SECOND SUPPLEMENTAL INDENTURE

Exhibit 4.4

This Second Supplemental Indenture (this “Second Supplemental Indenture”), dated as of June 29, 2010, among MoneyGram Payment Systems Worldwide, Inc. (or its permitted successor), a Delaware corporation (the “Company”), the Guarantors (as defined in the Indenture referred to herein) and Deutsche Bank Trust Company Americas, a New York banking corporation, as trustee and collateral agent under the Indenture referred to below (the “Trustee”).

WITNESSETH

WHEREAS, the Company has heretofore executed and delivered to the Trustee an indenture (the “Base Indenture”), dated as of March 25, 2008 providing for the issuance of 13.25% Senior Secured Second Lien Notes due 2018 (the “Notes”) and a first supplemental Indenture thereto (together with the Base Indenture, the “Indenture”);

WHEREAS, Section 9.02 of the Indenture provides that, subject to certain exceptions, the Company and the Trustee may amend or supplement the Indenture with the consent of the Holders of at least a majority in the aggregate principal amount of the then outstanding Notes voting as a single class;

WHEREAS, Holders of at least a majority in the aggregate principal amount of the outstanding Notes have provided written consent to this Second Supplemental Indenture; and

WHEREAS, the execution of this Second Supplemental Indenture by the parties hereto is in all respects authorized by the provisions of the Indenture, the Company has delivered to the Trustee an officer’s certificate and an opinion of counsel with respect to such execution and all things necessary to make this Second Supplemental Indenture a valid agreement between the Company and the Trustee in accordance with its terms have been done.

NOW, THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, the Guarantors and the Trustee mutually covenant and agree for the equal and ratable benefit of the Holders of the Notes as follows:

l.	Capitalized Terms. Capitalized terms used herein without definition shall have the meanings assigned to them in the Indenture.

2.	Amendment. The Indenture is hereby amended as follows:

(a) Section 1.01 is hereby amended by inserting in alphabetical order the following definitions:

““Second Supplemental Indenture” means that certain Second Supplemental Indenture, dated as of June 29, 2010, among the Company, the Guarantors and the Trustee.

“Second Supplemental Indenture Effective Date” means the “Effective Date” as defined in the Second Supplemental Indenture.

“Segregated Account” means any account of the Company established with an SRI Depository Bank and set forth in Schedule 1.1(c),and “Segregated Accounts” means any two or more of them collectively.

“Specified Conditions” means (a) that the Specified SRIs are held at all times in Segregated Accounts of MoneyGram Payment Systems, Inc. for so long as such Specified SRIs are beneficially owned by the Company or its Subsidiaries (b) that each Specified SRI shall at all times be held in the Segregated Account of the SRI Depository Bank adjacent to such Specified SRI in Schedule 1.1 (c), (c) that no securities or other Investments shall be held in the Segregated Accounts other than the Specified SRIs,(d) that the Segregated Accounts are free and clear of any Lien or other security interest are not subject to any control agreement and are in the sole control of MoneyGram Payment Systems, Inc. (in each case, other than a Permitted Lien under clauses (v), (x), (aa) and (dd) of the definition of Permitted Liens) and (e) that the Company provides to the Trustee and the Holders within 45 days of the end of each fiscal quarter a report in the form of Exhibit G detailing all assets held in. and activities for, each of the Segregated Accounts. Notwithstanding the foregoing, for any Specified SRI set forth on Schedule1.1(c) that is a limited partnership interest, (i) such Specified SRI need not be held in a Segregated Account of a SRI Depository Bank adjacent to such Specified SRI in Schedule 1.1 (c); (ii) the Company shall provide to the Trustee and the Holders within 15 days of Company’s receipt, a copy of the limited partnership interest report and (iii) such Specified SRI shall be free and clear of any Lien (in each case, other than a Permitted Lien under clauses (v), (x), (aa) and (dd) of the definition of Permitted Liens).

“Specified SRIs” shall have the meaning set forth in the definition of “Minimum Liquidity Ratio”.

“SRI Depository Bank” means each financial institution set forth adjacent to each Specified SRI on Schedule 1.1(c).”

(b) Section 1.0 I is hereby amended by amending and restating in its entirety the definition of “Minimum Liquidity Ratio” as follows:

“Minimum Liquidity Ratio” means the ratio of (a) the fair value of the Restricted Investment Portfolio (other than Scheduled Restricted Investments, which shall be valued at the lower of (x) fair value and (y) the actual par amount of each Scheduled Restricted Investment held by the Company or any of its Subsidiaries on the date of determination multiplied by (A) in respect of the Scheduled Restricted Investments set forth under the heading C-l on Schedule 1.1 (c), 0.98, (B) in respect of the Scheduled Restricted Investments set forth under the heading C-2 on Schedule 1.1 (c). 0.049525, and (C) in respect of the Scheduled Restricted Investments set forth under the heading C-3 on Schedule 1.1 (c), zero; provided,

that any Scheduled Restricted Investments set forth under the heading C-l on Schedule 1.1 (c) shall be valued at fair value after June 30, 2008; and provided further, if any of such Scheduled Restricted Investments set forth under the headings C-2 and C-3 on Schedule 1. 1(c) as of the Second Supplemental Indenture Effective Date (the “Specified SRIs”) have been sold, the aggregate value of such remaining Specified SRIs shall be the lower of (x) fair value of such remaining Specified SRIs and (y) the aggregate value of all Specified SRIs (determined in accordance with the valuation methodology described above) less the net proceeds received for the Specified SRIs sold (not to be less than zero)) to (b) all Payment Service Obligations.

