceding each
Floating Rate Payer Period End
Date.
Floating Rate Option: USD-LIBOR-BBA, provided, however,
if the Floating Rate Option for a
Calculation Period is less than
the Ceiling Rate then the
Floating Rate Option for such
Calculation Period shall be
deemed equal to the Ceiling Rate.
Designated Maturity: One month
Floating Rate Day
Count Fraction: Actual/360
Reset Dates: The first day of each Calculation
Period
Compounding: Inapplicable
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Additional Terms:
Business Days: New York
Calculation Agent: BNY
Account Details and
Settlement Information: Payments to BNY:
The Bank of New York
Derivative Products Support Department
00 Xxx Xxxx, 00xx Xxxxx
Xxx Xxxx, Xxx Xxxx 00000
Attention: Xxxxx Xxxxxxx
ABA #000000000
Account #000-0000-000
Reference: Interest Rate Swaps/Floor
Payments to Counterparty:
Xxxxx Fargo Bank, N.A.
San Francisco, CA
ABA #: 000000000
Acct #: 0000000000
Account Name: Corporate Trust Clearing
FFC #: 50964203
Ref: Banc of America Funding 2006-I,
Floor Account
Please confirm that the foregoing correctly sets forth the terms of our
agreement by executing this agreement and returning it via facsimile to
Derivative Products Support Dept., Attn: Xxxxxx Xxxx/Xxxxx Au-Xxxxx at
000-000-0000/5837.
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We are very pleased to have executed this Transaction with you and we look
forward to completing other transactions with you in the near future.
Very truly yours,
THE BANK OF NEW YORK
By: _______________________________
Name:
Title:
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Counterparty, acting through its duly authorized signatory, hereby agrees to,
accepts and confirms the terms of the foregoing as of the Trade Date.
XXXXX FARGO BANK, N.A., NOT INDIVIDUALLY, BUT SOLELY AS SUPPLEMENTAL INTEREST
TRUST TRUSTEE ON BEHALF OF THE BANC OF AMERICA FUNDING 2006-I SUPPLEMENTAL
INTEREST TRUST
By: _______________________________
Name:
Title:
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SCHEDULE I
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Accrual End Date Accrual Start Date Notional Amount (in USD) Floor Rate (%) Ceiling Rate (%)
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4/20/2008 5/20/2008 400,223,961.52 1.82 1.78
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5/20/2008 6/20/2008 391,656,667.52 1.82 1.75
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6/20/2008 7/20/2008 383,186,291.82 1.82 1.71
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7/20/2008 8/20/2008 374,809,646.96 1.82 1.68
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8/20/2008 9/20/2008 366,524,910.86 1.82 1.66
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9/20/2008 10/20/2008 358,313,142.54 1.83 1.65
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10/20/2008 11/20/2008 350,192,092.37 1.85 1.66
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11/20/2008 12/20/2008 342,162,104.92 2.70 1.67
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12/20/2008 1/20/2009 334,224,039.60 2.72 1.68
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1/20/2009 2/20/2009 326,377,507.58 2.75 2.42
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2/20/2009 3/20/2009 318,625,001.77 2.83 2.50
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3/20/2009 4/20/2009 310,966,068.60 2.83 2.50
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4/20/2009 5/20/2009 303,400,573.55 2.88 2.55
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5/20/2009 6/20/2009 295,929,502.34 2.89 2.56
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6/20/2009 7/20/2009 288,549,928.22 3.33 2.84
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7/20/2009 8/20/2009 281,264,694.19 3.34 2.85
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8/20/2009 9/20/2009 273,966,879.61 3.37 2.88
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9/20/2009 10/20/2009 266,767,232.68 3.41 2.92
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10/20/2009 11/20/2009 259,683,512.89 3.41 2.92
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11/20/2009 12/20/2009 252,747,500.49 3.48 2.97
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12/20/2009 1/20/2010 245,975,454.56 3.43 2.94
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1/20/2010 2/20/2010 239,378,407.58 3.42 2.93
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2/20/2010 3/20/2010 232,891,529.13 3.86 3.35
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3/20/2010 4/20/2010 226,577,991.47 3.46 2.97
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4/20/2010 5/20/2010 220,446,766.77 3.46 2.97
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5/20/2010 6/20/2010 214,516,694.26 3.45 2.96
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6/20/2010 7/20/2010 208,776,814.95 3.86 3.35
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7/20/2010 8/20/2010 203,218,073.86 3.47 2.96
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8/20/2010 9/20/2010 197,831,191.85 3.49 2.98
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9/20/2010 10/20/2010 192,607,997.31 3.91 3.28
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10/20/2010 11/20/2010 187,536,923.84 3.96 3.33
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11/20/2010 12/20/2010 182,607,744.10 4.01 3.38
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12/20/2010 1/20/2011 177,812,302.17 4.01 3.38
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1/20/2011 2/20/2011 173,147,603.48 4.01 3.38
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2/20/2011 3/20/2011 168,608,811.62 4.11 3.38
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3/20/2011 4/20/2011 164,196,296.07 4.01 3.28
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4/20/2011 5/20/2011 159,910,278.84 4.04 3.31
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5/20/2011 6/20/2011 155,733,558.61 4.02 3.29
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6/20/2011 7/20/2011 151,662,926.29 4.04 3.31
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7/20/2011 8/20/2011 147,690,011.61 4.01 3.28
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8/20/2011 9/20/2011 143,811,284.41 4.01 3.28
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9/20/2011 10/20/2011 140,019,596.94 4.06 3.30
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10/20/2011 11/20/2011 136,103,790.37 4.03 3.30
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