Carrington Mortgage Loan Trust, Series 2006-NC4 Inactive
Filed: 13 Oct 06, 12:00am
CONFIRMATION TO: Wells Fargo Bank, N.A., not individually but solely as trustee for Carrington Mortgage Loan Trust, Series 2006-NC4 with respect to the Carrington Mortgage Loan Trust, Series 2006-NC4 Asset-Backed Pass-Through Certificates 9062 Old Annapolis Road Columbia, Maryland 21045 Attention: Client Manager-Carrington Mortgage Loan Trust, 2006-NC4 Telephone: (410) 884-2000 Facsimile: (410) 715-2380 FROM: Swiss Re Financial Products Corporation 55 East 52nd Street New York, New York 10055 Attention: Head of Operations Telephone: (212) 407-7322 Facsimile. (917) 322-7201 CC: Attention: Head of Legal Facsimile: (212) 317-5474 DATE: September 28, 2006 Transaction Reference Number: 1085089 - Class A Certificates Dear Sir/Madam, The purpose of this letter agreement is to confirm the terms and conditions of the transaction entered into between Wells Fargo Bank, N.A., not individually but solely as trustee for Carrington Mortgage Loan Trust, Series 2006-NC4 with respect to the Carrington Mortgage Loan Trust, Series 2006-NC4 Asset-Backed Pass-Through Certificates, and Swiss Re Financial Products Corporation, a corporation organized under the laws of the State of Delaware (each a "party" and together "the parties") on the Trade Date specified below (the "Transaction"). This letter agreement constitutes a "Confirmation" as referred to in the ISDA Master Agreement specified in paragraph 1 below. In this Confirmation, "Party A" means Swiss Re Financial Products Corporation, and "Party B" means Carrington Mortgage Loan Trust, Series 2006-NC4, by Wells Fargo Bank, N.A., not individually but solely as trustee for Carrington Mortgage Loan Trust, Series 2006-NC4 with respect to the Carrington Mortgage Loan Trust, Series 2006-NC4 Asset-Backed Pass-Through Certificates. The definitions and provisions contained in the 2000 ISDA Definitions, as published by the International Swaps and Derivatives Association, Inc. (the "Definitions"), are incorporated into this Confirmation. In the event of any inconsistency between the Definitions and this Confirmation, this Confirmation will govern. Other capitalized terms used herein (but not otherwise defined) shall have the meaning specified in that certain Pooling and Servicing Agreement, dated as of September 1, 2006 (the "Pooling and Servicing Agreement"), among Stanwich Asset Acceptance Company, L.L.C., as Depositor, New Century Mortgage Corporation, as Servicer, and Wells Fargo Bank, N.A., as Trustee (the "Trustee"). 1. This Confirmation evidences a complete binding agreement between the parties as to the terms of the Transaction to which this Confirmation relates. In addition, the parties agree that for the purposes of this Transaction, this Confirmation will supplement, form a part of, and be subject to that 1992 ISDA Master Agreement (the "Master Agreement") dated as of September 28, 2006, between the parties. In the event of any inconsistency between the provisions of the Master Agreement and this Confirmation, this Confirmation will prevail for the purpose of this Transaction. 2. The terms of the particular Transaction to which this Confirmation relates are as follows: --------------------------------------------------------------------------------------------------- Notional Amount: As set forth in Schedule A attached hereto --------------------------------------------------------------------------------------------------- Trade Date: September 19, 2006 --------------------------------------------------------------------------------------------------- Effective Date: September 28, 2006 --------------------------------------------------------------------------------------------------- Termination Date: May 25, 2010, subject to adjustment in accordance with the Following Business Day Convention with respect to Floating Amounts and subject to No Adjustment with respect to Fixed Amounts. --------------------------------------------------------------------------------------------------- FIXED AMOUNTS: --------------------------------------------------------------------------------------------------- Fixed Rate Payer: Party B --------------------------------------------------------------------------------------------------- Fixed Rate Payer Payment The business day prior to the 25th of each month subject to Dates: adjustment in accordance with the Following Business Day Convention. --------------------------------------------------------------------------------------------------- Fixed Rate Payer Period End The 25th of each month, commencing on 25th October 2006 and ending Dates: on the Termination Date, with No Adjustment. --------------------------------------------------------------------------------------------------- Fixed Rate: 5.22% --------------------------------------------------------------------------------------------------- Fixed Rate Day Count 30/360 Fraction: --------------------------------------------------------------------------------------------------- FLOATING AMOUNTS: --------------------------------------------------------------------------------------------------- Floating Rate Payer: Party A --------------------------------------------------------------------------------------------------- Floating Rate Payer Payment The business day prior to the 25th of each month subject to Dates: adjustment in accordance with the Following Business Day Convention. --------------------------------------------------------------------------------------------------- Floating Rate Payer Period The 25th of each