(c) Section 4.07 of the Indenture IS amended by inserting the following immediately before “.” at the end of such Section:

“; provided further that the Company will provide 15 days prior written notice to the Trustee and the Holders of the payment of any dividend to the holders of preferred stock or common stock of the Company pursuant to Section 4.07(b)(10), setting forth in reasonable detail any calculation with respect to the such dividend”

(d) Section 4.28 of the Indenture is hereby amended and restated in its entirety to read as follows:

“(a) The Company shall (i) within 30 days of the Closing Date, cause to be formed and duly incorporated a Wholly-Owned Subsidiary of the Company (the “Specified SRI Subsidiary”), for the limited organizational purpose of holding and disposing of the Specified SRIs and distributing the proceeds thereof in accordance with this Indenture. and not engaging in any other activity, (ii) within 30 days of the Closing Date, transfer to the Specified SRI Subsidiary all of the Specified SRIs. (iii) not permit the Specified SRI Subsidiary to engage in any other activities or own or acquire any other assets or investments other than Specified SRIs and cash received from the sale thereof and (iv) not sell or transfer any Specified SRIs except to third parties for cash consideration; provided that on or after the Second Supplemental Indenture Effective Date, (x) if no Default or Event of Default is continuing, such Specified SRI Subsidiary may be dissolved if the Specified Conditions are met and (y) following such liquidation, the Company shall comply with the Specified Conditions at all times; provided, further that following such liquidation any reference herein to Specified SRI Subsidiary shall be to MoneyGram Payment Systems, Inc.

(b) The Company shall promptly provide any information in respect of the Specified SRIs as may reasonably be requested in writing by the Trustee or any Holder and shall request from the SRI Depositary Bank such information in the Company’s possession and shall provide such information to the Trustee and the Holders following receipt thereof within a reasonable period.”

(e) Section 6.01(3) of the Indenture is hereby amended and restated in its entirety to read as follows:

“(3) (A) failure by the Company to comply with its obligations under Sections 4.15 or 5.01 hereof, (B) failure by the Company or any Company Subsidiary for 45 days (30 days in respect of Section 4.27) after receipt of written notice given by the Trustee or the actual knowledge of the Company of such failure, to comply with any of its other agreements under this Indenture or the Notes to the extent such failure does not otherwise constitute a Default under clause (l), (2) or (3)(A) above, or (C) failure by MoneyGram Payment Systems, Inc. for 30 days after receipt of written notice given by the Trustee or the actual knowledge of the Company of such failure to comply with clauses (a), (b), (c) and (e) of the definition of the “Specified Conditions”;”

(f) Schedule 1.1(c) to the Indenture attached hereto as Annex A is replaced in its entirety by Schedule 1.1 (c) to the Indenture attached hereto as Annex B.

3.	Effect. This Second Supplemental Indenture shall become effective immediately upon its execution by the parties hereto (such date the “Effective Date”).

NEW YORK LAW TO GOVERN. THE INTERNAL LAW OF THE STATE OF NEW YORK SHALL GOVERN AND BE USED TO CONSTRUE THIS SECOND SUPPLEMENTAL INDENTURE WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY.

Effect on Indenture. This Second Supplemental Indenture shall form a part of the Indenture for all purposes, and every Holder of Notes heretofore or hereafter authenticated and delivered shall be bound hereby. Except as expressly set forth herein, the Indenture is in all respects ratified and confirmed and all the terms, conditions and provisions thereof shall remain in full force and effect including with respect to this Second Supplemental Indenture. This Second Supplemental Indenture shall not be deemed to be a waiver of, or consent to. or a modification or amendment of, any other term or condition of the Indenture or the Notes or to prejudice any other right or rights which the Holders of the Notes may now have or may have in the future under or in connection with the Indenture or any of the instruments or agreements referred to therein, as the same may be amended from time to time.

6.	Separability Clause. In case any provision in this Second Supplemental Indenture shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

7.	Counterparts. The parties may sign any number of copies of this Second Supplemental Indenture. Each signed copy shall be an original but all of them together represent the same agreement.

8.	Effect of Headings. The Section headings herein are for convenience only and shall not affect the construction hereof.

9.	The Trustee. The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Second Supplemental Indenture or for or in respect of the recitals contained herein all of which recitals are made solely by the Guarantors and the Company.

IN WITNESS WHEREOF, the parties hereto have caused this Second Supplemental Indenture to be duly executed and attested, all as of the date first above written.

Dated: May 21, 2010


MONEYGRAM PAYMENT SYSTEMS WORLDWIDE, INC.

By:

/s/ Xxxxxx X. Xxxxxxx
Name: Xxxxxx X. Xxxxxxx
Title: SVP + Treasurer

[Signature Page to Second Supplemental Indenture]


MONEYGRAM INTERNATIONAL, INC.
MONEYGRAM PAYMENT SYSTEMS, INC. MONEYGRAM OF NEW YORK, LLC PROPERTYBRIDGE, INC.



