SWISS RE FINANCIAL PRODUCTS CORPORATION New York, New York 10055 Fax: (917) 322-7201/Phone: (212) 407-7322
SWISS
RE FINANCIAL PRODUCTS CORPORATION
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Fax:
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DATE:
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January
31, 2007
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TO:
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Supplemental
Interest Trust,
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Structured
Adjustable Rate Mortgage Loan Trust, Series ▇▇▇▇-▇
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▇/▇
▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇, ▇. A.
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▇▇▇▇▇▇▇▇,
▇▇ ▇▇▇▇▇ ("Party B")
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FROM:
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Swiss
Re Financial Products Corporation (“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 January
31, 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
follows:
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General
Terms
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Trade
Date:
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January
25, 2007
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Effective
Date:
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February
26, 2007
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Termination
Date:
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December
25, 2011, subject to adjustment in accordance with the Modified 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 March 25, 2007 to and
including the Termination Date, subject to adjustment in accordance
with
the Modified 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 March 25, 2007 to and
including the Termination Date, subject to adjustment in accordance
with
the Modified 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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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, Colorado or Illinois
are
closed.
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Floating
Rate Payer Upfront Payment:
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$215,000.
Party A shall pay ▇▇▇▇▇▇ Brothers Holdings Inc. the Floating Rate
Payer
Upfront Payment on or prior to January 31, 2007, subject to adjustment
in
accordance with the Following Business Day Convention.
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2
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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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JPMorgan
Chase Bank
ABA
# ▇▇▇▇▇▇▇▇▇
SWIFT:
▇▇▇▇▇▇▇▇
For
the Account of Swiss Re Financial Products Corporation
Account
No.:
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Payments
to Party B:
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▇▇▇▇▇
FARGO BANK, NA
ABA#
▇▇▇▇▇▇▇▇▇
FOR
CREDIT TO: SAS Clearing
ACCT:
▇▇▇▇▇▇▇▇▇▇
FFC:
50983100
Ref:
SARM 2007-1
Attn:
▇▇▇▇▇ ▇▇▇▇▇▇▇
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3
SWISS
RE FINANCIAL PRODUCTS CORPORATION
By:
________________________________________
Authorized
Signatory
Accepted
and confirmed as of the Trade Date written above:
STRUCTURED
ADJUSTABLE RATE MORTGAGE LOAN TRUST, SERIES 2007-1
By:
▇▇▇▇▇
Fargo Bank, N.A., not in its individual capacity, but solely as
Trustee
By:________________________________
Name:
Title:
4
SCHEDULE
A
to the
Confirmation dated as of January 31, 2007
