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Document Preview Novation Confirmation |
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Title: |
Novation Confirmation |
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Entities: |
People’s Financial Realty Mortgage Securities 2006-1; Wells Fargo Bank, NA; International Swaps & Derivatives Association, Inc. |
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Date: |
2006 |
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Size: |
Preview shows 35KB of 161KB total |
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Price: |
$74 |
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ID: |
#2468526 |
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NOVATION CONFIRMATION
| Date: | August 9, 2006 | |
| To: | Peoples Choice Home Loan, Inc. | |
| Phone #: 949-265-7165 | ||
| Fax #: 949-453-9607 | ||
| To: | Peoples Choice Home Loan Securities Corp (Counterparty) | |
| Phone #: 949-265-7165 | ||
| Fax #: 949-453-9607 | ||
| Attn: David Malmon | ||
| From: | The Bank of New York (BNY) | |
| Derivative Products Support Department | ||
| 32 Old Slip, 16th Floor | ||
| New York, New York 10286 | ||
| Attn: Kenny Au-Yeung | ||
| Phone #: 212-804-5103 | ||
| Fax #: 212-804-5818/5837 | ||
| Re: | Novation Transaction | |
Transaction Reference Number: 38204a
Dear Sir or Madam:
The purpose of this letter is to confirm the terms and conditions of the Novation Transaction entered into between the parties and effective from the Novation Date specified below.
1. The definitions and provisions contained in the 2004 ISDA Novation Definitions (the Definitions) and the terms and provisions of 2000 ISDA Definitions, as published by the International Swaps and Derivatives Association, Inc. and amended from time to time, are incorporated in this Novation Confirmation. In the event of any inconsistency between (i) the Definitions, (ii) 2000 ISDA Definitions and/or (iii) the Novation Agreement and this Novation Confirmation, this Novation Confirmation will govern.
1
2. The terms of the Novation Transaction to which this Novation Confirmation relates are as follows:
| Novation Date: | August 9, 2006 | |
| Novated Amount: | The full Notional Amount specified as of the relevant date in Schedule I of the New Confirmation. | |
| Transferor: | Peoples Choice Home Loan, Inc. | |
| Transferee: | Peoples Choice Home Loan Securities Corp. | |
| Remaining Party: | BNY | |
| New Agreement between Transferee and Remaining Party: | The ISDA Form Master Agreement as provided in the Confirmation between Transferee and Remaining Party dated as of August 9, 2006 (the New Confirmation). | |
3. The terms of each Old Transactions to which this Novation Confirmation relates, shall be specified in the copy of the Old Confirmation Attached hereto as Exhibit A.
4. The terms of the New Transaction to which this Novation Confirmation relates shall be evidenced by a New Confirmation attached hereto as Exhibit B.
Full First Calculation Period: Applicable
5. The parties confirm their acceptance to be bound by this Novation Confirmation as of the Novation Date by executing a copy of this Novation Confirmation and returning it to us. The Transferor, by its execution of a copy of this Novation Confirmation, agrees to the terms of the Novation Confirmation as it relates to each Old Transaction. The Transferee, by its execution of a copy of this Novation Confirmation, agrees to the terms of the Novation Confirmation as it relates to each New Transaction.
2
| THE BANK OF NEW YORK | PEOPLES CHOICE HOME LOAN, INC. | |||||||
| By: |
/s/ Renee Etheart |
By: |
/s/ Brad Plantiko | |||||
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Name: |
Renee Etheart |
Name: |
Brad Plantiko | |||||
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Title: |
Vice President |
Title: |
EVP - Finance and Operations | |||||
|
Date: |
August 9, 2006 |
Date: |
August 9, 2006 | |||||
| PEOPLES CHOICE HOME LOAN SECURITIES CORP | ||||||||
| By: |
/s/ Brad Plantiko |
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Name: |
Brad Plantiko |
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Title: |
Treasurer, CFO and CAO |
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Date: |
August 9, 2006 |
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3
NOVATION CONFIRMATION
| Date: | August 9, 2006 | |
| To: | Peoples Choice Home Loan Securities Corp | |
| Phone #: 949-265-7165 | ||
| Fax #: 949-453-9607 | ||
| To: | Wells Fargo Bank, National Association, not in its individual capacity but solely as Supplemental Interest Trust Trustee for the Supplemental Interest Trust of Peoples Financial Realty Mortgage Securities Trust, Series 2006-1 (Counterparty) | |
| Phone #: 410-884-2196 | ||
| Fax #: 410-715-4513 | ||
| Attn: Darron Woodus | ||
| From: | The Bank of New York (BNY) | |
| Derivative Products Support Department | ||
| 32 Old Slip, 16th Floor | ||
| New York, New York 10286 | ||
| Attn: Kenny Au-Yeung | ||
| Phone #: 212-804-5103 | ||
| Fax #: 212-804-5818/5837 | ||
| Re: | Novation Transaction | |
Transaction Reference Number: 38204b
Dear Sir or Madam:
The purpose of this letter is to confirm the terms and conditions of the Novation Transaction entered into between the parties and effective from the Novation Date specified below.