By:

/s/ Xxxxxx X. Xxxxxxx
Name: Xxxxxx X. Xxxxxxx
Title: SVP + Treasurer

[Signature Page to Second Supplemental Indenture]


DEUTSCHE BANK TRUST COMPANY
AMERICAS, a New York banking corporation, as Trustee and Collateral Agent

By:

		/s/ Xxxxx Xxxxx, Associate
		Authorized Signatory

By:

		/s/ Xxxxx Xxxxxxxxxxxx, Assistant Vice President
		Authorized Signatory

[Signature Page to Second Supplemental Indenture]

ANNEX A

Schedule C


Category	CUSIP	Par Value (12/31/2007) (a)		Par Value (01/31/2008) (a)		Investor Value (12/31) (a)			Investor Value (1/31) (a)
C-1

FHLB 4 3/09 C 4/04	0000X0XX0	$	9,465,000	$	9,465,000
FHLB 4 3/26/09 C 4/04	0000X0X00		22,200,000		22,200,000
FHLB 4.02 12/10 C 9/03	00000X0X0		7,700,000		7,700,000
FHLB 6.125 12/29/14	0000XXXX0		10,390,000		10,390,000
FHLB 6.32 06/17	0000XXXX0		10,000,000		10,000,000
FHLMC 4.1 12/10	0000X0XX0		13,175,000		13,175,000
FHLMC 4.5 13	0000X0XX0		1,000,000		1,000,000
FHLMC 4.95 5/13 C 5/04	0000X0XX0		10,000,000		10,000,000
FNMA 0 07/05/14	XX0000000		8,000,000		8,000,000
FNMA 5 2/13 C 5/04	0000X0XX0		10,000,000		10,000,000
FNMA 5.15 1/13 C 1/05	0000X0X00		3,000,000		3,000,000
FNMA 6 03/20/17	0000X0XX0		10,000,000		10,000,000
FNMA 6.25 08/15/16	0000X0X00		10,000,000		10,000,000
FHR 0000 XX	0000XXXX0		4,968,134		4,919,859
FHR 2018 Z	0000XXX00		1,483,856		1,465,299
FHR 2080 Z	0000XX0X0		5,174,843		5,117,437
FHR 2211 XX	0000XXXX0		4,145,362		4,093,653
FHR 2336 TB	0000000X0		2,990,710		2,802,165
FHR 2391 XG	00000XXX0		12,494,891		12,318,766
FHR 2466 DG	00000XX00		91,490		0
FHR 2482 EJ	00000XXX0		10,143,625		10,005,887
FHR 0000 XX	00000XXX0		7,799,226		7,540,881
FHR 2532 A	00000XXX0		4,883,558		4,807,616
FHR 2539 TC	00000XXX0		25,000,000		25,000,000
FHR 2564 QC	00000XXX0		16,687,124		16,470,888
FHR 2574 PC	00000X0X0		43,317,106		40,912,072
FHR 2603 XX	00000XXX0		6,313,823		6,210,745
FHR 0000 XX	00000XX00		6,348,949		6,257,238
FHR 2656 AC	00000XX00		7,092,716		7,081,975
FHR 0000 XX	00000X0X0		27,052,753		26,664,236
FHR 2691 LD	00000XXX0		17,090,000		17,090,000
FHR 2740 PC	00000X0X0		20,000,000		20,000,000
FHR 2793 GC	00000XX00		12,750,000		12,750,000
FHR 2793 GC	00000XX00		10,000,000		10,000,000
FHR 2807 JA	00000XX00		4,195,383		4,194,766
FHR 2878 QD	00000XXX0		20,000,000		20,000,000
FHR 0000 XX	00000XXX0		3,397,571		3,326,814
FN 725341	00000XXX0		14,349,101		14,153,804
FNR 02-77 QE	00000X0X0		25,000,000		25,000,000
FNR 1997-12 KB	00000XX00		573,745		572,197
FNR 0000-00 XX	00000XXX0		6,700,618		6,638,305
FNR 2001-23 PG	00000X0X0		9,123,523		9,105,038
FNR 0000-00 XX	000000XX0		2,613,792		2,130,331
FNR 2001-63 TB	00000XXX0		4,468,244		4,389,351
FNR 2002-55 VL	00000XXX0		6,050,749		5,669,540
FNR 2003-41 PM	00000XX00		26,916,040		26,916,040
FNR 0000-00 XX	00000XXX0		20,136,482		20,136,482
FNR 2005-53 MB	00000XX00		29,884,512		29,884,512
FNR 2005-58 CW	00000XXX0		9,873,409		9,783,888
FNR 2007-10 VA	00000XXX0		11,511,731		11,420,679
GNR 1998-24 Z	0000X0X00		4,239,680		4,177,436
GNR 2000-26 PD	0000X0X00		98,833		94,741
GNR 0000-00 XX	00000XXX0		7,403,134		7,007,396
FHR 49 G	00000XXX0		645,266		635,324
FFCB 5 3/14 C 6/04	00000XXX0		12,000,000		0
FHLMC 4.25 3/10 C 9/04	0000X0XX0		20,000,000		0
FHLMC 5 3/13 C 9/04	0000X0X00		22,825,000		22,825,000
FHLMC 5.25 2/14 C 2/05	0000X0XX0		11,000,000		0
FNMA 4.01 8/09 C 8/04	0000X0XX0		9,230,000		9,230,000
FNMA 4.27 1/09 C 4/04	0000X0X00		22,915,000		0
FNMA 4.3 3/10 C 6/04	0000X0XX0		20,000,000		0
FNMA 4.6 9/10 C 12/04	0000X0XX0		30,735,000		0
FNMA 5 2/12 C 5/04	0000X00X0		25,000,000		0
FNMA 5 8/11 C 5/04	0000X00X0		6,785,000		0
FNMA 5.25 1/13 C 7/03	0000X0X00		30,120,000		0
FNMA 5.25% 1/13 C 4/04	0000X0X00		10,545,000		0
FNMA 5.5 11/14 2/05	0000X0XX0		20,000,000		0

Total C-1		$	819,094,978	$	603,730,361	$	802,713,079		$	591,655,754

*Investor Value / Par Value*							*98.0000*	%		*98.0000*	%

(a)

Par Values ($) and Investor Values ($) for illustrative purposes only

Schedule C


Category	CUSIP	Par Value (12/31/2007) (a)		Par Value (01/31/2008) (a)		Investor Value (12/31) (a)			Investor Value (1/31) (a)
C-2

