Cash Flows 1. Closing Mechanics - DB I Investor wire $$ to Trust - Trust purchases Bond - Trust Issues • A Cert to DB • B Cert to Investor 2. Ongoing Cashflows - Trust receives $6mm (tax-exempt 6%) - Trust pays DB $2.275 mm (tax-exempt 3.5%) - Trust pays Investor $3.725mm (tax-exempt 10.64%) MTM margin