HSBC Bank USA, National Association New York, NY 10018 Fax: (212) 525-5517
HSBC
Bank USA, National Association
000
Xxxxx Xxxxxx
New
York, NY 10018
Fax:
(000) 000-0000
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DATE:
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September
28, 2007
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TO:
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Lehman
XS Trust Mortgage Pass-Through Certificates,
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Series
2007-18N
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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 Cap 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 September
28, 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 Cap Transaction to which this Confirmation relates is a Rate Swap Transaction, the terms of which are as follow: |
HSBC
Bank USA, National Association
000
Xxxxx Xxxxxx
New
York, NY 10018
Fax:
(000) 000-0000
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General
Terms
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Trade
Date:
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September
25, 2007
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Effective
Date:
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September
25, 2010
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Termination
Date:
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September
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 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
Amount
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USD
127,000; Xxxxxx Brothers Holdings Inc. (on behalf of Party B) shall
pay to
Party A the Fixed Amount on or prior to September 28, 2007. This
Upfront
Payment is included in the net amount of USD 16,000 payable to Party
A by
Xxxxxx Brothers Holdings Inc. (on behalf of Party B).
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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 August 25, 2010 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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Cap
Rate:
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With
respect to each Calculation Period, as set out in Schedule A attached
hereto.
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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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2
HSBC
Bank USA, National Association
000
Xxxxx Xxxxxx
New
York, NY 10018
Fax:
(000) 000-0000
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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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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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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, National Association
ABA
# 000-000-000
For
credit to Department 299
A/C:
000-00000-0
HSBC
Derivative Products Group
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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:
LXS 2007-18N // Interest Rate Cap Account
Attn:
X. Xxxxxx
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3
HSBC
Bank USA, National Association
000
Xxxxx Xxxxxx
New
York, NY 10018
Fax:
(000) 000-0000
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 Xxxxxxxxx XxXxxxxx:
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:
U.S.
BANK NATIONAL ASSOCIATION, NOT IN ITS INDIVIDUAL CAPACITY BUT SOLELY AS TRUSTEE
ON BEHALF OF THE TRUST, LEHMAN
XS TRUST MORTGAGE PASS-THROUGH CERTIFICATES, SERIES
2007-18N
By:________________________________
Name:
Title:
4
HSBC
Bank USA, National Association
000
Xxxxx Xxxxxx
New
York, NY 10018
Fax:
(000) 000-0000
SCHEDULE
A to
the
Confirmation dated as of September 28, 2007,
Re:
Reference Number 487221hn
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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9/25/2010
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10/25/2010
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12,666,086.00
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6.75
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10/25/2010
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11/25/2010
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12,295,153.00
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6.75
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11/25/2010
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12/25/2010
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11,935,083.00
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6.75
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12/25/2010
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1/25/2011
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11,585,558.00
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6.75
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1/25/2011
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2/25/2011
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11,246,269.00
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6.75
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2/25/2011
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3/25/2011
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10,916,916.00
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6.75
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3/25/2011
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4/25/2011
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10,597,208.00
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6.75
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4/25/2011
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5/25/2011
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10,286,863.00
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6.75
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5/25/2011
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6/25/2011
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9,985,607.00
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6.75
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6/25/2011
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7/25/2011
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9,693,173.00
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6.75
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7/25/2011
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8/25/2011
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9,409,304.00
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6.75
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8/25/2011
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9/25/2011
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9,133,747.00
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6.75
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9/25/2011
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10/25/2011
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8,866,260.00
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6.75
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10/25/2011
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11/25/2011
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8,606,607.00
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6.75
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11/25/2011
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12/25/2011
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8,354,558.00
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6.75
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12/25/2011
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1/25/2012
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8,109,891.00
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6.75
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1/25/2012
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2/25/2012
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82,647,098.00
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6.75
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2/25/2012
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3/25/2012
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80,226,734.00
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6.75
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3/25/2012
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4/25/2012
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77,877,251.00
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6.75
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4/25/2012
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5/25/2012
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75,596,575.00
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6.75
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5/25/2012
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6/25/2012
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73,382,689.00
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6.75
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6/25/2012
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7/25/2012
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71,233,638.00
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6.75
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7/25/2012
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8/25/2012
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69,147,523.00
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6.75
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8/25/2012
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9/25/2012
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67,122,501.00
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6.75
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5