ACCDO V C	00000XXX0		9,000,000		9,000,000
ACCDO V D	00000XXX0		3,000,000		3,000,000
ACCDO 10A C	00000XXX0		10,000,000		10,000,000
ACCOA 2007-1A A2	00000XXX0		9,000,000		9,000,000
ANDY 2007-1A A2	000000XX0		14,997,425		14,997,425
ANDY 2007-1A B	000000XX0		5,000,000		5,000,000
XXXXX 2005-1A C	00000XXX0		3,500,000		3,500,000
CCRK 2006-1A A3	000000XX0		2,955,049		2,955,049
CCRK 2007-2A A2	000000XX0		20,000,000		20,000,000
CRONA 2007-1A B	219655AHO		10,000,000		10,000,000
FORTS 2006-2A A2	00000XXX0		15,000,000		15,000,000
FORTS 2006-2A B	00000XXX0		5,000,000		5,000,000
GLCR 2006-4A C	00000XXX0		1,957,460		1,991,692
GSCSF 2007-1RA A1LC	0000XXXX0		14,998,669		14,998,669
HLCDO 2006-1A A2	00000XXX0		20,000,000		20,000,000
INDE4 4A C	000000XX0		5,674,111		5,674,111
INDE7 0X X	00000XXX0		8,500,000		8,500,000
XXXX 0000-0X D	00000XXX0		2,553,175		2,583,726
MID 00-0X X0X	00000 XXX0		5,817,852		5,817,852
NEPTN 2004-1A A3L	000000XX0		2,270,444		2,270,444
NEPTN 0000-0X X0X	00000XXX0		10,000,000		10,000,000
XXXXX 00-0X X	00000XXX0		9,375,000		9,375,000
ORCHD 03-1A C1	00000XXX0		2,661,494		2,661,494
PSCBO 1A A1 L	00000XXX0		6,116		6,116
PSCBO 1A A1	00000XXX0		12,231		12,231
PYXIS 2007-1A B	00000XXX0		10,000,000		10,000,000
SAYB 2001-1A A	000000XX0		5,865,492		5,865,492
XXXXX 0000-0X X0X	00000XXX0		20,000,000		20,000,000
SOLST 1A A	00000XXX0		5,180,454		5,180,454
STAK 2006-2A 4	00000XXX0		11,000,000		11,000,000
TABS 0000-0X X0X	000000XX0		20,000,000		20,000,000
VERT 0000-0X X0X	00000XXX0		10,000,000		10,000,000
VERT 2007-1A A2	00000XXX0		10,000,000		10,000,000
NORTH 2001-3A	00000XXX0		13,625,000		13,625,000
COOKS 2007-9A A	2163P2AAO		10,000,000		10,000,000
GSCSF 2006-1A B	3622XOAC5		10,000,000		10,000,000
IXION 2006-9A 12	00000XXX0		10,000,000		10,000,000
LCERT 2006-1A B	00000XXX0		15,000,000		15,000,000
XXXX 0000-0X E	00000XXX0		5,650,000		5,650,000
MILL XXXX 00-0	000000XXX		8,595,000		8,595,000
SALISBURY 05-14	000000XX0		15,000,000		15,000,000
XXXXXXXXX 00-0	00000XXX0		20,000,000		20,000,000
SALISBURY 06-16	00000XXX0		20,000,000		20,000,000
SKYBOX 05-1A C	83083GAEO		13,699,474		13,699,474
AYRESOME CDO I PREF	00000X000		5,000,000		5,000,000
DUKEF 2005-HG1A SUB	000000XX0		5,000,000		5,000,000
MILL XXXX XXXX	00000XXX0		5,000,000		5,000,000
OPUS 2006-1A SUB	68402DAAO		5,000,000		5,000,000
SHERW 2006-3A SUB	00000XXX0		5,209,000		5,209,000
STILLWATER PREF	860721208		7,800,000		7,800,000
TABS 2005-2A SUB	00000XXX0		5,000,000		5,000,000
GSTAR 00-0X XX	000000XX0		3,000,000		3,000,000
NEPTN 2004-1A SUB	00000XXX0		6,400,000		6,400,000
MID 2001-1A	00000XXX0		5,823,641		5,823,641
XXXXX 00-0 X	00000XXX0		15,264,000		15,264,000
COOKS 2007-18A A	00000XXX0		20,000,000		20,000,000
THOM 2006-1A C	000000XX0		19,996,541		19,996,541
CENTS 2006-1A A3	000000XX0		10,000,000		10,000,000
CENTS 2006-1A B	000000XX0		15,000,000		15,000,000
CLSVF 2007-3A A3	00000XXX0		10,000,000		10,000,000
EIGHT 2007-1A A3	00000XXX0		20,000,000		20,000,000
MARSC 2007-1A A3	000000XX0		19,935,528		19,935,528
PTPLS 2007-1A A2	000000XX0		19,926,117		19,926,117
XXXX 0000-0X X0X	00000XXX0		15,000,000		15,000,000
TRIC 0000-0X X0X	00000XXX0		7,500,000		7,500,000
TRIC 0000-0X X0X	00000XXX0		5,000,000		5,000,000
TWOLF 2007-1A A2	00000XXX0		19,959,131		19,959,131
ZING 6A X0	00000XXX0		6,400,000		6,400,000

Total C-2		$	682,108,404	$	682,173,188	$	33,781,351		$	33,784,559

*Investor Value / Par Value*							*4.9525*	%		*4.9525*	%

(a)

Per Values ($) xxx Investor Values ($) for illustrative purposes only

Schedule C


Category	CUSIP	Par Value (12/31/2007) (a)		Par Value (01/31/2008) (a)		Investor Value (12/31) (a)			Investor Value (1/31) (a)
X-0

