Long and Short Chart

Tangible World
Tangible Obligation
( Payment Stream ) ( UCC Article 9 )

Intangible World
Tangible Obligee
Pledge Payment Intangible

Intangible Obligor

Tangible Promissory Note

UCC Article 3

Laws Local Jurisdiction

Tangible Security Instrument

( Interest In )

UCC 3-3203 (d)

Intangible Obligation Payment Intangible Stream Bank/Issuer Seller/Securitizer Underwriters Rating Agency Depositor SWAP Intangible 1 & 2 Trustee X Intangible 1

Credit Default Swap CDO Enhancement

Servicer

Bank/Issuer Seller/Securitizer Trustee

Certificate Trust Intangible Obligee Intangible 2 Investors

Trustee X Intangible 2