HSBC Bank USA, National Association New York, NY 10018 Fax: (212) 525-5517
HSBC
Bank USA, National Association
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Fax:
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DATE:
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September
28, 2007
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TO:
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Supplemental
Interest Trust,
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▇▇▇▇▇▇
XS Trust Mortgage Pass-Through Certificates, Series
2007-18N
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c/o
U.S. Bank, National Association
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("Party B")
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FROM:
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HSBC
BANK USA, NATIONAL ASSOCIATION
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("Party
A")
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RE:
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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
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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September
25, 2007
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Effective
Date:
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October
25, 2007
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HSBC
Bank USA, National Association
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Fax:
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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
Period End Dates:
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The
25th
day of each month of each year, commencing on November 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 November 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
HSBC
Bank USA, National Association
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Fax:
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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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USD
111,000; Party A shall pay to Party B the Floating Rate Payer Upfront
Payment on or prior to September 28, 2007. This payment is included
in the
net amount of USD 16,000 payable to Party A by ▇▇▇▇▇▇ Brothers
Holdings
Inc. (on behalf of Party B) under confirmation Ref. No. 487237hn
between
Party A and Party B of even date herewith.
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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
# ▇▇▇-▇▇▇-▇▇▇
For
credit to Department 299
A/C:
▇▇▇-▇▇▇▇▇-▇
HSBC
Derivative Products Group
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Payments
to Party B:
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U.S.
Bank Corporate Trust Services
ABA#
▇▇▇-▇▇▇-▇▇▇
DDA#
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Ref:
LXS 2007-18N
Attn:
▇. ▇▇▇▇▇▇
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3
HSBC
Bank USA, National Association
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Fax:
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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 ▇▇▇
▇▇▇ ▇▇▇▇ to the attention of ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇:
Fax
Number : ▇▇▇ ▇▇▇ ▇▇▇▇
Telephone
Number : ▇▇▇ ▇▇▇ ▇▇▇▇
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,
▇▇▇▇▇▇
XS Trust Mortgage Pass-Through Certificates, Series
2007-18N
By:
U.S. Bank, National Association, not in its individual capacity, but solely
as
Trustee
By:________________________________
Name:
Title:
4
HSBC
Bank USA, National Association
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Fax:
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SCHEDULE
A to
the
Confirmation dated as of September 28, 2007
Re:
Reference Number 487237hn
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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10/25/2007
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11/25/2007
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481,796,962.00
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5.32
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11/25/2007
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12/25/2007
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469,006,976.00
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5.38
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12/25/2007
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1/25/2008
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456,561,230.00
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4.93
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1/25/2008
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2/25/2008
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444,450,341.00
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4.72
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2/25/2008
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3/25/2008
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432,665,183.00
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4.54
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3/25/2008
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4/25/2008
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421,196,881.00
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4.51
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4/25/2008
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5/25/2008
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410,036,805.00
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4.45
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5/25/2008
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6/25/2008
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399,176,566.00
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4.39
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6/25/2008
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7/25/2008
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388,608,001.00
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4.39
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7/25/2008
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8/25/2008
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378,323,174.00
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4.38
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8/25/2008
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9/25/2008
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368,314,370.00
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4.36
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9/25/2008
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10/25/2008
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358,574,081.00
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4.36
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10/25/2008
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11/25/2008
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349,095,011.00
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4.36
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11/25/2008
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12/25/2008
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339,870,061.00
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4.36
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12/25/2008
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1/25/2009
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330,892,329.00
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4.38
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1/25/2009
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2/25/2009
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322,155,102.00
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4.39
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2/25/2009
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3/25/2009
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313,651,852.00
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4.41
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3/25/2009
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4/25/2009
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305,376,230.00
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4.44
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4/25/2009
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5/25/2009
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297,322,060.00
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4.46
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5/25/2009
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6/25/2009
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289,483,339.00
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4.49
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6/25/2009
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7/25/2009
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281,854,225.00
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4.52
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7/25/2009
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8/25/2009
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274,429,039.00
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4.55
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8/25/2009
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9/25/2009
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267,201,180.00
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4.57
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9/25/2009
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10/25/2009
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260,164,679.00
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4.60
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10/25/2009
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11/25/2009
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253,311,851.00
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4.63
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11/25/2009
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12/25/2009
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246,642,105.00
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4.65
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12/25/2009
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1/25/2010
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240,149,511.00
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4.67
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1/25/2010
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2/25/2010
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233,829,591.00
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4.69
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2/25/2010
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3/25/2010
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227,677,479.00
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4.71
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3/25/2010
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4/25/2010
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221,687,182.00
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4.73
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4/25/2010
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5/25/2010
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215,852,014.00
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4.75
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5/25/2010
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6/25/2010
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210,159,078.00
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4.78
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6/25/2010
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7/25/2010
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204,617,351.00
|
4.80
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7/25/2010
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8/25/2010
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199,221,498.00
|
4.82
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|
8/25/2010
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9/25/2010
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193,963,603.00
|
4.84
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|
9/25/2010
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10/25/2010
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176,174,355.00
|
4.86
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|
10/25/2010
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11/25/2010
|
171,556,993.00
|
4.89
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|
11/25/2010
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12/25/2010
|
167,058,636.00
|
4.92
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|
12/25/2010
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1/25/2011
|
162,670,967.00
|
4.94
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|
1/25/2011
|
2/25/2011
|
158,397,841.00
|
4.97
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|
2/25/2011
|
3/25/2011
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154,231,131.00
|
4.99
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|
3/25/2011
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4/25/2011
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150,173,997.00
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5.00
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4/25/2011
|
5/25/2011
|
146,223,543.00
|
5.02
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|
5/25/2011
|
6/25/2011
|
142,377,129.00
|
5.03
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|
6/25/2011
|
7/25/2011
|
138,630,249.00
|
5.04
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|
7/25/2011
|
8/25/2011
|
134,980,992.00
|
5.05
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|
8/25/2011
|
9/25/2011
|
131,405,903.00
|
5.06
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|
9/25/2011
|
10/25/2011
|
127,889,826.00
|
5.06
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5
HSBC
Bank USA, National Association
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Fax:
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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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10/25/2011
|
11/25/2011
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124,427,759.00
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5.08
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11/25/2011
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12/25/2011
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121,003,786.00
|
5.09
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|
12/25/2011
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1/25/2012
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117,637,833.00
|
5.10
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|
1/25/2012
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2/25/2012
|
39,551,428.00
|
5.11
|
|
2/25/2012
|
3/25/2012
|
38,517,089.00
|
5.13
|
|
3/25/2012
|
4/25/2012
|
37,505,788.00
|
5.14
|
|
4/25/2012
|
5/25/2012
|
36,471,422.00
|
5.15
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|
5/25/2012
|
6/25/2012
|
35,463,529.00
|
5.17
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|
6/25/2012
|
7/25/2012
|
34,450,550.00
|
5.18
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|
7/25/2012
|
8/25/2012
|
33,456,902.00
|
5.19
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|
8/25/2012
|
9/25/2012
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32,485,834.00
|
5.21
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6