XXXXXXX 00-0X X	00000XXX0		31,823,490		31,823,490
TABERNA PFD	00000X000		3,000,000		3,000,000
TAF 1A B1	00000XXX0		8,667,066		8,667,066
CMLTI 2006-WF1 M2	00000X0X0		6,500,000		6,500,000
CMLTI 2006-WF2 M1	00000XXX0		9,100,000		9,100,000
SHARP 05-HE4N N	000000XX0		643,858		643,858
RAMC 2007-2 M3	00000XXX0		5,500,000		5,500,000
MLMI 2005-HE2 M2	00000XX00		5,000,000		5,000,000
XXXX 00-XX00 X0	00000XXX0		3,058,212		3,058,212
SVHE 2005-OPT3 M6	00000XXX0		2,000,000		2,000,000
ACE 2004-HE3 B	000000XX0		912,306		703,751
SACO 2005-9 M4	000000XX0		15,088,000		15,088,000
GPMF 2005-HE4 MB	00000XXX0		3,000,000		3,000,000
QUEST 2006-X1 M1	000000XX0		1,000,000		1,000,000
CONHE 1997-1 M2	00000XXX0		597,046		597,046
SASC 2004-18H B2	00000XX00		1,721,348		1,719,064
SASC 2000-5 B5	0000000X0		124,812		111,584
SASC 2001-9 B4	00000XXX0		122,607		122,323
OCMBS 00-X0 XX	000000XX0		280,555		280,555
RAST 2006-A7CB B1	00000XXX0		1,971,858		1,970,696
SIMSBURY CLO	000000XX0		5,000,000		5,000,000
XXXXXXXXX CLO	00000XXX0		10,000,000		10,000,000
LONGHORN 2000-1	543044200		5,000,000		5,000,000
ANCHORAGE FIN SUB-XX XX	033302209		15,000,000		15,000,000
XXXXX XXXXXX XXXX XX XXXX	00000X000		17,900,000		17,900,000
XXXXXX CAPITAL TRUST III	00000X000		29,400,000		29,400,000
TIERS 2001-6	00000XXX0		1,735,794		1,735,794
US BANK XXXXX XXXXXXX TRUST	USBPJT		4,123,487		4,123,487

Total C-3		$	188,270,439	$	188,044,925	$	0		$	0

*Investor Value / Par Value*							*0.0000*	%		*0.0000*	%

(a)

Par Values ($) and Investor Values ($) for illustrative purposes only

ANNEX B

Schedule 1.1(c) C-1 securities


Category	CUSIP	Par Value 12/31/2007 (a)		Par Value 01/31/2008 (a)		Par Value 03/31/2010 (a)		Investor Value 12/31 (a)			Investor Value 1/31 (a)
C-1