month, commencing on 25th October 2006 in End Dates: accordance with the Following Business Day Convention. --------------------------------------------------------------------------------------------------- Floating Rate for initial To be determined Calculation Period: --------------------------------------------------------------------------------------------------- Floating Rate Option: USD-LIBOR-BBA --------------------------------------------------------------------------------------------------- Designated Maturity: One month --------------------------------------------------------------------------------------------------- Spread: None --------------------------------------------------------------------------------------------------- Floating Rate Day Count Actual/360 Fraction: --------------------------------------------------------------------------------------------------- Reset Date: First day of each Calculation Period --------------------------------------------------------------------------------------------------- Compounding: Inapplicable --------------------------------------------------------------------------------------------------- BUSINESS DAYS: New York --------------------------------------------------------------------------------------------------- CALCULATION AGENT: Party A; provided, however, if an Event of Default has occurred with respect to Party A, a Reference Market-maker, as designated by Party B, shall be the Calculation Agent. --------------------------------------------------------------------------------------------------- -------------------------------------------------------------------------- 3. ACCOUNT DETAILS. Account for payments to Party A: PAYMENT INSTRUCTION: JP Morgan Chase Bank ABA#: 021-000-021 Swift: CHASUS33 For the Account of Swiss Re Financial Products ACCT #: 066911184 Account for payments to Party B: PAYMENT INSTRUCTION: Wells Fargo Bank, National Association ABA#: 121-000-248 ACCT #: 3970771416 ACCT NAME: Corporate Trust Clearing For further credit to ACCT #: 50946301 REF: Client Manager - Carrington Mortgage Loan Trust 2006-NC4 4. Please confirm that the foregoing correctly sets forth the terms and conditions of our agreement by returning within three (3) Business Days via telecopier an executed copy of this Confirmation. Failure to respond within such period shall not affect the validity or enforceability of this Transaction. Yours sincerely, SWISS RE FINANCIAL PRODUCTS CORPORATION By: /s/ Linda H. Singer ------------------------------ Name: Linda H. Singer Title: Vice President Confirmed as of the date above: By: WELLS FARGO BANK, N.A., NOT INDIVIDUALLY BUT SOLELY AS TRUSTEE FOR CARRINGTON MORTGAGE LOAN TRUST, SERIES 2006-NC4 WITH RESPECT TO THE CARRINGTON MORTGAGE LOAN TRUST, SERIES 2006-NC4 ASSET-BACKED PASS-THROUGH CERTIFICATES By: /s/ Darron C. Woodus ------------------------------------ Name: Darron C. Woodus Title: Assistant Vice President SCHEDULE A to the Confirmation dated as of September 28, 2006, Re: Reference Number 1085089 AMORTIZATION SCHEDULE. Floating Rate Payer Period End Dates shall be subject to adjustment in accordance with the Following Business Day Convention, however, Fixed Rate Payer Period End Dates will use No Adjustment. From and including To but excluding Notional Amount (USD) ---------------------------------------------------------------------- September 28, 2006 October 25, 2006 1,524,914,000.00 October 25, 2006 November 25, 2006 1,510,755,946.95 November 25, 2006 December 25, 2006 1,491,306,657.37 December 25, 2006 January 25, 2007 1,466,532,551.70 January 25, 2007 February 25, 2007 1,436,445,803.38 February 25, 2007 March 25, 2007 1,401,108,077.11 March 25, 2007 April 25, 2007 1,360,632,785.28 April 25, 2007 May 25, 2007 1,315,186,661.25 May 25, 2007 June 25, 2007 1,264,990,699.40 June 25, 2007 July 25, 2007 1,210,320,624.53 July 25, 2007 August 25, 2007 1,151,567,493.66 August 25, 2007 September 25, 2007 1,093,519,472.66 September 25, 2007 October 25, 2007 1,038,206,304.21 October 25, 2007 November 25, 2007 985,498,043.79 November 25, 2007 December 25, 2007 935,270,961.09 December 25, 2007 January 25, 2008 887,407,241.39 January 25, 2008 February 25, 2008 841,794,701.37 February 25, 2008 March 25, 2008 798,326,518.58 March 25, 2008 April 25, 2008 756,900,974.01 April 25, 2008 May 25, 2008 717,421,206.99 May 25, 2008 June 25, 2008 679,174,074.52 June 25, 2008 July 25, 2008 609,729,068.49 July 25, 2008 August 25, 2008 548,513,819.78 August 25, 2008 September 25, 2008 494,448,200.32 September 25, 2008 October 25, 2008 446,543,859.65 October 25, 2008 November 25, 2008 404,225,116.82 November 25, 2008 December 25, 2008 379,705,453.79 December 25, 2008 January 25, 2009 356,442,458.52 January 25, 2009 February 25, 2009 334,361,875.31 February 25, 2009 March 25, 2009 313,406,077.40 March 25, 2009 April 25, 2009 293,511,521.80 April 25, 2009 May 25, 2009 274,620,634.35 May 25, 2009 June 25, 2009 256,676,995.20 June 25, 2009 July 25, 2009 235,317,044.88 July 25, 2009 August 25, 2009 205,395,715.91 August 25, 2009 September 25, 2009 179,010,274.10 September 25, 2009 October 25, 2009 155,692,362.73 October 25, 2009 November 25, 2009 155,692,362.73 November 25, 2009 December 25, 2009 155,692,362.73 From and including To but excluding Notional Amount (USD) ---------------------------------------------------------------------- December 25, 2009 January 25, 2010 155,692,362.73 January 25, 2010 February 25, 2010 155,692,362.73 February 25, 2010 March 25, 2010 155,692,362.73 March 25, 2010 April 25, 2010 152,080,878.38 April 25, 2010 May 25, 2010 144,357,232.19