The Securities Cost shown on your estimate is the current market price of the defeasance bonds. Bond prices change constantly, so estimates that are compiled a few minutes apart may show different costs. Costs will very likely change between the time of the estimate and the time of the defeasance closing. The Sensitivity, or DV01, indicates how much the Securities Cost will change for every basis point change in yield rates. If rates go up, the Securities Cost will go down, and vice versa. At closing, Chatham attempts to purchase the lowest-cost portfolio of bonds by holding a competitive auction (when allowed by the loan documents).

The Third Party Fees shown on your estimate are set independently by the respective parties, who reserve their right to change their fees. Any estimate of these fees is based on fee schedules and past experience.