FHLB 4 3/09 C 4/04	0000X0XX0	$	9,465,000	$	9,465,000	$	—
FHLB 4 3/26/09 C 4/04	0000X0X00		22,200,000		22,200,000		—
FHLB 4.02 12/10 C 9/03	00000X0X0		7,700,000		7,700,000		—
FHLB 6.125 12/29/14	0000XXXX0		10,390,000		10,390,000		—
FHLB 6.32 06/17	0000XXXX0		10,000,000		10,000,000		—
FHLMC 4.1 12/10	0000X0XX0		13,175,000		13,175,000		—
FHLMC 4.5 13	0000X0XX0		1,000,000		1,000,000		1,000,000
FHLMC 4.95 5/13 C 5/04	0000X0XX0		10,000,000		10,000,000		—
FNMA 0 07/05/14	XX0000000		8,000,000		8,000,000		8,000,000
FNMA 5 2/13 C 5/04	0000X0XX0		10,000,000		10,000,000		—
FNMA 5.15 1/13 C 1/05	0000X0X00		3,000,000		3,000,000		—
FNMA 6 03/20/17	0000X0XX0		10,000,000		10,000,000		—
FNMA 6.25 08/15/16	0000X0X00		10,000,000		10,000,000		—
FHR 2006 ZB	0000XXXX0		4,968,134		4,919,859		3,380,322
FHR 2018 Z	0000XXX00		1,483,856		1,465,299		924,045
FHR 2080 Z	0000XX0X0		5,174,843		5,117,437		3,235,550
FHR 2211 XX	0000XXXX0		4,145,362		4,093,653		2,835,071
FHR 2336 TB	0000000X0		2,990,710		2,802,165		454,577
FHR 2391 XG	00000XXX0		12,494,891		12,318,766		3,138,064
FHR 2466 DG	00000XX00		91,490		—		—
FHR 2482 EJ	00000XXX0		10,143,625		10,005,887		4,328,762
FHR 2484 VB	00000XXX0		7,799,226		7,540,881		—
FHR 2532 A	00000XXX0		4,883,558		4,807,616		225,939
FHR 2539 TC	00000XXX0		25,000,000		25,000,000		15,178,517
FHR 2564 QC	00000XXX0		16,687,124		16,470,888		7,396,723
FHR 2574 PC	00000X0X0		43,317,106		40,912,072		—
FHR 2603 XX	00000XXX0		6,313,823		6,210,745		222,955
FHR 2641 KC	00000XX00		6,348,949		6,257,238		3,683,483
FHR 2656 AC	00000XX00		7,092,716		7,081,975		4,614,663
FHR 0000 XX	00000X0X0		27,052,753		26,664,236		14,661,171
FHR 2691 LD	00000XXX0		17,090,000		17,090,000		9,743,272
FHR 2740 PC	00000X0X0		20,000,000		20,000,000		13,248,668
FHR 2793 GC	00000XX00		12,750,000		12,750,000		2,261,072
FHR 2793 GC	00000XX00		10,000,000		10,000,000		1,773,390
FHR 2807 JA	00000XX00		4,195,383		4,194,766		—
FHR 2878 QD	00000XXX0		20,000,000		20,000,000		6,964,592
FHR 0000 XX	00000XXX0		3,397,571		3,326,814		1,875,282
FN 725341	00000XXX0		14,349,101		14,153,804		8,792,043
FNR 02-77 QE	00000X0X0		25,000,000		25,000,000		15,721,536
FNR 1997-12 KB	00000XX00		573,745		572,197		440,808
FNR 1999-33 ZA	00000XXX0		6,700,618		6,638,305		4,277,996
FNR 2001-23 PG	00000X0X0		9,123,523		9,105,038		6,572,962
FNR 0000-00 XX	000000XX0		2,613,792		2,130,331		—
FNR 2001-63 TB	00000XXX0		4,468,244		4,389,351		44,601
FNR 2002-55 VL	00000XXX0		6,050,749		5,669,540		—
FNR 2003-41 PM	00000XX00		26,916,040		26,916,040		19,683,718
FNR 0000-00 XX	00000XXX0		20,136,482		20,136,482		15,194,213
FNR 2005-53 MB	00000XX00		29,884,512		29,884,512		25,787,188
FNR 2005-58 CW	00000XXX0		9,873,409		9,783,888		7,009,664
FNR 2007-10 VA	00000XXX0		11,511,731		11,420,679		8,886,656
GNR 1998-24 Z	0000X0X00		4,239,680		4,177,436		2,798,097
GNR 2000-26 PD	0000X0X00		98,833		94,741		—
GNR 2002-67 VB	00000XXX0		7,403,134		7,007,396		—
FHR 49 G	00000XXX0		645,266		635,324		391,511
FFCB 5 3/14 C 6/04	00000XXX0		12,000,000		—		—
FHLMC 4.25 3/10 C 9/04	0000X0XX0		20,000,000		—		—
FHLMC 5 3/13 C 9/04	0000X0X00		22,825,000		22,825,000		—
FHLMC 5.25 2/14 C 2/05	0000X0XX0		11,000,000		—		—
FNMA 4.01 8/09 C 8/04	0000X0XX0		9,230,000		9,230,000		—
FNMA 4.27 1/09 C 4/04	0000X0X00		22,915,000		—		—
FNMA 4.3 3/10 C 6/04	0000X0XX0		20,000,000		—		—
FNMA 4.6 9/10 C 12/04	0000X0XX0		30,735,000		—		—
FNMA 5 2/12 C 5/04	0000X00X0		25,000,000		—		—
FNMA 5 8/11 C 5/04	0000X00X0		6,785,000		—		—
FNMA 5.25 1/13 C 7/03	0000X0X00		30,120,000		—		—
FNMA 5.25% 1/13 C 4/04	0000X0X00		10,545,000		—		—
FNMA 5.5 11/14 2/05	0000X0XX0		20,000,000		—		—

Total C-1 securities		$	819,094,979	$	603,730,361	$	224,747,107	$	802,713,079		$	591,655,754

Investor Value / Par Value									98.0000	%		98.0000	%

(a)	Par Values ($) and Investor Values ($) for illustrative purposes only

(b)	Security was called or paid in full.

Annex A

Schedule 1.1(c) C-2 securities


Category	CUSIP	Par Value 12/31/2007 (a)		Par Value 01/31/2008 (a)		Par Value 03/31/2010 (a)		Investor Value 12/31 (a)			Investor Value 1/31 (a)			SRI Depository Bank
C-2