Re:
Reference Number 1247682
Amortization
Schedule
(subject
to adjustment in accordance with the Modified 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 (%)
|
|
2/26/2007
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3/25/2007
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332,888,163.68
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5.44692
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|
3/25/2007
|
4/25/2007
|
321,131,533.04
|
5.44440
|
|
4/25/2007
|
5/25/2007
|
309,790,006.58
|
5.43149
|
|
5/25/2007
|
6/25/2007
|
298,725,491.81
|
5.41802
|
|
6/25/2007
|
7/25/2007
|
288,175,083.32
|
5.41339
|
|
7/25/2007
|
8/25/2007
|
277,997,198.55
|
5.39221
|
|
8/25/2007
|
9/25/2007
|
268,178,686.94
|
5.36970
|
|
9/25/2007
|
10/25/2007
|
258,706,862.05
|
5.33651
|
|
10/25/2007
|
11/25/2007
|
249,569,485.24
|
5.30255
|
|
11/25/2007
|
12/25/2007
|
240,754,749.82
|
5.26911
|
|
12/25/2007
|
1/25/2008
|
232,251,265.81
|
5.22372
|
|
1/25/2008
|
2/25/2008
|
224,048,045.28
|
5.19225
|
|
2/25/2008
|
3/25/2008
|
214,697,619.74
|
5.16134
|
|
3/25/2008
|
4/25/2008
|
205,737,350.22
|
5.13484
|
|
4/25/2008
|
5/25/2008
|
197,150,959.75
|
5.11599
|
|
5/25/2008
|
6/25/2008
|
188,922,850.34
|
5.09719
|
|
6/25/2008
|
7/25/2008
|
181,038,074.63
|
5.08920
|
|
7/25/2008
|
8/25/2008
|
173,482,308.76
|
5.07906
|
|
8/25/2008
|
9/25/2008
|
166,241,826.40
|
5.06832
|
|
9/25/2008
|
10/25/2008
|
159,303,473.78
|
5.05780
|
|
10/25/2008
|
11/25/2008
|
152,654,645.84
|
5.05194
|
|
11/25/2008
|
12/25/2008
|
146,283,263.33
|
5.04635
|
|
12/25/2008
|
1/25/2009
|
140,177,750.88
|
5.04353
|
|
1/25/2009
|
2/25/2009
|
134,327,015.99
|
5.04515
|
|
2/25/2009
|
3/25/2009
|
127,790,459.40
|
5.04596
|
|
3/25/2009
|
4/25/2009
|
121,571,934.06
|
5.03828
|
|
4/25/2009
|
5/25/2009
|
115,655,968.44
|
5.04441
|
|
5/25/2009
|
6/25/2009
|
110,027,843.58
|
5.05014
|
|
6/25/2009
|
7/25/2009
|
104,673,556.48
|
5.05612
|
|
7/25/2009
|
8/25/2009
|
99,579,785.28
|
5.06224
|
|
8/25/2009
|
9/25/2009
|
94,733,856.15
|
5.06826
|
|
9/25/2009
|
10/25/2009
|
90,123,711.74
|
5.07439
|
|
10/25/2009
|
11/25/2009
|
85,737,881.23
|
5.08048
|
|
11/25/2009
|
12/25/2009
|
81,565,451.76
|
5.08676
|
|
12/25/2009
|
1/25/2010
|
77,596,041.33
|
5.09302
|
|
1/25/2010
|
2/25/2010
|
73,819,772.97
|
5.09955
|
|
2/25/2010
|
3/25/2010
|
70,227,250.15
|
5.10599
|
|
3/25/2010
|
4/25/2010
|
66,809,533.45
|
5.11238
|
|
4/25/2010
|
5/25/2010
|
63,558,118.31
|
5.11881
|
|
5/25/2010
|
6/25/2010
|
60,464,913.85
|
5.12479
|
|
6/25/2010
|
7/25/2010
|
57,522,222.82
|
5.13078
|
|
7/25/2010
|
8/25/2010
|
54,722,722.37
|
5.13664
|
5
|
From
and including
|
To
but excluding
|
Notional
Amount (USD)
|
Fixed
Rate (%)
|
|
8/25/2010
|
9/25/2010
|
52,059,445.90
|
5.14226
|
|
9/25/2010
|
10/25/2010
|
49,525,765.70
|
5.14780
|
|
10/25/2010
|
11/25/2010
|
47,115,376.49
|
5.15315
|
|
11/25/2010
|
12/25/2010
|
44,822,279.71
|
5.15836
|
|
12/25/2010
|
1/25/2011
|
42,640,768.61
|
5.16341
|
|
1/25/2011
|
2/25/2011
|
40,565,414.08
|
5.16910
|
|
2/25/2011
|
3/25/2011
|
38,591,051.11
|
5.17545
|
|
3/25/2011
|
4/25/2011
|
36,712,765.96
|
5.18165
|
|
4/25/2011
|
5/25/2011
|
34,888,171.14
|
5.18750
|
|
5/25/2011
|
6/25/2011
|
33,190,077.77
|
5.19305
|
|
6/25/2011
|
7/25/2011
|
31,562,267.93
|
5.19840
|
|
7/25/2011
|
8/25/2011
|
29,975,234.18
|
5.20341
|
|
8/25/2011
|
9/25/2011
|
28,500,713.56
|
5.20819
|
|
9/25/2011
|
10/25/2011
|
26,696,525.41
|
5.21265
|
|
10/25/2011
|
11/25/2011
|
24,741,906.32
|
5.21686
|
|
11/25/2011
|
12/25/2011
|
23,097,195.95
|
5.22079
|
6