Mr. Cormac Ryan:

First, that is not the case in terms of the mechanics of the prospectus and of the master servicing arrangement. It is set up in a way to clearly delineate the responsibilities and assure people who read it that Pepper is in charge.

Second, this all comes back to the customers and their arrangements. It comes back to the point of what is the return on cashflow from the portfolio itself. There are two key points. First, we are governed by the codes and, second, all of the protections and contractual obligations we have around the restructuring arrangements stay in place. It does not really matter what we decide to do in the portfolio; those arrangements stay in place. The only way any of those 4,000 splits will change is if the circumstances change.