ACCDO V C	00000XXX0		9,000,000		9,000,000		9,082,993							Xxxxx Fargo Bank N.A.
ACCDO V D	00000XXX0		3,000,000		3,000,000		3,059,624							Xxxxx Fargo Bank N.A.
ACCDO 10A C	00000XXX0		10,000,000		10,000,000		10,615,025							Xxxxx Fargo Bank N.A.
ACCOA 2007-1A A2	00000XXX0		9,000,000		9,000,000		9,000,000							Xxxxx Fargo Bank N.A.
ANDY 2007-1A A2	000000XX0		14,997,425		14,997,425		14,997,425							Xxxxx Fargo Bank N.A.
ANDY 2007-1A B	000000XX0		5,000,000		5,000,000		5,000,000							Xxxxx Fargo Bank X.X.
XXXXX 2005-1A C	00000XXX0		3,500,000		3,500,000		3,500,000							Xxxxx Fargo Bank N.A.
CCRK 2006-1A A3	000000XX0		2,955,049		2,955,049		—							(c)
CCRK 2007-2A A2	000000XX0		20,000,000		20,000,000		20,000,000							Xxxxx Fargo Bank N.A.
CRONA 2007-1A B	000000XX0		10,000,000		10,000,000		—							(c)
FORTS 2006-2A A2	00000XXX0		15,000,000		15,000,000		15,000,000							Xxxxx Fargo Bank N.A.
FORTS 2006-2A B	00000XXX0		5,000,000		5,000,000		5,000,000							Xxxxx Fargo Bank N.A.
GLCR 2006-4A C	00000XXX0		1,957,460		1,991,692		—							(d)
GSCSF 2007-1RA A1LC	0000XXXX0		14,998,669		14,998,669		14,998,669							Xxxxx Fargo Bank N.A.
HLCDO 2006-1A A2	00000XXX0		20,000,000		20,000,000		—							(c)
INDE4 4A C	000000XX0		5,674,111		5,674,111		6,505,899							Xxxxx Fargo Bank N.A.
INDE7 7A B	00000XXX0		8,500,000		8,500,000		8,500,000							Xxxxx Fargo Bank N.A.
LEXN 2006-2A D	00000XXX0		2,553,175		2,583,726		2,705,068							Xxxxx Fargo Bank N.A.
XXX 00-0X X0X	00000XXX0		5,817,852		5,817,852		4,850,541							Xxxxx Fargo Bank N.A.
NEPTN 2004-1A A3L	000000XX0		2,270,444		2,270,444		2,248,358							Xxxxx Xxxxx Xxxx X.X.
XXXXX 0000-0X X0X	00000XXX0		10,000,000		10,000,000		10,000,000							Xxxxx Fargo Bank N.A.
ORCHD 03-1A B	00000XXX0		9,375,000		9,375,000		9,375,000							Xxxxx Fargo Bank N.A.
ORCHD 03-1A C1	00000XXX0		2,661,494		2,661,494		2,661,494							Xxxxx Xxxxx Xxxx X.X.
XXXXX 0X X0X	00000XXX0		6,116		6,116		—							(b)
PSCBO 1A A1	00000XXX0		12,231		12,231		—							(b)
PYXIS 2007-1A B	00000XXX0		10,000,000		10,000,000		—							(b)
SAYB 2001-1A A	000000XX0		5,865,492		5,865,492		3,608,108							Xxxxx Xxxxx Xxxx X.X.
XXXXX 0000-0X X0X	00000XXX0		20,000,000		20,000,000		20,000,000							Xxxxx Fargo Bank N.A.
SOLST 1A A	00000XXX0		5,180,454		5,180,454		3,766,785							Xxxxx Fargo Bank N.A.
STAK 2006-2A 4	00000XXX0		11,000,000		11,000,000		—							(c)
TABS 0000-0X X0X	000000XX0		20,000,000		20,000,000		—							(b)
VERT 2007-1A A1J	00000XXX0		10,000,000		10,000,000		—							(c)
VERT 2007-1A A2	00000XXX0		10,000,000		10,000,000		—							(c)
NORTH 2001-3A	00000XXX0		13,625,000		13,625,000		13,625,000							Xxxxx Fargo Bank N.A.
COOKS 2007-9A A	0000X0XX0		10,000,000		10,000,000		—							(c)
GSCSF 2006-1A B	0000X0XX0		10,000,000		10,000,000		10,000,000							Xxxxx Fargo Bank N.A.
IXION 2006-9A 12	00000XXX0		10,000,000		10,000,000		—							(c)
LCERT 2006-1A B	00000XXX0		15,000,000		15,000,000		15,000,000							Xxxxx Fargo Bank N.A.
LEXN 2007-3A E	00000XXX0		5,650,000		5,650,000		5,936,230							Xxxxx Fargo Bank N.A.
MILL REEF 05-1	000000XX0		8,595,000		8,595,000		8,306,407							Xxxxx Fargo Bank X.X.
XXXXXXXXX 05-14	000000XX0		15,000,000		15,000,000		15,000,000							Xxxxx Fargo Bank X.X.
XXXXXXXXX 06-1	00000XXX0		20,000,000		20,000,000		—							(c)
SALISBURY 06-16	00000XXX0		20,000,000		20,000,000		—							(c)
SKYBOX 05-1A C	00000XXX0		13,699,474		13,699,474		11,931,399							Xxxxx Fargo Bank N.A.
AYRESOME CDO I PREF	00000X000		5,000,000		5,000,000		5,000,000							Xxxxx Fargo Bank N.A.
DUKEF 2005-HG1A SUB	000000XX0		5,000,000		5,000,000		5,000,000							Xxxxx Xxxxx Xxxx X.X.
XXXX XXXX XXXX	00000XXX0		5,000,000		5,000,000		5,000,000							Xxxxx Fargo Bank N.A.
OPUS 2006-1A SUB	00000XXX0		5,000,000		5,000,000		5,000,000							Xxxxx Fargo Bank N.A.
SHERW 2006-3A SUB	00000XXX0		5,209,000		5,209,000		5,209,000							Xxxxx Fargo Bank N.A.
STILLWATER PREF	860721208		7,800,000		7,800,000		7,800,000							Xxxxx Fargo Bank N.A.
TABS 2005-2A SUB	00000XXX0		5,000,000		5,000,000		5,000,000							Xxxxx Fargo Bank N.A.
GSTAR 00-0X XX	000000XX0		3,000,000		3,000,000		3,000,000							Xxxxx Fargo Bank N.A.
NEPTN 2004-1A SUB	00000XXX0		6,400,000		6,400,000		6,400,000							Xxxxx Fargo Bank N.A.
MID 2001-1A	00000XXX0		5,823,641		5,823,641		5,823,641							Xxxxx Fargo Bank X.X.
XXXXX 05-1 C	00000XXX0		15,264,000		15,264,000		15,264,000							Xxxxx Fargo Bank N.A.
COOKS 2007-18A A	00000XXX0		20,000,000		20,000,000		20,000,000							(c)
THOM 2006-1 A C	000000XX0		19,996,541		19,996,541		21,782,724							Xxxxx Fargo Bank N.A.
CENTS 2006-1A A3	000000XX0		10,000,000		10,000,000		10,000,000							Xxxxx Fargo Bank N.A.
CENTS 2006-1A B	000000XX0		15,000,000		15,000,000		15,000,000							Xxxxx Fargo Bank N.A.
CLSVF 2007-3A A3	18272FAD 1		10,000,000		10,000,000		10,000,000							Xxxxx Fargo Bank N.A.
EIGHT 2007-1A A3	00000XXX0		20,000,000		20,000,000		20,000,000							Xxxxx Fargo Bank N.A.
MARSC 2007-1A A3	000000XX0		19,935,528		19,935,528		—							(c)
PTPLS 2007-1A A2	000000XX0		19,926,117		19,926,117		19,926,117							Xxxxx Xxxxx Xxxx X.X.
XXXX 0000-0X X0X	00000XXX0		15,000,000		15,000,000		15,000,000							Xxxxx Xxxxx Xxxx X.X.
XXXX 0000-0X X0X	00000XXX0		7,500,000		7,500,000		7,500,000							Xxxxx Xxxxx Xxxx X.X.
XXXX 0000-0X X0X	00000XXX0		5,000,000		5,000,000		5,000,000							Xxxxx Fargo Bank N.A.
TWOLF 2007-1A A2	00000XXX0		19,959,131		19,959,131		—							(c)
ZING 6A X0	00000XXX0		6,400,000		6,400,000		6,400,000							Xxxxx Fargo Bank N.A.

