EX-99.7 10 v074692_ex99-7.htm
ABN Amro Bank N.V.
OTC Derivative Operations
199 Bishopsgate, London
EC2M 3XW
United Kingdom
Tel:+44 20 7678 8000
Fax:+44 20 7857 9428/30

DATE:
April 30, 2007

TO:
Greenpoint Mortgage Funding Trust Mortgage Pass-Through Certificates,
Series 2007-AR2
c/o U.S. Bank National Association
One Federal Street, 3rd Floor
Boston, MA 02110
("Party B")

FROM:
ABN AMRO BANK N.V.
199 Bishopsgate,
London EC2M 3XW,
United Kingdom
Attention: Fixed Income Derivatives Documentation
Telex: 887366 Answerback: ABNALN G
Fax: 44 20 7857 9428
Telephone: 44 20 7678 3311
Electronic Messaging System Details: Swift ABNA GB 2L
("Party A")

RE:
Interest Rate Cap Transaction


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 April 30, 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.

 
 
 
ABN Amro Bank N.V.
OTC Derivative Operations
199 Bishopsgate, London
EC2M 3XW
United Kingdom
Tel:+44 20 7678 8000
Fax:+44 20 7857 9428/30
1.
 The Cap Transaction to which this Confirmation relates is a Rate Cap Transaction, the terms of which are as follow:
 
 
General Terms
    
       
 
Trade Date:
  
April 23, 2007
       
 
Effective Date:
 
March 25, 2010
       
 
Termination Date:
 
February 25, 2012, subject to adjustment in accordance with the Following Business Day Convention
       
 
Notional Amount:
 
With respect to each Calculation Period, as set out in Schedule A attached hereto.
       
 
Fixed Amounts (Premium):
    
       
 
Fixed Rate Payer:
  
Party B
       
 
Fixed Rate Payer Payment Date:
  
April 30, 2007, subject to adjustment in accordance with the Following Business Day Convention.
       
 
Fixed Amount:
 
USD 210,000; Lehman Brothers Holdings Inc. shall pay to Party A the Fixed Amount on or prior to April 30, 2007. This amount and other related payments due on the same date is reflected in the net amount of $1,472,000 payable to Lehman Brothers Holding Inc. by Party A, payable on ABN swap contract number 5948839.
       
 
Floating Amounts:
    
       
 
Floating Rate Payer:
  
Party A
       
 
Floating Rate Payer Period End Dates:
  
The 25th day of each month of each year, commencing on May 25, 2007 to and including the Termination Date, subject to adjustment in accordance with the Following Business Day Convention.
       
 
Floating Rate Payer Payment Dates:
  
Early Payment, one (1) Business Day preceding each Floating Rate Payer Period End Date.
       
 
Cap Rate
  
With respect to each Calculation Period, as set out in Schedule A attached hereto.
       
 
Floating Rate Option:
  
USD-LIBOR-BBA
       
 
Designated Maturity:
  
One (1) month
       

 
 
 
ABN Amro Bank N.V.
OTC Derivative Operations
199 Bishopsgate, London
EC2M 3XW
United Kingdom
Tel:+44 20 7678 8000
Fax:+44 20 7857 9428/30
 
 
Spread:
  
None
       
 
Floating Rate Day Count Fraction:
  
Actual/360
       
 
Reset Dates:
  
The first day of each Calculation Period.
       
 
Compounding:
  
Inapplicable
       
 
Business Days:
  
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 is located or (2) the States of New York, Massachusetts, Minnesota or California are closed.
       
2.
Procedural Terms:
    
       
 
Calculation Agent:
  
Party A
       
 
Offices:
  
The Office of Party A for this Cap Transaction is New York.
       
 
Account Details:
    
       
 
Payments to Party A:
  
ABN AMRO Bank N.V., New York, ABNAUS33
CHIPS 007535
ABA No. 026009580
A/C Name: ABN Amro Bank N.V., London
A/C No. /661001036741
Ref. DCM: 
       
 
Payments to Party B:
  
U.S. Bank Corporate Trust Services
ABA# 091-000-022
DDA# 173-103-321-118
Ref: GPMF 2007-AR2 // Interest Rate Cap Account
Attn: James Byrnes

 
 
 
ABN Amro Bank N.V.
OTC Derivative Operations
199 Bishopsgate, London
EC2M 3XW
United Kingdom
Tel:+44 20 7678 8000
Fax:+44 20 7857 9428/30
 
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 ABN AMRO Bank N.V. to the attention of Derivatives Documentation Unit:
Fax Number              :0044 207 8579428/9430
Telephone Number :0044 207 6783311/3196
 
 
ABN AMRO BANK N.V., LONDON BRANCH
 
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 SUPPLEMENTAL INTEREST TRUST, GREENPOINT MORTGAGE FUNDING TRUST MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2007-AR2

By:________________________________
Name:
Title:

 
 
 
ABN Amro Bank N.V.
OTC Derivative Operations
199 Bishopsgate, London
EC2M 3XW
United Kingdom
Tel:+44 20 7678 8000
Fax:+44 20 7857 9428/30

SCHEDULE A to the Confirmation dated as of April 30, 2007,
Re: Reference Number: 5948816

Amortization Schedule, *subject to adjustment in accordance with the Following Business Day Convention

*Calculation Period
from and including
*Calculation Period
up to but excluding
Notional Amount
(USD)
Cap Rate
March 25, 2010
April 25, 2010
117,971,300.00
6.75000
April 25, 2010
May 25, 2010
114,536,977.00
6.75000
May 25, 2010
June 25, 2010
111,182,701.00
6.75000
June 25, 2010
July 25, 2010
107,926,657.00
6.75000
July 25, 2010
August 25, 2010
104,765,967.00
6.75000
August 25, 2010
September 25, 2010
101,697,840.00
6.75000
September 25, 2010
October 25, 2010
98,719,565.00
6.75000
October 25, 2010
November 25, 2010
95,828,510.00
6.75000
November 25, 2010
December 25, 2010
93,022,122.00
6.75000
December 25, 2010
January 25, 2011
90,297,919.00
6.75000
January 25, 2011
February 25, 2011
87,653,497.00
6.75000
February 25, 2011
March 25, 2011
85,086,518.00
6.75000
March 25, 2011
April 25, 2011
82,594,714.00
6.75000
April 25, 2011
May 25, 2011
80,175,884.00
6.75000
May 25, 2011
June 25, 2011
77,827,891.00
6.75000
June 25, 2011
July 25, 2011
75,548,660.00
6.75000
July 25, 2011
August 25, 2011
73,336,177.00
6.75000
August 25, 2011
September 25, 2011
168,565,031.00
6.75000
September 25, 2011
October 25, 2011
163,628,515.00
6.75000
October 25, 2011
November 25, 2011
158,836,567.00
6.75000
November 25, 2011
December 25, 2011
154,184,954.00
6.75000
December 25, 2011
January 25, 2012
149,669,566.00
6.75000
January 25, 2012
February 25, 2012
145,286,413.00
6.75000