1. The definitions and provisions contained in the 2004 ISDA Novation Definitions (the Definitions) and the terms and provisions of 2000 ISDA Definitions, as published by the International Swaps and Derivatives Association, Inc. and amended from time to time, are incorporated in this Novation Confirmation. In the event of any inconsistency between (i) the Definitions, (ii) 2000 ISDA Definitions and/or (iii) the Novation Agreement and this Novation Confirmation, this Novation Confirmation will govern.
1
2. The terms of the Novation Transaction to which this Novation Confirmation relates are as follows:
| Novation Date: | August 9, 2006 | |
| Novated Amount: | The full Notional Amount specified as of the relevant date in Schedule I of the New Confirmation. | |
| Transferor: | Peoples Choice Home Loan Securities Corp | |
| Transferee: | Wells Fargo Bank, National Association, not in its individual capacity but solely as Supplemental Interest Trust Trustee for the Supplemental Interest Trust of Peoples Financial Realty Mortgage Securities Trust, Series 2006-1 | |
| Remaining Party: | BNY | |
| New Agreement between Transferee and Remaining Party: | The ISDA Form Master Agreement as provided in the Confirmation between Transferee and Remaining Party dated as of August 9, 2006 (the New Confirmation). | |
3. The terms of each Old Transactions to which this Novation Confirmation relates, shall be specified in the copy of the Old Confirmation Attached hereto as Exhibit B.
4. The terms of the New Transaction to which this Novation Confirmation relates shall be evidenced by a New Confirmation attached hereto as Exhibit C.
Full First Calculation Period: Applicable
5. The parties confirm their acceptance to be bound by this Novation Confirmation as of the Novation Date by executing a copy of this Novation Confirmation and returning it to us. The Transferor, by its execution of a copy of this Novation Confirmation, agrees to the terms of the Novation Confirmation as it relates to each Old Transaction. The Transferee, by its execution of a copy of this Novation Confirmation, agrees to the terms of the Novation Confirmation as it relates to each New Transaction.
2
| THE BANK OF NEW YORK | PEOPLES CHOICE HOME LOAN SECURITIES CORP | |||||||
| By: |
/s/ Renee Etheart |
By: |
/s/ Brad Plantiko | |||||
|
Name: |
Renee Etheart |
Name: |
Brad Plantiko | |||||
|
Title: |
Vice President |
Title: |
Treasurer, CFO and CAO | |||||
|
Date: |
August 9, 2006 |
Date: |
August 9, 2006 | |||||
WELLS FARGO BANK, NATIONAL ASSOCIATION, NOT IN ITS INDIVIDUAL CAPACITY BUT SOLELY AS SUPPLEMENTAL INTEREST TRUST TRUSTEE FOR THE SUPPLEMENTAL INTEREST TRUST OF PEOPLES FINANCIAL REALTY MORTGAGE SECURITIES TRUST, SERIES 2006-1
| By: |
/s/ Darron C. Woodus |
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Name: |
Darron C. Woodus |
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Title: |
Assistant Vice President |
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Date: |
August 9, 2006 |
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3
| DATE: | August 9, 2006 | |
| TO: | Peoples Choice Home Loan, Inc. | |
| Phone #: 949-265-7165 | ||
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