Total C2 securities		$	682,108,404	$	682,173,187	$	483,379,506	$	33,781,351		$	33,784,559

Investor Value / Par Value									4.9525	%		4.9525	%

(a)	Par Values ($) and Investor Values ($) for illustrative purposes only

(b)	Security was called or paid in full.

(c)	Security was collapsed.

(d)	Security was sold.

Annex A

Schedule 1.1(c) C-3 securities


Category	CUSIP	Par Value 12/31/2007 (a)		Par Value 01/31/2008 (a)		Par Value 03/31/2010 (a)		Investor Value 12/31 (a)			Investor Value 1/31 (a)			SRI Depository Bank
X-0

XXXXXXX 00-0X X	00000XXX0		31,823,490		31,823,490		34,898,548							Xxxxx Xxxxx Xxxx X.X.
XXXXXXX XXX	00000X000		3,000,000		3,000,000		3,000,000							Xxxxx Xxxxx Xxxx X.X.
XXX 0X X0	00000XXX0		8,667,066		8,667,066		8,667,066							Xxxxx Xxxxx Xxxx X.X.
XXXXX 0000-XX0 X0	00000X0X0		6,500,000		6,500,000		1,448,492							Xxxxx Fargo Bank N.A.
CMLTI 2006-WF2 M1	00000XXX0		9,100,000		9,100,000		7,447,353							Xxxxx Fargo Bank X.X.
XXXXX 05-HE4N N	000000XX0		643,858		643,858		643,858							Xxxxx Xxxxx Xxxx X.X.
XXXX 0000-0 X0	00000XXX0		5,500,000		5,500,000		5,500,000							Xxxxx Xxxxx Xxxx X.X.
XXXX 0000-XX0 X0	00000XX00		5,000,000		5,000,000		4,379,467							Xxxxx Xxxxx Xxxx X.X.
XXXX 00-XX00 X0	00000XXX0		3,058,212		3,058,212		—							(c)
SVHE 2005-OPT3 M6	00000XXX0		2,000,000		2,000,000		2,000,000							Xxxxx Fargo Bank N.A.
ACE 2004-HE3 B	000000XX0		912,306		703,751		—							(c)
SACO 2005-9 M4	000000XX0		15,088,000		15,088,000		—							(c)
GPMF 2005-HE4 M8	00000XXX0		3,000,000		3,000,000		—							(c)
QUEST 2006-X1 M1	000000XX0		1,000,000		1,000,000		1,000,000							Xxxxx Xxxxx Xxxx X.X.
XXXXX 0000-0 X0	00000XXX0		597,046		597,046		525,397							Xxxxx Xxxxx Xxxx X.X.
XXXX 0000-00X X0	00000XX00		1,721,348		1,719,064		1,460,589							Xxxxx Fargo Bank N.A.
SASC 2000-5 B5	0000000X0		124,812		111,584		—							(c)
SASC 2001-9 B4	00000XXX0		122,607		122,323		—							(c)
OCMBS 00-X0 XX	000000XX0		280,555		280,555		130,937							Xxxxx Xxxxx Xxxx X.X.
XXXX 0000-X0XX X0	00000XXX0		1,971,858		1,970,696		437,088							Xxxxx Xxxxx Xxxx X.X.
XXXXXXXX XXX	000000XX0		5,000,000		5,000,000		5,000,000							Xxxxx Xxxxx Xxxx X.X.
XXXXXXXXX XXX	00000XXX0		10,000,000		10,000,000		10,000,000							Xxxxx Fargo Bank N.A.
LONGHORN 2000-1	543044200		5,000,000		5,000,000		5,000,000							Xxxxx Fargo Bank N.A.
ANCHORAGE FIN SUB-XX XX	033302209		15,000,000		15,000,000		—							(b)
XXXXX XXXXXX XXXX XX XXXX	00000X000		17,900,000		17,900,000		—							(b)
XXXXXX CAPITAL TRUST III	00000X000		29,400,000		29,400,000		—							(b)
TIERS 2001-6	00000XXX0		1,735,794		1,735,794		1,735,794							Limited Partnership Interest
US BANK XXXXX XXXXXXX TRUST	USBPJT		4,123,487		4,123,487		4,123,487							Limited Partnership Interest
BSIC MERCHANT BANKING	000000XX0		(e)		(e)		4,103,520							Limited Partnership Interest

Total C-3 securities		$	188,270,439	$	188,044,926	$	101,501,595	$	—		$	—

Investor Value/Par Value									0.0000	%		0.0000	%

(a)	Par Values ($) and Investor Values ($) for illustrative purposes only

(b)	Security was called or paid in full.

(c)	Security was collapsed.

(e)	Not included in original Schedule 1.1C as presumed to be sold.

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Table of Contents

SECOND SUPPLEMENTAL INDENTURE

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